Asia Pacific Corn Starch Market was worth USD 6.40 billion in 2022 and estimated to be growing at a CAGR of 6.4 %, to reach USD 9.58 billion by 2028. After cellulose, starch is the most abundant carbohydrate in nature. It can be found in seeds, roots and tubers of higher plants for energy storage. Corn is currently the most commonly used accounting for around 80% of the total global starch production.
Corn starch is used in a variety of applications such as animal feed, food and beverages, pharmaceuticals and chemicals, textiles, and paper.
Drivers and Restraints:
Asia Pacific corn starch market is expected to witness significant growth owing to increasing usage in food & beverages, processed food, paper & board and detergent industries. Corn starch also finds its application in treating glycogen storage disease (GSD). This application is anticipated to have positive impact on corn starch market in the near future. One of the major practices adopted by food producers is to add varying amount of corn starch in order to reduce costs. This in turn boosts the growth of the market. As ethanol is replacing petrol, it further drives the market as corn starch is a raw material of corn starch. Substitution threat from tapioca and cassava in food industry is presumed to impose significant threat to the market over the forecast period.
Asia Pacific Corn Starch Market Segmentation Analysis:
Asia Pacific market for Corn Starch is broadly categorized by product- Native starch, Modified starch and Sweeteners. Based on Application, the market is further segmented into Food and Beverages, Animal feed, Pharmaceuticals and chemicals, Textile, Paper and Corrugates and Others. By product, sweeteners segment accounts for about 50% of the total revenue share and is likely to lead over the forecast period. The modified starch segment is expected to grow at a significant rate in the next few years. By application, food and beverages is the major segment of this market.
On the basis of geography, the market is analysed under various regions namely India, China, Japan, Australia. The demand for corn starch in Asia Pacific is projected to be driven by countries such as India and China. This region is projected to exhibit the highest CAGR.
Key Players in the Market:
Major corn starch market participants include Cargill Incorporated, HL Agro, Oji Cornstarch, Global Bio- chem Technology Group, Grain Processing Corporation, Croda international, Akzo Nobel NV, Bayer AG, Ajinomoto Company Incorporated, Henkel KGaA.
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