The waxy maize starch market in SAM is expected to grow from US$ 171.67 million in 2022 to US$ 244.74 million by 2028. It is estimated to grow at a CAGR of 6.1% from 2022 to 2028.
Growing Applications of Waxy Maize Starch in Pharmaceuticals & Nutraceuticals Industry
Waxy maize starch is used as a diluent, disintegrating agent, filler, and binding agent in various pharmaceutical products, such as tablets, hard capsules, blends, and premixes. It is an ideal pharmaceutical excipient owing to its excellent binding, water retention, and thickening properties. Waxy maize starch is utilized in sports nutrition and body-building products due to its high amylopectin content and high molecular weight. It also helps quickly replenish the muscle glycogen store and aid recovery. Supplement manufacturers are using waxy maize starch in their products to offer innovative products with high nutritive value. Consumers are concentrating on nutrition and wellbeing due to the rising prevalence of various health conditions, such as obesity, diabetes, high blood pressure, and heart diseases. This has created strong demand for dietary supplements, including protein, vitamin, and mineral supplements. Thus, the growing applications of waxy maize starch in the pharmaceuticals & nutraceuticals industry is significantly driving the growth of the waxy maize starch market.
Market Overview
The SAM waxy maize starch market is expected to gain momentum in the coming years, owing to the increasing demand for waxy maize starch in the food, pharmaceutical, animal feed, textile & paper, and corrugated industries. In Brazil, starch production was estimated to be 538.8 thousand tonsin 2020. The region has also witnessed the development of starch production facilities and innovation in starch. Further, the growing demand for processed food, snacks, infant food, and convenience food products is driving the waxy maize starch market in the region. Also, the rising need for paper and paperboard, due to awareness of sustainable solutions, is projected to boost the demand for specialty pulp and paper in Brazil. The data obtained from the Argentine Foreign Trade Statistic (2021) confirmed that Brazil generated revenue of US$ 105,554 thousand from the export of paper and paper pulp products. Thus, with the growing paper & pulp industry, the demand for waxy maize starch is expected to grow in the region.
SAM Waxy Maize Starch Market Revenue and Forecast to 2028 (US$ Million)
SAM Waxy Maize Starch Market Segmentation
The SAM waxy maize starch market is segmented into type, category, application, and country.
Based on type, the market is segmented into native starch and modified starch. The native starch segment registered a larger market share in 2022.
Based on category, the SAM waxy maize starch market is segmented into organic and conventional. The conventional segment registered a larger market share in 2022.
Based on application, the SAM waxy maize starch market is segmented into food and beverages, pharmaceuticals and nutraceuticals, and others. The food and beverages segment registered the largest market share in 2022.
Based on country, the market is segmented into Brazil, Argentina, and the Rest of SAM. Rest of SAM dominated the market share in 2022.
AGRANA Beteiligungs AG; Cargill, Incorporated; Manildra Group; Roquette Frères; Sinofi Ingredients; Tate & Lyle PLC; and Tokai Denpun Co., Ltd. are the leading companies operating in waxy maize starch market in the region.
At 6.1% CAGR, the SAM Waxy Maize Starch Market is speculated to be worth US$ 244.74 million by 2028, says The Insight Partners
According to The Insight Partners’ research, the SAM waxy maize starch market was valued at US$ 171.67 million in 2022 and is expected to reach US$ 244.74 million by 2028, registering a CAGR of 6.1% from 2022 to 2028. Rising demand for waxy maize starch in food industry and growing applications of waxy maize starch in pharmaceuticals & nutraceuticals industry are the critical factors attributed to the market expansion.
The food industry is growing at a tremendous pace due to rising population, changing lifestyles of people, increasing per capita income, and surging demand for convenience food. Waxy maize starch has more than 99% amylopectin content. It is used as a bulking agent, thickener, and texturizer in many food products, such as soups, sauces, fillings, and custards. Moreover, it has a neutral taste and excellent binding capacities, which provide desired texture to the food products. Furthermore, waxy maize starch has high thermal and sheer stability, which makes it an ideal ingredient in canned and extruded food products. It has a high viscosity that imparts excellent texture to gravies, puddings, and fruit fillings. The manufacturers are also developing products that meet the changing consumer requirements. For instance, the demand for clean-label, gluten-free, non-GMO (genetically modified organisms), and plant-based products is increasing as consumers become health conscious. Thus, the rising demand for waxy maize starch for manufacturing various food products is driving the overall market growth. In addition, hectic work schedules and busy lifestyles of people, the rising number of dual-income families and single-person households and increasing population of working women drive the consumption of convenience food. Waxy maize starch is widely used in convenience food products such as baked goods, soups, snacks, sauces, and dressings. As a result, the demand for waxy maize starch is increasing.
On the contrary, availability of substitute for waxy maize starch hurdles the growth of SAM waxy maize starch market.
Based on type, the SAM waxy maize starch market is segmented into native starch and modified starch. The native starch segment held 62.1% market share in 2022, amassing US$ 106.62 million. It is projected to garner US$ 158.24 million by 2028 to expand at 6.8% CAGR during 2022–2028.
Based on category, the SAM waxy maize starch market is segmented into organic and conventional. The conventional segment held 92.3% market share in 2022, amassing US$ 158.45 million. It is projected to garner US$ 224.59 million by 2028 to expand at 6.0% CAGR during 2022–2028.
Based on application, the SAM waxy maize starch market is segmented into food and beverages, pharmaceuticals and nutraceuticals, and others. The food and beverages segment held 71.5% market share in 2022, amassing US$ 122.79 million. It is projected to garner US$ 175.82 million by 2028 to expand at 6.2% CAGR during 2022–2028.
Based on country, the SAM waxy maize starch market is segmented into Brazil, Argentina, and the Rest of SAM. Our regional analysis states that Rest of SAM captured 46.7% market share in 2022. It was assessed at US$ 80.24 million in 2022 and is likely to hit US$ 107.74 million by 2028, exhibiting a CAGR of 5.0% during the forecast period.
Key players dominating the SAM waxy maize starch market are AGRANA Beteiligungs-AG; Cargill, Incorporated; Roquette Frères; Sinofi Ingredients; Tate & Lyle PLC; and Tokai Denpun Co., Ltd. among others.
In 2022, Cargill, Incorporated launched Beauty’s StarDesign Starch Range.
