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Rice Starch Market Research Report – Segmentation by functionality (Thickening Agent, Stabilizing Agent, Gelling Agent, Binding Agent, Others), By End User (Pharmaceuticals, Textiles, Paper Industry, Others); and Region; - Size, Share, Growth Analysis | Forecast (2024– 2030)

Rice Starch Market Size (2024-2030)

The Rice Starch Market was valued at USD 225.36 Million in 2023 and is projected to reach a market size of USD 341.1 Million by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 6.1%.

Rice Starch Market

Market Overview:

The rice starch market has witnessed robust growth owing to its versatile applications across various industries. As a vital ingredient in food and beverage production, pharmaceuticals, and cosmetics, rice starch offers notable functionalities such as thickening, stabilizing, and texturizing properties. With increasing demand for gluten-free and natural additives, rice starch has gained traction as a preferred alternative. The market growth is further propelled by technological advancements in extraction methods, ensuring higher purity levels and enhancing the overall quality of rice starch products. Additionally, the rising consumer inclination towards healthier ingredients and the expanding food processing industry continue to drive the market's upward trajectory.

Key Market Insights:

The estimated rice production for the year 2022-23 is projected to reach 1308.37 lakh tonnes. The cultivation of high-yielding rice varieties like IR 64, CR 2301, Kudrat 5, among others, has significantly contributed to this increase, marking a 3.5-fold rise in rice production over the past six decades. Rice holds a crucial status as a primary staple food globally, with an annual production of approximately 500 million tonnes. However, a mere 10% of this production is traded internationally, with the majority staying within the country of origin.

India stands as the world's largest exporter of rice, shipping over 11 million tonnes annually. Thailand and Vietnam closely follow, exporting around 7-8 million tonnes each year. The United States also ranks among the top-ten exporters, with an annual export volume of approximately 3 million tonnes. In terms of imports, China traditionally leads as the largest importer of rice, bringing in approximately 3 million tonnes annually.

 

 

Rice Starch Market Drivers:

Growing Demand for Gluten-Free Products is immensely increasing the growth of rice starch market.

With an increasing number of individuals diagnosed with gluten intolerance or celiac disease, there's a rising demand for gluten-free alternatives in the food industry. Rice starch serves as a valuable substitute in gluten-free formulations, offering functional properties required in various food products without triggering gluten-related health issues. This demand surge for gluten-free options across baked goods, snacks, and other food categories drives the market for rice starch as a key ingredient.

Expanding Food Processing Industry is propelling the rice starch industry.

The food processing industry's continual growth and innovation foster the demand for rice starch. As food manufacturers seek versatile and cost-effective ingredients to improve texture, stability, and shelf life in various food products, rice starch emerges as a favored choice. Its functionality as a thickening agent, stabilizer, and gelling agent makes it essential in processed foods, ready meals, sauces, and soups. The expansion of the food processing sector globally significantly drives the demand for rice starch in various applications.

Rice Starch Market Restraints and Challenges:

Competition from Alternative Starch Sources might pose challenges for businesses in rice starch industry.

The rice starch market faces stiff competition from other starch sources like corn, potato, and tapioca. Each alternative starch has its unique properties and applications, creating a competitive landscape. To remain competitive, rice starch manufacturers must focus on highlighting the specific advantages of rice starch, such as its gluten-free nature or specific functional properties, to carve a distinct market niche.

Supply Chain and Price Fluctuations in rice and other raw material disrupts the market.

The rice starch market is susceptible to fluctuations in raw material prices and supply chain disruptions. Factors such as weather conditions affecting rice cultivation, geopolitical issues in major rice-producing regions, or changes in trade policies can impact the availability and cost of raw materials. These fluctuations can directly influence production costs and ultimately affect pricing strategies, posing challenges for market players to maintain stability and competitiveness within the market. Managing these supply chain risks and ensuring a consistent supply of high-quality raw materials are key challenges faced by stakeholders in the rice starch industry.

