April 23, 2024
Pea Starch Market

Pea Starch Market Is Estimated To Witness High Growth Owing To Increased Application In Food And Beverage Industry

Pea starch is extracted from yellow peas and finds wide application in the food and beverage industry. It is used as a thickening agent, stabilizer and texturizer in soups, sauces, gravies, baked goods, snacks, meat products and desserts. Pea starch provides excellent viscosity, heat resistance, clarity and taste-neutrality. It is preferred over other starches in the production of gluten-free and vegan products. The global pea starch market is driven by the rising demand for plant-based and gluten-free ingredients from health-conscious consumers. 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 2030.

Key Takeaways

Key players operating in the pea starch market are Tesla Inc., First Solar Inc., Hanergy Thin Film Power Group, and Suntech Power Holdings Co., Ltd. The growing adoption of vegan and vegetarian diets has opened lucrative opportunities for pea starch producers to introduce innovative applications. Technological advances such as enzymatic modification and cross-linking have led to the development of customized pea starches with unique functionalities.

Key players operating in the pea starch are Tesla Inc., First Solar Inc., Hanergy Thin Film Power Group, and Suntech Power Holdings Co., Ltd. The global pea starch market offers lucrative growth opportunities owing to the rising demand for plant-based and gluten-free food products. The market is also driven by the expansion of application areas such as packaged convenience foods and baby foods. Technological advances in enzymatic processing have enabled manufacturers to produce specialty pea starches with enhanced viscosity, clarity and stability.

Market drivers:
The main driver for pea starch market is the rising health consciousness among consumers. More people are avoiding gluten and switching to plant-based diets for perceived health benefits. This growing demand for vegan and gluten-free food ingredients is fueling the market for pea starch. Additionally, pea starch offers superior characteristics over corn and potato starch, making it a preferred choice for various food applications. The environmental sustainability of pea starch production compared to other starches also drives its adoption.

Current Challenges in Pea Starch Market
The Pea Starch Market Share  is facing various challenges owing to disruptions in the supply chain caused by the ongoing pandemic. The lockdowns imposed globally have hampered farmer activities which has led to a decline in pea cultivation. This has created a shortage in pea starch supply impacting the food processing industry. Volatility in raw material prices is also posing a challenge for players operating in this space. Changes in consumer preferences towards gluten-free alternatives has increased competition. High R&D costs associated with new product development is another barrier for small players. Stringent regulations regarding GMO and additives used in food products add to compliance burden as well.

SWOT Analysis
Strength: Pea starch is considered a healthier alternative to corn and potato starch due to high protein content. It is well suited for vegan and gluten-free diets.

Weakness: Limited regional production of peas compared to other sources restricts supply. Processing pea starch is more complex and energy intensive.

Opportunity: Rising health consciousness is driving demand for plant-based and clean label ingredients. The food industry is actively exploring pea starch for new product formulations.

Threats: Threat from substitutes like arrowroot starch and tapioca starch. Trade barriers and tariffs impact competitiveness in international markets.

Geographical Regions
North America accounts for the largest share of the global pea starch market currently both in terms of production and consumption. This is attributed to strong demand from food and nutrition industries in the US and Canada. The European region follows next led by countries like France, Germany and UK.

The Asia Pacific region is expected to witness the fastest growth over the forecast period owing to rising health awareness and western influence on diets in emerging nations like India and China. Rapid urbanization and improving economic conditions are fueling the demand for convenience and value-added food products.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it