Pea starch market to grow at a CAGR of 6.6% from 2022 to 2027; The increasing prominence of private-label brands to boost the market - Technavio

NEW YORK, March 13, 2023 /PRNewswire/ -- The global pea starch market size is estimated to grow by USD 100.32 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 6.6% during the forecast period. Moreover, the growth momentum will accelerate. The increasing prominence of private-label brands is notably driving the market growth, although factors such as growing demand for fluctuating prices of raw materials hampering the scale of modified starch production may impede the market growth. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

Global Pea Starch Market – Market Dynamics
Key factor driving market growth

• The increasing prominence of private-label brands is notably driving the market growth. 
• Private label pea starch products are becoming more and more preferred by retailers around the world.
• In order to increase their profits, different distributors are selling different types of pea starch under their own brands, and are selling them worldwide contributing to market growth.
• Retailers around the world are capitalizing on the growing consumer demand for pea starch by privately branding their pea starch brands and snacks based on pea starch.
• Over the past decade, the private label product segment of the food and beverage industry has grown in size and scale due to lower prices than branded products. Such factors drive market growth during the forecast period. 

Major challenges hindering the market growth

• Fluctuating prices of raw materials hampering the scale of modified starch production are the major challenges impeding the market growth.
• The main raw material of pea starch is natural starch. The cost of native starch and its availability are taken into account by pea starch producers.
• Fluctuations in commodity prices not only discourage the pricing of pea starch offered by market vendors but may also increase the price of pea starch in order to capture large profit margins.
• Further, the fluctuations in the prices of raw materials tend to exacerbate the situation for vendors in the market owing to the erratic availability of raw materials, as pea starch is basically an agro-product whose availability depends on natural and climatic conditions. This can be a potential challenge for the market in focus, thereby hindering its growth during the forecast period. 

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Global Pea Starch Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on type (conventional and organic), and application (food and beverage, pharmaceutical and nutraceutical, and others).

• The conventional segment will account for a significant share of the market growth during the forecast period. Conventional pea starch is a cheaper source of starch than rice, wheat, and cassava, and contains fewer carbohydrates than common starches such as corn and potatoes. Gluten is increasingly being used as an ingredient. These factors are expected to increase the demand for conventional pea starch, driving the growth of the featured market during the forecast period. 

Geography Overview
By geography, the global pea starch market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global pea starch market.

• APAC is estimated to contribute 43% to the growth of the global market during the forecast period. The pea starch market is expected to grow rapidly during the forecast period owing to the high demand for pea starch from two major emerging markets in the region namely India and China. As an agriculture-based economy, India is a promising market for the global pea starch industry. Additionally, the Indian food industry offers great opportunities for the use of pea starch due to the growing number of government-sponsored projects in the country. Such factors will increase the market growth during the forecast period.

Insights on the market contribution of various segments including country and region wise, historic data (2017 to 2021) and forecast market size (2023 to 2027) - Download a Sample Report

Global Pea Starch Market – Leading trends influencing the market 

• Increasing awareness about gluten-free products is the primary trend in the market. 
• Demand for pea starch has increased significantly because it is gluten-free. There is a growing for gluten-free or gluten-free products.
• Moreover, some people's digestive systems cannot tolerate gluten. If left undiagnosed, it can lead to celiac disease, which is a severe form of gluten intolerance.
• Gluten sensitivity is found to aggravate digestive issues, cause inflammation of the small intestine, lead to attention deficit hyperactivity disorder (ADHD), and mitigate healthy brain function. No cure has been found for this disease so far, and the only way to avoid it is to switch to a gluten-free diet.
• Due to these issues, consumers are starting to avoid diets containing gluten, and the market for gluten-free products is growing rapidly as people become more aware of the benefits of good nutrition. favorable to the growth of the market. 

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Pea Starch Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the pea starch market between 2023 and 2027
• Precise estimation of the pea starch market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the pea starch market across APAC, North America, Europe, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of pea starch market vendors

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• The food starch market size is expected to increase by USD 5.88 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.35%. Furthermore, this report extensively covers the market segmentation by type (maize, wheat, and others) and geography (North America, APAC, Europe, South America, and Middle East and Africa).

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Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by Application

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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SOURCE Technavio