Rice Starch Market Opportunities:

The rice starch market holds promising opportunities amidst evolving consumer preferences and industry trends. The increasing demand for natural, gluten-free, and clean-label ingredients in food and beverage applications presents a significant opportunity for rice starch manufacturers. Moreover, the rising awareness regarding health and wellness, coupled with the expanding functional food sector, offers a platform for innovative rice starch-based products. Additionally, the growing utilization of rice starch in non-food applications like pharmaceuticals, textiles, and paper industries further expands the market horizon, providing avenues for diversified and sustainable growth in the global rice starch market. Innovations in product development, exploring novel applications, and leveraging the functional properties of rice starch can capitalize on these emerging opportunities.

RICE STARCH MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2023 - 2030

Base Year

2023

Forecast Period

2024 - 2030

CAGR

6.1%

Segments Covered

By Functionality, end user, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regional Scope

North America, Europe, APAC, Latin America, Middle East & Africa

Key Companies Profiled

Ingredion Incorporated, BENEO GmbH, Thailand Starch Co., Ltd., AGRANA Beteiligungs-AG, Bangkok Starch Industrial Co., Ltd., Grain Processing Corporation, AVEBE, Sunar Misir, Roquette Frères, Siam Modified Starch Co., Ltd.

Rice Starch Market Segmentation:

Rice Starch Market Segmentation: By Functionality

  • Thickening Agent
  • Stabilizing Agent
  • Gelling Agent
  • Binding Agent
  • Others

The largest segment by functionality in the rice starch market is often the Thickening Agent category having market share of 49% in 2023. This dominance stems from the inherent property of rice starch to effectively thicken various food and beverage products. Rice starch exhibits excellent thickening capabilities due to its high amylopectin content and unique molecular structure, enabling it to form a stable gel and enhance the viscosity of different formulations. Its versatility in providing texture, stability, and mouthfeel makes it a sought-after choice, particularly in food applications such as soups, sauces, gravies, and dairy products. Among the functionalities, the fastest-growing segment in the rice starch market is as a thickening agent. This growth is attributed to the widespread use of rice starch in the food industry, especially in applications where thickening properties are crucial, such as soups, sauces, gravies, and dairy products. Rice starch's superior thickening ability, alongside its clean-label and gluten-free nature, has made it a preferred choice for food manufacturers aiming to cater to the increasing consumer demand for natural and functional ingredients.

Rice Starch Market Segmentation: By End User:

  • Food & Beverages
    • Bakery & Confectionery
    • Processed Foods
    • Beverages
    • Others
  • Pharmaceuticals
  • Textiles
  • Paper Industry
  • Others

The largest segment by end user in the rice starch market is the food and beverage industry holding revenue share of 79% in 2023. This dominance is attributed to the widespread utilization of rice starch in various food applications, including bakery, confectionery, processed foods, and beverages. Rice starch, known for its gluten-free properties and functional characteristics like thickening and stabilizing, has become a crucial ingredient in the food sector. The increasing demand for natural, clean-label ingredients and the versatile functionalities offered by rice starch make it an integral component in a wide array of food products. The food and beverage segment stands out as the fastest-growing in the rice starch market expected to grow with a rate of 8.7%. This growth is propelled by several factors, primarily the increasing consumer inclination towards clean-label, natural, and gluten-free ingredients in food products. Rice starch, known for its functional properties like thickening, stabilizing, and texturizing, finds extensive usage across various food applications including bakery, confectionery, and processed foods. Moreover, as manufacturers strive to meet evolving consumer demands for healthier and more natural ingredients, rice starch emerges as a preferred choice, driving substantial growth within the food and beverage sector.

 

                  

Rice Starch Market Segmentation: Regional Analysis:

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

The Asia-Pacific region stands as the largest market for rice starch having market share of 41% in 2023. With a significant presence of key rice-producing countries such as China, India, Thailand, and Vietnam, the region has abundant access to raw materials, fostering cost-effective production. Moreover, the Asia-Pacific region has a rich culinary heritage deeply rooted in rice-based cuisines, contributing to substantial domestic consumption of rice starch in food applications. Additionally, the expanding food processing industry, coupled with rising consumer demand for natural and gluten-free ingredients, further fuels the growth of the rice starch market in the Asia-Pacific region. The Asia-Pacific region emerges as the fastest-growing market for rice starch. The region's significant consumption of rice as a staple food contributes to abundant raw material availability. Moreover, the expanding food and beverage industry, coupled with the rising demand for clean-label and gluten-free products in countries like China, India, and Southeast Asian nations, propels the use of rice starch in various food applications. Additionally, the growing adoption of rice starch in non-food sectors like pharmaceuticals, textiles, and paper industries further accelerates market growth in the Asia-Pacific, driven by increased industrialization and economic developments in the region.

