The cassava starch market is on a strong growth trajectory, anticipated to grow from $4.47 billion in 2023 to $4.74 billion in 2024, reflecting a CAGR of 5.9%. This growth is supported by rising demand for convenience foods, urbanization, and the popularity of gluten-free products. The market is projected to reach $6.06 billion by 2028, with a CAGR of 6.4%. Factors like increasing health awareness and the expansion of the food processing sector will drive this growth. Key trends include the development of biodegradable products and innovations in extraction methods.
Major Driver In The Cassava Starch Market
The growing consumption of processed foods is anticipated to propel the cassava starch market's growth. Processed foods, which undergo various alterations during preparation—including cutting, washing, heating, and packaging—are becoming increasingly popular due to their availability, marketing strategies, convenience, and favorable nutritional profiles. Cassava starch plays a crucial role in processed foods by enhancing texture, stability, and shelf life. The United States Department of Agriculture reported that the total value of U.S. processed food exports reached $36.59 billion in 2023, representing a 1.7% increase from previous years. Thus, the rising consumption of processed foods is a key driver for the cassava starch market.
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Cassava Starch Market Competitive Landscape
Cargill Incorporated., The Archer-Daniels-Midland Company (ADM), Ingredion Inc., Roquette Frères, AGRANA Beteiligungs-AG, PT Buda Starch & Sweetener TbK, Tate & Lyle PLC, KengSeng Group Of Company, Ekta International, Global Sweeteners Holdings Ltd, SPAC Starch Products, Vaighai Agro Products Limited, Universal Starch Chem Allied Ltd., Aryan Group, Psaltry International Company Limited, Sunrise International Inc., Visco Starch, Visco Starch, Matna Foods Ltd., Viet Delta Industrial Corporation, Eiamheng Tapioca Starch Industry Co. Ltd.
Key Cassava Starch Market Trend
Companies in the cassava starch market are developing allergen-friendly snack options to cater to health-conscious consumers. Lemonilo, an Indonesian health food brand, launched Cassamo in June 2023, a gluten-free cassava chip available in Smoky BBQ and Spicy BBQ flavors. These high-fiber chips offer a nutritious alternative to traditional snacks, appealing to the growing demand for healthier food choices.
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Cassava Starch Market Segmentation
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
By Geography:The regions covered in the cassava starch market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the Cassava Starch market in 2023.
The Cassava Starch Global Market Report 2024 furnishes information about the global cassava starch market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
