The Potato Starch Market is estimated to be valued at USD 4.3 billion in 2022. It is projected to reach USD 5.2 billion by 2027, recording a CAGR of 3.7% during the forecast period.
The global potato starch market has been influenced by some of the macroeconomic and microeconomic factors witnessed in some key countries. This would prove strong enough to drive the market significantly in terms of value sales during the forecast period. With the rise in demand and preference for natural food ingredients, the trend of clean-label and plant-based products has significantly boosted the utilization of potato derivatives in the food industry. Potato starch is used as a binder, and this enhances its properties, such as smoothness, hardness, gloss, and whiteness.
In the food business, convenience is one of the biggest trends. It is a part of the daily diets of consumers in most developed countries. These foods require extensive processing and preparation, which is facilitated using technological innovations in preservation, packaging, freezing, artificial flavorings & ingredients, among others. Based on their annual consumption rates, it is evident that convenience foods are popular in North American and European countries.
Globalization and the resultant changing lifestyles have also led to an increase in the consumption of convenience food in other countries around the world, especially in the developing markets of Asia, subsequently leading to an increased demand for potato starch. China and India are at the forefront of the growth of processed food across the Asia Pacific region. India’s processed food market is projected to be valued at USD 470 Bn by 2025, according to the Indian Brand Equity Foundation (IBEF).
Today Europe is the world’s leading producer of potato starch, with European potato starch being exported to all corners of the globe. Europe accounted for a market share of 60.7% in the global modified starch market, in 2021. The European starch industry has a range of starch offerings, ranging from native to modified (chemically and physically) and liquid and solid sweeteners. The versatility of potato starches enables their application as ingredients and functional supplements in the food, non-food, and feed industries.
The key players in this market include Tate & Lyle (UK), Emsland (Germany), Ingredion Incorporated (US), and Avebe (Netherlands).
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