New Delhi, July 15, 2024 (GLOBE NEWSWIRE) -- The Asia Pacific cassava starch market was valued at USD 1,965.2 million in 2023 and is anticipated to reach USD 3,357.0 million by 2032 at a CAGR of 6.35% during the forecast period 2024–2032.
Cassava production and consumption in the Asia-Pacific region have seen significant growth in recent years, with the region dominating global cassava markets. Thailand stands out as the largest raw cassava exporter globally, producing 67% of its cassava for export and 33% for domestic use. The region's cassava production reached 310 million tons in 2023, accounting for about three-fourths of the global market share. Thailand leads in cassava starch production with 35 million tons annually, followed by Vietnam at 10 million tons, out of which it exports over 2.1 million tons and Cambodia at 1.6 million tons. In 2023, China imported 14.2 million tons of cassava products, while Thailand exported 10.8 million tons of cassava products. Indonesia's cassava production reached 19.1 million tons in 2023, with a harvested area of 697,384 hectares.
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The demand for cassava starch has been steadily increasing due to its unique properties, including being allergy-free, having a neutral taste, and demonstrating high paste viscosity and stability. These characteristics make it attractive to various food and non-food industries. The Asia-Pacific region, particularly China and India, is driving this growth with a focus on convenience foods. The industrial demand for cassava starch spans multiple sectors, including food and beverages, pharmaceuticals, cosmetics, animal feed, paper, textiles, and adhesives. In 2023, the global cassava starch market volume reached 1.95 million tons.
Recent findings highlight the evolving landscape of cassava starch production and consumption. The industry is moving towards more efficient, machinery-driven operations, although challenges persist in data collection and optimization. Innovations in cassava processing technologies are opening up new opportunities, particularly in the production of modified starches and sweeteners. The market is also seeing a shift towards organic and sustainable production methods to meet changing consumer preferences. Additionally, the use of cassava starch in biofuel production and as a substrate for various industries is expanding its market potential.
Key Findings in Asia Pacific Cassava Starch Market
| Market Forecast (2032) | US$ 3,357.0 billion |
| By Type | Native (42.8%) |
| By Nature | Conventional (87.3%) |
| By Grade | Food Grade (61.9%) |
| By Application | Food and Beverage (34.7%) |
| By Distribution Channel | Online (83.1%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Food and Beverage Industry to Remain the Largest Consumer of Cassava Starch, Projected to Contribute Over 34.72% market Revenue
The food and beverages industry in the Asia-Pacific region is the leading consumer of cassava starch market. The region's dominance is primarily due to the versatile applications of cassava starch in various food products, including confectionery, bakery, and snack items. The growing population and increasing urbanization have led to a surge in demand for convenience foods, which often utilize cassava starch as a thickening, stabilizing, and texturizing agent. Additionally, the rising health consciousness among consumers has boosted the demand for natural and gluten-free food additives, further propelling the use of cassava starch in the food and beverages sector. The region's significant market share is also supported by the expanding middle class and increasing disposable incomes, which drive the consumption of processed and packaged foods.
China and India are notable cassava starch markets, with China being the largest consumer and India experiencing the fastest growth. The increasing popularity of veganism and vegetarianism, along with the demand for functional foods and nutritional drinks, are key trends shaping this growth. Furthermore, technological advancements in cassava starch production and the development of new product lines by leading market players are expected to enhance market expansion.
Modified Cassava Starch is Making Significant Impact By Growing at Highest CAGR 6.95%
The demand for modified cassava starch is growing at a higher rate compared to native and sweetener varieties due to its enhanced functional properties and versatility across various industries. This growth is driven by several key factors that make modified cassava starch increasingly attractive to manufacturers and consumers alike. Additionally, the Asia Pacific cassava starch market is currently the largest market for modified cassava starch, followed by Europe and North America. There is an increasing demand for natural food additives from the food and beverage industry, coupled with the growing popularity of veganism and vegetarianism. The global market for natural food additives is currently valued at US$ 2.1 Billion. Modified cassava starch offers improved functional characteristics such as viscosity, swelling power, and solubility, making it suitable for a wide range of applications. The rapid utilization of modified cassava starch as an essential ingredient for celiac disease and diabetic diets is a significant driver of market growth.
