Pea starch is a plant-based ingredient extracted from yellow
peas through a wet milling process. It is commonly used as a thickening,
emulsifying and binding agent in various food applications. Pea starch provides
texture and stability to foods while being completely gluten-free. It is a
versatile ingredient that can be utilized in soups, sauces, gravies, baked
goods, meat products and more.
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 2031.
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. Pea
starch possesses several functional properties that make it suitable for
various food applications. Its demand is growing significantly owing to the
rising preferences for plant-based and vegan alternatives to wheat and corn
starches. Additionally, pea starch yields higher revenues for farmers as
compared to other conventional crops.
Key players operating in the
Pea
Starch Market Trends are focusing on capacity expansions to cater to
the burgeoning demand. For instance, Roquette, a leading player has doubled its
pea starch production capacity to 160,000 tons per year. The global vegan
population has surged exponentially in recent years due to rising health and
environmental concerns. This has propelled the demand for plant-based
substitutes for meat and dairy worldwide.
With growing global health awareness, the demand for nutritious and gluten-free
ingredients is escalating rapidly. Pea starch fulfills these criteria and is
well-positioned to replace conventional starches in major food categories.
Leading manufacturers are investing heavily in research and development to
enhance the functionalities of pea starch and facilitate its usage in novel
applications. Several new product launches are expected to further accelerate
the market growth during the forecast period.
Market Key Trends
The trend of clean labeling is driving the demand for pea starch as consumers
prefer recognizable plant-based ingredients in their food products. Compared to
corn and wheat starch, pea starch needs minimal processing and refinement
making it compatible with clean label trends. Additionally, the vegan
revolution has positively impacted the pea starch market. With veganism
projected to become the new normal, pea starch demand will continue to surge
from dairy and meat alternatives manufacturers. Furthermore, focus on
sustainable agriculture is fueling the adoption of crops like yellow peas which
have low input requirements and leave little carbon footprint. Pea starch
producation is thus more eco-friendly vis-a-vis conventional starches.
Porter's
Analysis
Threat of new entrants: It is moderately difficult for new companies to enter
the pea starch market as it requires developing infrastructure for pea
cultivation, collection, and processing plants.
Bargaining power of buyers: Buyers have moderate bargaining power due to the
availability of substitutes in the market. However, a few dominant buyers exist
in end-use industries.
Bargaining power of suppliers: Pea suppliers have moderate bargaining power due
to the concentration of production in a few countries and established supply
chains.
Threat of new substitutes: Products like corn, potato, and tapioca starch pose
threats as substitutes. However, pea starch continues to be preferred for its
high nutritional value.
Competitive rivalry: The market is moderately competitive due to the presence
of numerous regional and global players.
Geographical Regions
Europe accounts for the largest share of the global pea starch market in terms
of value as pea cultivation is concentrated in countries like France, Germany, and
the U.K. Pea starch is widely used in the food industry in the region.
The Asia Pacific region is expected to witness the fastest growth in the pea
starch market during the forecast period. Increasing applications in food
products, especially in China and India, coupled with easy availability are
driving the pea starch market in the region.
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Insights on- Pea
Starch Market
About Author:
Money
Singh is a seasoned
content writer with over four years of experience in the market research
sector. Her expertise spans various industries, including food and beverages,
biotechnology, chemical and materials, defense and aerospace, consumer goods,
etc. (https://www.linkedin.com/in/money-singh-590844163)
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