The global Pea Starch Market is estimated to be valued at US$ 137.04 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Pea starch is extracted from yellow peas through a wet milling process. It has numerous applications in the food industry as a thickener and binder. Pea starch helps improve the texture of bakery products, desserts, soups and sauces. It is also used as a gluten-free alternative in many foods. Pea starch has high water absorption capacity and results in smooth and creamy textures. It also helps increase the shelf life of packaged food items. The trend of veganism and plant-based diets has boosted demand for pea starch as an alternative to wheat and potato starch.
Market key trends:
The rise in vegan and vegetarian food brands targeting health-conscious consumers is driving demand for pea starch. Many food processors are replacing wheat and corn starch with pea starch in their product formulations. Another key trend is the increasing usage of pea starch as a binder and thickener in meat alternative products such as veggie burgers. Pea protein contains amino acids essential for muscle growth and is considered an excellent alternative to whey protein. This has increased the use of pea starch as a by-product in protein extraction. Food safety regulations also favor the usage of pea starch over other starches.
Threat of new entrants: The pea starch market requires high capital investment for setting up manufacturing facilities and the established players dominate large market shares. This makes the threat of new entrants low.
Bargaining power of buyers: The presence of many established manufacturers ensures competitive prices for pea starch. However, large buyers can negotiate for better prices and terms. This makes the bargaining power of buyers moderate.
Bargaining power of suppliers: The key raw material required is peas which are widely grown. This ensures adequate supply and keeps suppliers’ bargaining power low.
Threat of new substitutes: There exist substitute products like potato starch, corn starch and tapioca starch. But pea starch has certain functional advantages. This makes the threat of substitutes moderate.
Competitive rivalry: The pea starch market comprises large global players. But new regional players also compete on the basis of customized products. This leads to high competitive rivalry.
The Global Pea Starch Market Size is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period 2023 to 2030, due to increasing demand from food processing industry for use as a thickening and binding agent.
Europe dominates the pea starch market currently. Major producers are based in France, Belgium and other Western European countries. Asia Pacific is the fastest growing market for pea starch led by China, India and other developing nations.
Key players operating in the pea starch market are Groupe Emsland, Roquette Frères, 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.