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Pea Starch Market To Grow At Highest Pace Owing To Increasing Application In Bakery Products

Pea Starch Market To Grow At Highest Pace Owing To Increasing Application In Bakery Products

Pea starch is a powder obtained from peas, which is used as a food additive and thickening agent for soups, gravies, sauces, and baked goods. Pea starch has several advantages over traditional starches such as potato, corn, and wheat starch. It is gluten-free, contains a good amount of dietary fiber and proteins, and has low glycemic and insulin indexes. This makes it suitable for consumption by people with diabetes. Growing demand for gluten-free and organic products from health-conscious consumers is primarily driving the adoption of pea starch.

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 2030.

Key Takeaways

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. These players are focusing on expanding their production capacities and geographic reach to cater to the rising demand.

The growing awareness regarding the health benefits of pea starch is fueling its adoption in the food and beverage industry. Pea starch is increasingly being used in bakery products such as bread, biscuits, pastries, and snacks as a substitute for wheat flour. It helps provide volume and texture to baked goods without compromising taste.

Technological advancements are facilitating the development of customized pea starch grades for specific applications. Dry fractionation technology allows fractionating pea into starch, protein, and fiber components. This enables utilizing each component where it performs best.

Market Trends

Modified and specialty starches are gaining traction- Modified pea starches that are pre-gelatinized and cross-linked are able to provide better stability, adhesion, and clarity in formulations. Specialty pea starch grades customized for specific end-use industries like paper, construction, pharmaceuticals, etc. are expanding the application scope.

Clean label trend drives innovations- Formulators are investing in clean label starches to meet consumer demand. Low-sodium, non-GMO, and organic pea starches catering to health-conscious consumers are being developed.

Market Opportunities

Growth in textiles industry as pea starch is used as sizing agent for warp knitting and weaving.

Potential in emerging economies as rising disposable incomes fuel demand for packaged and processed food products where pea starch finds extensive application.

Impact of COVID-19 on Pea Starch Market Growth

The COVID-19 pandemic has adversely impacted the growth of the global pea starch market. During the initial lockdown periods imposed across various countries to curb the spread of the virus, production and supply chain activities were disrupted. This led to challenges in the availability of pea starch. Furthermore, with the closure of foodservice industry such as restaurants, cafes, caterers, demand from the sector declined sharply. However, household consumption of products containing pea starch witnessed steady growth as people stocked up essential items.

While short-term prospects were bleak during the peak pandemic phase, the market is recuperating steadily in the post-COVID era. Factors such as growing preference for plant-based and gluten-free food products among health-conscious consumers are auguring well for market growth. Also, resumption of industrial activities and lifting of lockdowns is propelling demand from end-use industries. To enhance market presence, players are focusing on capacity expansions and new product launches. For instance, some are introducing pea starch variants with organic certification and non-GMO credentials to appeal to wider consumer base. Looking forward, if the spread of the virus remains under control globally, the market is expected to get back on its original forecasted growth trajectory by 2024.

Europe Region Witnesses Highest Consumption of Pea Starch

Europe dominates the global Pea Starch Market Share and accounted for over 35% market share in terms of value in the pre-COVID year of 2022. The region is witnessing increased demand for pea starch from various applications such as food, paper, textile and pharmaceutical industries. Countries such as Germany, United Kingdom, France and Italy are the major consumers given stringent regulations regarding use of gluten-free, non-GMO and sustainable ingredients. Moreover, the growing health-conscious consumer base and vegan population is driving the utilization of plant-based substitutes including pea starch. The market is further gaining traction in Spain, Netherlands, Poland owing to expansion activities by domestic as well as international players.

Asia Pacific Emerging as Fastest Growing Region for Pea Starch Market

The Asia Pacific region has emerged as the fastest growing market for pea starch globally and is estimated to maintain the momentum till 2030. This is attributable to factors such as rapidly expanding food processing sector led by countries such as China, India and Japan. There is rising incorporation of pea starch as an alternative to conventional starches in various food applications such as soups, sauces, gravies, baked goods, meat alternatives and snacks. Furthermore, the growing middle-class population with increasing disposable income and propensity to spend on premium health foods offers huge market potential. Entry of international brands and their manufacturing units in Asia Pacific countries will further aid market growth.

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