COVID-19 Impact Analysis on the Rice Starch Market:

The COVID-19 pandemic has presented a mixed impact on the rice starch market. Initially, disruptions in the supply chain, logistics, and reduced consumer demand due to lockdowns and economic uncertainties affected the market. However, the increased consumption of staple foods and heightened demand for convenience and shelf-stable products amid the pandemic positively influenced the rice starch market. As consumers turned to home cooking and sought out pantry essentials, the demand for rice starch, a versatile ingredient in various food applications, experienced a notable surge. Manufacturers adapting to these changing consumption patterns and focusing on ensuring a steady supply chain have contributed to stabilizing the market, showcasing the resilience of rice starch within the challenging landscape of the pandemic.

Latest Trends/ Developments:

One prevailing trend in the rice starch market is the increasing adoption of clean-label and natural food ingredients. Consumers are increasingly seeking products with minimal processing and additives, leading to a growing preference for rice starch, known for its natural and gluten-free properties. This trend aligns with the broader shift towards healthier eating habits and transparency in food labeling, driving the demand for rice starch in various food applications.

As for a significant development, the market has seen advancements in extraction technologies and production processes for rice starch. Innovations in extraction methods aim to enhance the efficiency of starch recovery from rice, ensuring higher purity levels and improved functionalities. Additionally, developments in refining techniques contribute to producing rice starch with specific characteristics tailored to diverse applications in the food, pharmaceutical, and other industries. These advancements in production methodologies and quality enhancement underline the industry's commitment to meeting evolving consumer demands and expanding the utility of rice starch across multiple sectors.

Key Players:

  1. Ingredion Incorporated
  2. BENEO GmbH
  3. Thailand Starch Co., Ltd.
  4. AGRANA Beteiligungs-AG
  5. Bangkok Starch Industrial Co., Ltd.
  6. Grain Processing Corporation
  7. AVEBE
  8. Sunar Misir
  9. Roquette Frères
  10. Siam Modified Starch Co., Ltd.

