Report : Asia-Pacific Waxy Maize Starch Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Modified Starch and Native Starch), Category (Organic and Conventional), and Application (Food and Beverages, Pharmaceuticals and Nutraceuticals, and Others)
At 8.4% CAGR, the APAC Waxy Maize Starch Market is speculated to be worth US$ 1,206.92 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC waxy maize starch market was valued at US$ 743.21 million in 2022 and is expected to reach US$ 1,206.92 million by 2028, registering a CAGR of 8.4% from 2022 to 2028. Increasing strategic developments by major market players and surging demand for organic waxy maize starch are the critical factors attributed to the market expansion.
The manufacturers of waxy maize starch are making strategic developments, such as product innovation, plant capacity expansion, and mergers & acquisitions, to strengthen their market position and expand their customer base. Companies are launching new products with unique properties to cater to changing consumer requirements. For instance, in November 2020, Ingredion launched organic instant functional native starch NOVATION 9460. The product is derived from waxy maize. It controls rheological behavior in cake batters, sauces, or other semi-liquids by providing instant viscosity. It can also be used in sweet applications, such as cream and fruit-based fillings, as well as in savory applications, such as sauces and dressings, to enhance their appearance and texture. Such innovative products are gaining huge popularity among consumers. Therefore, rising strategic developments by market players are expected to provide immense opportunities to the waxy maize starch market during the forecast period.
On the contrary, availability of substitute for waxy maize starch hurdles the growth of APAC waxy maize starch market.
Based on type, the APAC waxy maize starch market is segmented into native starch and modified starch. The native starch segment held 60.1% market share in 2022, amassing US$ 446.55 million. It is projected to garner US$ 755.97 million by 2028 to expand at 9.2% CAGR during 2022–2028.
Based on category, the APAC waxy maize starch market is segmented into organic and conventional. The conventional segment held 91.4% market share in 2022, amassing US$ 679.48 million. It is projected to garner US$ 1,097.00 million by 2028 to expand at 8.3% CAGR during 2022–2028.
Based on application, the APAC waxy maize starch market is segmented into food and beverages, pharmaceuticals and nutraceuticals, and others. The food and beverages segment held 66.0% market share in 2022, amassing US$ 490.40 million. It is projected to garner US$ 801.40 million by 2028 to expand at 8.5% CAGR during 2022–2028.
Based on country, the APAC waxy maize starch market is segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC. Our regional analysis states that Rest of APAC captured 40.3% market share in 2022. It was assessed at US$ 299.69 million in 2022 and is likely to hit US$ 480.63 million by 2028, exhibiting a CAGR of 8.2% during the forecast period.
Key players dominating the APAC waxy maize starch market are AGRANA Beteiligungs-AG; Cargill, Incorporated; Manildra Group; New Zealand Starch Limited; Roquette Frères; Samyang Corporation; Sanwa Starch Co., Ltd.; Sinofi Ingredients; Tate & Lyle PLC; and Tokai Denpun Co., Ltd. among others.
- In 2022, Cargill, Incorporated launched Beauty’s StarDesign Starch Range.
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