Cassava Pulp Market Size, Share, Growth and Industry Analysis by Type (Dried cassava pulp, and, wet cassava pulp), By Application (Animal feed, fertilizer, renewable energy, and, others) Regional Forecast to 2028

Updated On: 22 April 2024

REPORT OVERVIEW

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The global cassava pulp market is expected to be worth USD 151.2 million in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 191.6 million by 2028 with a CAGR of 4.0% during the forecast period. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Cassava pulp, a byproduct of cassava processing, plays a pivotal role in various industries. Rich in fiber and nutrients, it's a valuable component in animal feed, promoting healthier livestock. Moreover, its application extends to the production of biofuels and biodegradable materials due to its starch content. In the realm of sustainable practices, utilizing this pulp minimizes waste while providing eco-friendly alternatives.

As a versatile resource, cassava exemplifies the potential of agricultural byproducts to contribute to livestock nutrition, renewable energy, and environmentally conscious material production. All of these factors have contributed in the growth of the cassava pulp market share.

COVID-19 impact: Lockdowns and Trade Restrictions During Pandemic Decreased Market Growth

The pandemic of COVID-19 resulted in lockdowns. The COVID-19 pandemic had significant effects on cassava pulp utilization. Supply chain disruptions and reduced labor availability hindered cassava processing, impacting pulp production. With market uncertainties, demand for animal feed and industrial applications declined, affecting cassava sales.

Lockdowns and trade restrictions also limited exports, affecting global markets. However, the crisis prompted innovative solutions, such as repurposing cassava for local food products. In the aftermath, the cassava industry adapted, focusing on resilience and diversification, showcasing its ability to navigate challenges and find new avenues for sustainable utilization despite the pandemic's disruptions.

LATEST TRENDS

"Use of These Extracts in Functional Foods and Nutraceuticals to Boost Market Growth"

Recent innovations in cassava pulp utilization have spurred exciting advancements. Researchers have developed techniques to extract valuable compounds like bioactive proteins, antioxidants, and fibers from cassava pulp. These extracts find application in functional foods and nutraceuticals, offering health benefits. Additionally, cassava pulp's biodegradable properties are being harnessed for packaging materials, reducing plastic waste. Novel methods for converting this pulp into biofuels and biochemicals also emerge, contributing to sustainable energy solutions. These innovations signify a shift towards maximizing cassava pulp's potential, creating a circular economy where waste transforms into valuable resources, promoting both economic growth and environmental responsibility.

SEGMENTATION

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• By Type:

The market can be divided into the following on the basis of type as follows:

Dried cassava pulp, and, wet cassava pulp. The dried cassava pulp segment is projected to hold the dominant market share through 2028.

• By Application:

The market can be divided into the following on the basis of application as follows:

Animal feed, fertilizer, renewable energy, and, others. The animal feed segment is predicted to dominate the market through the forecast period.

DRIVING FACTORS

"High Fiber Content of these Pulps to Amplify Market Growth"

Several driving factors underpin the utilization of this pulp. Firstly, its abundance as a byproduct of cassava processing offers a sustainable resource for various applications. The pulp's high fiber content aligns with growing consumer demand for nutritious and functional foods.

Moreover, the search for eco-friendly alternatives fuels interest in using this pulp for biodegradable packaging and reducing plastic waste. Additionally, the drive towards renewable energy promotes its conversion into biofuels and biochemicals. As industries prioritize sustainability, cassava pulp emerges as a versatile solution, addressing nutritional, environmental, and energy-related concerns.

"Versatility of Cassava in Diverse Industries to Accelerate Market Development"

Beyond its intrinsic properties, other driving factors bolster the prominence and use of this product. Economic considerations play a pivotal role, as utilizing this byproduct adds value to cassava processing, enhancing profitability. The pulp's versatility caters to diverse industries, such as animal feed, textiles, and pharmaceuticals, expanding its market potential.

Environmental consciousness further propels its use, as repurposing waste aligns with sustainability goals. Research and development investments foster continuous innovation, unveiling novel applications and extraction methods. As global food security remains crucial, the role of this pulp in providing livestock feed and human nutrition solutions amplifies its significance, making it a multifaceted resource with far-reaching impact. The above-mentioned factors are playing an important role in increasing cassava pulp market growth.

RESTRAINING FACTOR

"Technological Constraints in Efficient Pulp Extractions to Decrease Market Growth"

While the market holds promise, certain restraining factors pose challenges. Limited awareness about its potential applications hinders broader adoption. Inconsistent quality and varying compositions of cassava pulp impede standardized utilization across industries. Technological constraints in efficient extraction of compounds restrict its scalability for value-added products.

Economic viability remains a concern, as cost-effective processing methods are necessary. Environmental regulations also influence its usage, demanding sustainable practices. Addressing these factors requires collaborative efforts from researchers, industries, and policymakers to enhance awareness, streamline production, improve extraction techniques, and ensure economic feasibility, unlocking the full potential of cassava pulp.

Regional Insights

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"Asia Pacific to Dominate Market During Forecast Period"

Asia Pacific is the leading region in the market, especially Southeast Asia. With Indonesia, Thailand, and Vietnam being major producers, their well-established cassava industries generate substantial amounts of pulp. Favorable climate conditions enable efficient cassava cultivation, resulting in significant byproduct volumes.

These countries also boast advanced processing facilities, contributing to the utilization of cassava pulp for animal feed, biofuels, and food applications. Additionally, proactive efforts to enhance sustainability practices, research initiatives, and technology adoption further solidify Southeast Asia's prominence in harnessing cassava pulp's potential, making it a hub for innovative and diverse applications.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• ROI ET Group (Thailand)
• FOCOCEV (Vietnam)
• Guangxi high starch co., LTD (China)
• Hung Duy (Vietnam)
• SPAC Tapioca (Thailand)
• Banpong Tapioca (Thailand)
• Thai Wah (Thailand)
• Bangkok Starch (Thailand)
• TCS Tapioca Starch Industry Co., Ltd. (Thailand)
• Thanawat Group (Thailand)
• North Eastern Starch (Thailand)
• CP Intertrade (Thailand)
• Chaiyaphum Plant Products (Thailand)
• PT. Budi Starch & Sweetener (Indonesia)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. A list of the key industry players has also been mentioned to give a better understanding of the competition that is prevailing in this market.