The global 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 of 2023 to 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 in various industries, including food and beverage, pharmaceuticals, and personal care. It is a versatile ingredient that offers numerous benefits, such as thickening and stabilizing properties. In the food and beverage industry, pea starch is used as a gluten-free alternative in various products, including bakery goods, soups, sauces, and snacks. Its clean label and plant-based nature have led to a growing preference for pea starch among consumers.
Market Dynamics:
The market growth of pea starch is primarily driven by two key factors. Firstly, the increasing demand for pea starch from the food and beverage industry, especially in gluten-free products, is expected to fuel market growth. As more consumers opt for healthier and allergen-free alternatives, the demand for pea starch as a substitute for wheat-based ingredients is expected to rise. Secondly, the rising preference for plant-based ingredients and sustainable sourcing practices is also driving the market. Pea starch offers a sustainable and environmentally friendly alternative to other starches derived from corn, potatoes, and rice.
SWOT Analysis:
Strength: The pea starch market is expected to witness high growth due to the increasing demand for gluten-free and plant-based ingredients in various food and beverage applications. Pea starch offers several functional properties, such as thickening, binding, and stabilizing, which makes it a preferred choice among manufacturers. Additionally, the growing trend of clean labeling and natural ingredients is further driving the demand for pea starch.
Weakness: One of the weaknesses of the pea starch market is the limited availability of raw material. Pea starch is derived from peas, and its production heavily relies on the availability and cultivation of peas. Any fluctuations or shortages in the pea crop can directly impact the supply of pea starch, leading to potential supply chain issues for manufacturers.
Opportunity: The increasing consumer shift towards plant-based diets and the rising demand for alternative sources of protein present significant growth opportunities for the pea starch market. Pea starch can be used as a substitute for other starches and additives, providing a healthier and sustainable option for food and beverage formulations. Furthermore, the growing awareness of the environmental impact of animal agriculture is driving consumers to seek more plant-based alternatives, which can further boost the demand for pea starch.
Threats: One of the threats to the pea starch market is the competition from other starches and additives, such as corn, potato, and tapioca starch. These alternatives offer similar functionalities and may be more widely available in certain regions, posing a challenge to the market growth of pea starch. Additionally, the fluctuating prices of raw materials, such as peas, can affect the production costs and price of pea starch, which may impact its competitiveness in the market.
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