New York, US, May 25, 2022 (GLOBE NEWSWIRE) -- Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Cassava Market Information by Category, Form, Application, and Region- Forecast till 2030”, the market is estimated to acquire a size of over USD 237.76 Billion by the end of 2030. The report further predicts the market to thrive at a healthy CAGR of over 4.18% during the review timeframe.
Market Synopsis
Cassava is a highly popular ingredient used for producing starch and is the third most important crop in tropical regions after maize and rice. Cassava processing is a procedure that involves cooking, fermentation, and drying of cassava for higher shelf life, reduced weight, and better value. Processing further eliminates the toxic cyanogenic glucosides found generally in fresh cassava.
Cassava has a high content of carbohydrates and is usually available in different forms, namely pellets, chips, starch, and flour. As a result, a major portion of the population worldwide depends on the product for sustenance since it offers food along with occupation to traders and farmers. Other than this, cassava has thickening properties and can therefore be used in various applications in sectors like paper and cardboard, food and beverage, ethanol, animal feed, adhesives, textile and pharmaceutical industries.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 237.76 Billion |
| CAGR | 4.18% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Category, Form, Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | New product launches and R&D Amongst major key Players |
| The demand to eat good food products has also increased |
Market Competitive Landscape:
The important vendors in the cassava market include
- Otto's Naturals (New Jersey)
- Ingredion Inc. (US)
- Tate & Lyle Plc (UK)
- Cargill Incorporated (US)
- Parchem fine & specialty chemicals (US)
- Archer Daniels Midland Company (US)
- Psaltry International Limited (Nigeria)
- Venus Starch Suppliers (India)
- Dadtco Philafrica B.V. (Netherlands)
- Roquette Frères (France)
- Woodland Foods (US)
- Agrideco Vietnam Co. Ltd. (Vietnam)
- Grain Millers Inc. (US)
- American Key Food Products Inc. (US)
- Mhogo Foods Ltd. (Kenya)
Market USP Covered:
Market Drivers:
Cassava as well as its by-products are widely recognized and are emerging as the ideal alternative to wheat flour and numerous other gluten-based flours. Its high calorific value compared to other flour types, and rich starch content, enhance its appeal among consumers. Not only this, its demand is especially high in the animal feed segment, which will help facilitate significant market growth in the coming years.
Cassava flour has extensive use in households, considering its substantial nutritional content. Cassava is rich in calcium, iron, potassium, sodium, phosphorous, and various ingredients. In addition to mineral content, it is a great source of a variety of vitamins like vitamin C, as well as vitamin A. The market growth will further be fostered by the heightened demand within the food industry. Within the food industry, cassava is highly recognized for being gluten-less and its high nutritional value, which raises its demand worldwide.
Furthermore, a notable surge in the number of working professionals owing to the fast-paced urbanization rate has pushed people’s inclination toward ready-to-eat food items processed using cassava. Moreover, cassava starch is widely used as a sizing and stiffening agent in the textile sector for higher efficiency and effectiveness of the weaving process. Given the significant levels of carbohydrate content, cassava has extensive use in animal feed. Other than this, innovations in the cassava drying technique have amplified the efficiency of the processing method, thereby stimulating market growth.
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Market Restraints:
Availability, or lack thereof, can be a major issue, as cassava is not sold in various parts of the world. Also, given its taste, many people don't opt for it. This scenario is further aggravated by the high availability of cheaper alternatives in the market.
COVID 19 Analysis
The cassava market will continue to advance rapidly despite the COVID-19 outbreak, given the significant focus on innovations as well as research and development/R&D activities. Following the SARS-CoV-2 onset, there has been a substantial increase in the number of tie-ups between companies, with the common aim to mitigate the financial loss brought on by the pandemic. Although the lockdown has weakened supply chains to a large extent, the demand for cassava among consumers will remain high in the coming time period.
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Market Segmentation
By Category
The categories that have been studied in the MRFR study are organic along with conventional. The organic cassava market will be thriving at a spectacular rate in the years ahead, on account of the rising demand and consumption of gluten-free bakery goods among consumers that are suffering from celiac disease, caused primarily by the intake of gluten.
By Form
Cassava is available in two forms, namely liquid and dry.
By Application
Cassava has applications in dairy and frozen desserts, food and beverages, animal feed, sweet and savory, bakery & confectionery, and others. Studies reveal that cassava products are the perfect source of energy in animal feed for mono-gastric and ruminant animals. Starch found in cassava products can be easily digested, especially in comparison to maize due to the high content of amylopectin. Consequently, cassava’s consumption has been mounting rapidly in the animal feed sector across the world, with the segment expect to gain tremendous traction in the ensuing years.
Regional Insights
The Asia Pacific market will remain in the lead all through the given period, with China, Japan, Indonesia and India standing at the vanguard. The region is a leading importer of cassava products such as flour, chips, starch and pellets. China remains the top producer and will be attaining the fastest growth between 2020 and 2027.
Thanks to the surging consumption of various snacks and baked items, Europe would be thriving at an impressive pace in the following years. The cassava markets in Italy, the UK, and Germany have been surging in response to the widespread adoption within the textile sector.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
