Corn starch is used in a variety of applications such as animal feed, food and beverages, pharmaceuticals and chemicals, textiles, and paper. The consistent demand for these products has been the key growth driver for the global corn starch market. The significant demand for convenience food items has been largely responsible for the considerable growth of this market. According to the research report published by Transparency Market Research, the global corn starch market is expected to be worth US$22.1 bn by 2016. Analysts predict that the overall market projected to rise at a CAGR of 4.8% between 2016 and 2024.
The growth of the global corn starch market is mainly attributable to the innovation in product portfolios by leading players of the market. Companies such as Associated British Foods plc., Archer Daniels Midland Company, Cargill Inc., and Kent Corporation are focused towards increasing their geographical reach as well to win more customers to increase their total earnings. The market is also expected to be driven by growing demand for modified starch in the pharmaceutical industry.
High Maize Output Fuels Growth of Global Corn Starch Market
The global corn starch market is thriving due to the high output of maize. This rich in the starch vegetable is has increased the supply of corn starch in the global market in recent years. Furthermore, the growing yield of genetically-modified corn has also resulted in copious amounts of starch, which has resulted in an assured supply of corn starch to the food and beverages industry along with other end users. The increasing consumption of ready-to-mix food items and soaring demand for cake mixes, coffee mixes, and instant tea mixes has also resulted in a burgeoning demand for corn starch over the last couple of years.
Demand for Paper Remains Pivotal to Market Growth
The strengthening economies in Asia Pacific have resulted in the emergence of corporate houses, businesses, and several startups. All of these have immensely contributed to the demand for various types of paper. The demand for paper is also seen to be growing with the rise of the packaging industry. These factors have cumulatively resulted in an increased demand for corn starch, thus giving the market an added boost. However, the global corn starch market faces a tough challenge of alternatives such as wheat and tapioca.
Sweeteners to be Leading Products of Global Market
On the basis of product type, the global corn starch market is segmented into modified starch, native starch, and sweeteners. Of these, sweeteners are leading the global market with a mammoth share of over 50% in the overall market. The burgeoning demand for high fructose corn syrups (HFCS) in a range of food and beverages is anticipated to be pivotal to the rising demand for corn starch-based sweeteners in the near future. Analysts predict that modified starch will also show a remarkable growth rate in the coming years as the segment is anticipated to exhibit a CAGR of 5.4% during the forecast period.
Browse Full Global Corn Starch Market Report with TOC:http://www.mrrse.com/corn-starch-industry
Geographically, North America holds the leading share in the global corn starch market. However, the report indicates that Asia Pacific likely surpass its share as it exhibits a CAGR of 6.4% during the forecast period of 2016 and 2024. The demand for corn starch in Asia Pacific is projected to be driven by countries such as India and China.