World News: 15:06 GMT Thursday 6th December 2018. [Technavio Research via Businesswire via SPi World News]
The global modified potato starch market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has released a new market research report on the global modified potato starch market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the modified potato starch market is the increased demand from developing economies such as India, China, Brazil, Indonesia, Thailand, Egypt, and South Africa. Many vendors are shifting their manufacturing activities to these emerging countries owing to factors such as inexpensive labor, easy availability of raw materials, low transportation costs, availability of land and lenient government regulations and policies. The increase in the number of production plants in China and India is likely to augment the growth of the modified potato starch market.
This market research report on the global modified potato starch market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the adoption of precision farming as one of the key emerging trends in the global modified potato starch market:
Global modified potato starch market: Adoption of precision farming
Precision farming is growing in popularity because of factors such as low cost, limited availability of land, and improved farming practices. This technique uses high-precision positioning systems, smart sensors, satellites, and a range of IT applications for producing crops. Precise farming techniques provide better yields with low production cost than conventional practices. In 2016, China and India produced 99.12 million tonnes and 43.77 million tons of potatoes, respectively. The adoption of precision farming in developing countries, such as China, India, and Bangladesh, will drive the demand for modified potato starch during the forecast period.
“Modified potato starch is extensively used for producing biodegradable packaging as it improves the strength and durability of packaging films. Biodegradable packaging is preferred in food and non-food application as it is environment-friendly. R&D focusing on the development of improved modified potato starch for biodegradable films for packaging will have a positive influence on the market during the forecast period,” says a senior analyst at Technavio for research on specialty chemicals.
Global modified potato starch market: Segmentation analysis
This market research report segments the global modified potato starch market by application (food and beverages, paper and paperboard, and pharmaceuticals), and geographical regions (APAC, EMEA, and the Americas).
The EMEA led the market in 2018 with a market share of over 39%, followed by the Americas and APAC respectively. Although APAC accounted for the smallest share of the market in 2018, it is expected to register the highest incremental growth during the forecast growth.
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Business Wire: 15:06 GMT Thursday 6th December 2018
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