Pea Starch Market to Reach $307.4 Million by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

REDDING, Calif., Jan. 16, 2023 /PRNewswire/ -- According to a new market research report titled, 'Pea Starch Market by Nature (Conventional, Organic); Type (Modified, Native); Function (Thickener, Gelling, Binder, Stabilizer); Application (Food [Bakery, Dairy], Beverage, Pharmaceuticals, Paper Industry, Animal Feed) - Global Forecasts to 2029', the pea starch market is projected to reach $307.4 million by 2029, at a CAGR of 7.7% from 2022 to 2029.

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Pea starch has a neutral taste and offers various functionalities in different applications, whether in small or large quantities, in food & beverage, pharmaceuticals, animal feed & pet food, chemical, paper, and other industries due to its thickening, gelling, stabilizing, binding and disintegration properties. It is preferred over other starches, such as corn starch, due to its high amylose content (~35%), excellent disintegration properties, binding power, and stability at high temperatures. The growth of this market is attributed to the rising demand for convenience and processed food products, the increasing prevalence of celiac disease and other food allergies, the rising demand for functional food products, and the growing vegan population. However, the availability of alternative starches and the decrease in the production of dry peas may restrain the growth of this market.

Furthermore, the future market for pea starch-based bioplastics and a rise in demand from the pet food industry will provide significant growth opportunities for pea starch manufacturers in the coming years.

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Increase in Demand for Convenience and Processed Foods to Drive the Pea Starch Market Growth

Convenience foods require less or no time for preparation and cleanup. These are restaurant meals and ready-to-eat food from grocery stores. Most people in urban areas live busy lives and do not wish to spend much time preparing food. Due to greater time constraints from work, childcare, and commuting, they prefer convenience foods.

Consumer demand for processed and convenience food has grown substantially over the past decades. A greater need for convenience drives the processed food market due to hectic lifestyles, socioeconomic changes, and urbanization. In addition, consumers' rising buying power, growing awareness for healthy and readily available foods, and changing food habits and meal patterns drive the demand for processed and convenience food. According to Eating Better's Ready Meals Survey, in 2020, 88% of adults in the U.K. consumed ready-to-eat and ready-to-cook foods, and two in five people ate packaged meals weekly.

More than half of the world's population lives in urban areas. According to the United Nations World Urbanization Report, the world's urban population has grown rapidly from 439,498,772 in 2015 to 471,031,528 in 2019, which indicates that almost 55% of the world's population lives in urban areas. This proportion is expected to reach 68% by 2050. As a result, urban consumers are gaining exposure to a much wider choice and better food availability than those living in rural areas. This trend contributes significantly toward improved living standards and rising incomes, which influences the affordability of processed food to a greater extent. Hence, the growing consumer for convenience and processed food drives the growth of the pea starch market, as pea starch is a universal binder and thickener for many applications in the food industry.

Based on nature, the pea starch market is segmented into organic pea starch and conventional pea starch. The organic segment is projected to register the highest CAGR during the forecast period of 2022–2029. The fast growth of this segment is mainly attributed to the growing trend of sustainable and natural food and awareness about clean-label products. Also, organic foods are perceived to be healthier and safer as they are free from any pesticides and chemicals, which further supports the growth of this segment.

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Based on type, the pea starch market is segmented into native pea starch and modified pea starch. In 2022, the native pea starch segment accounted for the largest share of the pea starch market. Key factors contributing to the large market share of this segment are the growing trend of sustainable and natural food and awareness about clean-label products and a wide range of applications in the food and beverage industry due to its high functionality and support to non-GMO, gluten-free, grain-free, vegan, vegetarian, allergen-friendly, and kosher trend.

Based on function, the pea starch market is segmented into thickener & gelling agent, binder, stabilizers, disintegrants, and other functions. The thickener & gelling agent segment is projected to register the highest CAGR during the forecast period of 2022–2029. The growth of this segment is mainly attributed to the increasing use of pea starch as a thickener and gelling agent in the food & beverage, pharmaceuticals, and pet food industries due to its enhanced functional properties. It primarily provides thickness and gelling texture in food products and maintains stable texture in various conditions.

Based on application, the pea starch market is segmented into food & beverage (bakery & confectionery products, dairy products, soups, sauces, savory, and prepared foods, meat & seafood, and other food products); paper industry; pharmaceutical & chemical; animal feed and pet food; and other applications. In 2022, the food and beverage segment accounted for the largest share of the pea starch market. The dominant position of this segment is mainly attributed to the wide range of pea starch applications in the food & beverage industry due to its functionality and use in non-GMO, gluten-free, grain-free, vegan, vegetarian, allergen-friendly, clean-label, and kosher foods. Also, the rising demand for ready-to-eat and ready-to-cook food products, increasing consumer awareness regarding the consumption of food products with natural ingredients, and the growing consumer preference for clean label & healthy products further support the growth of this segment.

Based on geography, the pea starch market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America accounted for the largest share of the pea starch market. The large-scale production of dry peas, the well-established food & beverage industry, increasing demand for convenience and processed foods, increase in demand for gluten-free food products, and strong demand for organic and free-from food. However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period of 2022-2029.

Some of 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), Ebro Foods, S.A. (Spain), among others.

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Scope of the Report:

Pea starch Market, by Nature               

• Conventional Pea starch
• Organic Pea starch

Pea starch Market, by Type

• Native Pea starch         
• Modified Pea starch

Pea starch Market, by Function

• Thickener & Gelling Agent
• Binder
• Stabilizer
• Disintegrant
• Other Functions

Pea starch Market, by Application

• Food & Beverage
  • Bakery & Confectionery Products
  • Dairy Products
  • Soups & Sauces and Savory & Prepared Food Products
  • Meat & Seafood Products
  • Other Food & Beverage Products
• Paper Industry
• Pharmaceuticals and Chemicals
• Animal Feed and Pet Food
• Other Applications

Pea starch Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
•  
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • RoLATAM
• Middle East & Africa

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