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Starches/Glucose: Global Markets

  • June 2013
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  • BCC Research
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  • 118 pages

INTRODUCTION

BACKGROUND

Globally, the production of starch containing crops outweighs all other industrial and food crops. More than 50% of the world’s daily average calorie intake is provided by starch and derivatives thereof. Historically, most starch containing crops were used for direct human consumption. This changed during the 1970s and 1980s, when industrial farming systems became popular for producing meat, milk and eggs on the basis of compounded feed that was largely made up by grains and soy beans. Such use became particularly important when economic growth in Asia accelerated as a result of the liberalization of the Chinese economic system. Standards of living increased and the demand for meat developed fast and drove a rapid and massive expansion of the use of cereals for feeding. During the middle of the year 2000, another factor driving consumption entered the scene – the manufacturing of bio-fuels. Bio-ethanol has been produced for many decades in Brazil from sugar. The large-scale transformation of cereals into bio-fuels started only 10 years ago in the U.S., backed by political reasoning and decision-making. Subsequently, the conversion of starch into bio-fuels became also prominent in other parts of the world.

All these factors have contributed to an accelerated increase of consumption of starch crops over recent years. Growth in consumption became so high that it is surpassing production, resulting in a depletion of stocks.

The manufacturing of starch in this global context is only of subordinate importance and drains only a fraction of crop harvests. The industry is nevertheless strongly impacted by such global trends. Raw materials are less available and prices shoot up almost uncontrolled, making starch production more expansive. At the same time and due to changing life styles, processed foods, which demand the use of more starch in sophisticated systems, are enjoying increasing popularity. In technical applications, such as in paper and glue production or textile weaving and finishing, the demand for native starch and for modified powder starches is growing as well -- also as a consequence of a still increasing population, backed by increases of disposable incomes.

The largest single outlet for starches always has been for conversion into sweeteners. The global demand for cereal sweeteners is closely related to the development of the soft drink industry, which started several years ago in the U.S. Soft drinks became a symbol of the modern society and are now consumed in virtually every country. While juices and carbonated beverages can also be sweetened by saccharose sugar or by low calorie sweeteners, fructose and glucose syrups are typically preferred, partly for cost reasons but also for technical reasons, as such syrups do not re-crystallize and thus keep the beverages appealing. Despite the fact that cereal sweeteners are criticized as being responsible for obesity, diabetes, cancer development and many other health problems, their popularity on a global scale is uncontested, although in some countries the markets show signs of saturation.

A second large consumer of starch hydrolysis products is the fermentation industry. Many fermentation processes run on starch hydrolysates. This is partly for cost reasons and partly because the organisms in use have been trained to prefer glucose to saccharose. The only exception is yeast, which traditionally grows best in molasses. Markets for virtually all fermentation-derived products, whether they are penicillin based, citric acids or amino acids, expand at high rates and add to the demand for starch hydrolysis products.

Minor applications of starch syrups include their use in the manufacturing of sugar alcohols, particularly of sorbitol. Sorbitol is characterized by two main properties, which drive its market: it is a low-calorie sweetener and it imparts a refreshing aftertaste. This refreshing aftertaste in particular makes sorbitol the product of choice in virtually all toothpastes and for many other toiletry products, and its low calorie content and high degree of sweetness make sorbitol ideal for a number of different foods. Maltodextrin is an only mildly hydrolyzed starch that shows excellent properties for formulation and bulking. That formulation capability is even more pronounced with cyclodextrin, also a product derived from enzymatic hydrolysis of starch. As is the case with standard sweeteners, the market for these derived products is growing as a result of the increasing sophistication of daily life and the increasing number of people who can afford to purchase manufactured products that include such starch hydrolysis derivatives.

Overall, the markets for starches and derivatives are expected to expand on a global scale at a substantial rate. They are all confronted with the same major challenge: a shortening of the availability of suitable raw materials at tolerable prices and increasing energy costs. Both factors are beyond the control of the starch industry; developments are imposed by other drivers. Such inability to master a major element of the value chain of starch processing has driven a consolidation process and a change of the producer landscape over the past few years. There are still global players, which are integrated over the full value chain. They are engaged in major starch markets but also in many more markets so that they can spread business risk over different activities, while at the same time controlling the full value chain. And there are regional companies. These, frequently organized as cooperatives and integrating producers of raw materials into their business model, exploit the regional advantages in raw material sourcing, supply customers in a defined region with specialties, often beyond the standard product range.

It will be these regional players in particular that will be hit by the global price developments and procurement shortages anticipated. They will find it increasingly difficult to compete against the global players and against other users of the same raw materials. They might need to review their business strategy and positioning and ultimately consider integration into the full value chain.

REASONS FOR DOING THE STUDY

This report reviews in detail the mechanisms of the global starch value chain. It outlines the dynamics and driving forces of the raw material markets, discusses the technology and costs involved in the production of primary starch, and analyzes in detail the mechanisms of the markets for native starch, modified starches, starch sweeteners, maltodextrin and cyclodextrin, as well the sugar alcohols sorbitol and maltitol, and anticipates future developments throughout 2018. The main reason for doing this report is to analyze the starch industry from the angle of a value chain in a synoptic view. It therefore not only highlights the consumption patterns and prices of individual starch products, but also links such parameters to the dynamics of the raw material markets and the major factors involved in processing. This report therefore provides a comprehensive overview and background information.

CONTRIBUTION OF THE STUDY AND INTENDED AUDIENCE

BCC Research Inc. provides detailed insight into an industry that is decisive for the manufacturing of many foods and chemicals. The report provides the most up-to-date quantitative information on all elements of the full value chain from processing raw materials via intermediate steps to end uses and end markets, and forecasts developments throughout 2018. The report’s analyses will enable the reader to understand the current structure and dynamics of the different elements of starch markets and provide insight into their interrelationship and their interaction. The report is designed to assist decision makers in the starch industry and in related industries by providing background information to be considered in strategy formulation, capacity enlargement, and decisions on sites for new plants, on research priorities and particularly for any consideration on integrating a firm better into the full setting of the starch value chain in different regions of the world.

