Nigeria Cassava Starch Market is Expected to Reach at a CAGR of 6.6% by 2029 | Key Drivers and Growth Prospectus
To thrive in this rapidly transforming marketplace, today’s businesses call for innovative and superlative solutions. Businesses can accomplish an unmatched insights and expertise of the best market opportunities into their relevant markets with the help of Nigeria Cassava Starch Market research report. This market report gives clear idea about the market potential for each geographical region based on the growth rate, macroeconomic parameters, consumer buying patterns, possible future trends, and market demand and supply scenarios. A credible Nigeria cassava starch business document covers market analysis, market definition, market segmentation, key developments in the market, key players, or competitor analysis and detailed research methodology.
Nigeria Cassava Starch Market analysis document identifies, assesses, and analyses the up-and-coming trends along with major drivers, restraints, challenges and opportunities in the for Nigeria Cassava Starch Market industry. The report contains estimations of CAGR values, drivers and restraints about the Nigeria Cassava Starch Market industry which are helpful for businesses in deciding upon numerous strategies. The type, organization size, availability on-premises, end-users’ organization type, and the availability in areas such as North America, South America, Europe, Asia-Pacific and Middle East & Africa are kept into view while formulating the universal Nigeria Cassava Starch Market report.
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Market Analysis and Size
Cassava was previously primarily used in food applications, but due to its ease of availability, it is now also being used in non-food applications such as the production of pharmaceuticals, adhesives, and papers.
Data Bridge Market Research analyses that the cassava starch market which was valued at USD 118.81 million in 2021 and is expected to reach the value of USD 198.11 million by 2029, at a CAGR of 6.6% during the forecast period of 2022 to 2029.
Market Definition
Cassava starch, also known as tapioca starch, is extracted from cassava roots and is one of the major components found in cassava. Cassava starch is used in the production of monosodium glutamate (MSG) as well as a binding agent and sweetener in a variety of food manufacturing applications because of its gluten-free nature, its starch is used in a variety of products and it is primarily used in celiac disease.
Report Scope and Market Segmentation
| REPORT METRIC | DETAILS |
| Forecast Period | 2022 to 2029 |
| Base Year | 2021 |
| Historic Years | 2020 (Customizable to 2019 – 2014) |
| Quantitative Units | Revenue in USD Million, Volumes in Units, Pricing in USD |
| Segments Covered | Type (Starch Hydrolysate, Native Starch, Modified starch), Form (Dry, Liquid), Grade (Food, Industrial, Feed), Function (Texturizing, Binding/Adhesion, Gelling, Stabilizing, Thickening, Moisture-Retention, Film Forming Agents, Sizing, Coating), Application (Food & Beverages, Industrial) |
| Market Players Covered | Tate & Lyle (U.K.), Cargill, Incorporated (U.S.), Ingredion Incorporated (U.S.), AGRANA Beteiligungs-AG (Austria), Devex (U.S), Visco Starch (India), Vaighai Agro (India), Aryan International. (India), Psaltry International Limited (Nigeria), Ekta International (India), Chorchaiwat Industry CO.,LTD (Thailand), Lentus Foods & Agro Ltd (Nigeria), Matna Foods Ltd. (Nigeria), KengSeng group of company (Thailand), Tapioca Vietnam (Vietnam), SPAC Starch Products (India), ADM (U.S), Chaiwat Industry Company Limited (Thailand) |
| Opportunities |
|
Some of the major players operating in the cassava starch market are:
- Tate & Lyle (U.K.)
- Cargill, Incorporated (U.S.)
- Ingredion Incorporated (U.S.)
- AGRANA Beteiligungs-AG (Austria)
- Devex (U.S)
- Visco Starch (India)
- Vaighai Agro (India)
- Aryan International. (India)
- Psaltry International Limited (Nigeria)
Cassava Starch Market Dynamics
Drivers
Abundance of cassava starch in Nigerian market
Nigeria is becoming a rich source of cassava starch raw material due to increased cassava production and restrictions on cassava starch import. The increased availability of cassava at lower prices is increasing consumption in the Nigerian market as well as export to other countries, which is driving overall market growth.
Rapid expansion of market due its demand from various applications
Rising technological advancement and modernisation in Nigeria has resulted in advanced product innovations and diversification in various applications which directly impacts the market growth. Growing demand for confectionaries and ready to eat items among customer ads to the market growth as cassava starch is a major ingredient used in number of food products. Growing demand from pharmaceutical as well as adhesive paper industry has resulted in market expansion. Rising cases of diabetes in the region has shifted the consumer preference for artificial sweetener which in turns led to the market growth.
Opportunity
Growing research and development activities for product innovation is creating ample of opportunities to the market along with growing market players in the region will provide a stronghold to the cassava starch market growth.
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COVID-19 Impact on Cassava Starch Market
The pandemic has had an impact on every sector of the economy. During the first wave, the protein-based fat replacer market had taken a hard hit. During that time, most manufacturers experienced sluggish deals. The Pandemic had compelled consumers to increase their consumption of health-promoting products. The awareness and demand for protein-based fat substitutes began to grow, and it has since become a critical result of the fat substitutes market. After the pandemic era, this market is expected to be on track.
Nigeria Cassava Starch Market Scope
Type
- Starch hydrolysate
- Native starch
- Modified starch
Application
- Food and beverages
- Industrial
- Others
Grade
- Food
- Industrial
- Feed
Function
- Texturizing
- Binding/adhesion
- Thickening
- Moisture- retention
- Film forming agents
- Sizing
- Coating
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Competitive Landscape and Cassava Starch Market Share Analysis
The cassava starch market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Nigeria presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to cassava starch market.
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