Market Overview:
The global potato starch market size was USD 500.07 million in 2019 and is projected to reach USD 1142.78 million by 2032, exhibiting a CAGR of 6.62% during the forecast period based on our analysis in the existing report. North America dominated the Potato Starch Market with a market share of 35.74% in 2019.
The rise in the potato starch market is mainly due to the need for sweeteners in baking and confectionery, as well as the popularity of new food items such as cakes and chocolates. Additionally, the spread of Western culture and the economic progress of developing nations are also contributing to the market's expansion. A report by Fortune Business Insights, titled “Potato Starch Market Size, Share & Industry Analysis, By Nature (Organic and Conventional), End-use (Textile & Paper, Food & Beverages, and Pharmaceuticals), Type (Native and Modified), and Regional Forecast, 2020-2032,” states that the market size was USD 473.06 million in 2018. The report provides detailed insights into current trends in the potato starch market, covering all segments and regions. It includes recent market developments and is based on extensive research and analysis, making it valuable for companies, stakeholders, financiers, and potential investors. The report aims to give a clear picture of the market size and includes information on product launches, acquisitions, collaborations, partnerships, innovations, and industry developments.
Some of the Major Companies Operating in the Potato Starch Market are:
- Emsland Group
- Cargill, Incorporated
- PEPEES Group
- Roquette
- Ingredion Incorporated
- KMC
- Novidon
- AGRANA
- Tereos
- Vimal PPCE
Potato Starch Market Growth:
- Increasing Demand in Food Industry: Potato starch is widely used as a thickening agent. Its demand in the food sector is rising due to the popularity of convenience foods.
- Applications in Non-Food Industries: Beyond food, potato starch is also used in textiles and paper production. This diversification boosts the market's overall growth potential.
- Health Trends Favoring Natural Ingredients: Consumers are increasingly seeking natural and gluten-free products. Potato starch fits these trends, attracting health-conscious buyers.
Growing Inclination Towards Sugar-free Diet and Healthy Food Products to Bolster Market Growth
The need for sugar-free products and ways of living is increasing, which is expected to boost the market. South East Asia has a lot of diabetes cases, making more people look for sugar-free choices to stay healthy, which is great for sales. Companies are also adding more potato starch to these products, which means potato starch sales will go up. Changes in how people eat and new sweeteners being introduced in the food industry will also help the market grow fast.
Source: https://www.fortunebusinessinsights.com/industry-reports/potato-starch-market-101789
Expansion of Paper & Textile Industry will Consequently Favor Healthy Growth:
The expanding paper and textile industries, driven by population growth, present numerous business opportunities. Additionally, the application of potato starch in food and beverages, particularly for thickening and stabilizing, is boosting the market. Potato starch is found in ready-to-eat items such as processed meats, cheeses, canned soups, and pasta, contributing to the demand for convenient food products. Moreover, the demand for potato starch in creating environmentally friendly products like biomaterials and biodegradable packaging is aiding in the market's expansion. These factors are all contributing to the growth of the market.
Potato Starch Market Future Outlook:
- Growing Demand in Food Industry: The food sector increasingly uses potato starch as a thickener and stabilizer. This trend is expected to rise, driven by consumer preference for natural ingredients.
- Expansion in Non-Food Applications: Beyond food, potato starch finds use in paper, textiles, and biodegradable plastics. This diversification opens new markets and growth opportunities.
- Health and Wellness Trends: With rising health consciousness, potato starch is gaining traction as a gluten-free alternative. This trend may boost its popularity among health-focused consumers.
- Sustainability Considerations: Potato farming is generally more sustainable compared to other crops. This eco-friendly aspect can enhance the appeal of potato starch in a market leaning towards sustainable practices.
Increasing Demand from Food & Beverage Industry will Facilitate Growth in Asia Pacific:
Europe made $92.14 million and is likely to grow fast soon. The food and drink sector's need for potato starch will push this growth. More people eating ready-made food will also help the market grow. Asia Pacific is expected to be the second biggest market, mainly because its textile and paper sectors are doing well.
Potato Starch Market Challenges:
The potato starch market is confronted with several challenges. One of the primary issues is price volatility, which stems from fluctuating agricultural conditions and potential supply chain disruptions. Additionally, the market faces strong competition from alternatives like corn starch and tapioca starch, which are often preferred by manufacturers. Shifting consumer preferences also play a role, as health-conscious individuals increasingly seek gluten-free or organic options, which can negatively impact the demand for potato starch.
KEY INDUSTRY DEVELOPMENTS:
- January, 2019 – Ingredion Inc. acquired the U.S.-based Western Polymer Corporation. The company produces modified and native potato starches. This acquisition helps the company deliver raw materials for industrial purposes.