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 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pea starch is a gluten-free ingredient derived from yellow peas. It is gaining traction in the food and beverage industry due to its excellent thickening, gelling, and texturizing properties. Pea starch is extensively used in various applications such as bakery, meat products, sauces and dressings, noodles, and snacks. The increasing demand for gluten-free products and the rising trend of clean-label ingredients are driving the growth of the pea starch market.
Market Dynamics:
The pea starch market is driven by two main factors. Firstly, the increasing demand for gluten-free products among consumers with gluten intolerance or celiac disease is fueling the growth of the pea starch market. As pea starch is a gluten-free alternative, it is widely used in gluten-free bakery and food products. Secondly, the growing application of pea starch in the food and beverage industry as a thickening and stabilizing agent is boosting market growth. Pea starch provides enhanced texture, stability, and mouthfeel to food products, making it a preferred choice among manufacturers. Moreover, the rising consumer preference for clean-label and natural ingredients further propels market growth.
In conclusion, the pea starch market is expected to witness high growth due to the increasing demand for gluten-free products and its wide application in the food and beverage industry.
Segment Analysis
The pea starch market can be segmented based on application, source, and region. In terms of application, the dominating segment is the food and beverages industry, accounting for the largest share in the market. Pea starch is extensively used as a thickening agent, stabilizer, and gelling agent in various food and beverage products such as bakery, confectionery, dairy, and meat products. Additionally, increasing consumer preference for natural and plant-based ingredients is driving the demand for pea starch in the food industry.
In terms of source, the dominating sub-segment is organic pea starch. With the growing trend of clean label and organic products, there is an increasing demand for organic pea starch in the market. Organic pea starch is derived from organically grown peas without the use of synthetic fertilizers or pesticides, making it a healthier and more sustainable choice for consumers.
PEST Analysis
Political: The political stability in key pea-producing countries ensures a consistent supply of raw materials for pea starch production. Additionally, favorable government policies and regulations regarding food ingredients encourage the growth of the pea starch market.
Economic: The economic growth in emerging economies is driving the demand for convenience foods, which, in turn, is boosting the demand for pea starch in various food products. Moreover, the rising disposable income of consumers is enabling them to opt for healthier food options, further driving the market growth.
Social: Changing consumer lifestyles and increasing health consciousness have led to a shift towards plant-based diets. Pea starch, being a natural and plant-based ingredient, aligns with these changing consumer preferences and is gaining popularity in the market.
Technological: Advancements in processing technologies have improved the functionality and stability of pea starch, making it suitable for a wide range of applications in the food and beverage industry. Moreover, innovative extraction methods are being developed to enhance the production efficiency of pea starch.
Key Takeaways
The global Pea Starch Market Growth is expected to witness high growth, exhibiting a CAGR of 8.16% over the forecast period. This growth can be attributed to increasing consumer demand for natural and plant-based ingredients, especially in the food and beverages industry.
In terms of regional analysis, Europe is the fastest-growing and dominating region in the pea starch market. The region has a strong presence of key players and is witnessing a rise in demand for clean label and organic products. Additionally, the increasing consumption of processed foods in the region is driving the demand for pea starch.
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 players have a strong market presence and are focusing on expanding their product
