The global market for corn starch is foretold to undergo augmented expansion in the forthcoming years. This is due to growing application in food and beverages, processed food, paper and board, and detergent industries. It is also beneficial for individuals in the cure of glycogen storage disease (GSD). But the most effective arena of the global corn starch market is the growing replacement of petroleum by ethanol. This is poised as the major factor fuelling the growth of the global market as corn starch is a primary raw material required for the making of ethanol. The global corn starch market is estimated to be worth US$22.1 billion by 2016. The global market is proposed to rise at a CAGR of 4.8% between 2016 and 2024.
The global corn starch market is booming owing to the extraordinary yield of maize. This has amplified the resource of corn starch in the global market in past few years. Additionally, the developing harvest of genetically altered corn has also occasioned in bountiful volumes of starch, which has stemmed in a guaranteed stock of corn starch to the food and beverages industry together with other end users. The snowballing consumption of ready-to-mix foodstuffs and spiralling demand for instant coffee mixes, instant cake mixes, and instant tea mixes has also ensued in a mushrooming demand for corn starch in the recent past. Food manufacturers shrink manufacturing cost by adding erratic quantity of corn starch in food. This practice is anticipated to drive the market in the coming years. Also, development in the field of biotechnology, augmented manufacture of value-added chemicals, and finding of new fermentation organisms are anticipated to generate plentiful prospects for the market players.
Corn starch is widely used in the production of animal food, pet food, pharmaceutical, and cosmetics. Rising animal feed market is projected to have affirmative impact on global corn starch market in the coming years. This inclination is likely to drive the US, and in due course, the North America corn starch market. North America corn starch market holds lucrative opportunities currently on the basis of both volume and value. The European market is acknowledged to see lethargic growth. Disorderly agriculture sector in the area is estimated to thwart the regional market growth.
The Asia Pacific corn starch market is predicted to rise at the highest 6.40% CAGR from 2016 to 2024. Growing population and upsurge in disposable earnings amongst buyers in developing economies like China, India and Brazil is anticipated to have encouraging impact on the regional Asia Pacific and South America corn starch market. Brazil is also the third major producer of corn in the world. Budding food industry and easy disposal of feedstock is estimated to fire the corn starch market in Brazil.