In 2023, the tapioca market was valued at approximately USD 4.1 billion. By 2033, its value is projected to reach USD 6.3 billion, reflecting an anticipated compound annual growth rate (CAGR) of 4.4%. This growth is expected to significantly enhance the market share of tapioca.
Agroecological adaptability and producing higher yields at a lower investment, cassava plants are helping end-use industries meet the growing demand for tapioca starch. Due to tapioca starch’s widespread application across a wide range of industries, including food and beverage and animal feed, market growth is expected to continue.
In the coming years, there will be various growth opportunities for the tapioca market due to its use in a variety of industries. In addition to being gluten-free, grain-free, and high in carbohydrates, tapioca plays an essential role in preventing food allergies, celiac disease, and gluten sensitivity. Therefore, the tapioca market is expected to grow the market significantly as a result of these medical benefits.
“It is anticipated that the market will grow by 6,999 thousand tons by 2023. Market growth is influenced by several factors, such as alternatives to gluten and grain foods, the health benefits of tapioca, and the increasing demand for sweet, savory, and bakery products.” says a lead analyst at Future Market Insights.
Key Takeaways from Market Study
- The market for tapioca is expected to grow at a CAGR of 4.4% over the forecast period.
- According to estimates, the Tapioca market in the Asia Pacific will remain strong throughout the length of the forecast period.
- Animal feed is one of the most significant application areas for tapioca, projected to grow by 5% CAGR and reach US$ 2.3 Bn by 2033.
- China’s tapioca market holds a 50% share of the East Asia market and is projected to expand at a CAGR of over 8.1%. The market size of US$ 1.8 Bn by the year 2033.
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Competitive Landscape
Key manufacturers employ several strategies to stay competitive in a rapidly evolving market. These include launching and approving new products, pursuing mergers and acquisitions, and forming strategic partnerships and collaborations.
- Authentic Foods
- Cargill Inc.
- Ciranda Inc.
- Ekta International
- Emsland Starke GmbH
- Hunan Kang pharmaceutical Ltd.
- Ingredion Inc.
- Jayavel Sago Factory
- KengSeng Group of Co.
- Malt Products Corp.
- Parchem Fine and Specialty Chemicals Inc.
- PT Budi Starch and Sweetener Tbk
- Royal Ingredients Group BV
- Sonish Starch Technology Co. Ltd.
- SPAC Starch Products India Pvt. Ltd.
Recent Development:
Key players are focusing on novel and innovative approaches for the development of new products. The strategy of expansion, new product launches, and approvals, by key manufacturers, is further strengthening their market presence and staying ahead of the competition.
- As a result of this partnership, Cargill, Inc. plans to expand its operations throughout the Asia Pacific region in 2021. Starpro is Thailand’s leading manufacturer and supplier of tapioca starch.
- In February 2021, Tate & Lyle PLC acquired an 85 percent stake in Thailand’s Chaodee Modified Starch Co Ltd.
Tapioca Market Segmentation by Category
By Types:
- Fresh
- Dried
By Uses:
- Thickening Agent
- Stabilizer Agent
- Bodying Agent
- Binding Agent
By Applications:
- Food, Beverage
- Textile Industry
- Glue Industry
- Pharmaceutical Industry
- Cosmetics Industry, Mining Industry, Constructions Industry
- Others
By Product:
- Tapioca Animal Feed
- Tapioca Flour
- Tapioca Chips
- Pellets
- Pearls
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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