India corn starch market is estimated to be valued at 1.37 Billion in 2018 and is estimated to grow at a CAGR of 3.9% during the forecast period 2019–2024. India Corn Starch market growth can be attributed to the easy availability of corn and its wide range of applications in various industries such as food and beverage, pharmaceutical, animal feed, textile industry, paper industry, and others. The Food and Beverage industry dominated the application segment of India Corn Starch Market. The rapid growth of population, as well as rapid industrialization, have propelled the growth of India corn starch market.
Report Coverage
The report: “India Corn Starch Market – Forecast (2019-2024)”, by IndustryARC covers an in-depth analysis of the following segments of the India Corn Starch Market:
•By Type
•Native Corn Starch
•Modified Corn Starch
•Hydrolyzed Corn Starch
•Ether Corn Starch
•Resistant Corn Starch
•Pregelatinized Corn Starch
•Sweeteners
•By Application
•Food & Beverages
•Animal Feed
•Pharmaceuticals
•Chemicals
•Textiles
•Paper and Corrugated
•Others
•By Region
•South India
•North India
•West India
•Northeast India
•East India
Key Takeaways
· Growing use of corn starch in food and beverage applications is anticipated to drive development in the India corn starch industry. Further, a detailed analysis of other applications is provided in the report.
· Key sustainability strategies such as partnerships or acquisitions are being adopted by the market players to ensure the growth of the India Corn Starch market. A comprehensive study on the significant development by the key companies is mentioned in the report.
· It is evaluated that the North India region is showing the highest potential to become an evolving Corn Starch market and record the fastest CAGR over the forecast period. The corn starch markets of other areas in India are also mentioned.
Type - Segment Analysis
In 2018, corn-based sweeteners dominated the starch type segment of the India corn starch market in terms of revenue. Corn-based sweeteners cost less than any other caloric sweetener. The corn-based sweetener such as High-Fructose Corn Syrup (HFCS) is a very stable sweetener that comes in a liquid form. Owing to its form, HFCS is very easy to handle and having a cost-effective manufacturing process. The extensive application of this product in manufacturing is set to drive the India corn starch market growth. HFCS is used for making processed foods, breakfast cereals, and soft drinks.
Application - Segment Analysis
Food and Beverages industry dominate India Corn Starch market in the application segment, which accounted for the largest share in 2018. Food and Beverage application is estimated to grow at a CAGR of 4.5% during the forecast year. The growing uses of corn starch as an artificial sweetener and as a thickening agent used in gluten-free food has resulted in the growth of the India corn starch market. The wide application of corn starch in a variety of industries can propel the growth of the India corn starch market during the forecast period 2019-2024.
Region - Segment Analysis
In 2018, North India region was estimated to represent the largest share of the India Corn Starch market in terms of revenue. Growth of the North India Corn Starch market can be mainly attributed to the increasing prevalence of the celiac disease among people in this region, which forces them to have a gluten-free diet. Celiac disease is caused by the consumption of gluten-rich food such as wheat foods. Corn Starch is used as an alternative to wheat starch, and it does not contain gluten. People that have the celiac disease can safely consume foods that contain corn starch. The rise in the use of corn starch as an alternative to wheat starch in food has resulted in the overall growth of the India Corn Starch Market.
Drivers – India Corn Starch Market
· Rise in consumption of Gluten-free food items
The rising prevalence of celiac disease in India has resulted in the growth of gluten-free food consumption. Corn starch can be used as a natural alternative to wheat starch for a variety of uses in Food and Beverages as corn starch does not contain gluten and is safe to be consumed by people who have celiac disease. This particular use of cornstarch can drive the overall India corn starch market.
· Rising processed foods market in India
Processed foods are one of the major markets in India. Corn starch is used in processed foods owing to its adaptability as a thickening agent or as an anti-caking agent. People nowadays prefer to eat processed foods due to their hectic lifestyle since they save time and energy. The use of corn starch as a substitute for wheat starch for gluten-free food is set to drive the India corn starch market during the forecast period.
Challenges – India Corn Starch Market
· Growing Number of Substitutes
The current significant challenge of the corn starch market in India is the availability of corn starch substitutes such as arrowroot starch. Arrowroot starch is very similar to corn starch and has other benefits to corn starch such as thickening of foods at much lower temperatures than other starches. Potato starch and tapioca starches could be considered as substitutes to corn starch as well.
Market Landscape
Partnerships and acquisitions, along with product development, are the key strategies adopted by the companies in the India Corn Starch market. The major players in the India Corn Starch Market include Prakash Starch Products, Universal Starch Chem Allied Ltd., Everest Starch (India) Pvt. Ltd., SPAC Starch Products India Ltd., Vikkas Modified Starch Industries Pvt. Ltd., Universal Process Engineers Pvt. Ltd., Gulshan Polyols Limited, and Others.
India Corn Starch Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the India 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 types of starch, their specific applications in various industry.
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