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 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pea starch is extracted from yellow peas. It is tasteless, odourless, gluten-free and easily digestible. It is used as a thickening agent and stabilizer in soups, sauces, gravies, desserts and baked goods. The increasing demand for plant-based and gluten-free ingredients is driving the pea starch market.
Market key trends:
One of the key trends witnessed in the pea starch market is its increasing use in the food processing industry. Pea starch is widely used as a thickening and binding agent in various food products like meat substitutes, dairy alternatives and bakery items due to its functional properties. It helps provide texture and retains moisture in these products. Leading food brands are increasingly incorporating pea starch into their vegetarian and vegan product lines owing to the rising demand from health-conscious consumers.
Segment Analysis
The global pea starch market is segmented into native pea starch and modified pea starch. Among these, the modified pea starch segment dominates the global market and accounted for around 60% market share in 2022. Modified pea starch exhibits superior characteristics such as better water retention, viscosity, and stability compared to native pea starch. This makes it suitable for use in various food applications such as soups, sauces, ready meals, processed meats, and desserts. The demand for modified pea starch is expected to remain high from the food industry during the forecast period.
Key Takeaways
The Global Pea Starch Market Size is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing demand for plant-based and gluten-free ingredients from the food industry.
By region, Europe dominates the global pea starch market with over 35% market share in 2022. Countries like France, Germany, and the UK are leading producers and consumers of pea starch in the region. North America is another major market for pea starch growing at a CAGR of around 9% during the forecast period due to rising health consciousness among consumers.
Key players operating in the pea starch market are Groupe Emsland, Roquette Frères, The Scoular Company, COSUCRA - Groupe Warcoing, Ingredion Incorporated, Axiom Foods Inc., Yantai Shuangta Food Co. Ltd, Vestkorn Milling AS, Puris, Meelunie BV, AGT Food and Ingredients Inc., and Shandong Jianyuan Bioengineering Co. Ltd. Leading companies are focusing on new product launches and capacity expansions to strengthen their market position.
For More Insights, Read: https://www.newsstatix.com/pea-starch-market-size-share-and-growth-forecast-2023-2030/
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