SCOPE OF THE REPORT

The report starts by analyzing the markets for raw materials. It reviews in detail the dynamics of supply and demand of wheat, corn, starch potatoes and cassava and to some extent even of rice and of sweet potatoes. In a second step, the technology for manufacturing primary starch is explained and the relevance of by-products for cost of production of primary starch is highlighted. In subsequent sections, the dynamics of supply and demand, pricing history and structure of native starches, modified starches, starch sweeteners and sugar alcohols as well as maltodextrins and cyclodextrins are discussed and illustrated in a quantitative form. In a synoptic conclusion, the different markets are amalgamated into a global picture. The report ends by profiling important actors in the starch business, highlighting and benchmarking their strategies with emphasis on their fitness to sustain anticipated developments.

INFORMATION SOURCES

There is abundant technical information on virtually all aspects of starches, starch manufacturing and raw materials available. Such information, however, is usually disaggregated, does not show any interrelationship between the dynamics of individual markets or the interaction with raw material supply, and is in many cases not connected to prices and values. However, understanding relationships in a value chain is perceived as essential for comprehending the future developments of the starch industry and for preparing for the major changes, particularly on the supply side, which are expected until the year 2018. By exploiting established relationships between relevant companies and industries, the author of the study provides the basis for the high value of this report.

ANALYST’S CREDENTIALS

Ulrich März is experienced both as a food scientist and technical economic analyst in the field of food, feed and fermentation ingredients. He has made significant contributions to technology and performed industry and market analysis of vitamins, carotenoids, enzymes, organic acids, amino acids, and other fermentation-derived food and feed ingredients with BCC multi-client studies. Dr. März has been with BCC for over 15 years. He has an MSc in Chemical Engineering and a Ph.D. in Economics and Management from the University of Stuttgart, Germany.

