by Market Overview:
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 of 2022-2030, as highlighted in a new report published by Coherent Market Insights. Pea starch is derived from the processing of peas and is widely used across various industries such as food and beverages, pharmaceuticals, and cosmetics. With its versatile properties and applications, pea starch finds use in bakery products, soups and sauces, meat products, and as a thickening agent. The rising consumer demand for clean-label and gluten-free products is driving the growth of the pea starch market.
Market Dynamics:
The pea starch market is driven by several factors. Firstly, the increasing awareness among consumers regarding the health benefits of pea starch, such as its high fiber content, low glycemic index, and gluten-free nature, is fueling its demand in the food and beverage industry. Secondly, the growing trend of natural and plant-based ingredients in many products, including cosmetics and personal care products, is boosting the market growth of pea starch. Additionally, the rising demand for convenience foods and the need for cost-effective and sustainable ingredients are also contributing to the market expansion of pea starch. Overall, the pea starch market is witnessing significant growth potential in the coming years.
Market Key Trends:
The key trend observed in the pea starch market is the increasing demand for plant-based ingredients in various industries. Pea starch, derived from peas, is a natural and sustainable ingredient that serves as a replacement for traditional starches derived from corn, wheat, or potatoes. The growing awareness among consumers regarding health benefits and environmental sustainability has led to the adoption of pea starch in food, pharmaceutical, textile, and paper industries. Pea starch offers various functional properties such as thickening, stabilizing, and binding, which makes it a versatile ingredient in the manufacturing of processed foods, beverages, and personal care products. Additionally, the rise in vegan and gluten-free diets has further fueled the demand for pea starch as it is free from common allergens and suitable for a wide range of dietary preferences.
SWOT Analysis:
Strength: Pea starch offers numerous health benefits, including high fiber content and low glycemic index, making it a favorable choice for health-conscious consumers. Its versatility and functional properties make it a viable option for various applications in the food and non-food industries.
Weakness: Limited awareness and availability of pea starch in certain regions pose challenges for market growth. The production of pea starch requires specific processing facilities and expertise, which may limit its accessibility in some markets.
Opportunity: The increasing preference for plant-based and clean label products presents a significant opportunity for the pea starch market to expand its customer base. Moreover, the rising demand for natural and organic ingredients in the cosmetics and personal care industry provides avenues for growth.
Threats: The availability of alternative starches and substitutes, such as corn starch and potato starch, poses a threat to the pea starch market. Additionally, fluctuating prices of peas and the volatility of raw material supply may impact the market’s profitability.
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. The increasing demand for plant-based ingredients and the rise in vegan and gluten-free diets are driving the growth of the market. The food industry dominates the pea starch market, with applications in bakery, confectionery, and processed food products. Geographically, Europe is the fastest-growing and dominating region in the pea starch market, attributed to the increasing consumer preference for clean label and sustainable products in countries like Germany and France. 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 are actively involved in research and development activities, product innovations, and strategic collaborations to gain a competitive edge in the market.