Chapter 1. GLOBAL RICE STARCH MARKET – Scope & Methodology

   1.1. Market Segmentation

   1.2. Scope, Assumptions & Limitations

   1.3. Research Methodology

   1.4. Primary Sources

   1.5. Secondary Sources

 Chapter 2. GLOBAL RICE STARCH MARKET – Executive Summary

   2.1. Market Size & Forecast – (2024 – 2030) ($M/$Bn)

   2.2. Key Trends & Insights

   2.2.1. Demand Side

   2.2.2. Supply Side

   2.4. Attractive Investment Propositions

   2.5. COVID-19 Impact Analysis

 Chapter 3. GLOBAL RICE STARCH MARKET – Competition Scenario

   3.1. Market Share Analysis & Company Benchmarking

   3.2. Competitive Strategy & Development Scenario

   3.3. Competitive Pricing Analysis

   3.4. Supplier-Distributor Analysis

 Chapter 4. GLOBAL RICE STARCH MARKET - Entry Scenario

    4.1. Regulatory Scenario

    4.2. Case Studies – Key Start-ups

    4.3. Customer Analysis

    4.5. PESTLE Analysis

    4.4. Porters Five Force Model

               4.4.1. Bargaining Power of Suppliers

               4.4.2. Bargaining Powers of Customers

               4.4.3. Threat of New Entrants

               4.4.4. Rivalry among Existing Players

                4.4.5. Threat of Substitutes

 Chapter 5. GLOBAL RICE STARCH MARKET - Landscape

   5.1. Value Chain Analysis – Key Stakeholders Impact Analysis

   5.2. Market Drivers

   5.3. Market Restraints/Challenges

   5.4. Market Opportunities

 Chapter 6. GLOBAL RICE STARCH MARKET – By Functionality

6.1.  Introduction/Key Findings   

6.2. Thickening Agent

6.3. Stabilizing Agent

6.4. Gelling Agent

6.5. Binding Agent

6.6. Others

6.7. Y-O-Y Growth trend Analysis By Functionality

6.8. Absolute $ Opportunity Analysis By Functionality , 2024-2030

Chapter 7. GLOBAL RICE STARCH MARKET – By End User

7.1. Introduction/Key Findings   

7.2. Food & Beverages

7.2.1. Bakery & Confectionery

7.2.2. Processed Foods

7.2.3. Beverages

7.2.4. Others

7.3. Pharmaceuticals

7.4. Textiles

7.5. Paper Industry

7.6. Others

7.7. Y-O-Y Growth trend Analysis By End User

7.8. Absolute $ Opportunity Analysis By End User , 2024-2030

Chapter 8. GLOBAL RICE STARCH MARKET - By Geography – Market Size, Forecast, Trends & Insights

8.1. North America

                                8.1.1. By Country

                                                8.1.1.1. U.S.A.

                                                8.1.1.2. Canada

                                                8.1.1.3. Mexico

                                8.1.2. By End User

                                8.1.3. By Functionality

                     8.1.5. Countries & Segments - Market Attractiveness Analysis

   8.2. Europe

                                8.2.1. By Country

                                                8.2.1.1. U.K.                         

                                                8.2.1.2. Germany

                                                8.2.1.3. France

                                                8.2.1.4. Italy

                                                8.2.1.5. Spain

                                                8.2.1.6. Rest of Europe

                                8.2.2. By End User

                                8.2.3. By Functionality

                                8.2.4. Countries & Segments - Market Attractiveness Analysis

8.3. Asia Pacific

                                8.3.1. By Country

                                                8.3.1.1. China

                                                8.3.1.2. Japan

                                                8.3.1.3. South Korea

                                                8.3.1.4. India      

                                                8.3.1.5. Australia & New Zealand

                                                8.3.1.6. Rest of Asia-Pacific

                                8.3.2. By End User

                                8.3.3. By Functionality

                                8.3.4. Countries & Segments - Market Attractiveness Analysis

8.4. South America

                                8.4.1. By Country

                                                8.4.1.1. Brazil

                                                8.4.1.2. Argentina

                                                8.4.1.3. Colombia

                                                8.4.1.4. Chile

                                                8.4.1.5. Rest of South America

                                8.4.2.  By End User

                                8.4.3. By Functionality

                                8.4.4. Countries & Segments - Market Attractiveness Analysis

8.5. Middle East & Africa

                                8.5.1. By Country

                                                8.5.1.1. United Arab Emirates (UAE)

                                                8.5.1.2. Saudi Arabia

                                                8.5.1.3. Qatar

                                                8.5.1.4. Israel

                                                8.5.1.5. South Africa

                                                8.5.1.6. Nigeria

                                                8.5.1.7. Kenya

                                                8.5.1.8. Egypt

                                                8.5.1.8. Rest of MEA

                              8.5.2. By End User

                             8.5.3. By Functionality

                             8.5.4. Countries & Segments - Market Attractiveness Analysis

Chapter 9. GLOBAL RICE STARCH MARKET – Company Profiles – (Overview, Product Portfolio, Financials, Strategies & Developments)

9.1 Ingredion Incorporated

9.2. BENEO GmbH

9.3. Thailand Starch Co., Ltd.

9.4. AGRANA Beteiligungs-AG

9.5. Bangkok Starch Industrial Co., Ltd.

9.6. Grain Processing Corporation

9.7. AVEBE

9.8. Sunar Misir

9.9. Roquette Frères

9.10. Siam Modified Starch Co., Ltd.

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Frequently Asked Questions

The Rice Starch Market was valued at USD 225.36 Million in 2023 and is projected to reach a market size of USD 341.1 Million by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 6.1%.

Growing Demand for Gluten-Free Products and Expanding Food Processing Industry are the main drivers propelling the Rice Starch Market

Based on functionality, the Rice Starch Market is segmented into Thickening Agents, Stabilizing Agent, Gelling Agent, Binding Agent, Others

Asia Pacific is the most dominant country in the European Fast Food Market

Ingredion Incorporated, BENEO GmbH, Thailand Starch Co., Ltd. are the key players operating in the Rice Starch Market

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