Table Of Contents

Starches/Glucose: Global Markets
TABLE OF CONTENTS

CHAPTER 1 INTRODUCTION 2
BACKGROUND 2
REASONS FOR DOING THE STUDY 3
CONTRIBUTION OF THE STUDY AND INTENDED AUDIENCE 4
SCOPE OF THE REPORT 4
INFORMATION SOURCES 4
ANALYST'S CREDENTIALS 5
RELATED BCC REPORTS 5
BCC ONLINE SERVICES 5
DISCLAIMER 5
CHAPTER 2 SUMMARY 7
SUMMARY TABLE DEVELOPMENT OF MARKET VALUE OF DIFFERENT STARCH
DERIVED PRODUCTS, THROUGH 2018 ($ BILLIONS) 8
SUMMARY FIGURE MARKET VALUE OF DIFFERENT STARCH DERIVED PRODUCTS,
2012 ($ BILLIONS) 8
CHAPTER 3 RAW MATERIALS AND THE GLOBAL STARCH VALUE CHAIN 10
OVERVIEW AND DEFINITIONS 10
FIGURE 1 THE STARCH VALUE CHAIN 11
THE GLOBAL MARKETS FOR STARCH RAW MATERIALS 12
OVERVIEW 12
TABLE 1 TYPICAL CHARACTERISTICS OF RAW MATERIALS USED FOR STARCH
MANUFACTURING 13
GLOBAL MARKET TRENDS FOR WHEAT 14
Production Trends 14
TABLE 2 DEVELOPMENT OF GLOBAL WHEAT PRODUCTION, THROUGH 2012
(MILLION TONS) 15
Factors Driving Consumption 15
TABLE 3 INCOME ELASTICITY VALUES FOR WHEAT IN MAJOR CONSUMPTION
REGIONS 16
TABLE 4 DEVELOPMENT OF DEMAND FOR WHEAT IN MAJOR CONSUMPTION
REGIONS, 2000-2012 (%/YEAR) 17
TABLE 5 WHEAT USE BY TYPE OF CONSUMPTION, THROUGH 2012 (MILLION TONS) 17
FIGURE 2 STRUCTURE OF GLOBAL WHEAT USE, 2012 (%) 18
Prices and Future Developments 18
TABLE 6 ANNUAL DEPOSITION RATES FOR WHEAT, 2000-2012 (MILLION TONS) 18
TABLE 7 DEVELOPMENT OF GLOBAL AVERAGE WHEAT PRICES, 2000-2012 ($/TON) 19
GLOBAL MARKET TRENDS FOR RICE 19
Production Trends 19
TABLE 8 DEVELOPMENT OF GLOBAL PADDY RICE PRODUCTION, THROUGH 2012
(MILLION TONS) 19
Factors Driving Consumption 20
TABLE 9 INCOME ELASTICITY VALUES FOR RICE IN MAJOR CONSUMPTION REGIONS 21
TABLE 10 DEVELOPMENT OF DEMAND FOR RICE IN MAJOR CONSUMPTION
REGIONS, 2000-2012 (%/YEAR) 21
TABLE 11 RICE USE BY TYPE OF CONSUMPTION, THROUGH 2012 (MILLION TONS) 22
FIGURE 3 STRUCTURE OF GLOBAL RICE USE, 2012 (%) 22
TABLE 12 ANNUAL DEPOSITION RATES FOR RICE, 2000-2012 (MILLION TONS) 23
Prices and Future Developments 23
TABLE 13 DEVELOPMENT OF GLOBAL AVERAGE HUSKED RICE PRICES, 2000-2012
($/TON) 23
GLOBAL MARKET TRENDS FOR CORN 24
Production Trends 24
TABLE 14 DEVELOPMENT OF GLOBAL CORN PRODUCTION, THROUGH 2012
(MILLION TONS) 24
Factors Driving Consumption 25
TABLE 15 INCOME ELASTICITY VALUES FOR CORN IN MAJOR CONSUMPTION
REGIONS 25
TABLE 16 DEVELOPMENT OF DEMAND FOR CORN IN MAJOR CONSUMPTION
REGIONS, 2000-2012 (%/YEAR) 26
TABLE 17 CORN USE BY TYPE OF CONSUMPTION, THROUGH 2012 (MILLION TONS) 26
FIGURE 4 STRUCTURE OF GLOBAL CORN USE, 2012 (%) 26
TABLE 18 ANNUAL DEPOSITION RATES FOR CORN, 2000-2012 (MILLION TONS) 27
Prices and Future Developments 27
TABLE 19 DEVELOPMENT OF GLOBAL AVERAGE CORN PRICES, 2000-2012 ($/TON) 28
GLOBAL MARKET TRENDS FOR CASSAVA 28
Production Trends 28
TABLE 20 DEVELOPMENT OF GLOBAL CASSAVA PRODUCTION, THROUGH 2012
(MILLION TONS) 29
Factors Driving Consumption 29
TABLE 21 INCOME ELASTICITY VALUES FOR CASSAVA IN MAJOR CONSUMPTION
REGIONS 30
TABLE 22 DEVELOPMENT OF DEMAND FOR CASSAVA IN MAJOR CONSUMPTION
REGIONS, 2000-2012 (%/YEAR) 30
TABLE 23 CASSAVA USE BY TYPE OF CONSUMPTION, THROUGH 2012 (MILLION
TONS) 31
FIGURE 5 STRUCTURE OF GLOBAL CASSAVA USE (%) 31
Prices and Future Developments 31
TABLE 24 DEVELOPMENT OF GLOBAL AVERAGE CASSAVA ROOT PRICES,
2000-2012 ($/TON) 32
GLOBAL MARKET TRENDS FOR POTATOES 32
Production Trends 32
TABLE 25 DEVELOPMENT OF GLOBAL POTATO PRODUCTION, THROUGH 2012
(MILLION TONS) 33
Factors Driving Consumption 33
TABLE 26 INCOME ELASTICITY VALUES FOR POTATO IN MAJOR CONSUMPTION
REGIONS 33
TABLE 27 DEVELOPMENT OF DEMAND FOR POTATO IN MAJOR CONSUMPTION
REGIONS, 2000-2012 (%/YEAR) 34
TABLE 28 POTATO USE BY TYPE OF CONSUMPTION, THROUGH 2012 (MILLION
TONS) 34
FIGURE 6 STRUCTURE OF GLOBAL POTATO USE, 2012 (%) 34
Prices and Future Developments 35
TABLE 29 DEVELOPMENT OF GLOBAL AVERAGE POTATO PRICES, 2000-2012
($/TON) 35
GLOBAL MARKET TRENDS FOR SWEET POTATO 36
Production Trends 36
TABLE 30 DEVELOPMENT OF GLOBAL SWEET POTATO PRODUCTION, 2000-2012
(MILLION TONS) 36
Factors Driving Consumption 37
TABLE 31 INCOME ELASTICITY VALUES FOR POTATO IN MAJOR CONSUMPTION
REGIONS 37
TABLE 32 DEVELOPMENT OF DEMAND FOR SWEET POTATO IN MAJOR
CONSUMPTION REGIONS, 2000-2012 (%/YEAR) 37
TABLE 33 SWEET POTATO USE BY TYPE OF CONSUMPTION, THROUGH 2012
(MILLION TONS) 38
FIGURE 7 STRUCTURE OF GLOBAL SWEET POTATO USE, 2012 (%) 38
Prices and Future Developments 39
