Cassava Market Trend | COVID-19 Pandemic Impact, Global Demand and Forecast to 2024
Market Overview
Global Cassava Market is projected to register a growth rate of 3.2% from 2019 to 2024 to reach a market value of USD 4.5 billion by the end of 2024. Cassava has a pleasant taste, which makes its suitable ingredient for various F&B products. Being a gluten-free product, it finds application in health-centric food items. It is increasingly used in manufacturing animal feed, gluten-free flour, confectionary products, etc. Moreover, it is frequently used as a substitute for sucrose in beverages. Several health benefits associated with the product make it an extremely marketable product.
Application potential of Cassava Market Trend remains high in various industry vertical including F&B and cleansers. Cassava can help in bringing down cholesterol level, it has high fiber content, and is rich in calcium, iron, and manganese. Factor as such makes it a sought-after ingredient. The neutral taste of cassava allows its use in a vast range of food products without changing their flavour. Cassava is penetrating markets across the globe partly due to increased awareness among consumers about the product. At the same time, more and more consumers are inclining towards organic cassava, which is becoming as important segment for suppliers.
Competitive Analysis
Cargill (U.S.), Tate & Lyle (U.K.), Grain Millers, Inc. (U.S.), American Key Food Products LLC (U.S.), Venus Starch Suppliers (India), Parchem fine & specialty chemicals (U.S) and Ingredion Inc. (U.S.) are some of the prominent companies operating in the Global Cassava Market.
Segment Overview
MRFR’s study includes a thorough segmental analysis of the Global Cassava Market Trend based on form, application, and product type.
Based on form, the market has been segmented into flour, pellets, animal feed, pearls, chips and others. Of these, chips, pearls, pellets segment are expected to present relatively higher market values during the forecast period. These cassava forms have broad ranges of application and easier to synthesize.
Based on application, the market has been segmented into animal feed, food and beverage and others. The food and beverage (F&B) segment remain highly attractive in terms of revenue. Cassava is used in various types of F&B products, which characterises the segment’s important status. Cassava has high carbohydrate content and is used in producing gluten-free flour. Apart from F&B, the product is also witnessing growth in laundry industry due to high starch content.
Based on product type, the market has been segmented into organic and conventional. In terms of value, the conventional cassava segment accounts for a relatively higher share. The is primarily owing higher production of conventional cassava. The organic cassava segment is expected to witness a healthy growth during the forecast period. Rising level of health-consciousness among consumers is driving the demand for organic variants of food products.
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Regional Segmentation
Based on region, the global cassava market has been segmented into Asia Pacific (APAC), Europe, North America and rest of the world (RoW). Spain, Vietnam, Thailand, China and the U.S. are among the top importers of cassava. Asia Pacific has emerged as the largest market for cassava. The product is extremely popular in countries such as Indonesia, Thailand and China among others. APAC is followed by North America. The cassava market in North America is growing at a rapid pace. Growing popularity of gluten-free carbohydrate food products among consumers is reflecting favourably on the region’s market.
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