Pea Starch Market to Surpass $307.4 Million by 2029

Meticulous Research® has recently released a comprehensive analysis predicting that the global pea starch market will reach a valuation of $307.4 million by 2029, with a compound annual growth rate (CAGR) of 7.7% from 2022 to 2029. The anticipated market expansion is driven by increasing consumer demand for convenience and processed food products, the rising prevalence of celiac disease and other food allergies, a surge in the demand for functional foods, and a growing vegan population. However, market growth may face challenges due to the availability of alternative starches and a decline in dry pea production.

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Market Segmentation and Key Insights

The pea starch market is meticulously segmented by nature, type, function, application, and geography, offering an in-depth analysis of trends, opportunities, and competitive dynamics across these categories.

• By Nature: The market is divided into conventional and organic pea starch. In 2022, the conventional segment is anticipated to command the largest share of the market. This dominance is attributed to the widespread availability of conventionally grown crops, cost-effective procurement methods, and the longer shelf life associated with conventional pea starch. Furthermore, the extensive variety of conventional pea crops available in the market bolsters this segment's growth.

• By Type: The segmentation into native and modified pea starch reveals that native pea starch is poised to experience the fastest growth during the forecast period. The escalating preference for sustainable and natural food products, coupled with growing awareness of clean-label ingredients, positions native pea starch as a highly sought-after component in the food & beverage industry. Its versatility in supporting non-GMO, gluten-free, grain-free, vegan, vegetarian, allergen-friendly, and kosher trends further enhances its appeal.

• By Function: Pea starch serves various functions, including thickening, gelling, binding, stabilizing, and disintegrating. The thickener & gelling agent segment is expected to dominate in 2022, driven by the widespread use of pea starch in the food & beverage, pharmaceuticals, and pet food industries. Its ability to provide consistent thickness and stable texture across different food products underscores its functional significance.

• By Application: The pea starch market's application spectrum spans food & beverage, the paper industry, pharmaceuticals & chemicals, animal feed & pet food, and other sectors. In 2022, the food & beverage segment is expected to hold the largest market share, owing to the extensive applications of pea starch in this sector. The rising demand for ready-to-eat and ready-to-cook food products, coupled with increasing consumer awareness of natural ingredients, propels the growth of this segment. Additionally, the trend towards clean-label and health-conscious products further drives demand.

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Regional Market Dynamics

The report provides a thorough geographic analysis covering key regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

• North America: In 2022, North America is projected to dominate the pea starch market, supported by the region's large-scale dry pea production, a robust food & beverage industry, and a strong consumer preference for gluten-free and organic products. The rising demand for convenience and processed foods also plays a pivotal role in maintaining North America's market leadership.

• Asia-Pacific: Although North America leads in market share, the Asia-Pacific region is expected to exhibit the highest CAGR during the forecast period. Factors such as rapid urbanization, changing dietary preferences, and increasing health consciousness among consumers contribute to the region's burgeoning demand for pea starch.

Key Players:

The pea starch market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. 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).

Key Questions Answered in the Report-

• What is the current value of revenue generated by the global pea starch market?
• At what rate is the global demand for pea starch projected to grow for the next 5-7 years?
• What is the historical market size and growth rate for the pea starch market?
• What are the major factors impacting the growth of this market at global and regional levels? What are the major opportunities for existing players and new entrants in the market?
• What impact does the current COVID-19 pandemic have on the pea starch market?
• Which nature, type, function, and application segments create major traction for the manufacturers in this market?
• What are the key geographical trends in this market? Which regions/countries are likely to offer significant growth opportunities for the manufacturers in this market during the analysis period?
• Who are the major players in the pea starch market? What are their specific product offerings in this market?
• What recent developments have taken place in the pea starch market? What impact have these strategic developments created on the market?

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