The global Cassava Market 2020 is poised to mature at a CAGR of 3.2% from 2019 to 2024 to acquire a market value of USD 4.5 billion by the end of 2024.
The increasing demand in the food and feed industry for cassava flour is driving development in the global cassava market. Cassava flour is gaining recognition globally as an alternative to wheat flour and other gluten-based flours. Due to its higher nutritional content, the need for cassava flour is growing in the global meal market due to its higher use in the household as well as in industrial purposes. Strong demand among customers for bakery, confectionery, and snacks is boosting the selling of cassava products, affecting the growth of the cassava industry globally. Cassava flour also has a wide variety of applications including in the biofuels, laundry and animal feed industries which is further propelling the cassava industry growth. The demand for cassava flour is strong on the global flour market , owing to its very low gluten content relative to other flour types, while facing higher demand due to the rising acceptance of vegan and low gluten diets. Thus, owing to a rise in cassava flour production, it is expected that higher investments will be made in the near future on the global cassava industry.
Increased understanding of the health benefits of cassava is often seen as the main driving force in the development of the global cassava industry. The global market for cassava is increasing rapidly, leading to increased demand from most countries and expanded growth opportunities. Moreover, the increasing focus on RD is projected to boost the cassava market over the forecast period.
The global cassava market has been analyzed based form, application, category, and region.
The global market has been divided, based on category, into organic and conventional.
The global cassava market has been bifurcated, based on form, into dry and liquid.
The application segment of the global market comprises of animal feed, food beverages, and others. The food beverage segment is further classified as bakery and confectionary, beverages, dairy and frozen dessert, and sweet and savory snacks.
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The global market for cassava has been analysed for four main regions — North America, Europe , Asia-Pacific and the rest of the world.
North America is projected to see a rapid growth rate, owing to the region's many primary foreign players from various sectors.
Growing recognition and urbanisation in the Middle Eastern and African countries is projected during the forecast period to increase consumption of raw packaged food and establishment of food businesses.
In the forecast timeframe the Asia-Pacific region is projected to dominate the cassava industry. Growing demand for cassava flour and other by-products made from cassava is driving growth in the region's cassava industry. The cassava is commonly used in the food industry and also in the kitchen.
Owing to the high consumption of snacks and baked goods as comfort food the European cassava market is expected to record the highest CAGR through the forecast period. Furthermore, in the European region demand for cassava flour is growing due to its rising intake of processed food. The varieties of cassava by-products made available by industry players will fuel regional demand growth.
Cargill Incorporated (US), Ingredion Inc. (US), Venus Starch Suppliers (India), Grain Millers, Inc. (US), Parchem fine specialty chemicals (US), Psaltry International Limited (Nigeria), Dadtco Philafrica B.V. (Netherlands), Roquette Frères (France), Archer Daniels Midland Company (US), Woodland Foods (US), Tate Lyle Plc (UK), Mhogo Foods Ltd. (Kenya), American Key Food Products Inc. (US), Agrideco Vietnam Co., Ltd. (Vietnam), and Otto's Naturals (New Jersey) are some of the eminent players in the global cassava market.
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