Wheat Starch Market

The global wheat starch market is projected to continue its upward trend over the next eight years, with an anticipated increase in volume and value. China dominates both consumption and production of wheat starch, while Germany leads in imports and exports. Consumption and production have shown steady growth, with notable fluctuations in import and export volumes and prices over the past decade.

Market Forecast

Driven by increasing demand for wheat starch worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +4.8% for the period from 2022 to 2030, which is projected to bring the market volume to 34M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.8% for the period from 2022 to 2030, which is projected to bring the market value to $29.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Wheat Starch

In 2022, the amount of wheat starch consumed worldwide amounted to 24M tons, increasing by 3.2% on the previous year. In general, consumption continues to indicate a prominent expansion. Over the period under review, global consumption hit record highs at 24M tons in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

The global wheat starch market revenue stood at $17.5B in 2022, increasing by 2.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a remarkable increase. Global consumption peaked in 2022 and is expected to retain growth in the near future.

Consumption By Country

China (3.7M tons) remains the largest wheat starch consuming country worldwide, accounting for 16% of total volume. Moreover, wheat starch consumption in China exceeded the figures recorded by the second-largest consumer, India (1.5M tons), threefold. Pakistan (961K tons) ranked third in terms of total consumption with a 4.1% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +9.1%. In the other countries, the average annual rates were as follows: India (+9.6% per year) and Pakistan (+11.3% per year).

In value terms, the largest wheat starch markets worldwide were China ($1.9B), Nigeria ($970M) and Mexico ($891M), together comprising 22% of the global market.

Nigeria, with a CAGR of +23.6%, recorded the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of wheat starch per capita consumption in 2022 were Germany (7.4 kg per person), Bangladesh (4.5 kg per person) and Pakistan (4.2 kg per person).

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +13.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Wheat Starch

In 2022, global production of wheat starch stood at 23M tons, with an increase of 3.1% compared with the previous year's figure. Overall, production showed strong growth. The pace of growth was the most pronounced in 2015 when the production volume increased by 25%. Over the period under review, global production hit record highs at 24M tons in 2020; however, from 2021 to 2022, production remained at a lower figure.

In value terms, wheat starch production totaled $17.6B in 2022 estimated in export price. Over the period under review, production showed buoyant growth. The growth pace was the most rapid in 2015 when the production volume increased by 18%. Global production peaked in 2022 and is expected to retain growth in years to come.

Production By Country

China (3.7M tons) remains the largest wheat starch producing country worldwide, accounting for 16% of total volume. Moreover, wheat starch production in China exceeded the figures recorded by the second-largest producer, India (1.5M tons), threefold. Pakistan (961K tons) ranked third in terms of total production with a 4.1% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +9.1%. The remaining producing countries recorded the following average annual rates of production growth: India (+9.6% per year) and Pakistan (+11.2% per year).

Imports

World Imports of Wheat Starch

After six years of growth, purchases abroad of wheat starch decreased by -4% to 995K tons in 2022. Over the period under review, total imports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +61.0% against 2012 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 14% against the previous year. As a result, imports attained the peak of 1M tons, and then shrank slightly in the following year.

In value terms, wheat starch imports surged to $652M in 2022. In general, imports, however, posted prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, Germany (218K tons), distantly followed by Poland (128K tons), France (101K tons), the Netherlands (75K tons), the UK (64K tons) and Finland (50K tons) represented the largest importers of wheat starch, together comprising 64% of total imports. The following importers - Italy (42K tons), Belgium (37K tons), the United States (32K tons), South Korea (20K tons), Malaysia (17K tons) and Taiwan (Chinese) (15K tons) - together made up 16% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by South Korea (with a CAGR of +67.3%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest wheat starch importing markets worldwide were Germany ($154M), France ($84M) and Poland ($76M), together accounting for 48% of global imports. The Netherlands, the UK, Finland, Italy, the United States, Belgium, South Korea, Malaysia and Taiwan (Chinese) lagged somewhat behind, together comprising a further 33%.

South Korea, with a CAGR of +67.2%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average wheat starch import price amounted to $655 per ton, surging by 43% against the previous year. In general, import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wheat starch import price increased by +58.8% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was France ($833 per ton), while Taiwan (Chinese) ($434 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+5.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Wheat Starch

In 2022, global exports of wheat starch shrank to 722K tons, falling by -9.8% against 2021 figures. In general, total exports indicated a tangible expansion from 2012 to 2022: its volume increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +3.9% against 2020 indices. The most prominent rate of growth was recorded in 2018 when exports increased by 17% against the previous year. Over the period under review, the global exports reached the peak figure at 800K tons in 2021, and then contracted in the following year.

In value terms, wheat starch exports soared to $489M in 2022. Over the period under review, exports, however, continue to indicate a strong expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

Lithuania (138K tons), the Netherlands (116K tons), Germany (105K tons), Australia (79K tons), Hungary (58K tons), Poland (52K tons), France (50K tons) and Italy (35K tons) represented roughly 88% of total exports in 2022.

From 2012 to 2022, the biggest increases were recorded for Hungary (with a CAGR of +159.7%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest wheat starch supplying countries worldwide were the Netherlands ($97M), Germany ($81M) and Lithuania ($71M), with a combined 51% share of global exports. Australia, Poland, France, Hungary and Italy lagged somewhat behind, together accounting for a further 37%.

Hungary, with a CAGR of +143.9%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average wheat starch export price amounted to $678 per ton, jumping by 51% against the previous year. In general, export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wheat starch export price increased by +75.9% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Netherlands ($836 per ton), while Lithuania ($520 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+4.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform