Cassava Market Poised for Robust Growth Amidst Global Demand Surge
Market Overview
The global cassava market is experiencing significant expansion, driven by its versatility in food, industrial applications, and biofuel production. Valued at USD 198.90 billion in 2024, the market is projected to reach USD 299.62 billion by 2034, growing at a compound annual growth rate (CAGR) of 4.2% .
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Market Dynamics
Growth Drivers:
Versatility in Applications: Cassava is utilized in various industries, including food and beverages, biofuels, and industrial products, contributing to its widespread demand.
Climate Resilience: Known for its drought tolerance and adaptability to poor soils, cassava is increasingly recognized as a climate-resilient crop, attracting interest from regions facing environmental challenges .
Health and Dietary Trends: The rising consumer preference for gluten-free and clean-label products is driving the demand for cassava-based ingredients, such as cassava starch and flour .
Challenges:
Post-Harvest Losses: Cassava's high perishability leads to substantial post-harvest losses, particularly in regions lacking adequate storage and transportation infrastructure .
Disease and Pest Management: The crop is susceptible to various diseases, including cassava mosaic disease and cassava brown streak disease, which can significantly impact yields .
Market Access for Smallholders: Limited access to markets and resources for smallholder farmers can hinder the growth potential of the cassava sector .
Regional Insights
Asia-Pacific: Dominates the global cassava market, driven by high production volumes in countries like Thailand and Indonesia, and increasing demand for cassava-based products.
Africa: Significant production in countries such as Nigeria and the Democratic Republic of Congo, with cassava serving as a staple food crop for millions.
North America and Europe: Growing interest in cassava-based ingredients for gluten-free and clean-label products, contributing to market expansion in these regions.
Conclusion
The cassava market is poised for robust growth, driven by its versatility, climate resilience, and alignment with health and dietary trends. Addressing challenges related to post-harvest losses, disease management, and market access for smallholders will be crucial to unlocking the full potential of the cassava sector. As global demand continues to rise, stakeholders across the value chain have opportunities to invest in sustainable practices and innovations to support the growth of the cassava market.
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