The global Modified starch Market is project worth $16Billion by 2026 and the market is projected to showcase 6.0% CAGR during the forecast period. The market is driven by Increasing need for convenience food and speedily emerging pharmaceutical industry in APAC region are expected to drive modified starch market growth across the global.
Higher acceptance of convenience food paired with enormous need from Asia Pacific is likely to increase the market growth. Increasing consumer concern about nutrition and health along with inclination for healthy diet is anticipated to be a major market driver. Growing need for natural sweeteners in energy drinks and non-carbonated soft drinks is also driving the growth of the modified starch market during the forthcoming years.
The modified starch market is competitive and fragmented in nature with a huge numeral of players based in Europe, North America, and Asia Pacific. The U.S. has been one of the foremost nation in terms of consumption and starch production and this is due too high demand from various end-use businesses, which comprise of pharmaceuticals, food and beverage, oil and drilling, and paper.
Technological advancements and innovation in India, China, and Brazil to create inventive products are relied upon to make new open avenues for the development of the modified starch market. Expanding government support to natural ingredients will open new avenues during the forthcoming years. The worldwide market is relied upon to develop altogether amid the figure time frame by virtue of utilization of the products in various applications including food and beverage, paper, pharmaceuticals, material, and coatings, glues, and biodegradable polymers among others.
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North America captures the largest global market share and held over 45% revenue share in 2018. Increasing prominence of low fat food in U.S. is anticipated to drive the regional market. U.S. is one of the foremost manufacturers of corn and corn starch in the globe. The market in U.S. is anticipated to grow considerably on account of high exports and production. Canada, being the second largest contributor in North America, is also anticipated to boost the modified starch market due to growing prominence of animal feed in rising healthy cattle. Increasing need from animal feed and food and beverage industry is expected to boost the regional expansion in forthcoming years.
Market companies are concentrating on implementing new strategies for instance regional expansion, partnerships, mergers and acquisitions, new product launches, and distribution agreements to surge their revenue share.The major players associated with the Modified starch market are Archer Daniels Midland Company AgranaBeteiligungs-Ag, Global Bio-Chem Technology Group Company Limited, Emsland-Starke GmbH, Cargill, Incorporated and Avebe U.A.