TABLE 34 DEVELOPMENT OF CHINESE SWEET POTATO TUBER PRICES, 2000-2012
($/TON) 39
CHAPTER 4 STARCH EXTRACTION PROCESSES 41
OVERVIEW 41
TABLE 35 TYPICAL COMPOSITION OF RAW MATERIALS FOR STARCH (%) 41
TABLE 36 TYPICAL COMPOSITION OF EXTRACTED STARCHES - DRY BASIS 42
THE CORNSTARCH PROCESS 42
FIGURE 8 FLOW CHART OF THE CORN WET MILLING PROCESS 43
THE WHEAT STARCH PROCESS 43
FIGURE 9 FLOW CHART OF A WHEAT STARCH PROCESS 44
THE RICE STARCH PROCESS 44
FIGURE 10 FLOW CHART OF A RICE STARCH PROCESS 44
THE POTATO STARCH PROCESS 45
FIGURE 11 FLOW CHART OF A POTATO STARCH PROCESS 46
THE CASSAVA AND THE SWEET POTATO STARCH PROCESS 46
FIGURE 12 FLOW CHART OF A CASSAVA STARCH PROCESS 47
DETERMINANTS FOR PRIMARY STARCH PRODUCTION COSTS 47
TECHNICAL AND MANAGERIAL FACTORS 47
CREDITS FOR BY-PRODUCTS 49
TABLE 37 TYPE AND TYPICAL AMOUNT OF VALUABLE BY-PRODUCTS OF RAW
MATERIALS FOR STARCH EXTRACTION 50
By-products of Corn 50
TABLE 38 PRICE DEVELOPMENTS OF CORN OIL, CORN GLUTEN FEED AND CORN
GLUTEN MEAL, THROUGH 2012 ($/TON) 51
By-products of Wheat 51
By-products of Potato 51
By-products of Cassava and of Sweet Potatoes 52
TABLE 39 NET COSTS OF RAW MATERIALS FOR STARCH MANUFACTURING,
2011/2012 52
CHAPTER 5 THE MARKET FOR PRIMARY STARCH 54
FIGURE 13 DEVELOPMENT OF GLOBAL PRIMARY STARCH PRODUCTION, 2000-2012
(MILLION TONS) 54
TABLE 40 STRUCTURE OF PRIMARY STARCH PRODUCTION BY RAW MATERIAL,
THROUGH 2012 (MILLION TONS) 55
FIGURE 14 STRUCTURE OF PRIMARY STARCH PRODUCTION BY RAW MATERIAL,
2012 (%) 55
TABLE 41 STRUCTURE OF PRIMARY STARCH CONSUMPTION BY REGION, THROUGH
2012 (MILLION TONS) 56
FIGURE 15 STRUCTURE OF PRIMARY STARCH CONSUMPTION BY REGION, 2012 (%) 56
FIGURE 16 STRUCTURE AND DEVELOPMENT OF PRIMARY STARCH USE (MILLION
TONS) 56
CHAPTER 6 THE GLOBAL MARKETS FOR NATIVE STARCHES 59
OVERVIEW 59
USE IN FOODS 59
USE IN FEED AND TECHNICAL APPLICATIONS OTHERS THAN PAPER 59
PAPER AND CORRUGATED CARTON 60
STRUCTURE OF CONSUMPTION 60
TABLE 42 CONSUMPTION OF NATIVE STARCH BY TYPE OF APPLICATION AND
REGION, 2012 (MILLION TONS) 61
TABLE 43 DEVELOPMENT OF THE USE OF NATIVE STARCH BY TYPE OF RAW
MATERIAL, THROUGH 2012 (MILLION TONS) 61
PRICE DEVELOPMENT 62
FIGURE 17 PRICE DEVELOPMENT OF NATIVE WHEAT, POTATO AND CASSAVA
STARCH ($/TON) 62
MARKET VALUE 63
TABLE 44 DEVELOPMENT OF MARKET VALUE OF NATIVE STARCH BY TYPE OF RAW
MATERIAL, THROUGH 2012 ($ BILLIONS) 63
TABLE 45 MARKET VALUE BY REGION AND APPLICATION, 2012 ($ BILLIONS) 64
FUTURE DEVELOPMENTS 64
FUTURE DEMAND FOR PAPER AND CARTON 64
TABLE 46 DEVELOPMENT OF CONSUMPTION OF NATIVE STARCH IN PAPER,
CARTON AND OTHER TECHNICAL USE, THROUGH 2018 (MILLION TONS) 65
CHAPTER 7 FUTURE DEMAND IN FOODS 67
TABLE 47 DEVELOPMENT OF CONSUMPTION OF NATIVE STARCH IN FOOD
APPLICATIONS, THROUGH 2018 (MILLION TONS) 67
TABLE 48 TOTAL DEVELOPMENT OF CONSUMPTION OF NATIVE STARCH BY REGION,
THROUGH 2018 (MILLION TONS) 68
PRICE DEVELOPMENTS 68
PRICE DEVELOPMENT FOR RAW MATERIALS 68
FIGURE 18 MARKET VALUE DEVELOPMENT OF NATIVE STARCH BY REGION,
2012-2018 ($ BILLIONS) 69
TABLE 49 MARKET VALUE DEVELOPMENT OF NATIVE STARCH BY APPLICATION,
THROUGH 2018 ($ BILLIONS) 70
CHAPTER 8 THE GLOBAL MARKETS FOR MODIFIED STARCHES 72
OVERVIEW 72
TABLE 50 EUROPEAN REGULATION OF THE USE OF SOME MODIFIED STARCHES IN
FOOD 73
TABLE 51 MODIFIED STARCHES AND THEIR USE IN TECHNICAL SECTORS
(EXAMPLES) 74
STRUCTURE OF CONSUMPTION 75
TABLE 52 DEVELOPMENT OF CONSUMPTION OF MODIFIED STARCHES, THROUGH
2012 (MILLION TONS) 75
FIGURE 19 RELEVANCE OF DIFFERENT TYPES OF MODIFICATIONS IN TOTAL
MODIFIED STARCH MARKET, 2012 (%) 76
TABLE 53 CONSUMPTION OF MODIFIED STARCH BY TYPE OF APPLICATION AND
REGION, 2012 (MILLION TONS) 76
PRICE DEVELOPMENT 77
TABLE 54 PRICE DEVELOPMENT OF STANDARD MODIFIED CORNSTARCH,
2000-2012 ($/TON) 77
MARKET VALUE 78
TABLE 55 DEVELOPMENT OF MARKET VALUE OF MODIFIED STARCHES, 2000-2012
($ BILLIONS) 78
TABLE 56 MARKET VALUE OF MODIFIED STARCHES BY REGION AND APPLICATION,
2012 ($ BILLIONS) 79
FUTURE DEVELOPMENTS 79
FIGURE 20 MARKET VALUE DEVELOPMENT OF MODIFIED STARCH BY REGION, 2012
AND 2018 ($ BILLIONS) 79
TABLE 57 MARKET VALUE DEVELOPMENT OF MODIFIED STARCH BY APPLICATION,
THROUGH 2018 ($ BILLIONS) 81
CHAPTER 9 THE GLOBAL MARKETS FOR STARCH SYRUPS 83
OVERVIEW 83
TABLE 58 SPECIFICATION OF TYPICAL STARCH SWEETENERS (CORNSWEET FROM
ADM) 84
FIGURE 21 PRODUCTS DERIVED FROM STARCH HYDROLYSIS AND THEIR
APPLICATIONS 85
