The global demand for pea starch market is expected to rise, owing to the increasing requirement for pea starch in the food and beverage industry.
PORTLAND, OR, USA, Jan. 20, 2022 /EINPresswire.com/ — Pea Starch Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026,” the global market for Pea Starch was valued at $292.9 Million in 2018, and is expected to reach $544.7 Million by 2026, registering a CAGR of 8.3% from 2019 to 2026.
The pea starch market has a high growth potential, owing to the increase in demand for pea starch in the food and beverage industry. In addition, the growth of the pea starch market is driven by increasing global population and rising population per capita, thereby increasing the production of pea starch. The change in taste and consumer preference for healthy foods has had a positive effect on sales. In response to consumer food concerns, manufacturers are developing differentiated specialties based on pea starch.
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Many players are entering the market with innovative pea-based food offers. Thus, emerging innovative food products are expected to increase market competition in the coming years. Also, increasing population in developing countries, such as China and India, has increased the demand for pea starches and pea proteins to meet growing dietary needs.
With the growing inclination of consumers towards organic food products and natural personal care products, the demand for organic and own-brand ingredients is consequently gaining momentum. Pea starch derived from non-GMO/organic peas provides a safe and sustainable part for clean label bars, baked goods and beverages. This enables manufacturers to meet the demand for organic foods and contributes to the expansion of the organic pea starch market. Thus, shifting consumer preference towards adoption of organic pea starch is expected to provide a rewarding opportunity for market expansion over the forecast period.
The global pea starch market is segmented into type, application, and region. Based on type, the market is divided into organic/non-GMO and conventional. Applications covered in the study include food and beverage, animal feed and others. Regionally, the pea starch market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Based on type, according to Pea Starch Market forecast, the conventional segment was valued at $259.9 million and is projected to grow with a CAGR of 8.1% to reach $544.7 million. by 2026. The organic segment is expected to grow at a faster rate. CAGR of 9.7% over the forecast period, attributed to increasing consumer demand for different types of pea starches produced by organic methods.
Regionally, the market is analyzed in North America (United States, Canada, and Mexico), Europe (Germany, France, United Kingdom, Italy, Spain, and Rest of Europe), Asia-Pacific (China , India, Japan, Australia, Rest of Asia-Pacific) and LAMEA (Latin America, Middle East and Africa.). Countries such as Australia, USA, UK, NORDIC countries, India, China and ASEAN countries are the biggest consumers of pea starch. Also, factors such as easy product availability, high per capita expenditure, and increasing consumer spending power are contributing significantly to the growth of the market.
The demand for pea starch has declined during the lockdown put in place by governments. Due to the lockdown, end-user industries such as manufacturing of skin and hair care products, food and beverages, and others have experienced full or partial shutdown. Manufacturers’ expansion strategies have taken their toll. They postponed expansion plans due to economic turmoil and freezing of funds by some investors.
The major players operating in the pea starch industry are Agridient, American Key Food Products, Cosucra Groupe Warconing SA, Emsland Group, Meelunie BV, Puris Foods, Roquette Frères, Shanghai Bichain Industrial Chemical, The Scoular Company and Vestkorn Milling AS.
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