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Potato Starch Market Driving Factors & Impact of Covid-19
The global 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.
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Impact of Covid-19 on Potato Starch Market:
COVID-19 will have positive and negative impacts on the overall potato starch market. The sales of processed and packaged foods have increased as consumers rush to stock their pantries. It is expected that the COVID-19 pandemic will increase the consumption of processed foods and other shelf-stable foods that have a longer shelf-life.
Furthermore, with the shutdown of various foodservice outlets and restaurants across the globe due to nationwide lockdown, consumers are compelled to cook at home. Hence, consumers are stockpiling food products that can be easily cooked and opt for ready-to-eat foods with longer shelf life. Owing to this, it is expected to have a positive impact on the processed and packaged food industry.
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.
Read more @ https://www.marketsandmarkets.....com/Market-Reports/p
The key players in this market include Tate & Lyle (UK), Emsland (Germany), Ingredion Incorporated (US), and Avebe (Netherlands).
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