(PRWEB) — According to a new market research report, “Modified Starch Market by Raw Materials, Applications & Geography - Global Forecasts to 2017”, published by MarketsandMarkets modified starch market will grow from estimated $12.76 billion in 2012. This value is expected to increase from $12.99 billion in 2012 to $15.23 billion by 2017 with 3.2% CAGR during the same period. North America is expected to lead the global modified starch market with share of 39% followed by Asia-Pacific (29%) and Europe (27%) in terms of consumption by the year 2011.
The major drivers for modified starch global market growth are the convenience health food sector, functional foods and the wide array of functionalities on offer brought about by the chemical modification of starch. The increasing requirements of the biofuel industry, results in siphoning of the raw material away from the starch industry. The resultant price hikes and supply shortage can be seen as a restraint for modified starch market.
North America holds major market share in modified starch market. Asia-Pacific is the second largest consumer. R&D initiatives by American companies and government have helped its manufacturer to get the first mover advantage.
North America market share is 39% in the global modified starch consumption, Europe has 27% of share, and APAC companies are on the rise with market share of 29% of the total consumption. The modified starch market by application is segmented in major three segments as Food, Non-food (industrial), and Feed. Although, the industrial applications occupy a major share in the consumption market, the food segment, boosted by the convenience and functional foods, is expected to be the fastest growing segment, going ahead.
Among the various commodities sourced for starch extraction, corn (maize), wheat, potato, and cassava occupy excess of 95% of the market share. With growing concerns over the availability of corn (maize) and wheat due to the bioethanol policies in the U.S. and Europe respectively, focus is gradually expected to shift towards cassava and other sources of starch.
The report also touches on various other important aspects of the market. It includes an analysis of the value chain, the competitive landscape, a raw material analysis, and the patent analysis. In addition, key players of this market have also been profiled.
MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world.
MarketsandMarkets also provides multi-client reports, company profiles, databases, and custom research services. MarketsandMarkets covers thirteen industry verticals, including advanced materials, automotive and transportation, banking and financial services, biotechnology, chemicals, consumer goods, energy and power, food and beverages, industrial automation, medical devices, pharmaceuticals, semiconductor and electronics, and telecommunications and IT.