Pea Starch Market Growth & Trends
The global pea starch market size is expected to reach USD 80.8 million by 2025, expanding at a revenue-based CAGR of 5.8% over the forecast period, according to a new report published by Grand View Research, Inc. The growth is majorly driven by the rising demand from nutraceuticals industry coupled with growing consumer inclination toward non-GMO and gluten free diets.
Pea starch is mostly accessible as a by-product of protein extraction. As a result, it is considered to be an economical source of starch as opposed to wheat, potato, and corn starches. Furthermore, growing demand of pea starch from the sum of applicable industries and augmented manufacturing of pea is also anticipated to propel the market growth. However, rising occurrence of retrogradation effects of the functional characteristics of pea starch, may significantly hinder the market growth.
Pea starch is considered to be gluten free as well as non-GMO. It is different from other native starches as it has high amylose content. It can also form a gel in water at a much lower dosage than other variants. It is considered to be an ideal ingredient for food products that require less elastic texture for gums, meats, extruded cereals, coatings, and others.
On the basis of type, the market is segmented into food grade, feed grade, and industrial grade. The product has been progressively used in foods grade segment on account of its capability to supplement protein content in foods, which makes it best for soups and sauces, confectionery, noodles, pastas, meat bakery, and sea foods, among other applications. The market is strengthened as a thickening, texturing, and gelling agent in the production of bakery goods like dressings, cakes, and desserts on account of its encompassing gluten-free properties.
On the basis of application, the market is segmented into food and beverage, animal feed, paper, pharmaceuticals, and textiles segments. Food and beverage segment held a dominant market share of 39.19% in 2018. The product is widely used in food and beverage items, such as confectionary, pasta, dairy, snacks, bakery products, soups and sauces, potato products, poultry, meat, and fish, as a binding and thickening agent. Growing population along with rising demand for healthy food products with good taste and texture is a key factors positively influencing market growth.
Asia Pacific is anticipated to hold a significant market share over the upcoming years especially in the developing markets, such as India and China. Moreover, allergen-friendly food products are projected to enhance growth of the regional market in near future. Favorable regulations in China and India aimed at agricultural industry growth will result in sufficient raw material supply for pea starch producers during the forecast period.
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Pea Starch Market Report Highlights
Food grade segment is likely to register a CAGR of 5.1% in terms of revenue, from 2019 to 2025. Food grade pea starch offers thickening, gelling, texturing, and binding properties that find application in the food processing industry
The food and beverages end-use segment is expected to expand at a CAGR of 6.3% in terms of revenue, over the forecast period. Busy consumer lifestyle coupled with hectic schedules have led consumer to search for convenience and ready to eat meals
Distribution agreements, product innovations, and strong marketing strategies are the key methods adopted by the market players to expand their competitive positions and visibility in the market
Some of the major participants in the pea starch market are Cargill Inc.; Roquette; Emsland Group; American Key Products; Sanstar Bio-Polymers; Vestkorn; and Parrheim Foods
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