TABLE 59 RELEVANCE OF RAW MATERIALS FOR GLUCOSE SYRUP PRODUCTION,
2012 (%) 86
GLUCOSE-TYPE STARCH SYRUPS AND DERIVATIVES THEREOF 86
STRUCTURE OF CONSUMPTION 86
Food 86
TABLE 60 TYPICAL INCLUSION RATES OF STARCH SWEETENERS IN SOFT DRINKS 89
FIGURE 22 STARCH SWEETENER USE BY TYPE OF FOOD APPLICATION, 2012 (%) 89
TABLE 61 DEVELOPMENT OF THE USE OF GLUCOSE SYRUPS IN FOOD BY REGION,
THROUGH 2012 (MILLION TONS) 91
Fermentation 91
FIGURE 23 STRUCTURE OF PRODUCTION OF FERMENTATION PRODUCTS, BEYOND
BIO-ETHANOL, 2012 (%) 92
TABLE 62 DEVELOPMENT OF THE USE OF GLUCOSE SYRUP IN THE FERMENTATION
INDUSTRY BY REGION, THROUGH 2012 (MILLION TONS) 93
Sugar Alcohols 93
TABLE 63 DEVELOPMENT OF CONSUMPTION OF GLUCOSE-BASED POLYOLS,
THROUGH 2012 (MILLION TONS) 94
TABLE 64 DEVELOPMENT OF THE CONSUMPTION OF GLUCOSE-BASED POLYOLS BY
REGION, THROUGH 2012 (MILLION TONS) 95
TABLE 65 STRUCTURE OF GLOBAL GLUCOSE-BASED POLYOL USE, 2012 (MILLION
TONS/%) 95
Summary of Glucose Consumption 96
TABLE 66 DEVELOPMENT OF GLUCOSE CONSUMPTION BY TYPE OF APPLICATION,
THROUGH 2012 (MILLION TONS) 96
PRICE DEVELOPMENT 96
FIGURE 24 SPOT AND WHOLESALE PRICE DEVELOPMENT FOR GLUCOSE SYRUP,
THROUGH 2012 ($/TON-DRY WEIGHT BASIS) 97
TABLE 67 PRICE DEVELOPMENT OF CORN, GLUTEN, CORN OIL AND OF PETROLEUM
AS FACTORS DETERMINING GLUCOSE PRICE, THROUGH 2012 ($/TON) 98
EXCURSUS: DETERMINANTS OF THE GLOBAL SACCHAROSE MARKETS 98
Production Trends 98
FIGURE 25 DEVELOPMENT OF GLOBAL SACCHAROSE PRODUCTION 99
Use of Saccharose 99
FIGURE 26 STRUCTURE OF GLOBAL CRYSTALLINE SACCHAROSE USE, 2012 (% OF
178 MILLION TONS) 99
FIGURE 27 DEVELOPMENT OF GLOBAL BIO-ETHANOL PRODUCTION 101
Saccharose Price Development 102
FIGURE 28 DEVELOPMENT OF SACCHAROSE PRICES 102
MARKET VALUE 102
TABLE 68 DEVELOPMENT OF MARKET VALUE OF GLUCOSE SYRUPS AND OF SUGAR
ALCOHOLS DERIVED FROM GLUCOSE, THROUGH 2012 ($ BILLIONS) 102
TABLE 69 MARKET VALUE OF GLUCOSE SYRUP BY REGION AND APPLICATION IN
2012 ($ BILLIONS) 103
FUTURE DEVELOPMENTS 104
FIGURE 29 MARKET VALUE DEVELOPMENT OF GLUCOSE SYRUPS AND OF POLYOLS
BY REGION ($ BILLIONS) 105
TABLE 70 MARKET VALUE DEVELOPMENT OF GLUCOSE SYRUPS BY APPLICATION,
THROUGH 2018 ($ BILLIONS) 106
CHAPTER 10 THE GLOBAL MARKETS FOR MALTODEXTRIN AND CYCLODEXTRINS 108
MALTODEXTRINS 108
OVERVIEW 108
Development of Consumption 109
TABLE 71 DEVELOPMENT OF CONSUMPTION OF MALTODEXTRINS, THROUGH 2012
(MILLION TONS) 109
TABLE 72 CONSUMPTION OF MALTODEXTRIN BY REGION, 2012 (MILLION TONS) 110
Price Development and Market Value 110
TABLE 73 MARKET VALUE OF MALTODEXTRIN BY REGION, 2012 ($ BILLIONS) 110
Future Development 110
FIGURE 30 MARKET VALUE DEVELOPMENT OF MALTODEXTRINS BY REGION, 2012
AND 2018 ($ BILLIONS) 111
CYCLODEXTRINS 112
OVERVIEW 112
TABLE 74 TYPICAL CHEMICAL-PHYSICAL CHARACTERISTICS OF CYCLODEXTRINS 112
Development of Consumption 113
TABLE 75 DEVELOPMENT OF CONSUMPTION OF CYCLODEXTRINS, THROUGH 2012
(THOUSAND TONS) 113
TABLE 76 CONSUMPTION OF CYCLODEXTRINS BY REGION, 2012 (THOUSAND
TONS/%) 113
TABLE 77 CONSUMPTION OF CYCLODEXTRINS BY APPLICATION, 2012 (THOUSAND
TONS/%) 113
Price Development and Market Value 114
TABLE 78 MARKET VALUE OF CYCLODEXTRINS BY REGION, 2012 ($ MILLIONS/%) 114
Future Development 115
FIGURE 31 MARKET VALUE DEVELOPMENT OF CYCLODEXTRINS BY REGION ($
MILLIONS) 115
CHAPTER 11 SYNOPTIC SUMMARY OF THE GLOBAL STARCH VALUE CHAIN 118
FIGURE 32 THE QUANTIFIED STARCH VALUE CHAIN, 2012 (MILLION TONS) 118
FIGURE 33 THE QUANTIFIED AND VALUED STARCH VALUE CHAIN, 2012 ($
BILLIONS) 119
TABLE 79 STRUCTURE OF MARKET VALUE OF STARCH PRODUCTS BY REGION,
2012 ($ BILLIONS) 121
TABLE 80 STRUCTURE OF MARKET VALUE OF STARCH PRODUCTS BY REGION,
2018 ($ BILLIONS) 121
CHAPTER 12 COMPANY LANDSCAPE 123
TYPES OF COMPANIES AND MARKET SHARES 123
INTERNATIONAL PLAYERS FULLY INTEGRATED OVER THE VALUE CHAIN 123
INTERNATIONAL PLAYERS SOMEWHAT INTEGRATED OVER THE VALUE
CHAIN WITH EMPHASIS ON FORWARD INTEGRATION 123
THE SPECIALIST ACTIVE IN A SPECIFIC TYPE OF STARCH 123
THE DIVERSIFIED FOOD INGREDIENT SPECIALIST 124
COMPANY PROFILES 124
THE DIVERSIFIED FOOD INGREDIENT SPECIALIST 124
Agrana 124
INTERNATIONAL PLAYERS SOMEWHAT INTEGRATED OVER THE VALUE
CHAIN WITH EMPHASIS ON FORWARD INTEGRATION 125
Roquette 125
Tate and Lyle 126
THE SPECIALIST ACTIVE IN A SPECIFIC TYPE OF STARCH 127
AVEBE 127
INTERNATIONAL PLAYERS FULLY INTEGRATED OVER THE VALUE CHAIN 128
ADM 128
Cargill, Inc. 129
Ingredion, Inc. 129

