Pea Starch is Estimated to Witness High Growth Owing to Increasing Demand from Food and Beverage Industry
Pea starch is a carbohydrate extracted from peas and has unique physical properties that make it suitable for use in various industries. It's commonly used as a thickening and binding agent in sauces, soups, gravies, baked goods and other processed foods. Pea starch provides texture and shelf stability while being easily digestible. It is also used as a substitute for corn and potato starch in gluten-free and vegan products. 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 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand from food and beverage industry is one of the major driver propelling the growth of pea starch market. Pea starch is widely used in production of soups, sauces, bakery products and various convenience food as a substitute for corn and potato starch. It provides texture, thickness and stability to these food products without adding gluten. Moreover, rise in health conscious consumer base and growing demand for plant-based and gluten-free products is further augmenting the demand of pea starch in the market. The vegan and lactose intolerant population prefers food products containing pea starch over corn, potato and wheat starch. With increasing global vegan population, the demand for pea starch from food industry is expected to grow at a significant rate during the forecast period.
SWOT Analysis
Strength: Pea starch is known for its exceptional binding and stabilizing properties which make it suitable for use in numerous food applications like bakery products and other processed foods. It has high nutritional value and is a good source of fiber and protein. Moreover, pea starch is considered an eco-friendly alternative to other starches due to its low environmental impact.
Weakness: The production of pea starch requires substantial investment in transportation and storage facilities as peas need to be grown and processed within a limited period. Additionally, fluctuations in availability and price of raw materials can negatively impact the profit margins for pea starch producers.
Opportunity: Rising health awareness has fueled the demand for plant-based and non-GMO ingredients among consumers. Pea starch manufacturers can leverage this trend by promoting the nutritional and "clean label" attributes of their products. Furthermore, the growing vegan food market presents an opportunity to increase the application of pea starch as a substitute for dairy or egg-based ingredients.
Threats: Stiff competition from alternative starches like corn, potato and tapioca starch is a key threat. Substitute products may be available at lower prices. Stringent food safety and quality regulations across various countries also necessitate sustained investments in production infrastructure and raw material sourcing.
Key Takeaways
The Global Pea Starch Market Demand is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis: Europe currently dominates the global market and is expected to maintain its leading position through 2031, driven by rising demand in countries like Germany, Italy, and Netherlands. Asia Pacific is projected to be the fastest growing market for pea starch during the forecast period, led by increasing health awareness in large economies like China and India.
Key players operating in the pea starch market include Tesla Inc., First Solar Inc., Hanergy Thin Film Power Group. These companies are focusing on capacity expansion and new product launches to cater to the rising demand.
For more details on the report, Read- https://www.trendingwebwire.com/pea-starch-market-growth-demand-and-overview/
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