The global Pea Starch Market is estimated to be valued at US$ 137.04 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pea starch is extracted from yellow peas and commonly used as a thickening and stabilizing agent in various food products. It is a substitute for corn, potato, and tapioca starch in sauces, soups, gravies, baked goods and other processed foods. Pea starch possesses properties superior to other starches such as higher fiber, protein and antioxidant levels.
Market key trends:
The increased demand for clean label, vegan and gluten-free products is driving the growth of the pea starch market. Consumers are increasingly opting for plant-based food ingredients due to rising awareness about health and nutritional benefits. Pea starch fulfills consumer demand as a non-GMO and allergen-free alternative to other starches. It is a preferred ingredient in vegan cheeses, sauces, snacks and other plant-based foods. Rapid expansion of food industries, especially in Asia Pacific and South America, has accelerated pea starch consumption.
SWOT Analysis
Strength: Pea starch is a gluten-free alternative to wheat and corn starch. It is highly nutritious and contains proteins, vitamins, and minerals.
Weakness: Pea starch production requires a large amount of fresh peas as raw material. Fluctuating peas prices can increase the production cost.
Opportunity: The rising demand for plant-based and gluten-free products from health-conscious consumers offers significant market opportunities. Increasing usage of pea starch as a stabilizer and thickening agent in various food industries also presents opportunities.
Threats: Stringent government regulations regarding GMO crops and availability of alternatives like potato and corn starch are key threats. Unfavorable climatic conditions can negatively impact peas cultivation.
Key Takeaways
The Global Pea Starch Market Size is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing health awareness among consumers. Pea starch is gaining popularity as a healthy plant-based alternative to wheat and corn starch due to its gluten-free nature.
Regional analysis: North America is expected to dominate the global pea starch market over the forecast period. This is attributed to the rising demand for non-GMO and plant-based ingredients. Asia Pacific is anticipated to be the fastest growing market for pea starch owing to the expansion of food processing industries in countries like China and India.
Key players operating in the pea starch market are 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. Major players are focusing on capacity expansion and new product launches to strengthen their market position.
