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The South Korea corn starch market size was valued at 0.59 million tons in 2023. The market is further projected to grow at a CAGR of 2.30% between 2024 and 2032, reaching a value of 0.73 million tons by 2032.
Cornstarch is a very fine white powder and a gluten-free starch derived from the endosperm of the corn kernel, commonly used as a thickening agent in cooking. To use cornstarch as a thickening agent, it is typically mixed with a lower-temperature liquid to form a paste or slurry, and then added to the hot liquid. It is used in a variety of culinary applications, including sauces, gravies, soups, and desserts. It is also used in non-culinary household applications, such as for soothing irritated skin, detangling knots, and treating cloth stains.
The consumer’s demand for corn starch is rapidly increasing in food and beverages industry because it helps meet daily nutritional requirements of complex carbohydrates, vitamins, fibre, and minerals. Meanwhile the producers use corn starch as an anticaking agent for food products. Corn starch can also be used in paper manufacturing, textiles, adhesive and acrylic materials, and pharma industry. It is used in paper mill industries as a wet end additive, surface sizing agent, coating agent, and binder. It helps in increasing paper strength, stiffness, and printing quality of the paper. Thus, South Korea corn starch market growth can be attributed to its strong demand from the food and beverage industry, textiles, paper and pulp, and pharmaceuticals industries.
Rising tourism in the country, increasing online food orders, and rising export of corn starch are propelling the market growth
January 2024
Roquette acquired three corn-starch production sites of Riddhi Siddhi Gluco Biols Ltd, an Indian starch manufacturing company. The acquisition will enable Roquette to become the first international player in India in the starch industry.
October 2023
Ingredion Inc. launched a clean label native starch product called Novation indulge 2940. It is a minimally processed and label-friendly ingredient that meets the demands of health-conscious consumers of dairy products.
February 2023
POSCO International Corp., a South Korean commodities trader, partnered with Daesang Corporation to scale up its starch sweetener business. This agreement might ensure a stable supply of raw materials for starch sweeteners.
June 2021
Cargill invested in speciality roll-dried starches at its Sas van Gent facility in the Netherlands. The investment aimed to improve the production process and capacity to produce Cargill's speciality functional starch portfolio.
Rising tourism in the country
The rising tourism in South Korea, especially Seoul has increased the consumption levels of some Korean dishes which are available as local cuisine. All these dishes require corn starch as a main ingredient. This is one of the key South Korea corn starch market trends.
Increasing online food orders
Korean households’ monthly per capita spending on dining out has continued a solid growth for several consecutive years and most of the Korean food has corn starch. Hence, the increased online food orders are anticipated to increase the South Korea corn starch market share.
Rising export of corn starch
Corn starch, with its diverse applications, is often exported to international markets, which, in turn is fostering South Korea corn starch market development. According to a report by OEC, South Korea exported USD 19.2 millions of corn starch in 2021.
Abundant production of corn
Corn is one of the widely grown crops in South Korea. Having a substantial domestic production of corn ensures a stable and consistent supply of corn starch to various industries, such as food and beverages for enhancing food texture and pharmaceuticals for tablet and capsule production.
In South Korea, the industrial zones house a concentration of manufacturing facilities, including food processing, textiles, and pharmaceuticals. The major urban centres, including Seoul, Busan, and Incheon, are primary distribution hubs for food products due to their rapidly increasing tourism rate and high population density. International trade hubs, like Incheon, serve as critical points for the import of raw materials and the export of finished food products. These regions contribute significantly to the overall consumption and distribution network of various food products, including corn starch.
South Korea corn starch market demand is increasing because of the changing food consumption patterns, expansion of the retail market, and the easy availability of corn starch and its products through various sales channels. However, the market faces restraints such as the availability of substitutes like pea starch and rice starch, as well as increasing consumer concerns about the negative effects of a starch-rich diet. On the contrary, the rise in popularity for resistant corn starch and clean label products is expected to offer remunerative opportunities for South Korea corn starch market expansion.
South Korea Corn Starch Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Application
Sweeteners contribute to market growth due to its increasing demand from food and beverage industry
Amongst the various types of corn starch available, corn starch sweeteners are anticipated to lead the South Korea corn starch market share in the forecast period. These sweeteners are widely adopted by South Korea’s food and beverage industry because of its requirement in various Korean dishes like bibimbap and ramen, along with high shelf life and cost effectiveness as compared to the other sweeteners like sugar, sugarcane, and beetroot.
According to South Korea corn starch market report, the modified corn starch segment is expected to witness the fastest growth rate throughout the forecast period. This growth is ascribed to the rise in adoption of modified corn starch as emulsifiers in the food and beverage industry, as binders in the paper industry, and as disintegrants in the pharmaceutical industry. Moreover, these types of starch enhance texture, viscosity, and shelf life of soft drinks, confectionery, and processed foods, which is also driving the growth of the market.
Food and beverage industry holds a significant market share due to increasing use of corn starch as a thickening agent
According to the South Korea corn starch market analysis, the food and beverages industry is expected to dominate due to the increasing consumption of corn starch and good yield of corn crops. The increasing demand for convenience and gluten-free products, as well as the expanding food service sector, are other key factors contributing to the growth of this segment. The rising popularity of natural and organic products, as well as the growing awareness among consumers regarding the benefits of clean-label ingredients, is also propelling the corn starch market in South Korea.
