The pea starch market is estimated to be valued at US$ 137.04 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pea starch is obtained from yellow peas and has various culinary and industrial applications. It functions as a thickening and binding agent and imparts desirable mouthfeel and texture to food products. Pea starch is gaining popularity as a sustainable and plant-based alternative to other starches.
Market key trends:
Pea starch offers functionality similar to potato and corn starches but with added sustainability benefits owing to its plant-based source. The rising demand for plant-based and sustainable ingredients is driving the growth of the pea starch market. Consumers are increasingly seeking out products featuring sustainable and natural ingredients. Pea starch caters well to this trend being a non-GMO and vegan alternative to conventional starches. Its compatibility with clean label formulations is further augmenting its adoption across food and beverage industries.
Porter’s Analysis
Threat of new entrants: The pea starch market is moderately consolidated with relatively high capital requirements for production and large production units, posing moderate threat of new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate as there exists a large number of established suppliers in the market. However, pea starch has limited substitutes providing some pricing power to buyers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate to high as the key raw material i.e. peas is an agricultural commodity cultivated globally. Suppliers can threaten to shift raw material supply to competitors.
Threat of new substitutes: The threat of substitutes like corn, potato and tapioca starch is moderate as they provide complementary functionalities but lack nutritional and textural properties of pea starch.
Competitive rivalry: The pea starch market witnesses high competitive rivalry due to established players operating at global level.
SWOT Analysis
Strengths: High protein and fiber content of pea starch makes it a suitable ingredient for health-conscious consumers. Its bland flavor also allows incorporation in wide range of food products.
Weaknesses: Pea starch production depends on seasonal crop harvests leading to fluctuations in raw material supply and pricing. Its perishable nature also requires cold storage during transportation and warehouse.
Opportunities: Increasing demand for plant-based and gluten-free ingredients from food processing and baby food industries. Growing vegan lifestyle is also driving the adoption of pea starch in place of animal-derived products.
Threats: Sensitivity of pea cultivation to weather conditions raises production uncertainties. Stringent food safety regulations inhibit entry of new players in developed markets.
Key Takeaways
The Global Pea Starch Market Size is expected to witness high growth at a CAGR of 8.1% over the forecast period, due to increasing demand for plant-based and gluten-free ingredients. The market size is projected to reach US$ 237.67 Mn by 2030 from US$ 137.04 Mn in 2023.
Regionally, Europe dominates the pea starch market and is expected to maintain its leading position during the forecast period. This can be attributed to progressive food processing industry and presence of major European pea producers including France and Germany in the region.
Key players operating in the pea starch market are Groupe Emsland, Roquette Frères, The Scoular Company, COSUNRA - 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. Major players are focusing on.
For More Insights, Read: https://www.newswirestats.com/pea-starch-market-demand-growth-and-regional-outlook-by-2030/
