Pea starch is produced from yellow peas and finds its applications as a thickening agent and binder in various food products. It offers several health benefits over corn and potato starch as it is gluten-free, high in dietary fiber, proteins, and micronutrients. The growing consumer awareness regarding the adverse effects of synthetic ingredients is propelling the demand for plant-based and organic ingredients in the food industry. Pea starch serves as a perfect sustainable and clean-label alternative to corn and potato starch in various food applications like soups, sauces, baked goods, snacks, and beverages.
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, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity: The rising demand for sustainable and healthy food ingredients among consumers represents a major market opportunity for pea starch. Consumers are increasingly preferring plant-based food products with recognizable ingredients and familiar brands. Pea starch suits this consumer trend as it is a sustainable ingredient sourced from yellow peas. Moreover, as pea starch offers several nutritional and functional advantages over corn and potato starch, food manufacturers are employing it as a clean-label alternative thickener and binder in various product categories. This shift towards using pea starch will continue to drive the market growth over the forecast period.
Porter’s Analysis Threat of new entrants: The pea starch market is moderately concentrated owing to high capital requirements and regulatory barriers. However, threat from new entrants is expected to remain moderate during the forecast period.
Bargaining power of buyers: The bargaining power of buyers is moderate. Large buyers can negotiate lower prices, but switching costs are relatively low.
Bargaining power of suppliers: The suppliers have moderate bargaining power due to a large number of suppliers in the market. However, differentiated products provide some brand loyalty.
Threat of new substitutes: Threat from substitutes like potato starch, maize, corn is moderate as they have their own unique properties and applications.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of global and regional players competing in terms of quality, price, and innovation.
SWOT Analysis
Strengths: Wide application scope in various industries like food, textiles, pharmaceuticals, and more. Growing demand for plant-based and gluten-free ingredients.
Weaknesses: Seasonal availability and production dependent on weather conditions. Fluctuating raw material prices affect the production cost.
Opportunities: Increasing Vegan population and growing demand for plant-based and gluten-free food products. Emerging economies with improving economic conditions provide growth avenues.
Threats: Stringent government regulations regarding GMO crops. Threat from emergence of alternative gluten-free ingredients.
Key Takeaways
The Global Pea Starch Market Demand is expected to witness high growth during the forecast period due to the growing preference for plant-based and gluten-free ingredients among consumers.
Regional analysis shows that Asia Pacific will dominate the market and witness the fastest growth due to rising health-conscious population, growing food processing industries and improving economic conditions in major countries like China and India.
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 is the global market leader known for its innovative product portfolio and strong distribution network across major regions. First Solar is another prominent player focusing on research and development activities for new product launches.
For more details on the report, Read- https://www.marketwebjournal.com/pea-starch-market-growth-market-size-share-analysis/
