Preference for clean label food products among consumers, demand in industrial applications, and demand for convenience food drive the growth of the global pea starch market
PORTLAND, Oregon, July 14, 2020 /PRNewswire/ -- Allied Market Research published a report, titled,"Pea Starch Market by Type (Organic/Non-GMO and Conventional) and Application (Food & Beverage, Feed, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global pea starch industry generated $292.9 million in 2018, and is estimated to reach $544.7 million by 2026, witnessing a CAGR of 8.3% from 2019 to 2026.
Prime determinants of growth
Preference for clean label food products among consumers, demand in industrial applications, and demand for convenience food drive the growth of the global pea starch market. However, retrogradation effects on foods containing starch hinder the market growth. On the other hand, demand for organic pea starch and modified starch from developing countries create new opportunities in the coming years.
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- The demand for pea starch has been decreased during the lockdown implemented by governments. Owing to lockdown, the end-user industries such as skincare & hair care product manufacturing, food & beverages, and others underwent a complete or partial closedown.
- Expansion strategies of manufacturers have taken a toll. They have postponed the plans to expand due to economic turbulence and freezing of funds by some of the investors.
The conventional segment to maintain the highest contribution in terms of revenue by 2026
Based on type, the conventional segment accounted for nearly 88% of the total market share of the global pea starch market in 2019, and is expected to maintain the highest contribution in terms of revenue throughout the forecast period. This is attributed to its usage to improve texture for high yield pork hams and poultry rolls and canned food for stabilization of processes. However, the organic/non-GMO segment is estimated to witness the highest CAGR of 9.7% from 2019 to 2026, owing to surge in demand for organic food products across the world.
The food and beverages segment to continue its lead during the forecast period
Based on application, the food and beverages segment contributed to the highest share, holding more than three-fifths of the global pea starch market in 2019, and is estimated to continue its lead during the forecast period. Moreover, this segment would register the highest CAGR of 8.3% during the forecast period. This is due to thicker consistency of pea starch in comparison to corn starch and increase in applications in meat products. The research also analyzes segments including feed and others.
North America to maintain its leadership status during the forecast period
Based on region, North America held the highest share in terms of revenue of the global pea starch market, accounting for more than two-fifths of the total market share in 2019, and is expected to maintain its leadership status during the forecast period. This is attributed to manufacturing of protein concentrates from pea and rise in utilization in industrial applications in the region. However, Asia-Pacific would grow at the highest CAGR of 10.5% from 2019 to 2026, owing to expansion of pea starch manufacturers into the region and supportive industrial and economic policies.
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Leading Market Players
- American Key Food Products
- Cosucra Groupe Warconing SA
- Emsland Group
- Meelunie B.V.
- Puris Foods
- Roquette Frères
- Shanghai Bichain Industrial Chemical
- The Scoular Company
- Vestkorn Milling AS
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SOURCE Allied Market Research