DUBAI, United Arab Emirates, Jan. 15, 2023 (GLOBE NEWSWIRE) -- In 2023, the market share of tapioca was estimated to be worth US$ 4.1 Bn. By 2033, it was estimated to be worth US$ 6.3 Bn. This is expected to further boost the market share of tapioca and generate a CAGR of 4.4%.
Agroecological adaptability and producing higher yields at a lower investment, cassava plants are helping end-use industries meet the growing demand for tapioca starch. Due to tapioca starch's widespread application across a wide range of industries, including food and beverage and animal feed, market growth is expected to continue.
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In the coming years, there will be various growth opportunities for the tapioca market due to its use in a variety of industries. In addition to being gluten-free, grain-free, and high in carbohydrates, tapioca plays an essential role in preventing food allergies, celiac disease, and gluten sensitivity. Therefore, the tapioca market is expected to grow the market significantly as a result of these medical benefits.
"It is anticipated that the market will grow by 6,999 thousand tons by 2023. Market growth is influenced by several factors, such as alternatives to gluten and grain foods, the health benefits of tapioca, and the increasing demand for sweet, savory, and bakery products." says a lead analyst at Future Market Insights.
Key Takeaways from Market Study
- The market for tapioca is expected to grow at a CAGR of 4.4% over the forecast period.
- According to estimates, the Tapioca market in the Asia Pacific will remain strong throughout the length of the forecast period.
- Animal feed is one of the most significant application areas for tapioca, projected to grow by 5% CAGR and reach US$ 2.3 Bn by 2033.
- China’s tapioca market holds a 50% share of the East Asia market and is projected to expand at a CAGR of over 8.1%. The market size of US$ 1.8 Bn by the year 2033.
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Competitive Landscape:
Several prominent companies dominate this market, including Authentic Foods, Cargill Inc., Ciranda Inc., Ekta International, Emsland Starke GmbH, Hunan Kang pharmaceutical Ltd., Ingredion Inc., Jayavel Sago Factory, KengSeng Group of Co., Malt Products Corp., Parchem Fine, and Specialty Chemicals Inc., PT Budi Starch and Sweetener Tbk, Royal Ingredients Group BV, Sonish Starch Technology Co. Ltd., and SPAC Starch Products India Pvt. Ltd.
In developed regions, tapioca starch is used by several industrial companies for multiple purposes, such as thickening and stabilizing. The company has adopted other growth strategies, including partnerships, acquisitions, and research and development, to extract tapioca efficiently. These strategies have resulted in major developments in the tapioca industry.
Recent Developments:
- Starpro is Thailand's largest manufacturer and supplier of tapioca starch. Cargill, Inc. plans to expand its operations throughout the Asia Pacific region in 2021 as a result of this partnership.
- It was announced in February 2021 that Tate & Lyle PLC would acquire 85 percent of Chaodee Modified Starch Co Ltd of Thailand.
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Tapioca Market Segmentation by Category
By Types:
- Fresh
- Dried
By Uses:
- Thickening Agent
- Stabilizer Agent
- Bodying Agent
- Binding Agent
By Applications:
- Food, Beverage
- Textile Industry
- Glue Industry
- Pharmaceutical Industry
- Cosmetics Industry, Mining Industry, Constructions Industry
- Others
By Product:
- Tapioca Animal Feed
- Tapioca Flour
- Tapioca Chips
- Pellets
- Pearls
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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