By 2032, the pea starch concentrate market is projected to be worth USD 904.7 million, growing at a CAGR of 5.3% between 2022 and 2032. In the global pea starch concentrate market, estimated at USD 1532.3 Mn in 2032, sales of yellow pea starch concentrate are probably responsible for about 32% of the demand.
According to a recent report by Future Market Insights (FMI), the market is projected to witness steady growth between 2022 and 2032. On the other hand, uncertainty over the severity and duration of the ongoing coronavirus pandemic is an area of concern in terms of supply chains and reducing demand for processed foods in the food service sector.
The market is expected to display stronger growth in the years to come, especially with rise in niche applications in animal feed, pet food and pharmaceutical production. Efforts to improve nutrition profiles in these sectors has supported growth in the industry.
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Pea starch concentrate finds role in clean label practices in personal care, pharmaceuticals, cosmetics, and food formulations. Nutrition benefits in controlling cholesterol levels, blood pressure, obesity, and antioxidant properties will be key factors driving adoption for the foreseeable future.
FMI’s report on the market offers a detailed overview, covering key market dynamics. Some of the takeaways from the report are as follows:
- The value of the market for pea starch concentrate is estimated at US$ 811 Mn in 2020, which is a decrease than the previous year
- Sluggish growth is expected in the current year (2020) as a result of supply chain concerns, and reduced demand from food industry end users during the ongoing pandemic
- Conventional pea starch concentrate is projected to account for major revenue share, owing to higher global agriculture yields and cost benefits to end user sectors
- North America is a prominent market. However, Asia Pacific is likely to provide lucrative opportunities, with a relatively higher growth rate through 2030, owing to a vast population and growing consumer awareness about health and wellness association to diets
“The higher amylose content of pea starch concentrate enables higher levels of stability under more extreme environment conditions in comparison to other products. These characteristics of heat and acidic resistance will bolster demand in food applications and will support overall market growth during the projection timeframe,” said a lead analyst at FMI.
COVID-19 Impact on Pea Starch Concentrate Market
Pea starch concentrate manufacturers are expected to face the adverse effects of the coronavirus crisis. The pandemic is expected to generate sluggish growth prospects for the industry in the short term, owing to the non-essential nature of its applications in multiple sectors including cosmetics, and processed snacks.
On the other hand, potential applications of pea starch concentrate in pharmaceutical products, coupled with consumer bias towards convenience foods during the outbreak has generated key growth opportunities for players in the industry. Recovery is likely to be gradual towards the end of 2020 as the severity and the duration of the pandemic continues to result in operational and economic uncertainties.
Who is winning?
FMI in its report analyses the strategies being employed by key companies running the pea starch concentrate market. Most producers are focused on the product improvements in addition to emphasizing on strategic acquisitions for geographic and capacity expansions in the long term.
Some of the companies operating in the pea starch concentrate market are Ingredion Inc, Roquette Freres, The Scoular Company, Cosucra Groupe Warcoing S.A., AGT Food and Ingredients, and Meelunie BV among others.
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Key Segments
Product Type
- Yellow Peas
- Green Peas
Nature
- Organic
- Conventional
End Use
- Sups & Sauces
- Confectionery
- Bakery
- Breakfast Cereals
- Ice-Cream & Desserts
- Pasta & Noodles
- Snacks & Savory
- Processed Meat Products
- Animal Feed
- Pet Food
- Pharmaceuticals
Grade
- Food Grade
- B2C/Indirect
- Industrial Grade
Regional Outlook
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of LATAM)
- Europe (EU-4, U.K., Benelux, Nordics, Russia, Poland, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Indonesia, Singapore, Rest of South Asia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Israel, South Africa, Turkey, Iran, Rest of MEA)
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Frequently Asked Questions
- What is the pea starch concentrate market size?
- Which are the top companies in pea starch concentrate market?
- What are the applications of pea starch concentrate?
- From what sources are pea starch concentrates derived from?
- What are the challenges faced in pea starch concentrate market?
- Will South Asia exhibit high demand for pea starch concentrates?
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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