The market for modified starch is estimated at USD 10.35 billion in 2018, and it is projected to grow at a CAGR of 4.1% from 2018 to 2023. The modified starch market is segmented on the basis of raw material, application, function, and region. The raw materials of modified starch include corn, potato, wheat, and cassava. This market has also been segmented on the basis of application into food & beverages, feed, and industrial applications. It has also been segmented on the basis of function into thickeners, stabilizers, binders, and emulsifiers. On the basis of key regions, the modified starch market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW) which includes South America and the Middle East & Africa.
The market is driven by the rise in demand for functional food & beverage products, increase in use of modified starch in the food industry, and growth in awareness about the health benefits of modified starch.
Based on raw material, the cassava segment is projected to be the fastest-growing from 2018 to 2023. It has several characteristics, which include high paste viscosity, high clarity, excellent thickening characteristics, natural taste, desirable textural characteristics, and high freeze-thaw stability, which are advantageous to many food preparations; it is also a relatively cheap source of raw material, which contains a high concentration of starch (dry-matter basis) that has more properties as compared to other modified starches such as that of corn, wheat, sweet potato, and rice.
On the basis of function, the emulsification segment is projected to be the fastest-growing from 2018 to 2023, because modified starch as an emulsifier is increasingly replacing gum Arabic, owing to its cost advantages, ease of availability, and quality reliability.
Based on application, the food & beverages segment is projected to be the fastest-growing during the forecast period. This growth is mainly associated with the growing the demand for processed and convenience food. Functional properties of modified starch and their ease of incorporation in a wide range of food applications; hence, the demand is more in the food & beverages sector.
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The Asia Pacific region is projected to be the fastest-growing market for modified starch between 2018 and 2023. Factors such as the industrial applications and technologies involved in starch processing are changing rapidly in the Asia Pacific countries. The revenue for starch from the food and non-food sectors is estimated to grow at a significant rate are driving the growth of the modified starch market.
The modified starch market is diversified and competitive with a large number of players. It is dominated by various players, depending on their core competencies. However, already established strong market players of starch, increase in prices for raw materials, and stringent regulations are the major factors restraining the growth of the market.
