Introduction: New Insights into the Pea Starch Market
Meticulous Research®, a global leader in market research, recently published an extensive report titled "Pea Starch Market by Nature (Conventional, Organic); Type (Modified, Native); Function (Thickener, Gelling, Binder, Stabilizer); Application (Food [Bakery, Dairy], Beverage, Pharmaceuticals, Paper Industry, Animal Feed) - Global Forecasts to 2029." The report predicts that the pea starch market will grow at a compound annual growth rate (CAGR) of 7.7% between 2022 and 2029, ultimately reaching a value of $307.4 million by 2029.
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Key Market Growth Drivers
The pea starch market is being driven by a number of key factors. Chief among these is the growing consumer demand for processed and convenience foods. As more individuals opt for quick, ready-to-eat meals, pea starch has become a vital ingredient in many food products. Furthermore, the rising incidence of food allergies and celiac disease has spurred demand for gluten-free alternatives like pea starch. The growth of the vegan population is also contributing to this upward trend, as pea starch is widely used in plant-based and allergen-free foods. However, growth is being restrained by the availability of alternative starches and a reduction in dry pea production.
Segmentation by Nature and Type of Pea Starch
Pea starch is categorized by nature into conventional and organic types. In 2022, conventional pea starch captured the largest market share due to its greater availability and cost advantages over organic varieties. Additionally, conventional pea starch offers an extended shelf life, making it a preferred choice among manufacturers.
In terms of type, the market is split into native and modified pea starch. The native pea starch segment is forecast to experience the highest CAGR during the forecast period. This growth is primarily fueled by the increasing consumer demand for clean-label and natural food products. Native pea starch, known for its versatility and high functionality, is widely used in the food and beverage sector to support non-GMO, vegan, and allergen-friendly product formulations.
Functionality of Pea Starch in Various Applications
The pea starch market is also segmented by functionality, including thickener gelling agents, binders, stabilizers, and disintegrants. In 2022, the thickener gelling agent segment held the largest market share, driven by its application in various industries. Pea starch is valued for its ability to provide a stable texture in food products and is used extensively in food and beverage formulations, pharmaceuticals, and pet food.
Applications Across Industries
Pea starch finds applications across a wide range of industries, with the food and beverage sector dominating the market in 2022. The demand for pea starch in bakery and confectionery products, dairy items, soups, sauces, and meat alternatives has seen substantial growth, driven by the increasing demand for gluten-free, vegan, and allergen-friendly products. Moreover, the rising popularity of ready-to-eat and ready-to-cook food products has further boosted demand. Outside of food and beverages, pea starch is also used in the paper industry, pharmaceuticals, and animal feed due to its binding and stabilizing properties.
Geographic Market Distribution
Geographically, North America held the largest market share in 2022, thanks to its high production of dry peas and well-established food and beverage industry. The region has also witnessed strong demand for organic and gluten-free products, further driving market growth. Meanwhile, the Asia-Pacific region is projected to register the highest growth rate over the forecast period, propelled by the rising demand for convenience foods and health-conscious consumer preferences.
Conclusion
The pea starch market is poised for substantial growth, supported by increasing consumer interest in natural, allergen-free, and plant-based products. While there are challenges related to the availability of alternative starches and fluctuating dry pea production, the market is expected to maintain its positive trajectory. With its diverse range of applications across industries and regions, the pea starch market offers significant opportunities for future growth and innovation.
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Key Players:
The pea starch market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the pea starch market are Axiom Foods Inc. (U.S.), Dakota Dry Bean Inc. (U.S.), American Key Products, Inc. (U.S.), Roquette Frères (France), Vestkorn Milling AS (Norway), Yantai Shuangta Food co., LTD (China), Cosucra Groupe Warcoing SA (Belgium), Ingredion Incorporated (U.S.), NutriPea LP (Canada), Shandong Jianyuan Foods Co., Ltd. (China), Puris Proteins, LLC (U.S.), Emsland Group (Germany), Meelunie B.V. (Netherlands), Agridient B.V. (Netherlands), Aminola B.V. (Netherlands), and Ebro Foods, S.A. (Spain).
Key Questions Answered in the Report-
- What is the current value of revenue generated by the global pea starch market?
- At what rate is the global demand for pea starch projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for the pea starch market?
- What are the major factors impacting the growth of this market at global and regional levels? What are the major opportunities for existing players and new entrants in the market?
- What impact does the current COVID-19 pandemic have on the pea starch market?
- Which nature, type, function, and application segments create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are likely to offer significant growth opportunities for the manufacturers in this market during the analysis period?
- Who are the major players in the pea starch market? What are their specific product offerings in this market?
- What recent developments have taken place in the pea starch market? What impact have these strategic developments created on the market?
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