Corn Starch Market Overview
The corn starch market size was estimated at USD 11.1 billion in 2022. The industry for corn starch is anticipated to increase in value from USD 11.8 billion in 2023 to USD 17.3 billion in 2030, with a compound annual growth rate (CAGR) of 6.60% over the forecast period (2023–2030).
Corn starch, alternatively referred to as maize starch, is a starch derived from corn grains. It is obtained from the endosperm of corn kernels. It is extensively used in the culinary industry as a thickening ingredient for soups and sauces, as well as in the manufacture of corn syrup and sweeteners. Corn is the primary raw material used to make starch and starch derivatives, and corn starch accounts for a sizable portion of the corn starch market research when compared to starch made from other raw materials such as rice, potato, cassava, and others.
Market Dynamics
In recent years, the growing demand for convenience foods demanded an increase in the usage of starch and its derivatives. Starches are rapidly being used as a food additive in a variety of applications ranging from sauce thickening to gum moulding, viscosity control, and binding of baking components. These functional features of starches contribute to the market's growth. Additionally, due to the functional superiority of modified starches, their application spectrum has rapidly increased across a varied variety of applications.
Corn starch is predicted to grow at a high rate in the next years due to its wide range of applications in food, feed, and industrial applications. Corn starch is added to food goods to help them thicken and stabilise. A significant portion of corn starch is also used to make sweetener. Additionally, there are two forms of corn starch: native corn starch and modified corn starch. Corn consumption has increased steadily during the last few years on a global scale, owing to increased demand from major end-use sectors such as ethanol, animal feed, and other industrial applications. Corn is also used extensively in the manufacturing of sorbitol. Demand increase is being fueled by major corn consumers such as China and the United States. The increasing demand for the product in the biofuels sector is expected to fuel market expansion over the next few years. Global industry growth is also being accelerated by a growing population and expanding urbanisation.
The increased use of starches produced from other sources, such as potato starch, tapioca starch, rice starch, and others, is predicted to reduce demand for this commodity.
Segmental Analysis
The global corn starch market report has been split by type, application, and geography.
The global corn starch industry has been categorised into three segments: indigenous, modified, and sweeteners.
Additionally, the worldwide corn starch market has been segmented by application into food & beverage, pharmaceutical and nutraceuticals, and animal feed. Additionally, the food and beverage industry is separated into bakery and confectionery, sweet and savoury snacks, and others.
Regional Overview
North America is likely to dominate the corn starch market during the forecast period, owing to the food and beverage industry's increased acceptance of gluten-free ingredients. The increasing prevalence of gluten intolerance and celiac disease in the United States is the primary driver of the corn starch market in North America.
Europe is also predicted to have a sizable share of the global corn starch market, owing to the growing demand for corn starch in bakery and food & beverage applications. Germany and the United Kingdom are the primary contributors to the European corn starch industry's expansion.
The Asia-Pacific market is expected to grow at the fastest rate during the forecast period, with China and India being the region's largest country-level markets for corn starch. Corn starch's use in animal feed is propelling the regional corn starch market forward. Corn starch's use as a binder in a variety of meals is expected to boost market expansion in the rest of the world.
Competitive Dynamics
The notable players of the market are Archer Daniels Midland Company (US), Cargill, Incorporated (US), Grain Processing Corporation (US), Croda international (UK), AkzoNobel NV (Netherlands), Bayer AG (Germany), Ajinomoto Company Incorporated (Japan), Henkel AG & Company, KGaA (Germany), Associated British Foods plc (UK), and Calpis Company (Japan).
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