by Pea starch is extracted from yellow peas and is commonly used in processed foods as a thickening and binding agent. Pea starch acts as a dietary fiber and provides a variety of health benefits. It is used as a gluten-free alternative to wheat flour in baked goods and pastas. Pea starch can be used to improve texture, stability and shelf-life of foods. It is suitable for vegetarians and vegans and does not cause allergic reactions. Some key applications of pea starch include soups, sauces, meat products, dairy alternatives, baby foods and snacks. Growing health consciousness among consumers has increased the demand for plant-based and sustainable ingredients in food products.
The global Pea Starch Market is estimated to be valued at US$ 137.04 Million in 2024 and is expected to exhibit a CAGR Of 21% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Rising vegan and flexitarian population, clean label trend and gluten intolerance are some of the major factors driving the growth of the pea starch market. The health benefits associated with pea starch consumption such as digestion improvement, low calories and rich source of dietary fiber further encourage its adoption in food.
Market Dynamics:
Rising demand for plant-based products and growing health consciousness are expected to drive growth of the global pea starch market during the forecast period. Growing vegan population has increased demand for plant-based ingredients that provide similar texture and functionality as animal-based products. Pea starch acts as a sustainable alternative to wheat flour and finds wide application in gluten-free bakery and packaged food products. This growing demand encourages food manufacturers to incorporate pea starch in their product formulations. Additionally, health awareness regarding risks of gluten intolerance and diabetes has accelerated demand for low glycemic index ingredients like pea starch.
Segment Analysis
The Pea Starch market is segmented based on the type, application and geography. Based on type, the market is segmented as native pea starch and modified pea starch. The modified pea starch segment dominates the market and is expected to witness significant growth during the forecast period. Modified pea starches have improved functionality such as better texture, thickening properties and water-binding capacity compared to native pea starch. This makes them suitable for use in various food processing applications.
PEST Analysis
Political: There are no significant trade restrictions impacting the import and export of pea starch globally. However, subsidies provided by various governments to pea growers is expected to positively influence the supply of peas and in turn the production of pea starch.
Economic: The global pea starch market is witnessing strong growth driven by increasing application in food processing industries. However, uncertainties in the global economy due to geopolitical issues may negatively impact the growth of end-use industries.
Social: Rising health consciousness among consumers is driving the demand for plant-based and non-GMO ingredients. Pea starch being a plant-based ingredient devoid of allergens is gaining traction as a replacement for corn, potato and tapioca starches.
Technological: Manufacturers are focusing on developing modified pea starches with enhanced functionalities through physical and chemical modifications. This helps in broadening the application scope of pea starch.
Key Takeaways
The Global Pea Starch Market Demand is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing application in food and industrial sectors. The market size for 2024 is projected to reach US$ 137.04 Mn registering a CAGR of 21% during the forecast period.
Regional analysis:
North America dominates the global pea starch market and is expected to maintain its leading position throughout the forecast period. This can be attributed to large scale consumption of processed food and beverages in the region. The pea starch market in North America is estimated to surpass US$ 50 Mn by 2030. Asia Pacific is anticipated to exhibit fastest growth owing to rising health-conscious consumer base and growth of food processing industry in the region.
Key players:
Key players operating in the pea starch market are Tesla Inc., First Solar Inc., Hanergy Thin Film Power Group. These companies are focusing on capacity expansion and new product launches catering to requirements of various end-use industries.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
