According to the recent FMI report, the sales for pea starch is projected to reach USD 130 million by 2024, with an anticipated growth to USD 241 million by 2034, advancing at a CAGR of 13.1% during this period.
Gluten-free living is gaining popularity among an increasing number of people, inspired by celebrities and sports stars who advocate for gluten-free diets. This trend is bringing gluten-free ingredients, such as pea starch, into the spotlight.
Notable figures like Novak Djokovic and Jessica Alba, who have adopted gluten-free lifestyles, influence many consumers to follow suit. Alongside the rising number of individuals with gluten intolerance, these factors create an ideal environment for the growth of gluten-free products. As a result, pea starch is becoming a more common dietary choice.
Sales of pea starch will represent 0.7% of the overall demand in the global vegetable protein market. Increasing preventative healthcare and the recent outbreak of deadly viruses are boosting growth in the overall vegetable protein market triggering growth in the pea starch market.
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Key Takeaways from the Pea Starch Market Study
- Pea Starch is widely consumed in food processing functions of thickening and binding, gelling and texturizing among others. While thickening and binding applications are dominating the application segment holding nearly 35% market share. However, gelling applications is expected to grow with a significant CAGR of 8.5% over the forecasted period.
- Pea starch is widely consumed in food processing end-use which is accounting for around 25% of the total market value. However, increased potential in the bakery products industry has led to an exceptional CAGR of around 9.8%.
- As the focus on food nutrition grows, non-GMO and clean label attributes are gaining traction. As a result, organic pea starch, which is rising at a rate of close to 8%, are posing a significant threat to conventional pea starch, which owns more than 85% of the market share.
- Due to a robust and active food processing industry, North America and Europe are the major markets for pea starch accounting for more than 54% of the global market. However, lucrative opportunities are now emerging in the APEJ and Latin American markets, which are developing at a CAGR of 9.7% and 8.0%, respectively.
“Manufacturers are seeking to produce pea starch-based products in order to meet rising customer demand for nutritious and sustainable foods. They are also providing convenience and on-the-go foods with a healthy twist to satisfy the demand of millennial customers, contributing to the worldwide pea starch market’s rise,” says the FMI analyst.
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Increased use for human consumption and application as a stabilizing agent in food processing is expected to drive growth in food-grade pea starch throughout the forecast period. Industrial grade pea starch, on the other hand, is predicted to expand at a faster rate of over 8%, with textile, adhesive, and cosmetic applications in packaging. These trends will be aided by the use of pea starch in the manufacturing of bioplastics.
Who is winning?
Key players operating in the global pea starch market are focusing on reaching a large consumer base by implementing various strategies such as marketing and promotional activity, strengthening distribution channels and adopting sustainable production.
Some of the leading companies offering pea starch are Axiom Foods Inc., Dakota Dry Bean, Parrheim Foods, Cargill Inc., Vestkorn, Roquette, Sanstar Bio-Polymers, Emsland Group, American Key Products and others.
Market Segments Covered in Pea Starch Industry Analysis
By Nature :
- Organic
- Conventional
By Application :
- Thickening and Binding
- Gelling
- Texturizing
- Others
By Grade :
- Feed Grade
- Food Grade
- Industrial Grade
By End-Use :
- Soups and Sauces
- Snacks and Savory
- Bakery Products
- Food Processing Industry
- Cosmetics
- Pharmaceuticals
- Pet Food Industry
By Region :
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
Summary
Diversified application of pea starch in wide variety of industries such as food and beverage, pet food, cosmetics, pharmaceuticals is one of the key reason behind the growing demand for pea starch market. In addition to this increasing awareness regarding health benefits of consumption of pea starch is also souring growth to the pea starch market.
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Author by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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