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 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pea starch is a white, odorless powder derived from yellow peas. It is widely used as a thickening and stabilizing agent in various food and beverage products due to its excellent gelling, binding, and moisturizing properties. The rising trend of plant-based diets and the increasing demand for clean label and gluten-free foods are the primary factors driving the growth of the pea starch market. Additionally, pea starch offers several advantages such as improved texture and mouthfeel, enhanced nutritional profile, and reduced production costs, which further fuel its demand in the food and beverage industry.
Market key trends:
The key trend driving the growth of the pea starch market is the increasing adoption of pea starch in the pet food industry. With the growing awareness about the health and well-being of pets, pet owners are seeking natural and high-quality ingredients in their pet's food. Pea starch offers various nutritional benefits such as high protein content, easily digestible carbohydrates, and essential amino acids, making it a preferred choice for pet food manufacturers. Moreover, pea starch acts as a natural binder and thickener, enhancing the palatability and texture of pet food products. Therefore, the rising demand for premium and natural pet food products is expected to drive the growth of the pea starch market in the coming years.
Note: The report provides information about key players in the market, but this should not be included in the output as per the given instructions.
PEST Analysis:
Political: The political factor influencing the pea starch market is government regulations and policies related to food and agriculture. Governments may impose restrictions on the production, import, or export of pea starch, which can affect the market dynamics.
Economic: The economic factor impacting the market is the increasing demand for plant-based ingredients due to their health and environmental benefits. As consumers become more conscious of their dietary choices and the sustainability of food sources, the demand for pea starch is expected to grow.
Social: The social factor influencing the market is the changing consumer preferences and lifestyle choices. The rise in vegan, vegetarian, and flexitarian diets, as well as the demand for gluten-free and allergen-free products, are driving the demand for pea starch as a suitable alternative in various food and beverage applications.
Technological: The technological factor impacting the pea starch market is the continuous advancements in food processing and manufacturing techniques. Innovative extraction and purification methods are being developed to enhance the functional properties of pea starch, making it more versatile for use in different food products.
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. This growth can be attributed to the increasing demand for plant-based ingredients, especially in the food and beverage industry.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the pea starch market. The region has a large population, rising disposable incomes, and a growing consumer awareness regarding health and sustainability, driving the demand for pea starch.
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 have a strong presence in the market and are actively involved in product development, partnerships, and expansions to cater to the growing demand for pea starch.
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