Latin America Corn Starch Market

Latin America Corn Starch Market Growth and Forecast (2023 - 2028):

Latin America Corn Starch Market was worth USD 2.43 billion in 2022 and estimated to be growing at a CAGR of 5.1%, to reach USD 3.11 billion by 2028.

Market Overview:

Starch is one of the most abundant carbohydrates occurring in nature. After cellulose, starch is the most abundant carbohydrate in nature. It is present in the seeds, roots of various plants and stores energy for later purposes.  Starch can be derived from various naturally occurring products like- corn, rice, potato and wheat. Corn is the most common source from which starch is extracted.

It has many household, industrial and culinary applications. During cooking, it can be used as a thickening agent and is used to make various curries, desserts and sauces.  It is also used in making corn syrup and bio plastics. Corn starch is gluten free product and only includes carbohydrates.

Drivers and Restraints:

The significant demand for convenience and ready to eat food items has been largely responsible for the considerable growth of this market. Corn starch is also used in the treatment of glycogen storage disease in humans.  Food producers reduce production cost by adding varying amount of corn starch in food. This process is expected to drive the market over the forecast period. Growing replacement trend of petroleum with ethanol is expected to be the major driving factor over the foreseeable period. Corn starch is a major raw material for ethanol production. With increasing urbanization many companies have come up, leading to a rise in the demand of paper consequently boosting the starch market.  Tapioca and Cassava are some of the corn substitutes which are being used nowadays, restricting the growth of the corn starch market in the years to come. There has been an increase in the use of cassava in the past few years.

Latin America Corn Starch Market Segmentation Analysis:

Latin American market for Corn Starch is broadly categorized by product- Native starch, Modified starch and Sweeteners. Based on Application, the market is further segmented into Food and Beverages, Animal feed, Pharmaceuticals and chemicals, Textile, Paper and Corrugates and Others. By product, sweeteners segment accounts for about 50% of the total revenue share and is likely to lead over the forecast period. The modified starch segment is expected to grow at a significant rate in the next few years. By application, food and beverages is the major segment of this market.

Region Analysis:

Geographically the Latin America Corn Starch Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America. Rising population and increase in disposable income among consumers in Brazil is expected to have positive impact on the regional Latin America corn starch market. Brazil is also the third largest producer of corn in the world. Growing food industry and easy availability of feedstock is expected to drive the corn starch market in Brazil.

Key Players in the Market:

Major Key Players in the Latin America Corn Starch Market are

• Cargill Incorporated
• Grain Processing Corporation
• Croda international
• Akzo Nobel NV
• Bayer AG
• Ajinomoto Company Incorporated
• Henkel KGaA
• Calpis Company
• Archer-Daniels-Midland Company
• DuPont (EI) de Nemours
• BASF