Pea Starch Market to Reach USD 126.73 Million by 2022, Showing a CAGR of 8.16% from 2023 to 2030
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| Pea Starch Market |
Market Overview:
The global Pea Starch Market is projected to reach a value of USD 126.73 million in 2022 and is expected to grow at a CAGR of 8.16% from 2023 to 2030. Pea starch is a versatile ingredient widely used in various industries such as food and beverages, pharmaceuticals, and personal care. It offers numerous advantages such as gluten-free, non-GMO, and hypoallergenic properties. The increasing demand for gluten-free products, along with the rising awareness regarding the health benefits of pea starch, is driving the market growth. Additionally, the growing consumer preference for plant-based ingredients is also propelling the adoption of pea starch in various applications. Moreover, the easy availability and cost-effectiveness of pea starch make it a preferred choice among manufacturers.
Market Key Trends:
The key trend in the pea starch market is the rising demand for clean label and natural ingredients. Consumers are increasingly seeking products with clean labels that provide transparent information about the ingredients used. As pea starch is a natural and plant-based ingredient, it aligns well with the clean label trend. The use of pea starch in various food and beverage applications, such as soups, sauces, and bakery products, is gaining traction due to its clean label status. Moreover, pea starch is also being used in the personal care industry as a natural alternative to synthetic ingredients. The shift towards natural and clean label products is expected to remain a key trend in the pea starch market, driving its demand in the forecast period.
Segment Analysis:
The pea starch market can be segmented based on type, application, and region. In terms of type, the market is dominated by native pea starch, which is extracted from whole pea seeds. Native pea starch is the most widely used type due to its functional properties and versatility in various applications such as food and beverages, pharmaceuticals, and textiles. Native pea starch offers excellent gelling, thickening, and moisture retention properties, making it a preferred choice among manufacturers. Other types of pea starch, such as modified pea starch, are also gaining traction due to their enhanced functional properties.
Key Takeaways:
The global Pea Starch Market Scope is expected to witness high growth, exhibiting a CAGR of 8.16% over the forecast period from 2023 to 2030. This growth can be attributed to various factors, including the increasing demand for clean-label and plant-based ingredients in the food and beverage industry. Pea starch is being increasingly used as a natural alternative to chemical-based thickeners and stabilizers, driving its market growth. Furthermore, the rising awareness of the health benefits associated with pea-based products, such as their high fiber and protein content, is also contributing to the market's expansion.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the pea starch market. This can be attributed to the increasing adoption of plant-based diets and the growing demand for gluten-free and allergen-free food products in the region. Moreover, the presence of key players and technological advancements in the food and beverage industry further support the market growth in North America.
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 companies are actively involved in product innovations, expansions, and collaborations to gain a competitive edge in the market.
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