Market Trends of Sri Lanka Starch and Starch Derivative Industry
This section covers the major market trends shaping the Sri Lanka Starch & Starch Derivative Market according to our research experts:
Increasing Production Rate Of Maize
The majority of starch and starch derivatives produced in Sri Lanka are derived from rice and maize. Growing production of starch derived from maize is likely to boost the export of starch derivatives, derived from maize, during the forecast period. Maize production in Sri Lanka has been witnessing a CAGR of 13.46% from the past six years and is the second-largest crop in terms of area cultivated, with the country producing approximately 200,000 metric tons of maize annually. But in case of other starches derived from other sources than maize, Sri Lanka hugely depends upon neighboring courtiers. Also, in 2017, Sri Lanka also witnessed a decline in the imports of maize and rice starch, as it has been witnessing a growth in the production of maize and rice starch from the past few years.
Acquisitive Demand of Starch & Starch Derivatives in Food & Beverage Industries
Properties of starch and starch derivatives such as higher viscosity and the associated high binding strength of the starch pastes that are used for numerous applications in processed food, such as baby food, sauces, cake mixes, etc are further driving the market in Sri Lanka. Also, with the growth in demand for processed food in Sri Lanka, native- and physically-modified starch is preferred, to absorb moisture in dry vegetables, fruit preparations, and mixed spices. Modified potato starch is used as a substitute for native corn starch in soups in Sri Lanka, as a thickening agent in soups and sauces. Maize starch is used in powder and canned soups, custard powder, instant desserts, ice cream, gravies and sauces, bakery, snacks, baby foods, and for food encapsulation. In addition, chemically-modified starch, like Alimentamyl, due to its thermal stable properties, is used as preserves, sauces, soups, freezable mayonnaises, ketchup, dairy products, fruit binding agents, frozen foods, etc.
