Modified starch is extensively used in hundreds and even thousands of food, bioplastic, biofuels, industrial applications. Unmodified starch has confined usage owing to the intrinsic weakness of hydration, swelling and structural organization. Starch and its derivatives are modified through physical, industrial and chemical means to enhance functional properties such as stability, viscosity, and texture.
The increasing size of the textile industry in emerging economies of Asia Pacific including India, Bangladesh, Sri Lanka, and Pakistan is projected to augment industry further. Factors such as availability of cheap labor, promising business scenario and conducive tax reforms are slated to influence modified starch demand positively. Increasing consumption in packaged food industry due to numerous benefits is expected to bolster industry growth over the forecast period.
Extended shelf life along with improved product offering has fueled food processing industry in the recent years. Growing corn production coupled with government initiatives will have influence over pricing trends. Government imposing high taxes on textile exports is further anticipated to play a key role in shaping pricing strategies adopted by the companies operational in the market.
The pharmaceutical application is projected to exhibit stable growth driven by improved healthcare amenities in lucrative markets of Asia Pacific and Latin America. Corn starch has been traditionally used as an excipient for solid dosage formulations. Varying on the application scope, native starch is also utilized as a classic tablet disintegrant and pregelatinized starch is used as a binder.
North America was the leading regional consumer and accounted for over 40% of the overall market revenue in 2016. Raw material abundance along with pricing trends are set to shape up industry dynamics over the forecast period. European market is also expected to perform well due to presence of huge food processing industry in countries such as Germany, UK, Italy, and Spain
The global modified starch is dominated by industry participants such as Archer Daniels Midland Company, Roquette Freres, Cargill Inc., and Tate & Lyle. Other major companies operating in the market include Avebe U.A., Grain Processing Corporation, Ulrick & Short Ltd., Siam Modified Starch Co. Ltd., Global Bio-Chem Technology Group Company Limited, Samyang Genex Corp, and Agrana Beteiligungs AG.