Potato Starch Market to Hit USD14m by the End of 2019
The potato starch market is expected to reach more than USD8.8m by the end of 2019 in terms of value and is forecasted to reach nearly USD14m by the end of 2029, according to a report from Persistence Market Research.
The demand for non-GMO products is increasing with awareness among consumers being on the rise. Consumers are becoming health conscious and are now aware of the benefits of non-GMO food and non-GMO food ingredients over chemically-processed food and food ingredients. Production of non-GMO potato starch has been increasing from the last few years as manufacturers are trying to satisfy the demand for non-GMO potato starch across the globe.
The change in consumer behavior towards artificial or synthetic ingredient-based products and their preference leaning towards natural and native-based products is an important factor for the increasing demand for the native potato starch and its products. Native potato starch has a wide range of applications in the food and beverages industry. Native potato starch has many important properties due to which a large number of manufacturers are expected to enter this market. This is expected to boost the potato starch market across the globe.
Europe has the largest share in potato starch production. Europe is also the largest consumer of potato starch, followed by North America and East Asia. The demand for potato starch is increasing in developing economies of East Asia and South Asia. Growing industrial applications of potato starch are propelling the increase in demand in these regions. North America is the second largest consumer of potato starch. North America and Europe both, are trying to increase their market share in potato starch production by increasing their production capacities.
The increasing health concerns among consumers and increasing need for a gluten-free diet are boosting the demand for potato starch, which is a naturally gluten-free product. Rising sensitiveness for gluten and wheat is increasing the use of potato starch, especially in baked food.
The report also notes that potato starch manufacturers are following the strategy of strategic alliances or partnerships with regional food manufacturers. This trend is increasing in Europe, East Asia, and South Asia and helping potato starch manufacturers to increase their market presence and product offering in the global market. Manufacturers are also investing their money in research and development to innovate products. They are focusing on developing and providing products with high nutrition content, as well as good taste & texture.