June 17, 2024
Pea Starch Market

Pea Starch Market Is Trending By Growing Demand For Vegan Food Products

The pea starch market represents a versatile plant-based ingredient solution that serves as an alternative to wheat and corn starches. Pea starch is extracted from yellow peas and offers advantages like gluten-free properties, high dietary fiber content, and its neutral taste. The ingredient is used widely in food applications to improve texture, stabilize moisture, and increase shelf-life. Pea starch finds applications in processed meat products, bakery & confectionery goods, soups & sauces, pet foods and more.

The Global pea starch Market is estimated to be valued at US$ 157.88 Bn in 2024 and is expected to exhibit a CAGR of 21.% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the pea starch are Tesla Inc., First Solar Inc., Hanergy Thin Film Power Group, and Suntech Power Holdings Co., Ltd. Pea starch addresses the need for plant-based ingredients from consumers with gluten intolerance or following vegan/vegetarian diets. The growth in demand for vegan food products and clean label ingredients is driving increased consumption of pea starch. Major companies are investing in expanding their pea starch production capacity to leverage the strong demand from Europe and North America.

Key players operating in the pea starch are Tesla Inc., First Solar Inc., Hanergy Thin Film Power Group, and Suntech Power Holdings Co., Ltd.. The product offers a gluten-free alternative to wheat and corn starches creating opportunities for use in gluten-free bakery goods and processed meat products.

The growth in demand for vegan food products is driving increased consumption of pea starch. Major food brands are focusing on clean label product formulations and emphasizing plant-based ingredients to cater to health-conscious consumers. This growing trend is benefitting the pea starch market.

Market key trends

The key trend for Pea Starch Market Share is the transition towards plant-based diets. With increasing health awareness, consumers are reducing meat consumption and opting for meat alternatives. Pea starch is used as a binder and extender in vegetarian meat analogs like burgers, sausages to improve texture and mimic meat-like qualities. Major companies like Tesla Inc. are investing in pea starch production capacity expansion to cater to the strong demand potential from Europe and North America where flexitarian and vegan lifestyles are becoming mainstream.

Porter’s Analysis
Threat of new entrants: Entry barriers in the industry are high due to established brands and requirement of technical expertise.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like corn starch.

Bargaining power of suppliers: Few suppliers exist for pea crop and processing equipment providing them higher bargaining power.

Threat of new substitutes: Substitutes like corn, potato and tapioca starch pose threat of substitution.

Competitive rivalry: Intense competition exists among existing players.

Geographical Regions
North America accounts for the largest share in pea starch market owing to extensive usage in food industry. The US holds the largest market share in North America.

Asia Pacific is expected to witness fastest growth attributed to increasing demand for gluten free solutions and rising health consciousness among consumers in countries like India and China.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it