Pea Starch Market to Reach $307.4 Million by 2029

According to a new market research report titled, 'Pea Starch Market by Nature (Conventional, Organic); Type (Modified, Native); Function (Thickener, Gelling, Binder, Stabilizer); Application (Food [Bakery, Dairy], Beverage, Pharmaceuticals, Paper Industry, Animal Feed)- Global Forecasts to 2029,' published by Meticulous Research®, the pea starch market is projected to reach $307.4 million by 2029, at a CAGR of 7.7% from 2022 to 2029.

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Pea starch is extracted from dry peas and has a wide range of food & beverage applications, even in small or large quantities, in food & beverage, animal feed, pharmaceuticals, and other applications due to its thickener & gelling agent, and stabilizer, and disintegrant properties. It is preferred over other starches, such as corn starch, due to its high amylose content and stability at high temperatures. The growing demand for convenience and processed food products, increasing prevalence of celiac disease and other food allergies, rising demand for functional food products, and the growing vegan population are the key factors driving the growth of the pea starch market. However, the availability of alternative starches and a decrease in the production of dry peas are expected to hinder the growth of this market to a notable extent.

The pea starch market is segmented by nature (conventional pea starch, organic pea starch); type (modified pea starch, native pea starch); function (thickener & gelling agent, binder, stabilizer, disintegrant, and other functions); application (food & beverage [bakery & confectionery products, dairy products, soups, & sauces and savory & prepared food products, meat & seafood products, other food and beverage products], paper industry, pharmaceuticals & chemicals, animal feed and pet food, and other applications), and geography. The study also evaluates industry competitors and analyzes the regional and country-level markets.

The Impact of COVID-19 on the Pea Starch Market

The COVID-19 pandemic severely affected human health and well-being. To control the spread of the virus, governments worldwide announced partial or complete lockdowns, which severely impacted many industries, including food & beverage, pharmaceuticals, pulp & paper, home & personal care, dietary supplements, animal feed, and textile. The pandemic had both negative and positive effects on the pea starch market.

The COVID-19 outbreak created a severe public health emergency globally. Many countries worldwide announced complete nationwide, state-wide, or citywide lockdowns to combat and control the spread of this disease, halting travel, transport, manufacturing, and non-essential trade.

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According to the United States Department of Agriculture (USDA), some major agricultural exporters, such as Russia, Ukraine, and Vietnam, introduced export quotas or outright bans of international shipments, primarily food products. Agricultural production was also hampered due to the low availability of labor during the COVID-19 pandemic. According to the European Parliament, due to the pandemic's impact on the agri-food sector, governments and commissions had to adopt various measures to support producers. People also preferred homemade food over dining out. Additionally, the food demand from hotels and restaurants was reduced due to social distancing practices, which impacted the demand for pea starch in the market.

According to the Organisation for Economic Co-operation and Development (OECD), imports and exports in many countries were stopped, and ports were closed due to regulations and restrictions. Several shipping containers were docked in Chinese ports, and restrictions on their movement led to a shortage that affected the cargo prices, demand for food products, and traffic volume. Air freight costs raised by about 30% in China and North America and around 60% on some routes to Europe and North America. Hence, it affected the export market due to higher logistics costs and movement restrictions.

However, the demand and use of pea starch increased in industries such as food & beverage, pet food, and pharmaceuticals due to increased awareness of health & wellbeing. During the COVID-19 pandemic, the demand for ready-to-eat food products increased. The young generation preferred ready-to-cook or ready-to-eat products.

Moreover, there was a rise in the demand for functional & immunity-boosting products as people sought solutions to boost their overall health. During the COVID-19 pandemic, health-conscious customers turned to functional and gluten-free products. Hence, increasing health consciousness and the high demand for functional food products encouraged manufacturers and product formulators to focus on these products. The COVID-19 pandemic also spurred a shift toward healthy living, improving people's food habits. For instance, according to the Food Information Council survey 2021, in 2020, 85% of Americans changed their food habits, and in 2021, 39% followed specific diets. These changing food habits boosted the healthy living trend in the U.S., further driving the demand for functional products in the country. Therefore, strong demand for pharmaceuticals, food & beverage, cosmetics and home care support the growth of the pea starch market. Considering the overall impact of COVID-19 on various industries that use pea starch, the impact of the pandemic on the pea starch market was positive.

Based on nature, the pea starch market is segmented into organic and conventional. In 2022, the conventional pea starch segment is expected to account for the largest share of the pea starch market. Key factors contributing to the dominant position of this segment are the wide availability of crops grown through traditional harvesting methods using chemical fertilizers, easy accessibility to cost-effective conventional peas, the longer shelf life of conventional pea starch, and the wide availability of substantial crop varieties. However, the organic segment is projected to register the highest CAGR during the forecast period of 2022-2029.

Based on type, the pea starch market is segmented into native pea starch and modified pea starch. The native pea starch segment is projected to register the highest CAGR during the forecast period. The fast growth of this segment is mainly attributed to the growing trend of sustainable and natural food, awareness about clean-label products, and the wide range of applications in the food and beverage industry due to its high functionality and support to non-GMO, gluten-free, grain-free, vegan, vegetarian, allergen-friendly, and kosher trend.

Based on function, the thickener & gelling agent segment is projected to register the highest CAGR during the forecast period. The growth of this segment is mainly attributed to the growing use of pea starch as a thickener and gelling agent in the food & beverage, pharmaceuticals, and pet food industries due to its enhanced functional properties. It primarily provides thickness and gelling texture in food products which fulfill consumer requirements and maintains stable texture in various conditions.

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Based on application, in 2022, the food and beverage segment is expected to account for the largest share of the pea starch market. The large market share of this segment is mainly attributed to the wide range of pea starch applications in the food & beverage industry due to its functionality and use in non-GMO, gluten-free, grain-free, vegan, vegetarian, allergen-friendly, clean label, and kosher foods. Additionally, the rising demand for ready-to-eat and ready-to-cook food products, increasing consumer awareness regarding the consumption of food products with natural ingredients, and the growing consumer preference for clean label & healthy products further support the growth of this segment.

Based on geography, in 2022, North America is expected to account for the largest share of the pea starch market. The large share of this market is mainly attributed to the large-scale production of dry peas, the well-established food & beverage industry, rising demand for convenience and processed foods, an increase in demand for gluten-free food products, and strong demand for organic and free-from food. However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period.

The report includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past four years (2019-2022). The pea starch market has witnessed several product launches, partnerships, agreements, and collaborations in recent years. The key players operating in the pea starch market are Axiom Foods Inc. (U.S.), Dakota Dry Bean Inc. (U.S.), American Key Products, Inc. (U.S.), Roquette Frères (France), Vestkorn Milling AS (Norway), Yantai Shuangta Food co., LTD (China), Cosucra Groupe Warcoing SA (Belgium), Ingredion Incorporated (U.S.), NutriPea LP (Canada), Shandong Jianyuan Foods Co., Ltd. (China), Puris Proteins, LLC (U.S.), Emsland Group (Germany), Meelunie B.V. (Netherlands), Agridient B.V. (Netherlands), Aminola B.V. (Netherlands), and Ebro Foods, S.A. (Spain).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/pea-starch-market-5389

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This release was published on openPR.