Pea Starch Market is Predicted to Attain $544.7 Million by 2026: Allied Market Research
September 23, 2022
Inclination toward clean label food products and implementation in convenience food fuel the growth of the global pea starch market.
PORTLAND, OREGON, UNITED STATES, September 23, 2022 /EINPresswire.com/ -- The global pea starch market generated $292.9 million in 2018, and is estimated to reach $544.7 million by 2026, witnessing a CAGR of 8.3% from 2019 to 2026.
The pea starch market possesses high growth potential, owing to increase in demand for pea starch in food & beverages industry. Furthermore, the pea starch market growth is driven by surge in global population and rise in per capita, thus increasing the production of pea starch. Change in taste and preference for healthy food of consumers positively affected the sales. In response to the dietary concerns of consumers, manufacturers are developing specialty differentiated products with pea starch. Numerous players are entering the market with innovative food product offerings, using peas as their base. Thus, emerging innovative food items are expected to increase the market competition in the years to come. Furthermore, upsurge in population in the developing countries, such as China and India, has increased the demand for pea starches and pea proteins to cater to increasing food requirements.
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Leading players of the global pea starch market analyzed in the research include Agridient, Cosucra Groupe Warconing SA, American Key Food Products, Meelunie B.V., Emsland Group, Roquette Frères, Puris Foods, the Scoular Company, Shanghai Bichain Industrial Chemical, and Vestkorn Milling AS.
The pea starch demand reduced significantly during the lockdown in many countries. In addition, the demand lowered from the end-user industries such as food & beverages, skincare & hair care product manufacturing, and others due to entire or partial closedown.
Expansion strategies of manufacturers have been hindered and they have to postpone the plans of expansion due to economic turbulence and locking of funds by investors.
The report offers detailed segmentation of the global pea starch market based on type, application, and region.
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By type, the conventional segment held nearly 88% of the total share of the market in 2019, and is projected to maintain dominance in terms of revenue during the forecast period. However, the organic/non-GMO segment is projected to witness the largest CAGR of 9.7% from 2019 to 2026.
By application, the food and beverages segment accounted for the largest share in 2019, contributing to more than three-fifths of the global pea starch market, and is projected to maintain its leadership status during the forecast period. Moreover, this segment is estimated to portray the highest CAGR of 8.3% during the forecast period. The research also discusses segments including feed and others.
By region, North America contributed to the largest share in terms of revenue, holding more than two-fifths of the total share in 2019, and is projected to continue its lead position during the forecast period. However, Asia-Pacific is expected to portray the fastest CAGR of 10.5% from 2019 to 2026.
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