Waxy maize starch is a complex carbohydrate derived from maize or corn. It is used as an additive in various end-use industries, such as food, textiles, and pharmaceuticals. It is added to individual yarns to increase the mechanical strength and resistance to friction and also resist moisture penetration. It also serves as a stabilizer and filler for colored inks when fabrics are overprinted. Consumption of waxy corn starch has been rising significantly in the food industry, as it is used as a thickening agent in soups & gravies, pie fillings, stews & casseroles, and sauces due to its high water absorption capacity. The waxy maize starch market is likely to grow significantly in the near future due to its functional properties, such as foaming and gelling, which make it a vital additive for various end-use industries.
Asia Pacific held the largest waxy maize starch market share in 2021, while other developing regions, such as the Middle East & Africa, are expected to grow significantly in the forecast period. The market is proliferating owing to the potential customer base of developing economies such as China and India, people's food preferences, and the rising demand for healthy, functional food products. Waxy maize starch is extensively utilized in food & beverages and textile & paper manufacturing sectors to stabilize and emulsify products and as a powder binder in the pharmaceutical industry. According to China Starch Industry Association, 39.17 million tons of corn starch were produced in China in 2021. All these factors are anticipated to boost the waxy maize starch market growth during the forecast period.
The COVID-19 pandemic brought unprecedented challenges for many sectors in early 2020. Lockdowns, border restrictions, travel bans, manufacturing discontinuation, and other safety measures rolled out by governments as per the guidelines of the WHO and national health ministries hampered manufacturing operations. However, In 2021, various economies and industries resumed operations as several governments of different countries announced the relaxation of the previously imposed restrictions. Manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gaps and other repercussions. Further, the waxy maize starch manufacturers are focusing on increasing their production to revive their businesses by the end of 2022.
The manufacturers of waxy maize starch are making strategic developments, such as product innovation, plant capacity expansion, and mergers & acquisitions, to strengthen their market position and expand their customer base. For instance, in September 2021, AGRANA Beteiligungs-AG, one of the prominent manufacturers of starches and other food ingredients, invested US$ 24.87 million in expanding its specialty starch manufacturing plant across Austria. The specialty starch to be processed in the Austrian plant includes waxy maize starch and organic maize starch. With the plant capacity expansion, the company expects to meet the rising demand for specialty starches across Austria and other European markets. Therefore, continued strategic developments by market players are expected to provide immense opportunities to the waxy maize starch market during the forecast period.
Based on type, the waxy maize starch market is segmented into modified starch and native starch. The native starch segment is projected to acquire a larger market share during the forecast period. Native starch is widely used as a texturizer, gelling, stabilizing, and thickening agent by food and beverage manufacturers. It can be added to a wide range of food products, including bakery items, soups and sauces, processed meat products, snacks, alcoholic and nonalcoholic beverages, and dry blends. Moreover, it is used as a universal thickener for paints and various coatings. In the production of label adhesives, native waxy starch shows an increased adhesive ability when working on high-speed machines. Cargill Incorporated, Roquette Frères, and Tate and Lyle are the leading waxy maize starch manufacturers.
Based on category, the waxy maize starch market is segmented into organic and conventional. The organic segment is projected to register a higher CAGR in the market during the forecast period. It is of superior quality compared to inorganic maize. Therefore, the demand for organic maize starch is projected to increase rapidly in the coming years as customers demand premium quality and natural products. In the food industry, organic waxy maize starch is frequently used as a thickener. For example, it is used as an emulsifier in salad dressing, ready meals, soups, and infant food. Additionally, vegan products are made with GMO-free organic starch.
Based on application, the waxy maize starch market is segmented into food & beverages, dietary supplements, pharmaceuticals & nutraceuticals, and others. The pharmaceuticals & nutraceuticals segment is projected to register the highest CAGR in the market during the forecast period. The maize starch and its derivatives are also used in topical formulations, such as ointments and lotions. It is used in various dosage forms, including swallowable tablets, hard capsules, blends, granules, and pellets premix. The paste of maize starch with a concentration of 5–20% is frequently employed in tablet manufacturing to enhance the binding capacity of the formulation.
Key players operating in the waxy maize starch market are Cargill, Incorporated; Tate & Lyle PLC; AGRANA Beteiligungs-AG; Manildra Group; Roquette Frères; Sinofi Ingredients; Tokai Denpun Co., Ltd.; Sanwa Starch Co., Ltd.; New Zealand Starch Limited; and SAMYANG CORPORATION. These players are engaged in developing products with reduced health risks to meet emerging consumer trends and abide by regulatory frameworks. They are involved in mergers and acquisitions, business expansions, and partnerships to expand their market share.
The regional trends and factors influencing the Waxy Maize Starch Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Waxy Maize Starch Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 2 Billion |
| Market Size by 2028 | US$ 3.26 Billion |
| Global CAGR (2021 - 2028) | 7.3% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Waxy Maize Starch Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Waxy Maize Starch Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Based on application, pharmaceutical and nutraceuticals is the fastest-growing segment.
Rising demand for waxy maize starch in food industry and growing applications of waxy maize starch in pharmaceuticals & nutraceuticals industry are some of the key driving factors for the waxy maize starch market.
Asia Pacific accounted for the largest share of the global waxy maize starch market owing to the potential customer base of developing economies such as China and India, people's food preferences, and the rising demand for healthy functional food products.
Based on the type, the native starch segment accounted for the largest revenue share owing to is widely used as a texturizer, gelling, stabilizing, and thickening agent by various end use industries.
Manufacturers are making significant investments in research & development, partnerships, and collaborations to launch innovative products to tap into emerging market opportunities.
The major players operating in the global waxy maize starch market are Cargill, Incorporated; Tate & Lyle PLC; AGRANA Beteiligungs-AG; Manildra Group; Roquette Frères; Sinofi Ingredients; Tokai Denpun Co., Ltd.; Sanwa Starch Co., Ltd.; New Zealand Starch Limited; and SAMYANG CORPORATION among few others.