Spain: Modified Starches Market 2024

Modified Starches Market Size in Spain

For the sixth consecutive year, the Spanish modified starches market recorded growth in sales value, which increased by 11% to $X in 2022. Over the period under review, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +61.1% against 2016 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Modified Starches Production in Spain

In value terms, modified starches production skyrocketed to $X in 2022 estimated in export price. Over the period under review, the total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +110.9% against 2018 indices. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Modified Starches Exports

Exports from Spain

In 2022, overseas shipments of dextrins and other modified starches increased by 79% to X tons, rising for the third consecutive year after three years of decline. Overall, total exports indicated slight growth from 2012 to 2022: its volume increased at an average annual rate of +1.0% 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 +100.1% against 2019 indices. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, modified starches exports skyrocketed to $X in 2022. Over the period under review, total exports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +3.3% 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 +123.6% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Portugal (X tons), South Africa (X tons) and Morocco (X tons) were the main destinations of modified starches exports from Spain, with a combined 58% share of total exports. Germany, France, Italy, Egypt, Turkey, Algeria and Tunisia lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2022, the biggest increases were recorded for Egypt (with a CAGR of +14.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Portugal ($X) remains the key foreign market for dextrins and other modified starches exports from Spain, comprising 23% of total exports. The second position in the ranking was held by Italy ($X), with an 11% share of total exports. It was followed by Morocco, with a 9.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Portugal stood at +4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+7.6% per year) and Morocco (+4.7% per year).

Export Prices by Country

In 2022, the average modified starches export price amounted to $X per ton, with an increase of 5.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The growth pace was the most rapid in 2019 when the average export price increased by 37% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to South Africa ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+8.0%), while the prices for the other major destinations experienced more modest paces of growth.

Modified Starches Imports

Imports into Spain

In 2022, the amount of dextrins and other modified starches imported into Spain expanded to X tons, rising by 2.7% compared with 2021. Overall, total imports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +4.6% 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 +29.1% against 2020 indices. The growth pace was the most rapid in 2016 with an increase of 69%. Imports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, modified starches imports soared to $X in 2022. The total import value increased at an average annual rate of +4.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 25%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest supplier of modified starches to Spain, accounting for a 32% share of total imports. Moreover, modified starches imports from the Netherlands exceeded the figures recorded by the second-largest supplier, France (X tons), twofold. Germany (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands amounted to +2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+1.1% per year) and Germany (+2.3% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of dextrins and other modified starches to Spain, comprising 34% of total imports. The second position in the ranking was taken by Germany ($X), with a 15% share of total imports. It was followed by France, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands totaled +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+2.7% per year) and France (+2.4% per year).

Import Prices by Country

In 2022, the average modified starches import price amounted to $X per ton, growing by 12% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of 39% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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