In the animal feed sector, corn starch serves as a valuable ingredient, contributing to balanced diets for livestock, poultry, and pets due to its high fibre content, which keeps them fuller for a longer duration. The textiles industry benefits from corn starch, particularly in the form of modified starch, which is extensively used for sizing and finishing processes, enhancing the strength and quality of textiles.
Moreover, the paper and corrugates segment leverages corn starch for its adhesive and binding properties, improving the printability and structural integrity of paper products and enhancing adhesive strength in corrugated boards. This segmentation reflects the versatility of corn starch applications in South Korea, addressing its high demand and supply.
The competitive landscape of the South Korea corn starch market is characterised by dynamic market players engaged in product development and collaboration initiatives to gain a competitive edge.
Daesang Corporation was founded in 1956 and is a South Korean company that produces food flavourings, fermentations, sweeteners, starches, coffee, fodder, and bulk pharmaceutical ingredients. In addition to producing a variety of foods, it is one of the largest fermentation companies in the world.
Cargill, Incorporated was founded in 1865 and is an American multinational food corporation based in Minnesota. Cargill's a supplier of agricultural products, production of grains and oil seeds as well as services to farmers and risk management solutions. It offers products for animal nutrition, biofuels, meat, and poultry, as well as food and other goods.
Ingredion Inc. was established in 1906 and is in Illinois, United States. The company primarily produces starches, non-GMO sweeteners, stevia, and pea protein and supplies these products in over one hundred countries. The company is committed to sustainability and has been recognised for its efforts in clean labelling and social and governance initiatives.
Other key players included in the South Korea corn starch market analysis are CJ CheilJedang Corp., KROHNE Messtechnik GmbH, and Roquette Frères S.A., among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Application |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Corn Starch Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Corn Starch Historical Market (2018-2023)
8.3 Asia Pacific Corn Starch Market Forecast (2024-2032)
8.4 Asia Pacific Corn Starch Market Breakup by Country
8.4.1 China
8.4.2 Japan
8.4.3 South Korea
8.4.4 ASEAN
8.4.5 Australia
8.4.6 South Korea
8.4.7 Others
9 South Korea Corn Starch Market Overview
9.1 Key Industry Highlights
9.2 South Korea Corn Starch Historical Market (2018-2023)
9.3 South Korea Corn Starch Market Forecast (2024-2032)
10 South Korea Corn Starch Market by Type
10.1 Native Starch
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Modified Starch
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Sweeteners
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
11 South Korea Corn Starch Market by Application
11.1 Food and Beverages
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Animal Feed
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Textiles
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Pharmaceuticals and Chemicals
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Paper and Corrugates
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Market Dynamics
12.1 SWOT Analysis
12.1.1 Strengths
12.1.2 Weaknesses
12.1.3 Opportunities
12.1.4 Threats
12.2 Porter’s Five Forces Analysis
12.2.1 Supplier’s Power
12.2.2 Buyer’s Power
12.2.3 Threat of New Entrants
12.2.4 Degree of Rivalry
12.2.5 Threat of Substitutes
12.3 Key Indicators for Demand
12.4 Key Indicators for Price
13 Value Chain Analysis
14 Trade Data Analysis (HS Code - 110812)
14.1 Major Importing Countries
14.1.1 By Volume
14.1.2 By Value
14.2 Major Exporting Countries
14.2.1 By Volume
14.2.2 By Value
15 Price Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Daesang Corporation
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Cargill, Incorporated
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Ingredion Incorporated
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 CJ CheilJedang Corp.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 KROHNE Messtechnik GmbH
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Roquette Frères S.A.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Corn Starch Market: Key Industry Highlights, 2018 and 2032
2. South Korea Corn Starch Market: Key Industry Highlights, 2018 and 2032
3. South Korea Corn Starch Historical Market: Breakup by Type (Million Tons), 2018-2023
4. South Korea Corn Starch Market Forecast: Breakup by Type (Million Tons), 2024-2032
5. South Korea Corn Starch Historical Market: Breakup by Application (Million Tons), 2018-2023
6. South Korea Corn Starch Market Forecast: Breakup by Application (Million Tons), 2024-2032
7. Major Importing Countries by Volume
8. Major Exporting Countries by Volume
9. Major Importing Countries by Value
10. Major Exporting Countries by Value
11. South Korea Corn Starch Market Structure
In 2023, the South Korea corn starch market reached an approximate value of 0.59 million tons.
The market is expected to grow at a CAGR of 2.30% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to 0.73 million tons by 2032.
Clean packaging, transparency of ingredients, high export of corn starch, and increasing demand for sustainability packaging are some of the drivers boosting the overall corn starch market growth.
The key trends aiding the market expansion include the launch of various corn starch products such as starch sweeteners, FDA approvals, policy initiatives, and growing willingness from consumers to pay higher prices for environmentally sound packaging and delivery.
For the pharmaceutical industry, corn starch is used as an integrant and a binder because it enables tablets and capsules to be broken down into small components that can release their principal medicinal products for body absorption.
In value terms, India constituted the largest supplier of corn starch to South Korea, comprising 60% of total imports, followed by China, with a 22% share of total imports. United States ranks third with a 9.4% share.
The key players in the market are Daesang Corporation, Cargill, Incorporated, Ingredion Incorporated, CJ CheilJedang Corp., KROHNE Messtechnik GmbH, and Roquette Frères S.A., among others.
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