South Korea Corn Starch Market to Reach Around 0.73 Million Tons by 2032, Aided by Growing Demand for Gluten-Free and Clean-Label Products

Corn production in South Korea is limited and primarily import-driven. With just 4.8% of the working-age population employed, agriculture contributes very little to the nation's 1.8% GDP. 9.6 million metric tonnes of corn are used for feed, while 2.4 million metric tonnes are used for food, seeds, and industrial purposes.

The booming food and beverage sector in the country due to an expanding working population and rising disposable incomes is favouring the South Korea corn starch market expansion. Due to their great shelf life, affordability, and necessity in many Korean meals like bibimbap and ramen, corn starch sweeteners are extensively used in South Korea's food and beverage sector. The F&B market in South Korea is distinguished by increased sales through e-commerce platforms and hypermarket dominance.

South Korea is also witnessing a significant demand for corn-flavoured and sweet corn ice creams. Availability of such ice creams on online channels like Amazon.com (NYSE: AMZN) and Walmart, Inc. expands the corn starch application for commercial purposes.

Mergers and acquisitions strengthen the market operations and support the market in South Korea. In June 2023, Daesang Corporation, a South Korean manufacturer of food and pharmaceutical ingredients, acquired the US-based Lucky Foods. In order to get 100% ownership in Lucky Foods and all of its facilities, Daesang invested 38 billion won (USD 29.7 million) in March 2023 through a capital increase in its subsidiary, DSF DE Inc. Daesang increased the scope of its manufacturing after completing its Los Angeles factory last year and purchasing a regional US food company. Through the acquisition, the company intends to grow its business in key global operating areas such as sauces, kimchi, and home meal replacement goods.

Table: Total Working Population (in Million) in South Korea, 2018-22

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Market Analysis by Type and Application:

• The market, on the basis of type, can be divided into native starch, modified starch, and sweeteners.

• Based on application, the market can be segmented into food and beverages, animal feed, textiles, pharmaceuticals and chemicals, and paper and corrugates, among others.

Key Findings of the Report:

• Corn starch demand is propelled by its growing application in the food and beverage sector. There is a rising demand for gluten-free and clean-label products. A substantial proportion of the population prefers to buy from brands with a sustainable supply chain, propelling the market.

• In 2021, it was estimated that there were approximately 94.5 thousand cattle farms in South Korea. Corn starch is used as a key animal feed component due to its protein, fat, and fibre content. Feeds made of corn starch help to improve digestibility and foster growth and development.

• Corn starch is included in the FDA's list of generally recognised safe food ingredients. In the pharmaceutical sector, it serves as a binder and disintegrant. Hence, the robust growth of the pharmaceutical sector in the country is propelling the South Korea corn starch market growth.

• Compared to wheat flour and other common thickeners, corn starch is less likely to trigger allergic responses. Since corn starch is easily metabolised by the body, it is a good choice for people who have digestive problems. As a result, it is widely employed in the food and beverage sector.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea corn starch market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types and applications of corn starch in South Korea.

• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.

• The market report also analyses the trade data by covering the major importing and exporting countries.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea corn starch market are Daesang Corporation, Cargill, Incorporated, Ingredion Incorporated, CJ CheilJedang Corp., KROHNE Messtechnik GmbH, and Roquette Frères S.A., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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