Published By : 27 Oct 2016 | Published By : QYRESEARCH
The growth of the global corn starch market can be attributed to the growing preference of consumers towards convenience foods. In addition, the progress of the textile and paper industries has opened up plethora of opportunities for manufacturers of corn starch and its derivatives. Corn starch is likely to emerge as a potential alternative to cane sugar as they are cheaper as compared to them and can also fit into the applications of cane sugar. The companies operating in the global corn starch market are balancing the growth strategies on the two main pivots of innovation and expansion. Some of the leading companies operating in the market are Associated British Foods plc, Kent Corporation, Archer Daniels Midland Company, and Cargill Inc.
Demand for Sweeteners from Food and Beverage Industry to Drive Consumption of Corn Starch
Based on product type, the report classifies the global corn starch market into sweeteners, modified starch, and native starch. Amidst these, sweeteners dominates the market at present and is expected to retain a lead over the forthcoming years. Sweeteners accounts for a share of over 50% in the market and is likely to exhibit a 5.4% CAGR between 2016 and 2024. The growth of the food and beverages industry is one of the primary reasons behind the growing consumption of sweeteners. As a result of this, the sales of corn starch is anticipated to bolster during the forecast period.
North America to Lead at Forefront in terms of Consumption
Geographically, the global corn starch market has been segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America emerged dominant in terms of consumption of corn starch. However, the market for corn starch in Asia Pacific is likely to witness strong growth exhibiting a CAGR of 6.4%. The growth of the market in Asia Pacific can be attributed to the growing demand for corn starch from India, China, and ASEAN countries. The global corn starch market is projected to expand at a CAGR of 4.8% with an estimated valuation of US$22.1 bn by 2016.