The Global Rice Starch Market was valued at USD 3.01 Billion in 2016 and is projected to reach USD 4.15 Billion by 2022, at a CAGR of 5.5% from 2017 to 2022. Rice starch is characterized by small granules in the 2-8 μm range, much smaller than those of other grains, tubers, and roots, such as corn and potatoes. It offers creamy textures and can serve as a natural substitute for fats. It can be widely used in the food, pharmaceutical, chemical and cosmetic and personal care industries.
In August 2016, Ingredion Incorporated announced that it had entered into a definitive agreement to acquire the rice starch and rice flour businesses of Sun Flour Industry Co, Ltd., based in Bangladesh and Thailand.
In March 2019, Ingredion Inc. purchased Western Polymer, a private company that offers native and modified potato starch.
In July 2018, BENEO increased its Remypure portfolio with the recent introduction of its Remypure S52, its second native functional rice starch product. BENEO's proprietary production process improves the functional properties of Remypure rice starches without the use of chemicals, achieving comparable or better performance than modified dietary starches.
In October 2019, Ingredion launched a new line of organic rice and tapioca starches, which are the company's first certified natural products to be manufactured in Asia Pacific and available worldwide..
Market Drivers and Restrains:
The global rice starch market drivers are the growing demand in various cosmetics and personal care products, as well as the food and beverage industry are some of the important drivers for market growth. The main driver behind the increase in demand for rice starch in the current market scenario is due to its different qualities that are used mainly in applications such as pharmaceuticals, cosmetics, and others. Today, consumers are mainly influenced by this product of natural quality, organic in nature and also good for health, which makes it more in demand in growing global economies. On the other hand, according to the current market trend, rice starch powder is all the rage in the market due to its wide application in end-user verticals.
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The worldwide market for rice starch is segmented according to quality, application and region. Market segments according to quality are food grade, cosmetic grade and pharmaceutical grade. Among these quality segments, the food grade contributes more than 50% market share and is expected to grow in a superior space. Among these, the food grade segment is supposed to feed the rice starch market during the forecast period.
On the basis of the application, the market is segmented into pharmaceuticals, cosmetics and personal care, food and beverage, and others. Food and beverages are subdivided into bakery products and bakery fillings, confectionery, dairy fruit mix and dairy products. In the cosmetic industry, cosmetic grade rice starch is widely used on a large scale by manufacturers for the manufacture of cosmetics and personal care products.
Impact of COVID-19 on the Rice Starch Market
Food and beverage companies have witnessed declined in consumption and disruption in supply chains due to coronavirus pandemic. Domestic consumption has increased, but consumption outside the home, which historically generates the highest margin, is practically paralyzed. Consumer behavior and demand will change dramatically. From industry to consumer, these supply chain problems have an impact and prevent consumers from receiving what they want.
Geographically, the global rice starch industry can be divided into major regions, including North America, Latin America, Europe, Asia-Pacific, the Middle East, and Africa. Of these, the Asia Pacific has become the most dominant region in the global rice starch market, followed by Europe and North America. The increasing use of a variety of quality rice starch products in various applications around the world has enhanced the growth of the global rice starch market and is anticipated to increase the contribution to this market over the outlook period.
Key market players:
Some of the key players identified across the value chain of the global rice starch market includes Beneo, Ingredion, Bangkok Starch Industrial Co., Ltd., Thai Flour Industry Co., Ltd, AGRANA, WFM Wholesome Foods, Jiangxi Golden Agriculture Biotech Co., Ltd., and others.
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