Global Pea Starch Market Thriving: Projected to touch USD 215.6 Million by 2027, growing at the CAGR of 6.7 % during the forecast period (2020-2027)
Published | May 2021
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global pea starch market was worth USD 135.2 Million in the year 2020. It is estimated to grow at the CAGR of 6.7 %, earning revenue of around USD 215.6 Million by the end of 2027. Nowadays, consumers prefer more organic, plant-based ingredients, which is driving the demand for pea starch. Furthermore, the growing focus on the consumption of allergen-free goods has been a significant contributor to market growth. Furthermore, the growing demand for gluten-free goods has led to the market's steadily rising sales.
The rising trend of gluten-free foods
Pea starch offers many health benefits and can be used to make lactose-free, gluten-free, allergen-free solutions. The growing health awareness among fitness-conscious consumers is driving them to go gluten-free. This is one of the primary factors contributing to the market's growth. Pea starch is a gluten-free alternative that also provides other health advantages such as low fat, lactose-free, and allergen-free options, which is driving consumer demand. Furthermore, gluten-free diets lower the risk of diabetes, digestive disorders, and heart disease. Because of the advantages of a gluten-free diet, the pea starch industry has a promising future.
Influence of healthy lifestyle
The growing popularity of vegetarianism, dietary supplements, and flexitarian diets are driving the global pea starch market. The transition of major consumers away from meat consumption, as well as the effect of social media, has had a significant impact on the market's development. Nowadays, millennials are becoming more mindful of the negative effects of meat and dairy products. Thus, the supplemented nutrients derived from alternative food choices are rising the chances of growth for the pea starch industry.
Lack of awareness
Consumers are less aware of the superior properties and benefits of pea starch, which is obstructing the growth of the global pea starch market. Furthermore, since there is less awareness and demand for the product, other items such as starch derived from potatoes, maize, and so on become more prevalent in the market. Therefore, these factors may hamper the development of the pea starch industry during the forecast period. However, growing demand for pea starch in various industries such as pharmaceuticals, food and beverages, and cosmetics, as well as rising marketing campaigns by manufacturers, will increase customer attention and aid in industry demand.
Impact of COVID-19 in the industry
The global pea starch market has been facing some constraints as a result of the ongoing coronavirus-induced, which could impede the market growth. The global pandemic has resulted in lockdowns in many parts of the world, hindering the food and beverage industry. Since the pandemic is still going strong in different parts of the globe, severe government directives on social distancing, transportation, and trade restrictions would most likely disrupt the supply chain and lead to a shortage of raw materials. Additionally, manufacturers' growth strategies have been pushed back due to economic uncertainty and stockholders' lockup of funds.
The food & beverages segment occupies the largest share of the global pea starch market
Pea starch is mainly used in food and beverages due to its many functional benefits.
It aids in the enhancement of the texture, reliability, and supremacy of various food products. Furthermore, pea starch provides food and beverage manufacturers with low fat, allergen-free, low-calorie, gluten-free, and GMO-free solutions. This enables manufacturers to satisfy the varying consumer demands for safe and clean label products. This is a significant motivator for the growth of the pea starch market in the food and beverage sector.
Asia Pacific Region is expected to witness significant growth in the market during the forecast period
Based on region, the global pea starch market is categorized into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. During the forecast period, the Asia Pacific region is expected to be the fastest-growing segment with the highest market share. Market growth in the region is driven by population growth, increasing disposable incomes, and increased use of dairy, confectionery, and bakery items. Additionally, consumer awareness of pea starch products is helping to boost market demand for existing products as well as new application segments. Another major factor driving the pea starch market is the production of dry peas in developing countries. Furthermore, changing tastes and expectations, as well as the high quality of the pea starch manufactured in the APAC countries are propelling the market forward.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global pea starch market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global pea starch market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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