Nigeria Modified starch Market, By Raw Material (Corn, Cassava, Potato, Rice, Wheat, Sorghum, Barley & Oats, Others), Form (Dry, Liquid), Function (Thickeners, Binders, Stabilizers, Emulsifiers, Others), Modification Type (Enzymatically Modification, Physical Modification), Application (Papermaking, Food & Beverages, Weaving And Textiles, Medicines & Pharmaceuticals, Fine Chemicals, Construction Materials, Cosmetics, Oil Drilling And Extraction, Animal Feed, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
Starches were previously primarily used in food applications, but due to its ease of availability, it is now also being used in non-food applications such as the production of pharmaceuticals, adhesives, and papers.
Data Bridge Market Research analyses that the modified starch market which was valued at USD 49.23 million in 2021 and is expected to reach the value of USD 76.13 million by 2029, at a CAGR of 5.6% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and consumer behaviour.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Raw Material (Corn, Cassava, Potato, Rice, Wheat, Sorghum, Barley & Oats, Others), Form (Dry, Liquid), Function (Thickeners, Binders, Stabilizers, Emulsifiers, Others), Modification Type (Enzymatically Modification, Physical Modification), Application (Papermaking, Food & Beverages, Weaving And Textiles, Medicines & Pharmaceuticals, Fine Chemicals, Construction Materials, Cosmetics, Oil Drilling And Extraction, Animal Feed, Others)
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Market Players Covered
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Cargill, Incorporated (U.S.), ADM (U.S.), Nsmfoodlimited (Nigeria), DSM (Netherlands), Kerry Group plc (Ireland), Ingredion (US), Tate & Lyle (U.S), Matna foods LTD (Nigeria)
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Opportunities
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Market Definition
Modified starch is formed when the structure of native starch undergoes morphological or physicochemical changes as a result of treatment with heat, acids, alkalis, or enzymes. These have better water-holding capacity, heat resistance, binding properties, and thickening properties.
Modified Starch Market Dynamics
Drivers
- Abundance of modified starch in Nigerian market
Nigeria is becoming a rich source of modified starch raw material due to increased modified production and restrictions on modified starch ingredients import. The increased availability of cassava at lower prices is increasing consumption in the Nigerian market as well as export to other countries, which is driving overall market growth.
- Rapid expansion of market due its demand from various applications
Rising technological advancement and modernisation in Nigeria has resulted in advanced product innovations and diversification in various applications which directly impacts the market growth. Growing demand for confectionaries and ready to eat items among customer ads to the market growth as modified starch is a major ingredient used in number of food products. Growing demand from pharmaceutical as well as adhesive paper industry has resulted in market expansion. Rising cases of diabetes in the region has shifted the consumer preference for artificial sweetener which in turns led to the market growth.
Opportunity
Growing research and development activities for product innovation is creating ample of opportunities to the market along with growing market players in the region will provide a stronghold to the modified starch market growth.
Restraints
Lack of knowledge about consumption of adequate amount of modified starch can hamper market growth. Fluctuation in raw materials as well as scarcity of labour can challenge market growth in the near future.
This modified starch market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the modified starch market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Modified Starch Market
The pandemic has had an impact on every sector of the economy. During the first wave, the protein-based fat replacer market had taken a hard hit. During that time, most manufacturers experienced sluggish deals. The Pandemic had compelled consumers to increase their consumption of health-promoting products. The awareness and demand for protein-based fat substitutes began to grow, and it has since become a critical result of the fat substitutes market. After the pandemic era, this market is expected to be on track.
Recent Development
- Henan Doing Mechanical Equipment Co., Ltd displayed their modified processing machines at the China Commodities Expo-Nigeria 2019 in Lagos, Nigeria in November 2019. The company introduced new production technology, modified processing machines with new designs, and other product offerings. The company is expanding its operations in Nigeria as a result of increased demand for modified starch in the Nigerian market.
- ADM partnered with Vedan International Limited in July 2018 to introduce new tapioca starches and tapioca maltodextrin ingredients. Tapioca starches are derived from modified starches, which are produced to meet the demand of customers who prefer plant-based starches. The company expanded their product portfolio, which enabled them to expand their customer base that required plant-based starches.
Nigeria Modified Starch Market Scope
The modified starch market is segmented on the basis of raw material, form, function, modification type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Raw material
- Corn
- Cassava
- Potato
- Rice
- Wheat
- Sorghum
- Barley & Oats
- Others
Application
- Papermaking
- Food & Beverages
- Weaving and Textiles
- Medicines & Pharmaceuticals
- Fine Chemicals
- Construction Materials
- Cosmetics
- Oil Drilling and Extraction
Form
- Powder
- Liquid
Modification type
- Enzymatically Modification
- Physical Modification
Function
- Thickening
- Binders
- Stabilizers
- Emulsifiers
- Others
Modified Starch Market Regional Analysis/Insights
The modified starch market is analysed and market size insights and trends are provided by country, raw material, form, function, modification type and application as referenced above.
The increasing production of modified crops which increased by 7.7 percent in 2017 over the previous year is boosting market growth. The increasing production of modified crops required for starch production in Nigeria is attracting significant market investments from both foreign and domestic investors.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Nigeria brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Modified Starch Market Share Analysis
The modified starch market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Nigeria presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Modified starch market.
Some of the major players operating in the modified starch market are:
- Cargill, Incorporated (U.S.)
- ADM (U.S.)
- Nsmfoodlimited (Nigeria)
- DSM (Netherlands)
- Kerry Group plc (Ireland)
- Ingredion (US)
- Tate & Lyle (U.S)
- Matna foods LTD (Nigeria)
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