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The global cassava starch market size is predicted to reach USD 66.84 billion by 2026. Increasing production of cereal and snacks will fuel demand for cassava starch, which in turn will boost the cassava starch market trends during the forecast period, mentioned in a report, titled “Cassava Starch Market Size, Share & Industry Analysis, By Type (Native Starch, Modified Starch, and Sweeteners), End Use (Food & Beverages, Paper and Board, and Others), and Regional Forecasts, 2019 – 2026” the market size stood at USD 40.53 billion in 2018 and is predicted to exhibit a CAGR of 6.50% between 2019 to 2026.
Launch of New Gluten-Free Cassava Flour by Renowned Thai Brand to Promote Market
Chorchaiwat Industry Company Limited, a starch-processing company, announced a new product, Sava flour. Sava flour is gluten-free all-purpose flour made from cassava and can be used for baking and cooking. The announcement of the new product will impel other brands to develop novel products, which in turn, will improve the cassava starch market. Moreover, the company’s manufacturing process takes a keen interest in the development of novel products to cater to the need of the consumers. In addition, this premium cassava flour recipe can aid people suffering from celiac disease. The cassava flour is also beneficial for health-conscious consumers owing to its light yellow color and neutral flavor. Therefore, the increasing number of health-conscious consumers are expected to boost the cassava starch market growth during the forecast period.
Rising Gluten-Intolerant Population to Spur Demand for Cassava Starch
The rising awareness regarding the natural properties of cassava starch will stimulate the growth of the market. The antioxidant element will promote the application of Cassava starch in the manufacturing of various food products such as meat products, bakery, ready-to-eat food products, dairy, functional food & beverages, cereals, snacks, and others. The starch is an organic gluten-free product, which is utilized in various gluten/celiac-free food products. The growing gluten intolerance populations is one of the key factors accelerating the cassava starch market share in the forthcoming years. Moreover, the growing prevalence of celiac disease among the geriatric population will spur demand for the cassava starch. According to Beyond Celiac Organization, around 18 million people in the U.S. are sensitive towards gluten/celiac, and the condition is expected to grow at a rate of 3.6%.
The rising demand for snacks and cereals can be a crucial factor in augmenting the market potential during the forecast period. As starch helps to attain the desired viscosity in snack products and it is used as a natural binding agent and a texturizer in the food products. The high water-holding, viscosity, and binding properties make it more suitable for the manufacturing of snack products. Hence the surge in the production of ready-to-eat cereals, extruded snacks and pretzels will subsequently boost the cassava starch market price.
Key Players Fixed on Reinforcing Distribution Network
The emergence of local and domestic players has consolidated the global market. The cassava starch manufacturers are fixed on reinforcing the distribution network and implementing cost reduction techniques to offer cost-effective products to the customers. Numerous prominent players such as Tate and Lyle, Ingredion Incorporated, Cargill Inc., and others improved their standards for innovation and development of specialized cassava starch with new formulations. In addition, the focus towards strategic marketing which involves product launch, mergers and acquisitions will aid in the expansion of the market during the forecast period.
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Further Report Findings:
Regional Insights: North America generated a revenue of USD 10.90 billion and is expected to account for a high share during the forecast period. The growth in the region is attributed to the growing gluten-intolerant population in the region. Asia Pacific is predicted to grow significantly during the forecast period owing to the increasing adoption of dietary supplements.
Leading Segment: Food and beverage accounted for a share of 66.09% in 2018 due to the growing consumer awareness and rising concerns regarding health. Moreover, the development of clean-labelled foods and food ingredients will further aid the growth of the segment.
The Report Lists the Companies Present in the Cassava Starch Market:
The Cassava Starch Market is Segmented into:
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