A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global modified starch market was worth USD 13.0 Billion in the year 2020. It is estimated to grow at the CAGR of 2.2 %, earning revenue of around USD 15.2 Billion by the end of 2027. The growing global demand for processed and convenience foods has increased the demand for modified starch. Because of its increasing inclusion into a wide range of foods, the modified starch business is enjoying significant growth. Modified starch has a diverse application portfolio and it is also very cost-effective, which results in the growth of the modified starch market worldwide. Furthermore, the rising demand for thickeners in the food business is also fuelling the growth of the market. Also, since modified starches are used for emulsifying industrial products, the growing need for emulsifying agents is also powering the steady growth of the modified starch market worldwide.
The rising popularity of convenience and ready-to-eat food amongst working professionals and college students driving market growth
Globalization has brought about an immense surge in the number of working-class professionals globally. These working people have a hectic schedule and lead a busy life. As a result, in order to meet their lifestyle requirements, these folks prefer ready-to-eat or convenience meals. As a result, there has been a massive growth in the market for processed and convenience foods. Because modified starch is an essential component in such meals, there has also been strong growth in the market for modified starch. Modified starch is used in many convenience food products, such as ready-mixes, bakery goods, etc. Thus, it can be inferred that increasing demand for convenience food has led to a surge in the demand for modified starch, which is expected to boost the global modified starch market during the forecast period.
The increasing number of fast-food restaurant chains to propelling demand for modified starch
Fast food restaurant chains account for a considerably large share in the food services sector. Over the years, the popularity and demand for these fast-food restaurants have soared, particularly among teenagers and young people. This is due to their extensive advertising and low prices, as well as the growing customer appetite for convenience foods. These fast-food restaurants use modified starch extensively in the preparation of gravies, fries, puddings, ice-creams, etc. This is done to intensify the texture, flavor, and taste of food. As a result, with the opening of such fast-food chains around the world, there has been an increase in demand for modified starches.
Cosmetic and Pharmaceutical industry to fuel the growth of the modified starch market
Modified starch is in high demand in the cosmetic and pharmaceutical industries around the world. The cosmetic industry has seen enormous advancements as a result of the latest beauty trends. Modified starch has proved to be an essential ingredient in the preparation of various innovative cosmetic products. Furthermore, consumers currently seek products that last longer, are easier to apply, and are more pleasant to use. Thus, to meet such consumer expectations, modified starch in various forms is being put into cosmetics, thereby increasing its demand. Modified starch also has several advantages, including the fact that it does not bleach the skin, does not agglomerate, and is simple to remove. As a result of these benefits, it is being readily adopted by beauty businesses, thereby contributing to its ever-growing demand.
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Modified Starch is also used in the pharmaceutical industry as an emulsifying agent for various pharmaceutical preparations. It also serves the purpose of a binding agent in tablet manufacturing units, since it does not react chemically with any API and does not alter the pharmacological property of the drug. Modified starch is particularly popular in the pharmaceutical industry as a result of these factors, which also helps to drive its market growth.
Global Modified Starch is Known for its Versatility
The versatility of modified starch is one of the key reasons for its rising popularity. It can be used for a variety of purposes. It is widely used in the food and beverage sector as a thickening agent to prepare sauces, gravies, soups, and other applications due to its ability to retain water and bulk up. What's more, it is also utilized as a fat substitute. Hence, it is found in a variety of fat-free food items, thereby broadening its application. Because the texture of food is one of the most essential factors for customer satisfaction, starch is employed as a gelling agent to lend texture to the food item. Additionally, in sauces, gravies, puddings, and ice creams, oxidized modified starches are used as a secondary gelatinizing agent.
The use of starch as an emulsifier is also becoming more popular in the food and pharmaceutical industries. As the use of palm oil in various food preparations has increased, so has the use of emulsifying agents, resulting in the growth of the market.
North America Leads the Global Modified Starch Market
Based on region, North America holds the largest share in the global modified starch market, owing to a rise in low-fat food consumption and the presence of numerous fast-food restaurant chains. The need for fast and convenient food has resulted in a massive growth of the modified starch market in the United States and Canada.
Also, due to the increasing popularity of fast-food chains, Asia-Pacific is catching up as the fastest-growing segment. Additionally, because India has one of the world's largest textile industries, the textile sector in the Asia Pacific is also contributing to the growth of the modified starch market.
Impact of Covid-19
The ongoing COVID-19 crisis has had a negative impact on the modified starch market. Because modified starch is generated from crops, the government-induced nationwide lockdown has affected crop production severely, especially in the largest raw material producing countries like India, China, Russia, the U.S., etc. Moreover, due to a lack of manpower, the outbreak of the pandemic has disrupted crop production. Reduced raw material output and limited international trade have significantly impacted the supply chain for modified starch companies. These factors are likely to short-term impact on the growth of the global modified starch market.
Because of the rapid growth of the food and textile industries, the modified starch business is extremely lucrative for the market players. As a result, it has attracted a large number of competitors. Some major players in the market are Cargill Incorporated, Avebe U.A, Grain Processing Corporation, Emsland- Stärke GmbH, Sms Corporation Co. Ltd, Global Bio-Chem Technology Group Company Limited, SPAC STARCH PRODUCTS (INDIA) LTD., China Essence Group Ltd, Siam Modified Starch Co. Ltd., Roquette Frères, Ulrick & Short Ltd., Samyang Genex Corp, Beneo-Remy N.V., Qingdao Cbh Co., Ltd., Tate & Lyle, and other prominent players.
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