Market Analysis and Insights: Nigeria Cassava Starch Market
Cassava starch market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 6.1% in the forecast period of 2020 to 2027 and expected to reach USD 118.81 million by 2027. High production of cassava crop owing to supporting weather condition and increasing industrialisation is driving the market growth.
Increasing production of cassava and imposed restriction on cassava starch import in Nigeria is making country a rich source for cassava starch raw material. High availability of the cassava at lower price is increasing its consumption in Nigerian market as well as export in other countries which in result is driving the overall market growth.
If you are an investor/shareholder in Nigeria Cassava Starch Market, the provided study will help you to understand the growth Nigeria Cassava Starch Market after the impact of COVID-19. Request for sample report@ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=nigeria-cassava-starch-market
Nigeria Cassava Starch Market Scope and Market Size
Nigeria cassava starch market is segmented on the basis of type, form, grade, function and application. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type of starch, the market is segmented into starch hydrolysate, native starch and modified starch. Starch hydrolysate segment is dominating the market as cassava offers high hydrolysis rate over other crop like corn, potato and others. Cassava starch is organic source of rich carbon supply in food application and new trend of organic food is further accelerating the growth of hydrolysate cassava starch market.
- On the basis of form, the market is segmented into dry and liquid. Dry segment is dominating the market due to less expense on powder form for storage and transpiration operation as compared to liquid which is driving the segment growth.
- On the basis of grade, the market is segmented into food, industrial and feed. The food industry is dominating the market owing to increased consumption of cassava starch in food products. The Nigerian government enforced restriction on cassava starch import to promote the local manufacturing of cassava starch which is augmenting the market growth. The agriculture sector is growing at tremendous rate in Nigeria while for industrialisation government is taking initiative which will help sector to grow in future.
- On the basis of function, the market is segmented into texturizing, binding/adhesion, gelling, stabilizing, thickening, moisture- retention, film forming agents, sizing and coating. The texturizing is the dominating segment as cassava starch is majorly used in the food and beverages industry to improve the texture of the food products or beverages. As the cassava starch is majorly used in the food industry in Nigeria the major function of starch is to improve the texture of food to create impression on customer mind.
- On the basis of application, the market is segmented into food & beverages and industrial. Food and beverages segment is dominating the market owing to high consumption in food and beverages products’ application to improve the taste. The demand of cassava starches in food and beverages products is higher due to enhanced taste offered by the cassava starch with added proteins.
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Cassava starch Market Country Level Analysis
Cassava starch market is analysed and market size information is provided by type, form, grade, function and application as referenced above.
The increasing production of cassava crops such as it witnessed growth of 7.7 percent in 2017 over previous year 2016 is augmenting the market growth. The growing production of cassava crops required for starch production in Nigeria is attracting the major investments in market from foreign as well as domestic investors.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
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Competitive Landscape and Cassava Starch Market Share Analysis
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, global presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to Nigeria cassava starch market.
The major players covered in the report are Nsmfoodslimited, Matna Foods LTD, Ingredion Incorporated, Cargill, Incorporated, ADM and Tate & Lyle among other domestic and global players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product developments are also initiated by the companies worldwide which are also accelerating the growth of cassava starch market.
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