According to a new report published by Allied Market Research, titled, “Pea Starch Market by Type and Application: globalOpportunity 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 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.
The global pea starch market is segmented into type, application, and region. Depending on type, the market is bifurcated into organic/non-GMO and conventional. The applications covered in the study include food & beverages, feed, and others. Region wise, the market for pea starch is analyzed across North America, Europe, Asia-Pacific and LAMEA.
On the basis of type, according to the pea starch market forecast the conventional segment was valued at $259.9 million, and is expected to growt with a CAGR of 8.1% to reach $544.7 million by 2026. The organic segment is expected to grow at a fastest CAGR of 9.7% during the forecast period, attributed to increase in demand of consumers for different types of pea starches made by organic methods.
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.
Key Findings Of The Study
Depending on type, the conventional segment accounted for the highest share in 2018, growing at a CAGR of 9.7%.
By application, the food & beverages segment accounted for about 62.3% of the pea starch market share in 2018. However, the others segment is expected to grow fastest at a CAGR of 8.6% during the forecast period.
Region wise, North America accounted for about 42.1% of the market by share and is expected to grow at a CAGR of 7.3%. However, the Asia-Pacific region is anticipated to grow at the highest CAGR of 10.5% during the forecast period.
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.