The sales of soup, corn soup, and sauces have observed an upsurge in Latin America which is significantly flourishing the Latin America corn starch market. According to a business intelligence report by IndustryARC, the corn starch market in Latin America is poised to attain an impressive revenue of $2,878 million by the end of 2023. This is attributable to the robust profit potential due to the rising demand of corn starch in the region which is projected to observe a moderate compound annual growth rate (CAGR) of 3.31% during the forecast period of 2018 to 2023, as per the study by the market analyst.
The market intelligence report on Latin America corn starch market is comprised of a detailed depiction of pricing environment in the region along with the hurdles faced by the vendors and growth prospects as foreseeable in the future. The report also contains a peek into the competitive landscape and insights on the revenues by the major players in the market. The report is titled, “Latin America Corn Starch Market: By Product (Modified Starch, Unmodified Starch, Hybrid Starch, Natural Starch, Pre-Gelatinized Starch); By Application (Food & Beverage, Animal Feed, Pharmaceuticals and Chemical, Textile, Paper and Corrugated, Others); & By Country – Forecast (2018-2023).”
Latin America Corn Starch Market: Leading Segments
The Latin America market research report scrutinizes growth prospects in various countries belonging to the region that includes Brazil, Mexico, Colombia, Argentina, Peru, Chile, and others. According to the study by the analyst, Brazil observed the maximum revenue of $702 Million in 2017. This is because Brazil is the leading exporter of beef and ranks second in the export of chicken. The feed industry is creating lucrative leads for vendors in the Brazil corn starch market.
The Latin America market is segmented on the basis of products that include modified starch, hydrolyzed starch, ether starch, unmodified starch, and others. The revenue generation in the modified corn starch is poised to garner some pace as it imparts different functions such as stabilization, emulsification, binding, and thickening. The application of modified starch is estimated to observe a CAGR of 4.24% through to 2023. On the other hand, unmodified corn starch market will observe a steady revenue generation similar to the last five years in Latin America.
Latin America Corn Starch Market: Trends and Growth Drivers
- The Growing Demand for Convenience Food –
The millennial lifestyle and lack of time have collectively created a sudden surge in the demand for convenience or ready to eat food products. This is a major factor that is driving the Latin America corn starch market.
- Portable and Healthy Snacks Fostering the Market –
Corn flour snacks are considered a notch healthier than other eatables that people can eat on the go. With growing awareness about health and wellness, people are opting for healthier food which propelling the sales of corn starch in Latin America.
- Emerging Economies & New Production Facilities Bolstering the Market –
The emerging economies in Latin America are observing increasing incorporation of corn starch production facilities. A lot of investors are making hefty investments due to the augmented demand from the F&B industry. This has led to an increase in the Latin America corn starch market size by volume. Even though the competitive products are dwarfing the prospects, the future foresees an enhanced preference for corn starch among consumers, which will make the region a sustainable marketplace. Furthermore, there is a multitude of suppliers of corn starch in the region that adds up to the revenues.
- The Rising Price of Corn Starch Products –
Even though the mounting price of corn starch products is posing as a major challenge in the Latin America corn starch market, there also a perceptible rise in disposable personal income due to industrialization in countries such as Mexico and Brazil. Moreover, the income of residents in rural areas is relatively better, which enables them to afford corn starch products. This will help the vendors sustain their positions in the market, and on top of that attain returns on investment they are making on the raw material.
Latin America Corn Starch Market: Competitive Landscape
Some of the key companies identified in the Latin America corn starch market intelligence report that are striving to capitalize on the market demand to generate more revenues are Ingredion Inc., Cargill Inc., Tate & Lyle, Roquette, Tereos, and others.
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