Pea starch concentrate products are finding rising applications across diverse end-use sectors including food, animal feed, pharmaceuticals, and cosmetics among others. The material has proven to be effective in improving binding, emulsion, and extrusion characteristics in a variety of food items, enabling superior stability and long shelf life.
Future Market Insights (FMI) in its latest study has forecast the market to rise at 6.2% CAGR between 2020 and 2030. Companies operating in the market are aiming towards widening the scope of applications and operational expansion in the sector.
The growing popularity of processed food items, strong growth of the trends of veganism and vegetarianism, and new applications of industrial grade pea starch concentrate are propelling market developments.
The market has reflected steady growth in recent years, with a transition in the food industry from soy starch alternatives. In addition, potential pharmaceutical applications in the development and production of excipients and biologics are contributing to growth.
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Pea starch concentrate finds role in clean label practices in personal care, pharmaceuticals, cosmetics, and food formulations. Nutrition benefits in controlling cholesterol levels, blood pressure, obesity, and antioxidant properties will be key factors driving adoption for the foreseeable future.
FMI’s report on the market offers a detailed overview, covering key market dynamics. Some of the takeaways from the report are as follows:
- The value of the market for pea starch concentrate is estimated at US$ 811 Mn in 2020, which is a decrease than the previous year
- Sluggish growth is expected in the current year (2020) as a result of supply chain concerns, and reduced demand from food industry end users during the ongoing pandemic
- Conventional pea starch concentrate is projected to account for major revenue share, owing to higher global agriculture yields and cost benefits to end user sectors
- North America is a prominent market. However, Asia Pacific is likely to provide lucrative opportunities, with a relatively higher growth rate through 2030, owing to a vast population and growing consumer awareness about health and wellness association to diets
“The higher amylose content of pea starch concentrate enables higher levels of stability under more extreme environment conditions in comparison to other products. These characteristics of heat and acidic resistance will bolster demand in food applications and will support overall market growth during the projection timeframe,” said a lead analyst at FMI.
COVID-19 Impact on Pea Starch Concentrate Market
Pea starch concentrate manufacturers are expected to face the adverse effects of the coronavirus crisis. The pandemic is expected to generate sluggish growth prospects for the industry in the short term, owing to the non-essential nature of its applications in multiple sectors including cosmetics, and processed snacks.
On the other hand, potential applications of pea starch concentrate in pharmaceutical products, coupled with consumer bias towards convenience foods during the outbreak has generated key growth opportunities for players in the industry. Recovery is likely to be gradual towards the end of 2020 as the severity and the duration of the pandemic continues to result in operational and economic uncertainties.
Who is winning?
FMI in its report analyses the strategies being employed by key companies running the pea starch concentrate market. Most producers are focused on the product improvements in addition to emphasizing on strategic acquisitions for geographic and capacity expansions in the long term.
Some of the companies operating in the pea starch concentrate market are Ingredion Inc, Roquette Freres, The Scoular Company, Cosucra Groupe Warcoing S.A., AGT Food and Ingredients, and Meelunie BV among others.
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Get Valuable Insights into Pea Starch Concentrate Market
Future Market Insights, in its new report, presents an unbiased analysis of the global pea starch concentrate market, covering data on historical demand and forecast figures for the period between 2020 and 2030. The study provides compelling insights into growth witnessed in the market. Based on product type the market can be segmented into yellow and green peas. In terms of nature, the market can be segmented into conventional and organic. Based on end-use the market can be segmented into soups & sauces, confectionery, bakery, breakfast cereals, ice-creams & desserts, pasta & noodles, snacks & savory, processed meat products, animal feed, pet food, and pharmaceuticals. Based on grade the market is segmented into food grade, feed grade, and industrial grade. Regionally, the market covers North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA.
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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