Preference for clean label food products among consumers, demand in industrial applications, and demand for convenience food drive the growth of the market.
PORTLAND, OR, UNITED STATES, November 24, 2021 /EINPresswire.com/ — Pea Starch Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2019–2026,” the global pea starch market was valued at $292.9 million in 2018, and is projected to reach $544.7 million by 2026, registering a CAGR of 8.3% from 2019 to 2026.
The demand for pea starch has been decreased during the lockdown implemented by governments. Owing to lockdown, the end-user industries such as skincare & hair care product manufacturing, food & beverages, and others underwent a complete or partial closedown.
Expansion strategies of manufacturers have taken a toll. They have postponed the plans to expand due to economic turbulence and freezing of funds by some of the investors.
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The pea starch market possesses high growth potential, owing to increase in demand for pea starch in food & beverages industry. Furthermore, the pea starch market growth is driven by surge in global population and rise in per capita, thus increasing the production of pea starch. Change in taste and preference for healthy food of consumers positively affected the sales. In response to the dietary concerns of consumers, manufacturers are developing specialty differentiated products with pea starch. Numerous players are entering the market with innovative food product offerings, using peas as their base. Thus, emerging innovative food items are expected to increase the market competition in the years to come. Furthermore, upsurge in population in the developing countries, such as China and India, has increased the demand for pea starches and pea proteins to cater to increasing food requirements.
With consumers growing inclination toward organic food products and natural personal care products, the demand for organic and clean label ingredients is consequently gaining traction. Pea starch derived from non-GMO/organic peas delivers safe and sustainable part for clean label bars, baked goods, and beverages. This enables manufacturers to meet the organic food demand and aids in expansion of the market for organic pea starch. Thus, shift in consumer preference toward the adoption of organic pea starch is projected to offer remunerative opportunity for the expansion of the market during the forecast period.
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The global pea starch market is segmented into type, application, and region. Based on type, the conventional segment accounted for nearly 88% of the total market share of the global pea starch market in 2019, and is expected to maintain the highest contribution in terms of revenue throughout the forecast period. This is attributed to its usage to improve texture for high yield pork hams and poultry rolls and canned food for stabilization of processes. However, the organic/non-GMO segment is estimated to witness the highest CAGR of 9.7% from 2019 to 2026, owing to surge in demand for organic food products across the world.
Based on application, the food and beverages segment contributed to the highest share, holding more than three-fifths of the global pea starch market in 2019, and is estimated to continue its lead during the forecast period. Moreover, this segment would register the highest CAGR of 8.3% during the forecast period. This is due to thicker consistency of pea starch in comparison to corn starch and increase in applications in meat products. The research also analyzes segments including feed and others.
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Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa.). Countries such as Australia, the U.S., the UK, NORDIC countries, India, China, and ASEAN countries are the largest spenders on pea starch. In addition, factors such as easy product availability, high per capita expenditure, and increase in consumer purchasing power significantly contribute toward the growth of market.
The key players operating in the pea starch industry include Agridient, American Key Food Products, Cosucra Groupe Warconing SA, Emsland Group, Meelunie B.V., Puris Foods, Roquette Frères, Shanghai Bichain Industrial Chemical, The Scoular Company, and Vestkorn Milling AS.
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Source: EIN Presswire