LIST OF TABLES
SUMMARY TABLE DEVELOPMENT OF MARKET VALUE OF DIFFERENT STARCH
DERIVED PRODUCTS, THROUGH 2018 ($ BILLIONS) 8
TABLE 1 TYPICAL CHARACTERISTICS OF RAW MATERIALS USED FOR STARCH
MANUFACTURING 13
TABLE 2 DEVELOPMENT OF GLOBAL WHEAT PRODUCTION, THROUGH 2012 (MILLION
TONS) 15
TABLE 3 INCOME ELASTICITY VALUES FOR WHEAT IN MAJOR CONSUMPTION
REGIONS 16
TABLE 4 DEVELOPMENT OF DEMAND FOR WHEAT IN MAJOR CONSUMPTION
REGIONS, 2000-2012 (%/YEAR) 17
TABLE 5 WHEAT USE BY TYPE OF CONSUMPTION, THROUGH 2012 (MILLION TONS) 17
TABLE 6 ANNUAL DEPOSITION RATES FOR WHEAT, 2000-2012 (MILLION TONS) 18
TABLE 7 DEVELOPMENT OF GLOBAL AVERAGE WHEAT PRICES, 2000-2012 ($/TON) 19
TABLE 8 DEVELOPMENT OF GLOBAL PADDY RICE PRODUCTION, THROUGH 2012
(MILLION TONS) 19
TABLE 9 INCOME ELASTICITY VALUES FOR RICE IN MAJOR CONSUMPTION REGIONS 21
TABLE 10 DEVELOPMENT OF DEMAND FOR RICE IN MAJOR CONSUMPTION REGIONS,
2000-2012 (%/YEAR) 21
TABLE 11 RICE USE BY TYPE OF CONSUMPTION, THROUGH 2012 (MILLION TONS) 22
TABLE 12 ANNUAL DEPOSITION RATES FOR RICE, 2000-2012 (MILLION TONS) 23
TABLE 13 DEVELOPMENT OF GLOBAL AVERAGE HUSKED RICE PRICES, 2000-2012
($/TON) 23
TABLE 14 DEVELOPMENT OF GLOBAL CORN PRODUCTION, THROUGH 2012 (MILLION
TONS) 24
TABLE 15 INCOME ELASTICITY VALUES FOR CORN IN MAJOR CONSUMPTION
REGIONS 25
TABLE 16 DEVELOPMENT OF DEMAND FOR CORN IN MAJOR CONSUMPTION REGIONS,
2000-2012 (%/YEAR) 26
TABLE 17 CORN USE BY TYPE OF CONSUMPTION, THROUGH 2012 (MILLION TONS) 26
TABLE 18 ANNUAL DEPOSITION RATES FOR CORN, 2000-2012 (MILLION TONS) 27
TABLE 19 DEVELOPMENT OF GLOBAL AVERAGE CORN PRICES, 2000-2012 ($/TON) 28
TABLE 20 DEVELOPMENT OF GLOBAL CASSAVA PRODUCTION, THROUGH 2012
(MILLION TONS) 29
TABLE 21 INCOME ELASTICITY VALUES FOR CASSAVA IN MAJOR CONSUMPTION
REGIONS 30
TABLE 22 DEVELOPMENT OF DEMAND FOR CASSAVA IN MAJOR CONSUMPTION
REGIONS, 2000-2012 (%/YEAR) 30
TABLE 23 CASSAVA USE BY TYPE OF CONSUMPTION, THROUGH 2012 (MILLION
TONS) 31
TABLE 24 DEVELOPMENT OF GLOBAL AVERAGE CASSAVA ROOT PRICES, 2000-2012
($/TON) 32
TABLE 25 DEVELOPMENT OF GLOBAL POTATO PRODUCTION, THROUGH 2012
(MILLION TONS) 33
TABLE 26 INCOME ELASTICITY VALUES FOR POTATO IN MAJOR CONSUMPTION
REGIONS 33
TABLE 27 DEVELOPMENT OF DEMAND FOR POTATO IN MAJOR CONSUMPTION
REGIONS, 2000-2012 (%/YEAR) 34
TABLE 28 POTATO USE BY TYPE OF CONSUMPTION, THROUGH 2012 (MILLION TONS) 34
TABLE 29 DEVELOPMENT OF GLOBAL AVERAGE POTATO PRICES, 2000-2012 ($/TON) 35
TABLE 30 DEVELOPMENT OF GLOBAL SWEET POTATO PRODUCTION, 2000-2012
(MILLION TONS) 36
TABLE 31 INCOME ELASTICITY VALUES FOR POTATO IN MAJOR CONSUMPTION
REGIONS 37
TABLE 32 DEVELOPMENT OF DEMAND FOR SWEET POTATO IN MAJOR CONSUMPTION
REGIONS, 2000-2012 (%/YEAR) 37
TABLE 33 SWEET POTATO USE BY TYPE OF CONSUMPTION, THROUGH 2012
(MILLION TONS) 38
TABLE 34 DEVELOPMENT OF CHINESE SWEET POTATO TUBER PRICES, 2000-2012
($/TON) 39
TABLE 35 TYPICAL COMPOSITION OF RAW MATERIALS FOR STARCH (%) 41
TABLE 36 TYPICAL COMPOSITION OF EXTRACTED STARCHES - DRY BASIS 42
TABLE 37 TYPE AND TYPICAL AMOUNT OF VALUABLE BY-PRODUCTS OF RAW
MATERIALS FOR STARCH EXTRACTION 50
TABLE 38 PRICE DEVELOPMENTS OF CORN OIL, CORN GLUTEN FEED AND CORN
GLUTEN MEAL, THROUGH 2012 ($/TON) 51
TABLE 39 NET COSTS OF RAW MATERIALS FOR STARCH MANUFACTURING,
2011/2012 52
TABLE 40 STRUCTURE OF PRIMARY STARCH PRODUCTION BY RAW MATERIAL,
THROUGH 2012 (MILLION TONS) 55
TABLE 41 STRUCTURE OF PRIMARY STARCH CONSUMPTION BY REGION, THROUGH
2012 (MILLION TONS) 56
TABLE 42 CONSUMPTION OF NATIVE STARCH BY TYPE OF APPLICATION AND REGION,
