Redding, California, Nov. 08, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Potato Starch Market by Nature (Conventional, Organic); Type (Modified, Native); Function (Thickener, Binder, Stabilizer, Disintegrants); Application (Food [Bakery, Dairy], Beverages, Paper Industry, Animal Feed, Pharmaceutical)- Global Forecasts to 2029,’ published by Meticulous Research®, in terms of value, the potato starch market is projected to reach $5.6 billion by 2029, at a CAGR of 3.9% from 2022 to 2029, while in terms of volume, the market is projected to reach 5,623.5 thousand tons by 2029, at a CAGR of 3.6% from 2022 to 2029.
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Potato starch has a neutral flavor and offers various functionality in different applications, even in small or large quantities, in food, pharmaceutical, chemical, paper, and other industries due to its thickening, gelling, and stabilizing properties. It is preferred over other starches, such as corn starch, due to its high consistency on pasting, excellent and flexible file formation, binding power, and low gelatinization temperature. The increasing demand for processed and convenience food, the increasing demand for potato starch in the paper and packaging industry, the increasing demand for natural food ingredients, the rising incidence of celiac disease and other food allergies, and the increasing demand for functional food products are the key factors driving the growth of the potato starch market. However, the alternative starches available in the market are expected to hinder the growth of this market to a notable extent.
The potato starch market is segmented by nature (conventional, organic); type (modified potato starch, native potato starch); function (thickener, binder, stabilizer, disintegrants, and other functions); application (food & beverage [bakery & confectionery products, dairy products, soups, & sauces, savory, and prepared foods, meat & seafood, other food products], paper industry, pharmaceutical & chemical, animal feed, and other applications), and geography. The study also evaluates industry competitors and analyzes the regional and country-level markets.
The Impact of COVID-19 on the Potato Starch Market
The COVID-19 pandemic has severely affected human health and well-being. To control the spread of the virus, governments worldwide announced partial or complete lockdowns, which severely impacted many industries, including food & beverages, pharmaceuticals, pulp and paper, home & personal care, dietary supplements, animal feed, and textile. The pandemic had both negative and positive effects on the potato starch market.
The COVID-19 outbreak created a severe public health emergency globally, spreading rapidly in more than 150 countries. Many countries worldwide announced complete nationwide, state-wide, or citywide lockdowns to combat & control the spread of this disease, halting all travel, transport, manufacturing, educational institutions, and non-essential trade, significantly impacting many industries globally.
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According to the United States Department of Agriculture (USDA) agricultural projections, some major agricultural exporters, such as Russia, Ukraine, and Vietnam, introduced export quotas or outright bans of international shipments, primarily food products. Agricultural production was also hampered due to low labor availability. According to the European Parliament, due to the pandemic’s impact on the agri-food sector, governments and commissions had to adopt various measures to support producers. People also moved toward homemade food rather than dining out. Additionally, the food demands from hotels and restaurants were reduced due to social distancing practices, which impacted the demand for potato starch in the market.
According to Organization for Economic Co-operation and Development (OECD), imports and exports in many countries were stopped, and ports were closed due to regulations and restrictions. A number of shipping containers were in Chinese ports, and restrictions on their movement had led to a shortage that affected the price rates, cargo prices, demand for food products, and traffic volume. Air freight costs were raised by about 30% between China and North America and around 60% on some routes to Europe-North America. Thus, it affected the export market due to higher logistic costs and rules and restrictions.
However, the demand and use of potato starch have increased in industries such as food and beverage, animal feeds, and pharmaceuticals due to increased awareness of health & wellbeing. During the pandemic, the demand for ready-to-eat food products increased. The young generation preferred ready-to-cook or ready-to-eat products.
Moreover, there was a rise in the demand for functional & immunity-boosting products as people sought solutions to boost overall health and well-being. The COVID-19 pandemic also compelled health-conscious customers to turn to functional and gluten-free products. Hence, increasing health consciousness and the high demand for functional food products encouraged manufacturers and product formulators to focus on these products. The pandemic also spurred a shift toward healthy living, improving people’s food habits. For instance, according to the Food Information Council survey 2021, in 2020, 85% of Americans changed their food habits, and in 2021, 39% followed specific diets. These changing food habits boosted the healthy living trend in the U.S., further driving the demand for functional products in the country.
