Global Industrial Starch Market Set For 8.4% Growth, Reaching $135.67 Billion By 2028
Industrial Starch Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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Spotlighting the Industrial Starch Market Size and Growth Rate
The industrial starch market size has seen significant growth in recent years, expanding from $90.86 billion in 2023 to a projected $98.43 billion in 2024 at a compound annual growth rate CAGR of 8.3%. This growth during the historic period can be attributed to factors such as the traditional use of starch in food, paper, and textile industries, the increase in global population and food consumption, a rising demand for convenience foods and processed food products, the expansion of the paper and packaging industry, and growth in the textile and pharmaceutical applications of starch.
Forecasting the Growth of the Industrial Starch Market
Looking ahead, the industrial starch market size is expected to experience robust growth, forecasted to reach $135.67 billion in 2028 at a compound annual growth rate CAGR of 8.4%. This forecasted growth can be attributed to the adoption of starch-based biofuels and renewable resources, expanded non-food industrial applications of starch such as in adhesives and textiles, the demand for clean label and natural ingredients across various industries, research and development in modified and specialty starches, and the growing use of starch in pet food and animal feed formulations. Major trends to watch in the forecast period include the rise of clean label and natural starch products, starch-based adhesives and binders, resistant starch for functional foods, modified starches for improved texture and stability, and starch-based biomaterials and polymers.
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Driving Growth: The Rise of the Pharmaceutical Industry
One of the key drivers of the industrial starch market is the booming pharmaceutical industry. The pharmaceutical sector, which encompasses the discovery, evolution, and manufacture of drugs and medications by public and private organizations, is increasingly using starch for various applications including as an excipient, a tablet and capsule diluent, a disintegrant, a glidant, and a binder. India’s domestic pharmaceutical market, for example, reached USD 42 billion in 2021 and is projected to reach USD 65 billion by 2024, potentially expanding to approximately USD 120–130 billion by 2030 according to the Indian Economic Survey 2021. Given this growth, the pharmaceutical sector is a key driver of the industrial starch market.
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Starch Heavyweights: The Key Industry Players
The industrial starch market is home to several major companies including Cargill Inc., Archer Daniels Midland Company, Grain Processing Corporation, Tereos S.A., Manildra Group, Everest Starch India Pvt Ltd, AGRANA Beteiligungs-AG, Ingredion Inc., Kent Nutrition Group Inc., Altia PLC, Angel Starch and Food Pvt Ltd, Japan Corn Starch Co Ltd, Karandikars Cashell Private Limited, Bangkok Starch Industrial Co Ltd, Tate & Lyle Plc, Penford Corporation., The cooperative Royal Avebe U.A., Beneo GmbH, Südstärke GmbH, Universal Starch Chem Allied Ltd., Visco Starch Pvt Ltd., SPAC Starch Products Limited, Nexeo Solutions, Penta Manufacturing Company, Roquette Freres S.A, Spectrum Chemicals & Laboratory Products, Universal Preserv-A-Chem Inc. These companies are at the heart of the industrial starch market's growth and innovations.
Unveiling New Innovations: The Rise in Product Innovation
There is a growing trend of product innovation in the industrial starch market. Major industry players are focused on creating new products to strengthen their market position. As an example, in March 2021, US-based food company Ingredion Incorporated launched ULTRA-TEX 1311, a modified potato starch solution. This addition to their range creates indulgent textures, improves stability over native potato starch, and can replace oil without sacrificing sensory appeal. This product is ideal for plant-based, low-fat, reduced-fat, and keto-friendly applications.
Market Coverage: Segment Breakdown
The industrial starch market in this report is segmented in various ways:
1 By Product: Cationic Starch, Ethylated Starch, Oxidized Starch, Acid Modified Starch, Unmodified Starch
2 By Source: Corn, Wheat, Cassava, Potato, Other Sources
3 By Application: Food, Feed, Paper Industry, Pharmaceutical Industry, Other Applications
A Global Perspective: Regional Insights
In 2023, North America accounted for the largest market share in the industrial starch sector. Meanwhile, Asia-Pacific is forecasted to be the fastest-growing region throughout the period of the report. The report covers a wide range of regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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