Global Pea Starch Market Is Estimated To Witness High Growth Owing...

Global Pea Starch Market Is Estimated To Witness High Growth Owing To Increasing Demand In Food and Beverage Industry & Growing Consumer

Posted 2023-10-05 12:18:18

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 carbohydrate extracted from peas and is widely used as a food ingredient due to its unique properties. It acts as a thickening and stabilizing agent in various food products such as bakery, dairy, and beverages. Pea starch is also used as a binding agent in processed meat products, making it an ideal alternative for consumers seeking gluten-free and allergen-free options. The rising awareness about health and wellness, coupled with the increasing preference for natural and organic ingredients, is driving the demand for pea starch in the food and beverage industry.

Market Dynamics:
The demand for pea starch in the food and beverage industry is primarily driven by two factors. Firstly, the growing consumer preference for natural ingredients and clean label products is fueling the demand for pea starch as a natural and plant-based alternative to traditional starches. Secondly, the increasing use of pea starch in gluten-free and allergen-free products is further propelling its market growth. The widespread adoption of gluten-free diets and the rising prevalence of food allergies and intolerances are contributing to the increased demand for pea starch in the market. Overall, the pea starch market is expected to witness high growth due to the rising demand in the food and beverage industry and the growing consumer preference for natural and healthier ingredients.

SWOT Analysis:

Strengths:
Pea starch has a high nutritional value and is a good source of protein, fiber, and vitamins, which makes it popular among health-conscious consumers.
The increasing demand for plant-based and gluten-free products in the food and beverage industry is driving the growth of the pea starch market.
Pea starch is also used in various industries such as pharmaceuticals, textiles, and cosmetics, which further expands its market potential.

Weaknesses:
The production of pea starch is limited by the availability of peas, which can be affected by factors like weather conditions and crop diseases.
Compared to other starches, such as corn or potato starch, pea starch has a lower gelatinization temperature and may require additional processing to achieve desired functionalities, which can increase costs.

Opportunities:
The rising consumer preference for clean-label and natural products has created opportunities for pea starch as it is derived from a plant source and is free from additives or chemical modifications.
The expanding vegan and vegetarian population is driving the demand for plant-based protein sources, making pea starch a favorable ingredient for manufacturers in the plant-based protein industry.

Threats:
Competition from other starches, such as corn or potato starch, which have been traditionally used in various applications, may pose a threat to the growth of the pea starch market.
Fluctuations in the prices of peas and other raw materials used in the production of pea starch can impact the profitability of manufacturers and suppliers.

Key Takeaways:

The global Pea Starch Market Growth is expected to witness high growth, exhibiting a CAGR of 8.16% over the forecast period of 2022-2030, due to the increasing demand for plant-based and gluten-free products in the food and beverage industry. Europe is expected to be the fastest-growing and dominating region in the pea starch market, thanks to the region's growing focus on sustainable and clean-label ingredients. 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.