Pune, India, Oct. 30, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Waxy Maize Starch Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Category, Application, and Geography,” the waxy maize starch market is expected to grow from $2.0 billion in 2021 to $3.26 billion by 2028; it is estimated to grow at a CAGR of 7.3% from 2022 to 2028.
A few leading companies operating in the global waxy maize starch market are New Zealand Starch Limited; Cargill, Incorporated; SAMYANG CORPORATION; Manildra Group; Roquette Frères; AGRANA Beteiligungs-AG; Tokai Denpun Co., Ltd.; Sinofi Ingredients; Sanwa Starch Co., Ltd.; and Tate & Lyle PLC. These players are focused on developing innovative products to meet the changing requirements of consumers.
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Waxy maize starch is a complex carbohydrate derived from maize or corn. It is a great source of energy. It is used as a gelling, thickening, and binding agent in a wide range of food and beverages, including bakery products, confectionery, soups, salad dressings, sauces, ice creams, fruit drinks, and dairy products. Waxy maize starch is also used in non-food applications, such as pulp & paper, pharmaceuticals, and animal feed. In the pharmaceutical industry, waxy maize starch is used as an excipient and binding agent in tablet making. In animal feed products, waxy maize starch and its derivatives are used as energy sources and stabilizing and thickening agents. Over the forecast period, the rising demand for waxy maize starch for various applications is expected to drive the waxy maize starch market growth over the next few years.
The waxy maize starch market is segmented into type, category, and application. Based on type, the market is segmented into modified starch and native starch. Based on category, the market is segmented into organic and conventional. Based on application, the market is segmented into food & beverages, pharmaceuticals & nutraceuticals, and others. By geography, the market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).
Based on application, the waxy maize starch market is segmented into food & beverages, pharmaceuticals & nutraceuticals, and others. The food & beverages segment held a significant market share in 2021; however, the pharmaceutical & nutraceuticals segment is projected to register the highest CAGR during the forecast period. Waxy maize starch is used as a disintegrant, binder, and excipient in the pharmaceuticals & nutraceuticals industry. It is used in various dosage forms, including swallowable tablets, hard capsules, blends, granules, and pellets premix. The paste of maize starch with a concentration of 5%–20% is frequently employed in tablet production to enhance the binding capacity of the formulation. Waxy maize starch is also used as a bodybuilding material in dietary supplements because it helps digest easily.
Based on geography, the waxy maize starch market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). Asia Pacific accounted for the largest share of the market. Native and modified waxy maize starch is extensively produced in Asia Pacific countries, owing to its multi-functional nature. The production of waxy maize starch in the region, specifically in China and India, is bifurcated into organized and unorganized sectors. Moreover, China and India are among the world’s largest textile-producing countries, which creates potential demand for raw materials, such as waxy maize starch.
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Impact of COVID-19 Pandemic on Waxy Maize Starch Market
During the COVID-19 pandemic, disruptions in manufacturing, research and development activities, and raw material sourcing operations hampered the growth of the waxy maize starch market in the initial phase of the pandemic. However, as people stayed at home due to the government mandates, they focused more on their health and fitness. The uptake of clean-label, gluten-free, non-GMO (genetically modified organisms), and plant-based products is rising as consumers are becoming more health conscious. Thus, manufacturers of waxy maize starch are offering products with clean-label, vegan, and non-GMO claims to fulfill customer demands.
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