Latin America Corn Starch Market Overview
Corn starch is defined as starch that is derived from corn. Corn starch is mostly used as a thickening agent in the preparation of sauces and soups. Corn starch is also referred to as corn flour and is extracted from the endosperm of corn. It only contains carbohydrates and is gluten free. The Latin America Corn Starch Market is estimated to grow at a CAGR of 3.31% during the forecast period 2018–2023.
Latin America Corn Starch Market Outlook
Corn starch is majorly used in the food & beverage, animal feed, pharmaceuticals & chemicals, textile, and paper and corrugated industries. It is also used for preparing corn syrup and the manufacturing of bio plastics. Corn starch is a chief raw material for ethanol and paper production. Food and beverage is the major segment in the corn starch market. In Latin America, the corn starch market is gaining momentum due to the increased demand for convenience food, which contains high amount of corn starch.
Corn Starch is used to coat fruits before baking as it prevents bakery products from having watery texture. Furthermore it is also used as an anti-caking agent in shredded cheese as it prevents it from clumping.
Corn starch finds many uses in the adhesives industry, and as an anti-sticking agent in the textile manufacturing industry. It is also used in medical procedures to supply glucose for people with glycogen storage disease.
According to IndustryARC findings, Food and Beverage will hold the largest market share during the forecast period.
The Latin America Corn Starch Market Report comprises of pricing analysis of modified and unmodified starch products, the cost/Kg of raw materials has seen a dealing trend over the years due to increasing production.
Latin America Corn Starch Market Growth Drivers
The Food and Beverages industry is the major driving force behind the modified starch market. Modified starch is used as a thickening agent in sauces and provides enhanced viscosity in yoghurt. It is also used to increase the shelf life of food. Another driving factor for the growth of this market is as the low cost of modified corn starch as compared to other products. Furthermore it is gluten free and a high source of energy. The surging demand of the positive qualities in packaging and other food sector parts is propelling growth in corn starch market.
Latin America Corn Starch Market Challenges
Upcoming corn substitutes such as Tapioca and Cassava are being used nowadays and are increasingly becoming more popular. The corn substitutes pose a threat to the corn starch market by restricting the growth of the market in the years to come.
Latin America Corn Starch Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Latin America Corn Starch market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the Latin America Corn Starch market by type, and the sources of corn starch.
Latin America Corn Starch Market Report: Industry Coverage
By Types: Modified Starch, Unmodified Starch, Hybrid Natural Starch, and Pre-Gelatinized Starch
By Application: Food and Beverages, Pharmaceuticals and Chemicals, Animal Feed, Paper and Corrugated, Textile and Others
Latin America Corn Starch market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- Latin America: Brazil, Mexico, Argentina, Peru, Colombia, Chile and Rest of Latin America
Latin America Corn Starch Market Key Players Perspective
Archer Daniels Midland, Corn Processing business president, Chris Cuddy said “One of the key elements of our strategy to grow shareholder value is the expansion and diversification of our global sweetener and starch capabilities,” in his forward looking statements and added “With our significant and growing footprint, we are looking forward to efficiently serving sweetener and starch customers throughout Europe.”
Some of the other key players mentioned in this report are Cargill, Roquette, among many others.
Latin America Corn Starch Market Trends
- With the rise in demand for corn starch products for 3D printing, a significant growth of the corn starch market is expected in the future. With the emergence of new fermentation organisms, there is a rise in the development of new byproducts of corn starch. Increasing awareness among consumers about the health benefits of corn starch consumption is expected to spur the growth of the corn starch market during the forecast period.
- Growing usage of genetically-modified corn has made high-yielding starch hybrids accessible. In addition, expansion of the application base and advancements in technology in the field of biotechnology are some other major factors that are projected to boost the corn starch market growth during forecast period.