Pea starch finds extensive applications across various end user industries owing to its unique physicochemical properties. Pea starch provides functional advantages over other starches in food, textile, paper, and pharmaceutical industries. It has high viscosity, thickening power, and gelling ability.
The global Pea Starch Market is estimated to be valued at Us$ 137.04 Mn 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.
Pea starch is used as a binder in meat products, soups, sauces, gravies, dairy products, and baked goods. It stabilizes and improves product texture. It is a suitable alternative to other starches as it is readily available, heat stable, non-genetically modified, and environment friendly. It enhances shelf life and water holding capacity of products. Pea starch also finds application as fat replacers in baked and imitation dairy goods. Textile industry uses pea starch as stiffening and sizing agent that improves fabric texture. Paper industry utilizes pea starch for brightness, opacity, and strength. Pharmaceutical industry employs pea starch as a disintegrating and binding agent.
Market key trends:
One of the major trends in the pea starch market is its adoption in organic and clean label products. Consumers are shifting preference towards natural ingredients. Pea starch caters this demand as it is non-GMO, allergen free, and vegan certified. Manufacturers are focusing on development and launch of innovative pea starch formulations that are easy to use and eco friendly. Rising application scope in pharmaceutical industry as an excipient and dosage form also drives the market. New product development backed by extensive R&D represents another emerging trend in the pea starch industry.
Threat of new entrants: The threat of new entrants is moderate as pea starch production requires high capital investment and raw materials are delicate in nature. However, it is a fast growing market provides opportunities for newcomers.
Bargaining power of buyers: The bargaining power of buyers is high as pea starch is used as raw material by various end-use industries and buyers can negotiate on price.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers have to depend on weather conditions and crops for raw materials.
Threat of new substitutes: The threat of new substitutes is high as there are substitutes available like potato starch, corn starch and tapioca starch.
Competitive rivalry: The competitive rivalry is high owing to the presence of numerous international and domestic players operating in the market.
The Global Pea Starch Market Demand is expected to witness high growth. The market size for 2024 is projected to reach US$ 137.04 Mn registering a CAGR of 21% during the forecast period.
Europe dominates the global pea starch market and holds the largest market share. Germany, France and Italy are the major consumers of pea starch as it is used in preparing packaged food products.
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. Tesla Inc. is one of the leading producers of pea starch in Europe. First Solar Inc. specializes in manufacturing organic and gluten-free pea starch.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it