The Nigeria Modified Starch Market exhibits several positive aspects. The increased production of modified starch, primarily derived from cassava, provides a rich source of raw materials within the country. This promotes self-sufficiency and reduces reliance on imported ingredients. The abundance of cassava at lower prices fuels consumption in the Nigerian market and export opportunities. These factors contribute to market growth, enhancing economic development, fostering domestic industries, and creating regional employment opportunities.
According to Data Bridge Market Research, the Nigeria modified starch market is expected to reach the value of USD 49.23 million in 2021 and is expected to reach a value of USD 76.13 million by 2029, at a CAGR of 5.6% during the forecast period of 2022-2029.
"Abundance of modified starch surge market demand"
Nigeria is emerging as a prominent supplier of modified starch raw materials in the market, mainly derived from cassava. The country has witnessed a significant increase in modified starch production, leading to reduced reliance on imported, modified starch ingredients. The abundance of cassava at lower prices has fueled its consumption within the Nigerian market, while the surplus production allows for export to other countries. These factors combined have contributed to Nigeria's modified starch market's overall growth.
What restraints the growth of the Nigeria Modified Starch Market?
"Fluctuation in raw material can impede the market growth”
The fluctuation in raw materials and the scarcity of labor pose potential challenges to the growth of the modified starch market in the near future. Fluctuations in the availability and prices of raw materials, such as cassava, can impact modified starch's production and supply chain. Additionally, the scarcity of labor, exceptionally skilled workers, can hinder the manufacturing process and limit the market's capacity to meet the growing demand. These factors may create uncertainties and obstacles to market growth in the coming years.
Segmentation: Nigeria Modified Starch Market
The modified starch market is segmented on the basis of raw material, form, function, modification type, and application.
- On the basis of raw material, the Nigeria modified starch market is segmented into corn, cassava, potato, rice, wheat, sorghum, barley and oats, others
- On the basis of form, the Nigeria modified starch market is segmented into dry, liquid
- On the basis of function, the Nigeria modified starch market is segmented into thickeners, binders, stabilizers, emulsifiers, others
- On the basis of modification type, the Nigeria modified starch market is segmented into enzymatically modification, physical modification
- On the basis of application, the Nigeria modified starch market is segmented into papermaking, food and beverages, weaving and textiles, medicines and pharmaceuticals, fine chemicals, construction materials, cosmetics, oil drilling and extraction, animal feed, others
To know more about the study, visit, https://www.databridgemarketresearch.com/ko/reports/nigeria-modified-starch-market
Recent Developments in Nigeria Modified Starch Market
- In 2019, Henan Doing Mechanical Equipment Co., Ltd. displayed its modified processing equipment at the China Commodities Expo-Nigeria 2019 in Lagos, Nigeria. The company unveiled updated processing equipment with new designs, production methods, and product lines. The business is expanding its operations in Nigeria as a result of an increase in demand for modified starch there.
- In 2018, ADM and Vedan International Limited collaborated to launch new tapioca starches and tapioca maltodextrin components. In order to satisfy the demand of consumers who favor plant-based starches, tapioca starches are made from modified starches. The company increased its variety of products, which allowed them to attract more clients who needed plant-based starches.
The Prominent Key Players Operating in the Nigeria Modified Starch Market Include:
- Cargill, Incorporated (U.S.)
- ADM (U.S.)
- Nsmfoodlimited (Nigeria)
- DSM (Netherlands)
- Kerry Group plc (Ireland)
- Ingredion (U.S.)
- Tate & Lyle (U.S.)
- Matna foods LTD (Nigeria)
Above are the key players covered in the report, to know about more and exhaustive list of Nigeria modified starch market companies contact, https://www.databridgemarketresearch.com/ko/contact
Research Methodology: Nigeria Modified Starch Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
