by Market Overview:
The Pea Starch Market is estimated to be valued at USD 126.73 million in 2022 and is expected to exhibit a CAGR of 8.16% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Pea starch is derived from yellow peas and is widely used in various industries such as food and beverages, pharmaceuticals, and cosmetics. It is known for its excellent thickening and gelling properties, making it a popular ingredient in soups, sauces, and bakery items. Additionally, it is also used as a binding agent and a fat replacer in many food products, further driving its demand.
Market Dynamics:
The Pea Starch Market is expected to witness significant growth due to multiple driving factors. Firstly, the increasing demand for gluten-free products is propelling the market growth, as pea starch offers a gluten-free alternative to wheat and corn starch. Secondly, the growing consumer awareness regarding the health benefits of pea starch, such as its low glycemic index and high fiber content, is further boosting its demand. Moreover, the rising trend of clean label and natural ingredients in food products is driving the adoption of pea starch as a natural thickening agent. These factors, coupled with the easy availability and cost-effectiveness of pea starch, are expected to drive the market growth over the forecast period.
Market Key Trends:
Pea starch market is expected to witness significant growth over the forecast period. The increasing demand for clean label and gluten-free products is one of the key trends driving the market. Pea starch is a natural and sustainable ingredient that is gaining popularity as a substitute for chemical additives in various food and beverage products. It offers functional properties such as thickening, binding, and gelling, making it suitable for a wide range of applications. Moreover, pea starch is rich in fiber and has a low glycemic index, making it a preferred choice for consumers looking for healthier alternatives. The rising consumer awareness regarding health and wellness is also contributing to the market growth. Additionally, the growing vegan population and their preference for plant-based ingredients are further boosting the demand for pea starch.
SWOT Analysis:
Strength: Pea starch has excellent functional properties, such as high viscosity, good solubility, and high stability, which make it suitable for various food and beverage applications. Its clean label and gluten-free attributes also give it a competitive advantage in the market.
Weakness: The limited availability of raw materials and the high cost of processing pea starch pose challenges to market growth. Moreover, the lack of awareness among consumers about the benefits of pea starch compared to other starches is a key weakness.
Opportunity: The increasing consumer demand for gluten-free and clean label products presents a significant growth opportunity for pea starch. Additionally, the expanding food and beverage industry, particularly in emerging economies, provides a favorable market landscape for pea starch manufacturers.
Threats: The availability of alternative starches, such as corn and potato starch, poses a threat to the pea starch market. Additionally, fluctuations in raw material prices and changing government regulations can impact the market growth.
Key Takeaways:
The global Pea Starch Market Scope is expected to witness high growth, exhibiting a CAGR of 8.16% over the forecast period, from 2023 to 2030. The increasing demand for clean label and gluten-free products is driving market growth. Pea starch offers functional properties and health benefits, making it a suitable choice for various food and beverage applications.
Regionally, North America is the fastest-growing and dominating region in the pea starch market. The region has a high demand for gluten-free products and a well-established food and beverage industry that drives the market growth. Europe is also a significant market for pea starch, driven by the growing health-conscious population and increasing awareness about clean label ingredients.
Key players operating in the pea starch market include Groupe Emsland, Roquette FreĢres, The Scoular Company, COSUCRA – Groupe Warcoing, Ingredion Incorporated, Axiom Foods Inc., Yantai Shuangta Food Co. Ltd, Vestkorn Milling AS, Puris, Meelunie BV, AGT Food and Ingredients Inc., and Shandong Jianyuan Bioengineering Co. Ltd. These key players have a strong presence in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
