The global pea starch market is experiencing robust growth, projected to reach USD 211 million by 2027, with a CAGR of 6.2% from 2022 to 2027. This expansion is fueled by factors such as new product launches, distribution agreements, and increased investments by manufacturers. Noteworthy collaborations, like Puris Foods partnering with the Upcycled Food Association, highlight the industry’s commitment to sustainability and combating food waste.
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Nutritional Benefits Driving Consumer Demand:
Consumers are increasingly recognizing the nutritional benefits offered by peas and pea-based products. Green peas boast minerals beneficial for cardiovascular health, while yellow peas provide high fiber aiding digestion. The rich content of lysine, iron, and carbohydrates in dry yellow peas positions them as alternatives to traditional legumes like wheat and rice. Pea-based products are gaining popularity for their richness in vitamins C and E, zinc, and antioxidants that support the immune system. Additionally, pea starch, with 30%-60% dry weight, is becoming a sought-after food ingredient due to its unique properties such as high resistance to shear-thinning and high gelatinization temperature.
Expanding Market with Growing Veganism:
A significant shift in consumer diet preferences towards non-meat and plant-based options is driving the demand for pea-oriented ingredients like pea protein and pea starch. Factors contributing to this shift include health conditions like lactose intolerance and meat allergies, along with increased health consciousness. The UN report supporting plant-based diets as a means to combat climate change further fuels the trend. The rise in the vegan population globally is evident, with the UK leading in 2019, followed by Australia, Israel, New Zealand, Switzerland, Austria & Germany, and Sweden.
Challenges and Threats:
Despite its growth, the pea starch market faces challenges, primarily from substitutes like potato starch, corn starch, and cassava starch. These substitutes, also categorized as resistant starch, offer health benefits such as improved nutrient absorption and support for gut health. Cassava starch is gaining traction due to its easy availability and diverse applications in various industries. The rise in demand for cassava starch poses a potential threat to the pea starch market.
Asia Pacific holds the largest market share, driven by countries like China, India, and Japan. The economic production of pea starch in these countries is facilitated by ample resources and manpower. The food and beverage sector is a significant application segment, with manufacturers increasingly opting for pea starch as a cost-effective substitute for traditional starches. Changing lifestyles, especially in urban populations, contribute to the growing demand for convenience foods, further boosting the use of pea starch in the region.
Prominent players in the pea starch market include Emsland Group, Ingredion Incorporated, Roquette Freres, Vestkorn, Axiom Foods, COSUCRA, AGT Food & Ingredients, Puris Foods, NutriPea, and Organicway, among others.
The global pea starch market is on a trajectory of steady growth, driven by factors such as nutritional awareness, sustainability, and the rise of plant-based diets. As the industry navigates challenges posed by substitutes, market players continue to innovate, collaborate, and invest to capitalize on the expanding opportunities in this dynamic market.