The global cassava starch market size is predicted to reach USD 40.53 billion, exhibiting a CAGR of 6.50% during the forecast period. The expansion of the textile industry will simultaneously aid the expansion of the cassava starch market during the forecast period. The increasing applications of starches in the textile industry such as warp sizing, printing, cloth finishing, and others will facilitate the healthy growth of the market. As per the U.S. Department of Commerce, the U.S. textile and apparel industry is an estimated $70 billion sector. By the value of industry shipments, it is still one of the most significant sectors of the manufacturing industry and ranks among the top markets in the world by export value: $23 billion in 2018. In addition, the growing job employments in the textile industry in developed as well developing nations will contribute positively to the growth of the market in the forthcoming years. For instance, as per the U.S. Department of Commerce, the U.S. textile industry generated around 341,300 jobs in the textile raw materials, yarns, fabrics, apparel, home furnishings, and other textile areas. The market size stood at USD 40.53 billion in 2018.
Escalating Demand for Functional Food to Spur Business Opportunities
The surge in the number of health-conscious consumers around the world will spur demand for cassava starch, which in turn will boost the cassava starch market trends. The increasing awareness regarding the benefits of functional food such as the prevention of chronic diseases, promotes better health, and increases longevity will contribute significantly to the cassava starch market growth. Moreover, the change in consumer’s eating habits and taste preferences has impelled manufacturers to launch innovative functional food and beverages. Hence propelling the growth of the market.
Variations in Cassava Starch Prices to Hamper Market Prospects
The difference in the cost of raw materials, as the production of cassava starch, is completely on the availability and prices of raw materials. This factor is expected to hamper the growth of the market. The variation such as an increase in price, unavailability, and low-quality of raw materials will have a negative impact on the production of cassava starch. Moreover, the surge in economies will have an effect on the price of the various raw materials and other commodities, which in turn will dampen the cassava starch market revenue. In addition, the increasing prices of the raw materials will subsequently restrict the consumption of cassava starch in the forthcoming years.
High Adoption of Dietary Supplements to Facilitate Growth in North America
Asia Pacific is expected to grow rapidly during the forecast period owing to the rising consumption of functional foods and nutritional drinks in the region. The growing population and medicinal applications will contribute positively to the growth of the Asia Pacific. The market in North America stood at USD 10.90 billion and can remain dominant during the forecast period. The expansion of the food and beverage industry will bolster the healthy growth of the market in North America during the forecast period. Moreover, the implementation of cost reduction techniques by key players in the region will further stimulate the cassava starch market share in North America.
Some of the Major Companies Operating in the Cassava Starch Market Include:
- Tate & Lyle
- Cargill, Inc
- AGRANA Starch
- The Dutch Agricultural Development & Trading Company BV
- Visco Starch
- Vaighai Agro
- Aryan International
- Psaltry International Limited
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