2012 (MILLION TONS) 61
TABLE 43 DEVELOPMENT OF THE USE OF NATIVE STARCH BY TYPE OF RAW
MATERIAL, THROUGH 2012 (MILLION TONS) 61
TABLE 44 DEVELOPMENT OF MARKET VALUE OF NATIVE STARCH BY TYPE OF RAW
MATERIAL, THROUGH 2012 ($ BILLIONS) 63
TABLE 45 MARKET VALUE BY REGION AND APPLICATION, 2012 ($ BILLIONS) 64
TABLE 46 DEVELOPMENT OF CONSUMPTION OF NATIVE STARCH IN PAPER, CARTON
AND OTHER TECHNICAL USE, THROUGH 2018 (MILLION TONS) 65
TABLE 47 DEVELOPMENT OF CONSUMPTION OF NATIVE STARCH IN FOOD
APPLICATIONS, THROUGH 2018 (MILLION TONS) 67
TABLE 48 TOTAL DEVELOPMENT OF CONSUMPTION OF NATIVE STARCH BY REGION,
THROUGH 2018 (MILLION TONS) 68
TABLE 49 MARKET VALUE DEVELOPMENT OF NATIVE STARCH BY APPLICATION,
THROUGH 2018 ($ BILLIONS) 70
TABLE 50 EUROPEAN REGULATION OF THE USE OF SOME MODIFIED STARCHES IN
FOOD 73
TABLE 51 MODIFIED STARCHES AND THEIR USE IN TECHNICAL SECTORS (EXAMPLES) 74
TABLE 52 DEVELOPMENT OF CONSUMPTION OF MODIFIED STARCHES, THROUGH
2012 (MILLION TONS) 75
TABLE 53 CONSUMPTION OF MODIFIED STARCH BY TYPE OF APPLICATION AND
REGION, 2012 (MILLION TONS) 76
TABLE 54 PRICE DEVELOPMENT OF STANDARD MODIFIED CORNSTARCH, 2000-2012
($/TON) 77
TABLE 55 DEVELOPMENT OF MARKET VALUE OF MODIFIED STARCHES, 2000-2012 ($
BILLIONS) 78
TABLE 56 MARKET VALUE OF MODIFIED STARCHES BY REGION AND APPLICATION,
2012 ($ BILLIONS) 79
TABLE 57 MARKET VALUE DEVELOPMENT OF MODIFIED STARCH BY APPLICATION,
THROUGH 2018 ($ BILLIONS) 81
TABLE 58 SPECIFICATION OF TYPICAL STARCH SWEETENERS (CORNSWEET FROM
ADM) 84
TABLE 59 RELEVANCE OF RAW MATERIALS FOR GLUCOSE SYRUP PRODUCTION,
2012 (%) 86
TABLE 60 TYPICAL INCLUSION RATES OF STARCH SWEETENERS IN SOFT DRINKS 89
TABLE 61 DEVELOPMENT OF THE USE OF GLUCOSE SYRUPS IN FOOD BY REGION,
THROUGH 2012 (MILLION TONS) 91
TABLE 62 DEVELOPMENT OF THE USE OF GLUCOSE SYRUP IN THE FERMENTATION
INDUSTRY BY REGION, THROUGH 2012 (MILLION TONS) 93
TABLE 63 DEVELOPMENT OF CONSUMPTION OF GLUCOSE-BASED POLYOLS,
THROUGH 2012 (MILLION TONS) 94
TABLE 64 DEVELOPMENT OF THE CONSUMPTION OF GLUCOSE-BASED POLYOLS BY
REGION, THROUGH 2012 (MILLION TONS) 95
TABLE 65 STRUCTURE OF GLOBAL GLUCOSE-BASED POLYOL USE, 2012 (MILLION
TONS/%) 95
TABLE 66 DEVELOPMENT OF GLUCOSE CONSUMPTION BY TYPE OF APPLICATION,
THROUGH 2012 (MILLION TONS) 96
TABLE 67 PRICE DEVELOPMENT OF CORN, GLUTEN, CORN OIL AND OF PETROLEUM
AS FACTORS DETERMINING GLUCOSE PRICE, THROUGH 2012 ($/TON) 98
TABLE 68 DEVELOPMENT OF MARKET VALUE OF GLUCOSE SYRUPS AND OF SUGAR
ALCOHOLS DERIVED FROM GLUCOSE, THROUGH 2012 ($ BILLIONS) 102
TABLE 69 MARKET VALUE OF GLUCOSE SYRUP BY REGION AND APPLICATION IN
2012 ($ BILLIONS) 103
TABLE 70 MARKET VALUE DEVELOPMENT OF GLUCOSE SYRUPS BY APPLICATION,
THROUGH 2018 ($ BILLIONS) 106
TABLE 71 DEVELOPMENT OF CONSUMPTION OF MALTODEXTRINS, THROUGH 2012
(MILLION TONS) 109
TABLE 72 CONSUMPTION OF MALTODEXTRIN BY REGION, 2012 (MILLION TONS) 110
TABLE 73 MARKET VALUE OF MALTODEXTRIN BY REGION, 2012 ($ BILLIONS) 110
TABLE 74 TYPICAL CHEMICAL-PHYSICAL CHARACTERISTICS OF CYCLODEXTRINS 112
TABLE 75 DEVELOPMENT OF CONSUMPTION OF CYCLODEXTRINS, THROUGH 2012
(THOUSAND TONS) 113
TABLE 76 CONSUMPTION OF CYCLODEXTRINS BY REGION, 2012 (THOUSAND
TONS/%) 113
TABLE 77 CONSUMPTION OF CYCLODEXTRINS BY APPLICATION, 2012 (THOUSAND
TONS/%) 113
TABLE 78 MARKET VALUE OF CYCLODEXTRINS BY REGION, 2012 ($ MILLIONS/%) 114
TABLE 79 STRUCTURE OF MARKET VALUE OF STARCH PRODUCTS BY REGION, 2012
($ BILLIONS) 121
TABLE 80 STRUCTURE OF MARKET VALUE OF STARCH PRODUCTS BY REGION, 2018
($ BILLIONS) 121

