by The Pea Starch Market is estimated to be valued at US$ 126.73 million in 2022 and is expected to exhibit a CAGR of 8.16% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pea starch is a carbohydrate extracted from yellow pea or pulses. It is widely used as a thickening agent, gelling agent, and texture modifier in various food applications. Pea starch is also gaining popularity as a gluten-free and clean label alternative in the food industry. The rise in consumer awareness towards healthier food choices and the growing demand for plant-based ingredients are driving the demand for pea starch in the market. This versatile ingredient finds applications in bakery products, confectionery, snacks, soups and sauces, and animal feed, among others.
Market Dynamics:
The pea starch market is primarily driven by the increasing demand for gluten-free and clean label food products. Pea starch serves as an excellent substitute for wheat flour and other starches in gluten-free formulations. Moreover, its functional properties, such as stabilization, thickening, and binding, make it a preferred choice for food manufacturers. Additionally, the rising trend of vegan and vegetarian diets is fueling the demand for plant-based ingredients, including pea starch. However, the high cost of production and limited availability of raw materials may hamper market growth to some extent. Nonetheless, the development of innovative processing techniques and increasing investments in research and development are expected to create lucrative opportunities for market players in the coming years.
Segment znalysis:
The pea starch market can be segmented based on application and end-use industry. In terms of application, the food industry dominates the market. Pea starch is widely used in the food industry as a thickening agent, stabilizer, and gelling agent. It is also used in bakery products, confectionery, soups, sauces, and snacks. The food industry segment is expected to continue dominating the market due to the increasing demand for clean label and natural ingredients in various food products.
PEST Analysis:
Political: There are no significant political factors that directly impact the pea starch market. However, government regulations regarding food ingredients and labeling can indirectly affect the market.
Economic: The economic factor plays a crucial role in the growth of the pea starch market. Increasing disposable incomes and changing lifestyles have led to a rise in the demand for convenience food products, which, in turn, drives the demand for pea starch.
Social: There is a growing global trend towards clean label and natural food ingredients. Consumers are becoming more health-conscious and are demanding food products that are free from additives and chemicals. This social trend positively impacts the pea starch market.
Technological: Advancements in technology have led to improved processing methods for pea starch extraction. This has resulted in higher yield and improved quality of pea starch, making it more commercially viable for various applications.
Key Takeaways:
The global Pea Starch Market Scope is expected to witness high growth, exhibiting a CAGR of 8.16% over the forecast period. This growth can be attributed to the increasing demand for clean label and natural ingredients in the food industry. Pea starch, being a natural, gluten-free, and non-GMO ingredient, is gaining popularity among food manufacturers.
In terms of regional analysis, Europe is the fastest-growing and dominating region in the pea starch market. The region is known for its strict regulations regarding food ingredients, which have led to a higher demand for clean label and natural products. Additionally, the increasing awareness among consumers regarding health and wellness further drives the market growth in Europe.
Key players operating in the pea starch market include 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. These key players are focusing on product innovation and expansion strategies to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
