North America Potato Starch Market

North America Potato Starch Market Size Analysis 2022 - 2027:

North America Potato Starch Market size was worth USD xx billion in 2020 and estimated to be growing at a CAGR of xx%, to reach USD xx billion by 2026. Starch is a carbohydrate that serves as an energy source for most plants. Some potato pulp and juices are left as by-products while extracting potato starch from potatoes. Due to its functional properties, potato starch is widely used in the food and beverage industries. Potato contains two types of starch namely, amylose and amylopectin. Amylopectin is the most commonly found and is a major component in food and industrial products.

The widespread application of potato starch in various food products is driving the North America Potato Starch Market. Due to the rise in disposable income in various countries, consumers are now buying various food and beverage products which in turn fuels the market. Potato starch is flavorless and hence can be used in various food products without disturbing the taste of the product.

It is also being increasingly used in gluten-free products. It also serves as a thickener, water binder, and bulking agent. Potato starch also serves as a substitute for corn starch, rice starch, and tapioca starch. A major restraint to market growth is the consumer’s rising resentment towards GM crops.

Recent Happenings in the industry:

1. Ingredion Incorporated, one of the world's leading providers of multi-industry ingredient solutions, announced that it acquired the operations of Western Polymer, a privately owned US company based in Moses Lake, Washington.
2. SALIC (UK) Limited has signed a share purchase agreement for the acquisition from Mriya Farming plc of the Ukrainian agricultural assets of the Mriya group, including leasing rights for infrastructure, machinery, and land. This is not yet been approved by the Antitrust Committee of Ukraine.
3. The acquisition would increase SALIC's presence in Ukraine, building on its existing operations (through Continental Farmers Group) in the Lviv and Ternopil regions. Attorney Zoryana Sozanska-Matviychuk led the team. Zoryana was assisted by Anna Pushkaryova and Nataliya Kovalyova, both main collaborators, collaborators Olesia Mykhailenko and Yulia Brusko, junior collaborators Anton Rekun and Bogdan Nykytiuk under the supervision of partners Dmytro Fedoruk and Rob Shantz.
4. We are proud that such a far-reaching agreement has been reached, unprecedented for both Ukraine and Eastern Europe, thanks to our professional contribution, ”said Zoryana. 

REPORT COVERAGE:

Market Drivers and Restraints:

The growing demand for ready-to-eat food products, such as baked goods, dessert mixes, and the like, is one of the main factors driving the North America Potato Starch Market. The increasing demand for Potato Starch in the textile sizing industry, the increasing consumption of paper worldwide, and the increased demand in the food and beverage industry are further accelerating the North America Potato Starch Market Growth.

Furthermore, the change in consumer preference for a healthy lifestyle, growing awareness, increasing population rate, and increasing disposable income are positively affecting the North America Potato Starch Market. In addition, the diversity in the use of potato starch in the end-user industry provides profitable opportunities for players in the North America Potato Starch Market during the forecast period from 2022 - 2027.

On the other hand, the volatility of the prices of the potato starch Crops due to climate change and fluctuation in commodity prices are the main factors acting as restraints and will put further pressure on the North America Potato Starch Market during the forecast period.

North America Potato Starch Market Segmentation Analysis:

Potato Starch Market is broadly categorized into type and application. By type, the market is segmented into GMO and non-GMO. The non-GMO segment is expected to grow at a high rate. By application, the market is classified into food, industrial, and others. The food segment is further divided into dairy, confectionery, soups and sauces, bakery products, meat, and others. It is expected that the dairy, bakery and met segments are to perform well in the coming years.

The industrial segment is further divided into paper, adhesive, textile, and others.

Impact of COVID-19 on North America Potato Starch Market:

The current health crisis surrounding COVID-19 has affected all walks of life. The level of impact on processed agricultural products depends mainly on the seasonality of the crop. Potato cultivation takes three to four months to complete its life cycle. It is grown in different seasons in different countries of the world. In the main potato-producing countries such as China, India, Europe, Russia, the United States, Ukraine, etc., the potato harvest is from May to October.

These major potato-producing countries have been heavily affected by the spread of COVID-19 and have announced closures to counter the pandemic. As a result, potato production has been greatly affected due to blockages and a lack of labor.

Major potato starch-producing countries are facing agricultural challenges due to the COVID-19 outbreak. Governments take appropriate measures to control and maintain optimal production from agricultural land. Potato starch manufacturers are facing a shortage of raw materials, due to reduced potato production and supply disruption.

In addition, the production of manufacturers of food and beverages, chemicals, paper, and pharmaceuticals declined. As many countries have imposed closures, various industries have had to close their production facilities for a period of time.

Regional Growth Insights:

Geographically the North America Potato Starch Market is segmented into US, Canada, Mexico and Rest of North America

North America Potato Starch Market has been categorized on the basis of geography to offer a clear understanding of the market. North America Potato Starch Market has been divided into the United States, Canada, Mexico, and the rest of North America. North America inhabits a foremost place in the market owing to growing demand from the food and beverage business. The region's market is driven primarily by the growing trend for clean-label and herbal products. Today's consumers are looking for healthy products that are also indulgent.

Leading Company in the Market: 

Cargill Inc. had the largest share of the North America Potato Starch Market in terms of sales revenue in 2021.

Major Key Players Covered:

Some of the major companies dominating the market, by their products and services include Avebe, Agrana Staerke GmbH, AKV Langholt AmbA, Changhong Potato Starch Co., Ltd., Emsland Group, Finnamyl Oy, Manitoba Starch Products, Ingredion Incorporated, Cargill Incorporated.