Strategic Review of Corn Starch Industry & Markets - Starch, Sweeteners, Bioprocessing & Co-Products

Published by: S. K. Patil and Associates

Published: Aug. 1, 2012 - 263 Pages

Table of Contents

I. Executive Summary

II. Brief Overview of Corn and Wet Milling Process

A. Corn

B. Overview of Corn Wet Milling Process

III. Markets

A. Food & Beverage Market Profile

B. Starch Products Situation and Forecast

C. Perspective: CWM Industry and Where Will the Growth Come From?

D. Potential Changes and Market Drivers

E. Native and Modified Starch Products Overview

F. Overview of Modified Starches

G. Modified Starch Markets

IV. Sweeteners and Maltodextrins

A. Sweeteners

B. Corn Syrups – HFCS (High Fructose Corn Syrup) and Other Syrups

C. Maltodextrins

V. Companies in the US

A. Companies and Products

B. Consolidation in the Starch Industry

C. Products Manufactured by Corn Refiners

D. Industry choices to supply starch for potential large new application

E. CWM (corn wet milling) industry major player’s observations

F. Analysis of Strengths and Weaknesses of Players (SWOT)

G. Players - Other Differences (See V – E above)

H. Investment Risk and Decisions

I. R & D Investments

VI. Costs, Investments and Margins

A. Product Profitability

B. Cost of Production

C. Margins and Overhead

D. Manufacturing Metrics

E. Cost calculations and Pricing Information

F. Shipping and Transportation

G. Government Policies and its Effect on Price

H. Processing Assets and Implications on the Manufacturing

VII. Industry Capacity and Investment

A. Capacity Utilization Issues

B. Effect of Capacity Utilization on Costs

C. New Potential Capacity

D. Co-products Management - CWM

E. Investment

F. Incremental Capacity

G. Smaller Increments

H. Capital Associated with the Incremental Bushel Process

I. Capacity by players in the US

J. Historical Perspective of Capacity Increase

K. Starch and Ethanol Assets Interchangeability

VIII. Corn Wet Milling Co-Products Current Situation and Potential Markets

A. CWM Co-products Introduction

B. Corn Gluten Feed (CGF)

C. Corn Gluten Meal

D. Corn Germ and Oil

E. Zein Protein

IX. Corn Ethanol Brief Review

A. Ethanol

B. Growth of Fuel Ethanol and its Effect on the Industry

C. Co-Products

X. Bioprocessing: Fermentation, Specialty Chemicals, Bioplastics - Current Situation and Opportunities

A. Corn as a Chemical Feedstock

B. Bioprocessing and Fermentation

C. Bioplastics

D. Some Examples of Recent Developments by Starch Processors and Other Companies

XI. Future Trends

A. Technological Developments

B. Business, Technology Trends and Issues that will Impact Corn Processors Trends

C. Starch Products and Technology Developments Few Examples

D. Biotechnology (modified starches, effect on yield and production costs)

E. Improvement of Starch Yield and Extraction

F. Patent Scan and New Opportunities

G. Market Development of Co-products

H. GMO Technology Effect on the Import/export

XII. Global Issues, Policies and Plant Locations

A. US and Mexico Trade Issues – Sugar and HFCS

B. Government Policies and Potential Effect on the Prices

C. Duties and Subsidies

D. Opportunities and Potential Benefits of Manufacturing Location due to Duties, Subsidies and Investment Incentives

XIII. Summary

XIV. List of References

XV. List of Figures and Tables

XVI. Global List of Corn Processors

Abstract

• CWM (Corn wet milling) co-products technical and commercial perspective including potential markets for corn gluten feed (CGF), corn gluten meal (CGM) and corn germ.
• A new chapter focused on corn ethanol, Chapter IX
• Bioprocessing, bio-based chemicals and bioplastics chapter X has the most recent information with markets, capacities and opportunities for bio-based chemicals and polymers from starch and the sugars as feedstock. CWM players have entered arena of converging their facilities in to biorefineries with products such as ethanol, lactic acid, citric acid, amino acid lysine, and other monomers for new value added polymers to replace the petroleum based compounds.
• Each chapter also has major revisions to reflect most recent information on the business, markets and technologies as we continue to evolve in this global carbohydrates economy.
• Brand new list of starch and sweeteners manufacturers from corn, wheat, potato and tapioca primary starch crops in different regions of the world.
• A great addition to the library as reference, training tool and a strategy tool to starch processing industry members, customers and suppliers.
• Report also has excellent in-depth insights from our associates and I with combined experience of > 200 yrs in starch/sweetener and bioprocessing.
• New global list of starch processors is provided in Chapter XVI.
• Several updates to each chapter to reflect current situation and opportunities going forward
• As indicated, this report remains a comprehensive leading document that has industry data along with description of how industry or plants are managed. It provides in-depth review of several areas that cannot be found in other publications. There are many details of production, markets, products, costs, capacity, players in the US and data sets of sweeteners, starch derivatives, co-products including the impact of trade regulations. We remain closely connected to this industry maintaining good industry communications. None of this is available in a reports format as we have attempted to compile in this report. In the last section of report is a complete list of global players of this industry.
• For 2011 we estimate the total utilization of dried starch in the world was ~71 million tons (USDA, EU Commission). We previously estimated this would reach 70 million tons by 2010, China and some of the emerging markets added most to the growth. China had the biggest growth with ~ 19 million tons (including ethanol) production in 2011 with growth of 7 % over 2010. The US , EU and Japan has lower growth of ~2%/year, EU at ~2%, and Japan at 1-2% Going forward the growth in China and India will slow down to 6-7 %; the rest of the world grows at 2-4%. Most of the 4 % growth came from ethanol from the wet milling operations. We estimate that total starch production from major starch crops will be 81.3 million tons by 2015.

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