Modified starch, also called starch derivatives, are prepared by physically, enzymatically, or chemically treating native starch to change its properties. Modified starch finds application in various end-use industries such as food & beverages, animal food, pharmaceuticals, textiles, paper and packaging, personal care, and others. Increasing demand for modified starch from end-use industries is expected to propel growth of the global modified starch market.
Among process type, cationization process is further segmented into dry, semi-dry, and wet cationization process. Dry cationic process is carried out in the absence of liquid phase by spraying reactive on dry starch. In semi-dry process, thermal treatment is given to the mixture of starch and spray reagent. Wet cationization involves homogenous or heterogeneous reaction in presence of alkaline solution. Low cost, biocompatibility, rapid degradation are key drivers fueling demand for of cationization process in the starch industry.
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Asia Pacific is the fastest growing market for modified starch. This is due to increasing population in India and China boosting demand for food, beverages, and pharmaceuticals. These countries are also growing as manufacturing hubs for pharmaceuticals due to low cost of labor and raw material. According to International Monetary Fund, Asia Pacific accounted for 50% of the world’s GDP in 2015, and is slated to become a prime consumer hub in the forecast period. In India, the government has allowed 100% Foreign Direct Investment(FDI) in food processing industries, which is expected to result in market growth. According to the Confederation of Indian Industry (CII), the food processing sector of India is expected to attract investments worth US$ 33 billion during 2017-27, which is expected to boost growth of the modified starch market over the forecast period.
The use of modified starch in food & beverages allows products to be stored over long durations. According to the Food and Agriculture Organization of the United Nations, in 2010, 1.3 billion tons of food is wasted, mainly due to spoilage. The use of modified starch is expected to reduce this mammoth figure.
Modified starch is manufactured from corn, tapioca, and wheat. Corn was the single largest source for modified starch. According to United States Department of Agriculture, corn production in the U.S. in 2017 is expected to be 1.8 million tons less than 2016 production. According to the U.S. Department of Agriculture, worldwide production of corn fell by 3.31% to 1031.86 million tons in 2016 from 1067.21 million tons in 2015. This may adversely affect the corn market, thereby leading to a high cost of corn procurement.
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The global modified starch market was valued at US$ 10.24 billion in 2018, and is expected to register a CAGR of 5.5% in terms of revenue over the forecast period (2019 – 2027), to reach US$ 16.46 billion by 2027.
Modified starch finds application in personal care products such as creams & lotions, bath products, hair care products, body products, cosmetics, and others. Modified starch is used in production of powder as it absorbs fats/sebum, improves texture of the skin and forms an excellent basis for powders. Increasing disposable income and high demand for personal care products is expected to result in high demand for modified starch. According to the Italian Association of Cosmetics Industries, personal care market of Italy generated a revenue of US$ 17,735 million in 2018 from US$ 13,018 million in 2015. Therefore, significant growth in the personal care industry is expected to boost the modified starch market growth over the forecast period.
According to United Nation Department of Economics and Social Affair, the pharmaceutical industry in India and China is thriving due to a population boom in these countries. The countries together accounted for 36% of the world’s population in 2016. The low cost of labor and raw materials for pharmaceuticals has resulted in India becoming a hub for pharmaceutical manufacturing. According to the Indian Brand Equity Foundation (IBEF), India accounted for 20% of the world’s supply of generic drugs in 2016. Moreover, with government initiatives such as Pharma Vision 2020, the pharmaceutical industry is slated to witness significant growth in India, which in turn is expected to boost the modified starch market growth over the forecast period.
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Major players operating in the modified starch market include, Archer Daniels Midland Company, Cargill, Ingredion Incorporated, Tate & Lyle, Emsland-Starke GmbH, Agrana Beteiligungs-AG, Grain Processing Corporation, Roquette Frère, and others.
Furthermore, key players in the market are focused on adopting strategies such as technological development and collaboration in order to strengthen their footprint in the global modified starch market. For instance, in January 2014, ADM Company, a major modified starch manufacturing company, announced the acquisition of Wild Flavour GmbH.
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