The global food and beverage (F&B) market has witnessed robust growth in the last few years driven by the innovation in the food system, improved logistics, increase in affordability, rise in global trade, and increase in consumer spending. Furthermore, the demand for convenience foods has increased multifold, owing to consumer preference toward ready-to-eat, cost-effective food. Furthermore, recent years have seen expansion of food processing industry. Widespread expansion of food processing industry has positively impacted demand for food starch. The next few years is expected to experience robust demand for food starch from developing countries of Asia-Pacific, Latin America, and Africa regions.
The food starch market size was valued at $18.9 billion in 2018, and is projected to reach $29.1 billion by 2026, registering a CAGR of 5.8% from 2019 to 2026. The sweetener segment led in terms of food starch market share in 2018, and is expected to retain its dominance throughout the forecast period.
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The growth of the global food starch market is expected to be driven by expansion of the food processing and food service industries. However, the availability of substitutes is expected to hamper the growth of the market.
Increase in demand for high-quality food & beverages in terms of taste and nutritional content has been witnessed all across the globe. Consumers are shifting their preference from regular staple food to enhanced food products, which foster the demand for starch in the food & beverages industry.
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The global food starch market is segmented into raw material, type, end user, and region. On the basis of raw material, the market is fragmented into maize, wheat, and others. By type, it is categorized into modified starch, native starch, and sweeteners. Depending on end user, it is bifurcated into business to business and business to consumer. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Some of the key players in the food starch market analysis includes ADM, Cargill, Ingredion, Tate and Lyle, BENEO, Roquette Frères, AGRANA Beteiligungs-AG, SPAC Starch Products (India) Limited, Sonish Starch Technology Co., Ltd., and Nutrend Biotech Co., Ltd.
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Key Findings of the Study:
- Maize segment was the highest contributor to the global food starch market, with $13.2 billion in 2018, and is estimated to reach $19.6 billion by 2026, at a CAGR of 5.3% during the forecast period.
- In 2018, by end user, the business to business segment accounted for about 82% of the global food starch market share in 2018, and is expected to grow at the CAGR of 5.6%. However, this segment is expected to lose market share to business to consumer segment.
- In 2018, depending on type, the sweetener segment led in terms of market share, however, the modified starch segment is expected to garner market share in the estimated forecast.
- Asia-Pacific dominates food starch the market, in terms of share, and is expected to continue this trend during the forecast period.
- Asia-Pacific region is anticipated to grow with robust CAGR of 7.0% during the forecast period.
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