Modified cassava starch overcomes the limitations of native starch, including low solubility, poor freeze-thaw stability, and low shear and thermal resistance. It is widely used in the food industry due to its ability to enhance texture, stability, and shelf-life of products. The global market for gluten-free products, where modified cassava starch is a key ingredient, is valued at approximately US$ 5.6 Billion. In the personal care sector, modified cassava starch is increasingly used in biodegradable cosmetics and skincare products, with the market for biodegradable personal care products reaching US$ 1.3 Billion. Research has shown that cassava is one of the most efficient producers of carbohydrates and can be grown at considerably lower costs compared to other starch-producing crops. Recent studies have also demonstrated the potential to increase cassava productivity through genetic modification, with experiments on tobacco plants showing a 14-20% increase in plant tissue production under real-world conditions. These advancements in cassava cultivation and modification techniques are likely to further boost the growth of the modified cassava starch market in the coming years.
Organic Cassava Starch is Gaining Momentum and is Set to Keep Growing at Highest CAGR of 7.49%
The organic cassava starch market is experiencing a significant surge, growing at a CAGR of 7.49%, driven by a rising global inclination towards healthier and sustainable food options. In 2023, the global market for organic cassava starch reached a valuation of approximately US$ 234.22 mllion, with projections indicating an increase to US$ 470 million by 2032. The heightened demand is primarily due to the burgeoning health consciousness among consumers who are increasingly avoiding synthetic additives and GMOs. The organic food market overall is seeing a notable upswing, with organic food sales hitting US$ 220 billion in 2023, reflecting a broader trend that benefits organic cassava starch.
The food and beverage industry is the largest consumer of organic cassava starch, utilizing it extensively in products such as gluten-free bread, dairy-free ice creams, and organic baby foods. Additionally, the clean label movement, which emphasizes transparency in food ingredients, has pushed manufacturers to adopt organic cassava starch. Technological advancements in organic farming have also boosted the quality and yield of cassava, making it more cost-effective.
Apart from food applications, the pharmaceutical industry has seen a notable uptake, with organic cassava starch used as a binder in tablets and other formulation. The cosmetics industry also prefers organic cassava starch for its hypoallergenic properties. Additionally, the eco-conscious textile industry has started using organic cassava starch in fabric finishing processes.
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Asia Pacific Cassava Starch Market is Highly Fragmented with Top 7 Players Capturing around 23% Market Share
The cassava starch market in Asia Pacific is characterized by a highly fragmented structure, with the top 7 players, including ADM, AGRANA Beteiligungs-AG, Cargill, Inc., Ingredion Inc., and Tate & Lyle PLC, capturing only 23% of the market share. This fragmentation is primarily due to the presence of numerous domestic and local players in the global market. The industry's structure allows for the coexistence of large multinational corporations alongside smaller, region-dominant players and private labels, creating a diverse and competitive landscape.
Despite the fragmentation, the Asia Pacific region presents significant growth opportunities for the cassava starch industry. The region is expected to grow rapidly due to increasing consumption of functional foods and nutritional drinks. Additionally, the Asia-Pacific area is projected to account for about two-thirds of global growth in 2023, with an expected CAGR of 6.35%. The cassava starch market in this region is driven by the expanding food industry in developing countries like China and India, changing dietary preferences, and the growing demand for processed and convenience foods.
- Untapped Market Potential
The fragmented nature of the market indicates substantial untapped potential for both existing players and new entrants. However, the volume of new entrants is low due to high capital costs and economies of scale. To capitalize on this potential, companies are focusing on reinforcing distribution networks, implementing cost-cutting techniques, and positioning diverse starch products in the global marketplace. There's also a growing trend towards natural and minimally processed cassava starch-based sweeteners, driven by health-conscious consumers. This presents an opportunity for innovation in product formulations and applications in the cassava starch market, particularly in the processed and convenience food segment where cassava starch is increasingly used as a sustainable alternative to synthetic thickeners and stabilizers.
Asia Pacific Cassava Starch Market Key Players
- ADM
- AGRANA Beteiligungs-AG
- Cargill, Incorporated.
- Chorchaiwat Industry Co., Ltd.
- Ekta International
- Global Sweeteners Holdings Ltd
- Ingredion Inc.
- KengSeng group of company
- SPAC Starch Products (India) Ltd
- Viet Delta
- Visco Starch
- Other Prominent Players
Key Segmentation:
By Product Type
- Native
- Modified
- Sweetener
By Nature
- Organic
- Conventional
By Grade
- Food Grade
- Medical Grade
- Industrial Grade
By Application
- Food and Beverages
- Pharmaceuticals
- Animal Feed
- Cosmetics
- Paper
- Textiles
- Chemical
- Biodegradable Materials
- Adhesives and Glue
- Others
By Distribution Channel
- Online
- Offline
- Direct
- Distributors
By Country
- China
- India
- Japan
- South Korea
- Australia & New Zealand
- ASEAN
- Rest of APAC
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