Pea Starch Leads the Way as Demand for Gluten-free Products Gains Momentum
The rise in consumer demand for natural or plant-based ingredients is expected to drive the global demand for pea starch. The increasing focus on the consumption of products with reduced allergen has been a significant contributor to the market growth. Furthermore, the demand for gluten-free products has also contributed to the market’s steadily rising revenue.
Food manufacturers are considering pea starch as a clean label ingredient, thus using it as an effective alternative to other modified starch. In the light of this, the application of pea starch is boosting in bakeries, confectionery products, and soups and sauces amongst others. Known for excellent binding and thickening properties, pea starch is also gaining popularity as an alternative to gelatin.
Recent studies indicate that pea starch is an excellent bioplastic, making it an ideal renewable and biodegradable material. All of these factors put together are expected to support the growth of the pea starch market demand during the forecast period.
According to researchers at Fairfield, the pea starch and pea fibre products market has attained a favourable growth since 2012, registering a compound annual growth rate of 33% for pea fibre, 29% for pea starch over the period. A total of 2,310-pea starch or pea fibre products were launched globally between 2013 and 2017.
Analysts have identified Europe as the largest contributor to the market, receiving 1,521 new product launches. Whereas the U.S. saw 339 new products. In the past five years, the different category of the product containing pea starch or pea fibre has been launched in the U.S. includes dry dog food (71), wet dog food (39) and dog snack and treats (38).
COVID-19 Propels Demand for Pea Starch due to Easy Availability
As compared to the organic segment, the conventional of pea starch format accounted for the largest value share in 2019. The unstoppable spread of COVID-19 has affected the global supply chain, which has compelled food manufacturers to procure affordable raw material. This trend has significantly supported the demand for conventional pea starch in recent times.
Research indicates that high amylase content, which enables binding and thickening lending a signature consistency to the end product, will up the usage of pea starch in multiple food and beverages.
China Paves Way with Skyrocketing Consumption
Globally, Asia Pacific is estimated to register the highest CAGR during the forecast period. Countries such as China & Japan are the top two importers of dextrin and other modified starches. Moreover, pea starch manufacturers are also planning to enter the China market.
For instance, Euro Technologies Company, which recently expanded its production facility for pea starch and pea protein in Russia announced that they are planning to sell their products in China as it is one of the largest consumer of pea starch across the globe.
Pea Starch Market Players Focusing on Innovation to Stay Competitive in the Future
Some of the major players studied in the report include Roquette Freres, Rogaland Agder, Emsland Group, Puris, Cosucra Group, Axiom Foods Inc., Parrish Heimbecker, ltd., Meelunie B.V., AGT Food and Ingredients, Felleskjøpet, Warconing SA, The Scoular Company, Shandong Jianyuan Group, Dakota Dry Bean and Vestkorn Milling AS.
A brief look at leading players indicates following strategic developments:
Key Elements Included In The Study: Global Pea Starch Market
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