Report : Asia-Pacific Industrial Starch Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Flavor (Vanilla, Chocolate, Fruit, and Others), Category (Conventional and Sugar Free), Form (Cups and Tubs, Bars and Sticks, and Others), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)
At 7.0% CAGR, the APAC Industrial Starch Market is speculated to be worth US$ 31,579.39 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC industrial starch market was valued at US$ 21,098.20 million in 2022 and is expected to reach US$ 31,579.39 million by 2028, registering an annual growth rate of 7.0% from 2022 to 2028. Increase in demand from packaging industry and growth in the food and beverage industry are the critical factors attributed to the market expansion.
Traditionally companies use polystyrne materials, which are generally extruded, or injection molded for packaging. However, increasing awareness among companies about the environmental impact of polystyrene, such as its non-biodegradability. Polystyrene packaging is non-recyclable and ends up in a landfill. Therefore, companies are looking to use biodegradable and recyclable packaging materials where possible. Starch-based materials have the potential as biodegradable food packaging materials that reduce environmental pollution. The usability of starch-based biodegradable materials can be improved or extended by adding other additives or biopolymers and using innovative preparation techniques. Additionally, the starch adhesive is most widely used in the corrugated board industry because of its abundant supply, low cost, renewability, biodegradability, and ease of chemical modifications. As participants in the packaging industry become increasingly aware of the importance of moving toward sustainable and greener options such as corn starch packaging is being recognized as more than just a public relations alternative. This significant growth of e-commerce and increasing adoption of eco-friendly packaging material is expected to propel the demand for industrial starch.
On the contrary, demand and supply gaps hurdles the growth of APAC industrial starch market.
- Based on type, the APAC industrial starch market is segmented into native starch and starch derivatives and sweeteners. The starch derivatives and sweeteners segment held 65.9% market share in 2022, amassing US$ 13,912.61 million. It is projected to garner US$ 22,105.58 million by 2028 to expand at 8.0% CAGR during 2022–2028.
- Based on source, the APAC industrial starch market is segmented into potato, corn, wheat, cassava, and others. The wheat segment held 28.4% market share in 2022, amassing US$ 6,001.07 million. It is projected to garner US$ 9,145.51 million by 2028 to expand at 7.3% CAGR during 2022–2028.
- Based on application, the APAC industrial starch market is segmented into food and beverages, pulp and paper, animal feed, pharmaceuticals, and others. The food and beverages segment held 50.8% market share in 2022, amassing US$ 10,711.36 million. It is projected to garner US$ 15,936.84 million by 2028 to expand at 6.8% CAGR during 2022–2028.
- Based on country, the APAC industrial starch market is segmented into Australia, China, India, Japan, South Korea, and Rest of APAC. Our regional analysis states that the China captured 45.7% market share in 2022. It was assessed at US$ 9,647.63 million in 2022 and is likely to hit US$ 14,968.11 million by 2028, exhibiting a CAGR of 7.6% during the forecast period.
Key players dominating the APAC industrial starch market are ADM; AGRANA Beteiligungs AG; Cargill, Incorporated; Grain Processing Corporation; Ingredion Incorporated; Roquette Frères; Royal Cosun; Tate & Lyle PLC; Tereos Group among others.
- In 2022, Royal Avebe launched new multifunctional starch.
- In 2020, Tate & Lyle to acquire tapioca business in Thailand
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