What Is The Overview Of The Global Cassava Starch Market?
Cassava starch is a fine, white powder derived from the roots of the cassava plant (Manihot esculenta). It is widely used as a thickening agent in cooking, baking, and various industrial applications due to its high starch content and neutral taste. Cassava starch is valued for its gluten-free properties, making it a popular ingredient in gluten-free recipes and products.
Cassava Starch Global Market Report 2024 provides data on the global cassava starch market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The cassava starch market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Cassava Starch Market?
The cassava starch market has experienced notable growth in recent years. It is set to expand from $4.47 billion in 2023 to $4.74 billion in 2024, reflecting a compound annual growth rate (CAGR) of 5.9%. This growth can be attributed to the rising demand for convenience foods, urbanization, the increasing consumption of gluten-free products, the growing popularity of functional foods, and its use as a sugar substitute. The market is expected to continue its upward trajectory, reaching $6.06 billion by 2028 at a CAGR of 6.4%. This expansion is driven by the growth of the food processing industry, increasing awareness of gluten intolerance, the rising demand for natural products, and improvements in extraction methods. Trends will include advancements in processing techniques, the development of biodegradable cassava starch products, and the growing demand for natural food additives.
What Are The Core Factors Supporting Growth In The Cassava Starch Market?
The rising consumption of processed foods is expected to contribute to the growth of the cassava starch market. Processed foods, which are foods that undergo alteration during preparation, such as cutting, cooking, or packaging, are gaining popularity due to their availability, convenience, and widespread marketing. Cassava starch is an essential ingredient in the processed food industry, enhancing texture, stability, and shelf life, and providing a versatile, cost-effective solution to meet the needs of modern food production. According to the United States Department of Agriculture, the value of U.S. processed food exports reached $36.59 billion in 2023, reflecting a 1.7% increase over the previous year. Therefore, the growing demand for processed foods is driving the growth of the cassava starch market.
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What Are The Major Segments Within The Global Cassava Starch Market?
The cassava starch market covered in this report is segmented –
1) By Type: Native, Modified, Sweeteners
2) By Form: Solid, Dry
3) By Nature: Conventional, Organic
4) By End User: Food and Beverage, Pharmaceuticals, Animal Feed, Cosmetics, Others
Which Trends Are Expected To Transform The Cassava Starch Market?
Prominent players in the cassava starch market are focusing on gluten-free products to meet the demand for allergen-friendly and healthier food choices. Gluten-free cassava chips are a popular snack made from cassava root. In June 2023, Indonesian health food brand Lemonilo launched Cassamo, a gluten-free, high-fiber cassava chip available in Smoky BBQ and Spicy BBQ flavors. Free from preservatives and flavor enhancers, these chips cater to health-conscious consumers seeking nutritious snack options.
What Is The Fastest Growing Region In The Cassava Starch Market?
Asia-Pacific was the largest region in the Cassava Starch market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the cassava starch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
