The global cassava starch market size is predicted to reach USD 40.53 billion, exhibiting a CAGR of 6.50% during the forecast period. The expansion of the textile industry will simultaneously aid the expansion of the cassava starch market during the forecast period. The increasing applications of starches in the textile industry such as warp sizing, printing, cloth finishing, and others will facilitate the healthy growth of the market. As per the U.S. Department of Commerce, the U.S. textileand apparel industryis an estimated $70 billion sector.
By the value of industry shipments, it is still one of the most significant sectors of the manufacturing industry and ranks among the top markets in the world by export value: $23billion in 2018. In addition, the growing job employments in the textile industry in developed as well developing nations will contribute positively to the growth of the market in the forthcoming years. For instance, as per the U.S. Department of Commerce, the U.S. textile industry generated around 341,300jobs in the textileraw materials, yarns, fabrics, apparel, home furnishings, and other textile areas.
According to the report published by Fortune Business Insights in a report, titled “Cassava Starch Market Size, Share and Industry Analysis, By Type (Native Starch, Modified Starch, and Sweeteners), End-Use (Food and Beverages, Paper and Board, and Others), and Regional Forecasts, 2019 2026” the market size stood at USD 40.53 billion in 2018. The report is aimed at delivering a comprehensive description of the cassava starch market dynamics and structure by identifying and providing information regarding the key market segments. It also focuses on an all-encompassing analysis of leading market players by financial position, product, product portfolio, price, growth strategies, and regional presence. It offers PORTER’s analysis and SWOT analysis to record the question of shareholders and highlights the investment potential in the upcoming future. It also showcases what procedures and strategies; companies are currently implementing in the market. It further examines the components, convincing market expansion, growth patterns, restricting factors, and market strategies.
Variations in Cassava Starch Prices to Hamper Market Prospects
The difference in the cost of raw materials, as the production of cassava starch, is completely on the availability and prices of raw materials. This factor is expected to hamper the growth of the market. The variation such as an increase in price, unavailability, and low-quality of raw materials will have a negative impact on the production of cassava starch. Moreover, the surge in economies will have an effect on the price of the various raw materials and other commodities, which in turn will dampen the cassava starch market revenue. In addition, the increasing prices of the raw materials will subsequently restrict the consumption of cassava starch in the forthcoming years.
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