Hyderabad, June 29, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Pea Starch Market,” the market is estimated at USD 128.50 million in 2023, registering a CAGR of 8.16% during the forecast period.
The pea starch market is expected to flourish owing to an increase in the demand for pea starch from the pet food industry and continuous developments in the food & beverages industry. Pea starch is extensively used in various applications as it offers vital performance and functionality benefits.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 128.50 million |
| Market Size (2028) | USD 190.21 million |
| CAGR (2023 – 2028) | 8.16% |
| Study Period | 2018 - 2028 |
| Fastest Growing Market | North America |
| Largest Market | Europe |
| Forecast Units | Value (USD million) |
| Report Scope | Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Consumer preference for free-from food is driving the pea starch demand. |
| Increase in the demand for pea starch from the pet food industry and continuous developments in the food & beverages industry. |
Who are the top companies in the Pea Starch Market?
The pea starch market is competitive, with many local and international players competing for the market share. These players are expanding their footprints in the market to gain a lucrative share. To retain their positions within the market or gain an advantage over their competitors, these companies have set their focus on R&D, expansion, partnership, and innovation.
In 2023, the below significant players collectively dominated the pea starch market with a majority of the market share:
- Groupe Emsland
- Roquette Freres
- The Scoular Company
- Cosucra- Groupe Warcoing
- Ingredion Incorporated
- Axiom Foods Inc.
- Yantai Shuangta Food Co. Ltd
- Vestkorn Milling AS
- Meelunie BV
- Puris Foods
Other Reports That Might Be of Your Interest:
- Tahini Market - The tahini market size is estimated at USD 407.32 million in 2023. It is expected to reach USD 487.75 million by 2028, registering a CAGR of 3.67% during the forecast period (2023-2028).
- Soybean Meal Market - The soybean meal market size is estimated at USD 102.31 billion in 2023. It is expected to reach USD 127.50 billion by 2028, registering a CAGR of 4.50% during the forecast period (2023-2028).
Key Highlights from the Pea Starch Market Report:
Pea Starch Demand Surges Due to Growing Consumer Preference for Free-from Food
- As consumers have grown more health-conscious, clean-label alternatives to modified starches are being developed. The rising popularity of veganism, dietary supplements, and flexitarian diet is the major accelerator for the growth of the pea starch market.
- The growing number of people quitting meat and the influence of social media impacted the market’s growth.
- The market players are launching new products to grab consumer attention. In March 2021, Roquette Frères collaborated with Delpharm Evereux to develop a new vegetarian soft gel capsule composed of hydroxypropyl pea starch, carrageenan, and other functional ingredients.
Europe Takes the Lead in the Pea Starch Market
- European countries are major contributors to the overall market growth. Market players in the region are adopting new strategies, such as acquisitions and partnerships, to expand their product reach.
- Consumers in the region are opting to consume gluten-free products due to the increasing prevalence of celiac disease. The growing popularity of gluten-free products, followed by the ongoing trend of veganism, is one of the major factors resulting in the active penetration of pea starch in the region.
What are the latest developments in the Pea Starch Market?
- In October 2022, Roquette Freres introduced an organic pea ingredients line, including pea starch and organic pea protein, expanding availability to North America, Mexico, and Europe.
- A distribution agreement was established between Gillco Ingredients and Cosucra Inc. in May 2021. Gillco is set to distribute specialty ingredients, such as Nastar native pea starch, to end customers across various consumer sectors in the United States.
- During March 2021, Ingredion expanded its plant-based portfolio by introducing two new ingredients: VitessensePulse 1853, a pea protein isolate, and Purity P 1002, a pea starch. Both ingredients are sourced entirely from sustainable North American farms. Purity P 1002, the native pea starch, offers a combination of versatility and clean-label appeal, making it suitable for various applications, including plant-based cheese, gelatin-free confectionery, and gluten-free baked goods, providing the desired texture in each case.
Mordor Intelligence has Segmented the Pea Starch Market Based on Source, Application, and Geography.
- Source (Market Size & Forecast based on Value (USD million), 2018-2028)
- Organic
- Conventional
- Application (Market Size & Forecast based on Value (USD million), 2018-2028)
- Food and Beverage
- Bakery Products
- Soups and Sauces
- Snacks and Cereals
- Meat and Meat Products
- Dairy
- Other Food and Beverage Applications
- Animal Feed and Pet Food
- Personal Care and Cosmetics
- Geography (Market Size & Forecast based on Value (USD million), 2018-2028)
- North America
- United States
- Canada
- Mexico
- Rest of North America
- Europe
- United Kingdom
- Germany
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
In a nutshell, the Mordor Intelligence Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those looking to understand this industry. Get a glance at the Pea Starch Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Olive Market Report - The olive market size is expected to grow from USD 14.20 billion in 2023 to USD 17.99 billion by 2028, registering a CAGR of 4.85% during the forecast period (2023-2028).
- Global Protein Supplements Market - The protein supplements market size is estimated at USD 25.21 billion in 2023. It is expected to reach USD 36.70 billion by 2028, registering a CAGR of 7.80% during the forecast period (2023-2028).
- Potato Market - The potato market size is estimated at USD 111.82 billion in 2023. It is expected to reach USD 132.81 billion by 2028, registering a CAGR of 3.50% during the forecast period (2023-2028).
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
Attachment
