Pea Starch Market: Growing Demand for Plant-based Ingredients to Drive Market Growth
The global Pea Starch Market is estimated to be valued at US$ 126.73 million in 2022 and is expected to exhibit a CAGR of 8.16% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pea starch is a carbohydrate extracted from peas that offers various advantages such as gluten-free, hypoallergenic, and non-GMO properties. It is widely used in the food and beverage industry as a thickening and stabilizing agent. The increasing consumer demand for plant-based ingredients and the rising prevalence of gluten intolerance and allergies are driving the growth of the pea starch market. Furthermore, the versatility and functional properties of pea starch make it suitable for use in various applications such as bakery, confectionery, snacks, and beverages.
Market Key Trends:
One key trend in the pea starch market is the growing adoption of pea starch in the pet food industry. Pea starch is being increasingly used as a source of high-quality carbohydrates in pet food formulations. It provides a sustainable and nutritious alternative to other starch sources such as corn and wheat. The rising awareness about pet health and the demand for natural and clean label ingredients are driving the incorporation of pea starch in pet food products. Additionally, pea starch offers digestive benefits and helps in weight management in pets. This trend is expected to continue over the forecast period, as pet owners seek healthier and more natural options for their furry companions.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants in the pea starch market is relatively low. This is due to the high capital requirements and significant barriers to entry, such as the need for specialized equipment and technology. Additionally, established companies in the market already enjoy economies of scale, making it difficult for new players to compete.
Bargaining power of buyers: The bargaining power of buyers in the pea starch market is moderate. Buyers have the option to switch suppliers if they are not satisfied with the quality or prices offered. However, the relatively low number of suppliers and the specialized nature of pea starch limits buyer’s power to negotiate favorable terms.
Bargaining power of suppliers: The bargaining power of suppliers in the pea starch market is moderate. Suppliers of raw materials, such as pea farmers, have some leverage over starch manufacturers. However, the presence of multiple suppliers and the availability of substitute raw materials help to balance out the bargaining power.
Threat of new substitutes: The threat of new substitutes in the pea starch market is low. Pea starch offers unique properties and functionality that are difficult to replicate with other ingredients. Additionally, pea starch is often used as a natural and plant-based alternative to other starches, making it an attractive choice for many food and beverage manufacturers.
Competitive rivalry: The competitive rivalry in the pea starch market is high. The market is dominated by a few key players who compete aggressively for market share. These companies invest in research and development, product innovation, and marketing to gain a competitive edge. The industry is also characterized by frequent product launches and collaborations.
Key Takeaways:
The global Pea Starch Market Scope is expected to witness high growth, exhibiting a CAGR of 8.16% over the forecast period from 2023 to 2030. This growth can be attributed to increasing consumer demand for clean-label and plant-based ingredients in various food and beverage applications. Pea starch offers functional properties such as thickening, gelling, and stabilizing, making it a versatile ingredient choice for manufacturers.
In terms of regional analysis, North America is projected to be the fastest-growing and dominating region in the pea starch market. This can be attributed to the rising demand for gluten-free and plant-based products in the region. Additionally, the presence of key market players and favorable government regulations supporting clean-label products further drive the market growth in North America.
Key players operating in the pea starch market include Groupe Emsland, Roquette Frères, The Scoular Company, COSUCRA – 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. These companies focus on product innovation, mergers and acquisitions, and strategic collaborations to maintain their market position and gain a competitive advantage.
In conclusion, the global pea starch market is poised for significant growth in the coming years due to the increasing demand for clean-label and plant-based ingredients. North America is expected to be the fastest-growing region, and key players in the market continue to invest in research and development to meet the evolving consumer needs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it