6.6% CAGR growth in Pea Starch Market by Type (conventional and organic), Application (food and beverage, pharmaceutical and nutraceutical, and others) and Region, Global Forecast to 2027 - Technavio
NEW YORK, Jan. 23, 2024 /PRNewswire/ -- The pea starch market is to grow by USD 100.32 million from 2022 to 2027 progressing at a CAGR of 6.6% during the forecast period. The growth of the conventional segment will be significant during the forecast period. This sector's growth is influenced by the widespread availability of conventionally harvested pea crops, easy access to cost-effective conventional peas, extended shelf life of conventional pea starch, and the presence of numerous crop varieties. APAC is estimated to contribute 43% to the growth during the forecast period. The pea starch market is set to thrive, fueled by high demand in key Asian economies, particularly India and China. Rapid growth in pharmaceuticals, cosmetics, and textiles, contributes to the strength, with notable influence from China, Thailand, Australia, Japan, and Singapore.
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The pea starch report covers the following areas:
Increasing awareness about gluten-free products is the primary trend. "There is a growing demand for nongluten or gluten-free products as more and more people become aware of celiac disease, which is caused by eating grains such as wheat, rye, and barley, all of which contain gluten," says a senior analyst of Technavio.
The increasing prominence of private-label brands is notably driving growth. Fluctuating prices of raw materials hampering the scale of modified starch production are the major challenges impeding growth.
Companies Mentioned
- A and B Ingredients Inc.
- AGT Food and Ingredients Inc.
- AM Nutrition
- Archer Daniels Midland Co.
- Axiom Foods Inc.
- Benson Hill Inc.
- COSUCRA
- Emsland Starke GmbH
- Herba Ingredients BV
- Ingredion Inc.
- Makendi Industrial Products Co. Ltd.
- Meelunie BV
- NutriPea LP
- Parrish and Heimbecker Ltd.
- Puris
- Roquette Freres SA
- Shandong Jianyuan group
- The Scoular Co.
- Vestkorn Milling AS
- Yantai Shuangta Food Co. Ltd.
Company Offering
Makendi Industrial Products Co. Ltd. - The company offers pea starch products for Meat Products, Canned Products, and Bakery Products as its key offerings.
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Recent Trends
Over the past decade, private-label products in the food and beverage industry have expanded in scope and size due to their competitive pricing compared to branded items. Price-sensitive consumers are drawn to these products, leading supermarket chains to allocate more shelf space and invest in in-house marketing. This trend aligns with the growing demand for food ingredients like pea starch, which cater to plant-based products, clean label preferences, and natural starch with functional properties. The focus on gluten-free, vegan, and sustainable sourcing, as well as non-GMO products, reflects the increasing emphasis on health and wellness in food processing. This is also utilized as a texturizing agent, thickening agent, and binding agent, contributing to gluten replacement in bakery products and the snack industry.
Related Reports
The Pea Protein Market size is projected to increase by USD 203.32 million. and the size is estimated to grow at a CAGR of 12.24% between 2022 and 2027.
The cassava market size is estimated to grow at a CAGR of 4.66% between 2022 and 2027. The size is forecast to increase by USD 44.99 billion.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Sizes
Five Forces Analysis
Segmentation by Application
Segmentation by Type
Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential areas and assess their competitive positions within changing scenarios.
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SOURCE Technavio
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