Between 2023 and 2033, the demand for molding starch is anticipated to grow at a CAGR of 5%. By 2033, the molding starch market is expected to rise 1.7X, from US$ 13.10 billion in 2023 to US$ 21.94 billion.
The production and consumption of confectionery items like chocolates, marshmallows, and jellies have expanded substantially in the last several years, and this trend is anticipated to continue during the forecast period.
Molding starch can extract moisture from jellies and other confectionery items since it has a relatively minimal moisture content. Thus, adding molding starch makes confectionary items prepared quickly. Besides this, it can be used on the outer layer of candy shells to create crusts.
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To help customers create confectionary items that take and hold imprints, including letters and shapes, efficiently, leading manufacturers are constantly releasing novel molding starch solutions. They are going to gain additional customers as a result of this.
In 2022, the Asia Pacific region had the leading regional market, and it is anticipated to continue to hold that position during the forecast period. Given the strong product demand from several application sectors, including confectionery, pharmaceuticals, and food processing, the region accounted for a significant portion of global revenue. During the forecast period, the market expansion is expected to be fueled by rapidly developing economies, such as China and India.
KEY TAKEAWAYS
- The United States dominated the market in 2022 holding a 20% share of the global market.
- With a CAGR of 20.3% over the forecast period, India is predicted to develop rapidly in the market.
- The market in China is expected to proliferate, registering a CAGR of 7.3% over the forecast period.
- Japan accounted for 5.3% of the global market in 2022.
COMPETITIVE LANDSCAPE
To fulfill the rising demand for clean-label and plant-based food components, manufacturers in the molding starch market are concentrating on creating innovative products. A potential substitute for classic components like gelatin that the food industry is looking for is molding starch. The texture, stability, and shelf life of molding starch products are also being improved by manufacturers through research and developments. This makes molding starch more suited for usage in a variety of food applications, such as baked goods, meat products, and confectionery. Technology developments are also being used by manufacturers to boost productivity and save costs.
RECENT DEVELOPEMNTS
- Tereos Group announced in 2021 that it planned to sell YKA Group its stake in the starch business in China.
- To support the company’s continuing BioSolutions platform growth, ADM revealed in 2022 that it planned on investing to significantly boost starch output at its Marshall, Minnesota, facility.
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Key Segments Profiled in the Molding Starch Industry Survey
Molding Starch Industry By End Use:
- Candies
- Jellies
- Gummies
- Marshmallows
- Others (e.g., Rock Candy, Caramels, etc.)
Molding Starch Industry By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Japan
- Middle East & Africa
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