Pea starch is derived from yellow peas and is used as a thickening and binding agent in food products. It is a rich source of fiber, proteins, and minerals. It acts as a gluten-free alternative to wheat flour and cornstarch. The rising demand for plant-based and gluten-free foods among health-conscious consumers is fueling the need for pea starch. It is used in bakery products, snacks, sauces, desserts, and baby foods to improve texture and taste.
The global Pea Starch Market is estimated to be valued at Us$ 137.04 Mn in 2023 and is expected to exhibit a CAGR Of 21% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand for plant-based food has accelerated the adoption of pea starch as an alternative to traditional starches. Pea starch acts as a suitable substitute for wheat flour and cornstarch in various applications without comprising on taste and texture. It is widely used in vegan and gluten-free bakery products, sauces, noodles and pasta. The growth in the vegan population and rising awareness about the health benefits of plant-based diets have propelled the demand for pea starch. Product innovation with novel formulations incorporating pea starch continues to expand its application scope in the food industry. Leading brands are focusing on developing diverse product lines fortified with high fiber pea starch to cater to dynamic consumer preferences.
Segment Analysis
The global pea starch market is segmented into food grade and industrial grade. The food grade segment holds the largest market share as it is widely used in food processing across several industries such as meat products, snack foods, confectionery, bakery products and convenience food among others. Food grade pea starch is dominating the market due to its ability to act as fat replacer and texture enhancer in food products.
Key Takeaways
The Global Pea Starch Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. Pea starch is becoming increasingly popular among health-conscious consumers, owing to its several nutritional and functional properties.
Regional analysis:
North America currently dominates the global pea starch market due to high consumption of processed and convenience foods in countries like US and Canada. Asia Pacific is expected to be the fastest growing region on account of rising disposable income and changing lifestyles in emerging economies like China and India. Countries in Europe are also major contributors to the pea starch industry owing to keen focus of manufacturers on plant-based and organic food ingredients.
Key players operating in the pea starch market include Tesla Inc., First Solar Inc., Hanergy Thin Film Power Group, and Suntech Power Holdings Co., Ltd. These players are focusing on new product launches and expansion strategies to strengthen their market presence. For instance, Tesla Inc. is investing aggressively in battery technology and solar energy solutions.
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