Modified starch, also called as starch derivatives, are prepared by chemically, enzymatically, or physically treating native starch to change its properties. Modified starch is widely used in the food sector for manufacturing different food products and is a better alternative than native starch because of its great functional qualities. It’s mostly used as a fat substitute and thickeners in gravies, sauces, and custards. Besides, modified starch can also be used as a stabilizing agent, dough binding agent, and thickening agent and has significant applications in the cosmetics pet food industry too.
Forecast Analysis:
Increased investment in the modified starch manufacturing along with the growing number of starch manufacturers across the world are some factors anticipated to drive the growth of the global modified starch market during the forecast period. In addition, rising fast food restaurants across the globe along with people’s growing inclination towards convenient foods is estimated to create abundant market growth opportunities and further boost its revenue during the 2021-2030 analysis timeframe. However, increasing costs of raw materials and lack of resources are some factors to hamper the market growth.
Regionally, the modified starch market in the Asia-Pacific region is expected to witness better growth opportunities during the forecast years due to the wide applications of modified starch as thickeners in food preparations, especially sauces, gravies, and custards. Furthermore, growing markets for sauces and condiments along with surging demand for convenient food products in countries like India, China, and South Korea are some more factors to uplift the market growth in the Asia-Pacific region by 2030.
According to the report published by Research Dive, the global modified starch market is predicted to surpass $17,141.70 million and grow at 4.90% CAGR in the 2021–2030 timeframe. Some significant market players include SPACSTARCH PRODUCTS (INDIA) LTD., Tirupati Starch & Chemicals Ltd., Ulrick and Short Ltd., Sanstar Bio - Polymers Ltd., Penford Corp., Honest Derivatives Pvt. Ltd., Shubham Starch Chem (P) Ltd., Everest Starch (IND) Pvt. Ltd., Angel Starch & Food Pvt Ltd., AGRANA Strke GmbH., among others.
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Covid-19 Impact on the Modified Starch Market:
The onset of the covid-19 pandemic has had a devastating impact on the global modified starch market due to reduced production of wheat, maize/corn, rice, potatoes, etc. that are majorly used to manufacture modified starch. The spread of the corona virus was widely seen in top modified starch producing countries like Europe, India, Russia, China, Ukraine, etc. which had announced strict lockdowns. In addition, lack of labor and availability of raw materials also hampered the market growth rate during the catastrophic chaos.
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Key Modified Starch Market Development:
Some prominent organizations operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the modified starch market to flourish. For instance:
In November 2021, KMC, a potato starch manufacturer that specializes in converting potato protein and starch into valuable products used in livestock, food, and pet food, introduced its new pellet binder which is made of potato starch. This binder creates better quality feed pellet and adds an easily digestible energy to the pellet.
In June 2021, Ulrick & Short, a leading and global supplier of clean label modified starches, launched its brand-new clean label flour for gluten-free bakery with an aim to enhance viscosity, texture, and structure of gluten-free bakery products. In addition, the organization also focuses on improving softness and moisture of the products baked using its clean label flour.
In July 2021, KPS Capital Partners, a private equity firm, announced its acquisition of Tate & Lyle PLC, a global supplier of food and beverage ingredients, to help boost the latter’s production of industrial modified starches, corn-derived sweeteners, and acidulants in the North America and Brazil regions. Moreover, Tate & Lyle would also be focusing on growing specialty ingredient markets, including sugar and calorie reduction and texture and stabilizers.
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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