Newark, March 20, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the waxy corn starch market will grow from USD 3.21 billion in 2022 and reach USD 5.80 billion by 2032. Waxy corn starch is used in many applications owing to its numerous functional benefits. The growing awareness among consumers is leading to the use of waxy corn starch in different end-user industries. The increase in consumption of convenient foods and textiles is leading to a rise in demand for waxy corn starch.

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Key Insight of the Global Waxy Corn Starch Market

North Americaregion to account for the largest market size during the forecast period.

North America is expected to have the largest market share in the waxy corn starch market. Key factors favouring the growth of the waxy corn starch market in North America include the development of the food and beverage, textile, and pharmaceutical and nutraceutical industry. The end-user enterprises are investing in waxy corn starch production for using it in dairy products, beverages, textiles, dietary supplements and sports nutrition. The countries such as USA and Canada are investing heavily in the sports nutrition market. Further, the increasing number of regional players will lead to deeper penetration of the waxy corn starch market.

The organicsegment is expected to augment the market during the forecast period.

The category segment is divided into conventional and organic. The organic segment is expected to augment the market during the forecast period. Organic waxy corn starch is more nutritious as compared to conventional one. These are used to manufacture dietary supplements, processed food, beverages, etc.

The modifiedsegment is expected to grow at the highest CAGR during the forecast period.

The type segment includes native and modified. The modified segment is expected to augment the market during the forecast period. Modified waxy corn starch has better binding properties. Many players have started large-scale manufacturing of modified waxy corn starch.

The pharmaceutical and nutraceuticals segment will likely grow at the highest CAGR during the forecast period.

The application segment includes food and beverages, pharmaceuticals and nutraceuticals, animal feed, textiles and others. The food and beverages segment further includes bakery and confectionery, dairy products, infant nutrition, dressings and others. The pharmaceutical and nutraceuticals segment will likely grow at the highest CAGR during the forecast period. Waxy corn starch is now increasingly used in nutraceuticals. Waxy corn starch acts as a disintegrating and binding agent; hence, they are preferred in nutraceuticals.

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Advancement in market

InOctober 2020, a significant player, Tate and Lyle, acquired a Thailand-based modified waxy corn starch manufacturer, Chaodee Modified Starch Co. Ltd. The objective of this acquisition was to strengthen the product portfolio of Tata and Lyle.

Market Dynamics

Driver:Increasing use of waxy corn starch in textile and food and beverages

Commercial application of waxy corn starchis primarily found in the food and beverages sector. Compared to native corn starch, waxy corn starch has superior paste stability because it is manufactured from waxy corn. It has greater clarity and textural qualities. For culinary goods, particularly those enduring significant temperature changes during manufacturing and preparation, waxy corn starch may be utilized as stabilizers and thickeners. High-grade ingredients and packaging are used throughout processing and packing. This product is widely utilized in both textile-based and food-related applications. The sizing procedure in the manufacture of fabrics uses synthetic natural starches, which primarily benefit the environment. Modified waxy corn starch is productive and safe for the environment and works well for sizing cotton yarn.

Restraint: High manufacturing cost of the waxy corn starch

The manufacturing cost of waxy corn starch is hindering market growth. The R&D and manufacturing costs associated with the development of waxy corn starch contribute to the overall costs. The waxy corn starch is complex to manufacture, and thus the manufacturing cost soars up. This limits the growth of waxy corn starch as most mid-scale, small-scale companies cannot cope with the high manufacturing costs.

Opportunity: The increasing demand for dairy products

Dairy is crucial in most food products and is constantly present in food service and packaged goods. It can be found as an end product or as a critical ingredient. Dairy is a microcosm of the food industry due to its inherent presence, with consumer tastes heavily influenced by developments impacting the more significant food industry. Demand for dairy is rising due to changing diets and growing populations. Individuals tend to get more of their calories from dairy proteins than simple carbohydrates as wages rise and countries become more urbanized. The annual growth of global dairy demand is increasing, primarily due to expanding urbanization and growing affluence in emerging markets. Consumer trends that are changing, such as the need for clean labels, healthy and functional foods, and the rise in protein consumption, will propel innovation in the market. This will eventually lead to the growth of waxy corn starch use in dairy products.

Challenge: Lack of research and development in underdeveloped countries

In under-developed regions such as Asia-Pacific, the Middle East, and Latin America, the lack of research and development limits the potential usage of waxy corn starches in textile and nutraceutical applications. Many of the end-users prefer to use conventional corn starches. This factor has led to low adoption of waxy corn starchin underdeveloped and developing countries. Thus, this factor hinders the market's growth in such countries.

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Some of the major players operating in the global waxy corn starch market are:

• Cargill Incorporated
• AGRANA Beteiligungs-AG
• Tate & Lyle PLC
• Manildra Group
• Sinofi Ingredients
• Roquette Frères
• Sanwa Starch Co., Ltd.
• Tokai Denpun Co., Ltd.
• SAMYANG CORPORATION
• New Zealand Starch Limited
• Cyanotech Corporation

Key Segments Cover in the Market:

By Category:

• Conventional
• Organic

By Type:

• Native
• Modified

By Application:

• Food and Beverages

o Bakery and Confectionery
o Dairy Products
o Infant Nutrition
o Dressings
o Others

• Pharmaceuticals and Nutraceuticals
• Animal Feed
• Textile
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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