LIST OF FIGURES
SUMMARY FIGURE MARKET VALUE OF DIFFERENT STARCH DERIVED PRODUCTS,
2012 ($ BILLIONS) 8
FIGURE 1 THE STARCH VALUE CHAIN 11
FIGURE 2 STRUCTURE OF GLOBAL WHEAT USE, 2012 (%) 18
FIGURE 3 STRUCTURE OF GLOBAL RICE USE, 2012 (%) 22
FIGURE 4 STRUCTURE OF GLOBAL CORN USE, 2012 (%) 26
FIGURE 5 STRUCTURE OF GLOBAL CASSAVA USE (%) 31
FIGURE 6 STRUCTURE OF GLOBAL POTATO USE, 2012 (%) 34
FIGURE 7 STRUCTURE OF GLOBAL SWEET POTATO USE, 2012 (%) 38
FIGURE 8 FLOW CHART OF THE CORN WET MILLING PROCESS 43
FIGURE 9 FLOW CHART OF A WHEAT STARCH PROCESS 44
FIGURE 10 FLOW CHART OF A RICE STARCH PROCESS 44
FIGURE 11 FLOW CHART OF A POTATO STARCH PROCESS 46
FIGURE 12 FLOW CHART OF A CASSAVA STARCH PROCESS 47
FIGURE 13 DEVELOPMENT OF GLOBAL PRIMARY STARCH PRODUCTION, 2000-2012
(MILLION TONS) 54
FIGURE 14 STRUCTURE OF PRIMARY STARCH PRODUCTION BY RAW MATERIAL, 2012
(%) 55
FIGURE 15 STRUCTURE OF PRIMARY STARCH CONSUMPTION BY REGION, 2012 (%) 56
FIGURE 16 STRUCTURE AND DEVELOPMENT OF PRIMARY STARCH USE (MILLION
TONS) 56
FIGURE 17 PRICE DEVELOPMENT OF NATIVE WHEAT, POTATO AND CASSAVA
STARCH ($/TON) 62
FIGURE 18 MARKET VALUE DEVELOPMENT OF NATIVE STARCH BY REGION,
2012-2018 ($ BILLIONS) 69
FIGURE 19 RELEVANCE OF DIFFERENT TYPES OF MODIFICATIONS IN TOTAL
MODIFIED STARCH MARKET, 2012 (%) 76
FIGURE 20 MARKET VALUE DEVELOPMENT OF MODIFIED STARCH BY REGION, 2012
AND 2018 ($ BILLIONS) 79
FIGURE 21 PRODUCTS DERIVED FROM STARCH HYDROLYSIS AND THEIR
APPLICATIONS 85
FIGURE 22 STARCH SWEETENER USE BY TYPE OF FOOD APPLICATION, 2012 (%) 89
FIGURE 23 STRUCTURE OF PRODUCTION OF FERMENTATION PRODUCTS, BEYOND
BIO-ETHANOL, 2012 (%) 92
FIGURE 24 SPOT AND WHOLESALE PRICE DEVELOPMENT FOR GLUCOSE SYRUP,
THROUGH 2012 ($/TON-DRY WEIGHT BASIS) 97
FIGURE 25 DEVELOPMENT OF GLOBAL SACCHAROSE PRODUCTION 99
FIGURE 26 STRUCTURE OF GLOBAL CRYSTALLINE SACCHAROSE USE, 2012 (% OF
178 MILLION TONS) 99
FIGURE 27 DEVELOPMENT OF GLOBAL BIO-ETHANOL PRODUCTION 101
FIGURE 28 DEVELOPMENT OF SACCHAROSE PRICES 102
FIGURE 29 MARKET VALUE DEVELOPMENT OF GLUCOSE SYRUPS AND OF POLYOLS
BY REGION ($ BILLIONS) 105
FIGURE 30 MARKET VALUE DEVELOPMENT OF MALTODEXTRINS BY REGION, 2012
AND 2018 ($ BILLIONS) 111
FIGURE 31 MARKET VALUE DEVELOPMENT OF CYCLODEXTRINS BY REGION ($
MILLIONS) 115
FIGURE 32 THE QUANTIFIED STARCH VALUE CHAIN, 2012 (MILLION TONS) 118
FIGURE 33 THE QUANTIFIED AND VALUED STARCH VALUE CHAIN, 2012 ($ BILLIONS) 119

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