Growing demand for sweeteners in various food items such as bakery & confectionary, carbonated & energy drinks is expected to propel growth over the next seven years. Furthermore, growing pharmaceutical sector in countries such as Saudi Arabia, Brazil, India, China and the U.S. is expected to further increase demand for starch derivatives. Stringent regulations encouraging the use of natural ingredients across various sectors including pharmaceutical, textile, fermentation and cosmetics is likely to propel industry growth. However, fluctuating prices of raw materialscoupled with high R&D cost is expected to be a major restraint affecting growth over the forecast period.
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Glucose syrup dominated the global market in the year 2014 and is likely to generate high revenue gains over the seven years, accounting for over USD 44.0 billion by 2022. Increasing consumption of processed meats, ice creams, convenience food, instant dessertsand bakery products are expected to augment demand for the product over the next seven years.
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Food & beverages segment accounted for the largest application share in 2014 and is expected to witness significant gains at a CAGR of over 6.0%.Rise in product innovation by manufacturers coupled with rising consumer preferences for high quality products is likely to propel growth.
Rising consumer demand for food and beverages, pharmaceutical and personal care products in Latin America and Middle East & Africais expected to propel demand for the product over the next seven years. Moreover, improving economic conditions in the region owing to rapid industrial growth is expected to be the keydrivers. In addition, increasing urbanization and changing consumer lifestyle is expected to increase demand for packaged foods which in turn is anticipated to propel demand for starch derivative industry over the projected period.
As of 2014, Asia Pacific dominated the global market in terms of revenue as well as volume and is expected to witness highest CAGR, growing at over 6.0% from 2015 to 2022. Rapid economic growth led by China and India coupled with capacity expansions in food & beverage industry in the region is likely to have a positive impact on growth.Furthermore, increasing demand for bakery and confectionary products in India, China, Vietnam, Malaysia, and Australia is likely to fuel growth in the region.
Key players in the starch derivatives market include Ingredion Incorporated, Tate & Lyle PLC, Global Bio-chem Technology Group Company Limited, Cargill Inc. and RoquetteFrères. Growing emphasis on developing new and innovative products by manufacturers in order to cater to needs ofvarious industries is likely to promote growth. Cargill Inc. and Roquette have invested heavily in Asia Pacific for capacity expansion of existing plants and to increase the number of manufacturing facilities.
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