Therefore, strong demand for pharmaceuticals, food & beverages, and home care are expected to support the growth of the potato starch market. Considering the overall impact of COVID-19 across industrial sectors that use potato starch, the impact of the pandemic on the potato starch market was positive.
Based on nature, in 2022, the conventional segment is expected to account for the largest share of the potato starch market. The large market share of this segment is mainly attributed to its low cost, easy availability, and rising adoption in the paper and chemical industries. However, the organic segment is projected to register the highest CAGR during the forecast period. The fast growth of this segment is mainly attributed to the growing trend for sustainable and natural food and awareness about clean-label products. Additionally, organic foods are perceived to be safer and healthier as they are free from any chemicals and pesticides, which further supports the growth of this segment.
Based on type, the modified starch segment is projected to register the highest CAGR during the forecast period. The fast growth of this segment is mainly attributed to the growing application of modified potato starch in food and beverages, pharmaceuticals, and the paper industry due to its enhanced functional properties.
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Based on function, the thickener segment is projected to register the highest CAGR during the forecast period. The growth of this segment is mainly attributed to its strong demand from the food and beverage industry and the efficient water-absorbing ability that makes it suitable for savory products. It primarily thickens and provides texture to food products to address consumer requirements and maintain stable texture in various conditions.
Based on application, in 2022, the food and beverage segment is expected to account for the largest share of the potato starch market. The large market share of this segment is mainly attributed to the wide range of potato starch applications in the food and beverage industry, the increasing consumer awareness regarding the consumption of food products with natural ingredients, the rising demand for ready-to-eat and ready-to-cook food products, and the growing consumer preference for clean label and healthy products.
Based on geography, in 2022, Europe is expected to account for the largest share of the potato starch market. The large share of this market is mainly attributed to the increasing demand for convenience foods, the growing health and wellness concerns, a well-established food and beverage industry, and strong demand for organic, gluten-free, and plant-based food products. However, the Asia-Pacific region is expected to record the fastest growth rate during the forecast period.
The report includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past four years (2019–2022). The potato starch market has witnessed several product launches, partnerships, agreements, and collaborations in recent years. The key players operating in the potato starch market are Cargill, Incorporated (U.S.), Ingredion Incorporated (U.S.), Roquette Frères (France), AGRANA Beteiligungs-AG (Austria), Emsland Group (Germany), KMC a.m.b.a. (Denmark), Südstärke GmbH (Germany), Peepes S.A. (Poland), Novidon B.V. (Netherlands), HANSELAND Ltd. (Turkey), Royal Ingredients Group B.V. (Netherlands), VIMAL PPCE (Ukraine), Meelunie B.V. (Amsterdam), and Agrum Foods India Pvt. Ltd (India).
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Scope of the Report:
Potato starch Market, by Nature
- Conventional
- Organic
Potato Starch Market, by Type
- Modified Potato starch
- Native Potato Starch
Potato Starch Market, by Function
- Thickener
- Binder
- Stabilizer
- Disintegrants
- Other Functions
Potato Starch Market, by Application
- Food & Beverage
- Bakery & Confectionery Products
- Dairy Products
- Soups & Sauces, Savory and Prepared Foods
- Meat and Seafood
- Other Food and Beverage products
- Paper Industry
- Pharmaceutical and Chemical
- Animal Feed
- Other Applications
Potato Starch Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- RoLATAM
- Middle East & Africa
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Related Reports:
Modified Starch Market by Raw Material (Corn, Potato, Cassava, Wheat and others), Function (Thickener, Binder, Stabilizer, Emulsifier, and others), Application (Food and Beverages, Pharmaceuticals, Textile Industry, Paper Industry, Animal Nutrition), and Region - Global Forecast to 2022
https://www.meticulousresearch.com/product/modified-starch-market-forecast-2022-2718
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