(Food-Beverage-News.Com, May 25, 2021 ) MarketsandMarkets projects that the pea starch market is projected to grow from USD136million in 2020 to USD192million by 2025, recording a compound annual growth rate (CAGR) of 7.0% during the forecast period. The rise in consumption of clean label convenience, feed, and pet food products across regions and the increase in demand for gluten-free food products are the key factors that are projected to drive the growth of the pea starch market. However, the decrease in the production of dry peas, resulting in fluctuation of raw material for the production of pea starch, is a major factor inhibiting the market growth.
The demand for clean label, high-quality pet food products among the pet owners globally is rising. The increasing pet humanization trend around the world is resulting in the growing demand of high-quality, nutritional food for pets among pet owners. This is projected to create growth opportunities for players in the pea starch market.
The organic segment is projected to grow at a faster rate during the forecast period due to the increase in health-conscious consumers and the rise in awareness about the health benefits of organic products among consumers, which is further projected to encourage food manufacturing companies to use organic pea starch in their products.
The food& beverages segment is projected to dominate the pea starch market during the forecast period. The demand for pea starch in convenience food products and an increase in the inclination of consumers toward gluten-free products is projected to drive the usage of pea starch in food products as a gluten-free solution and to enhance the texture and quality of food products.
In terms of geographical coverage, the pea starch market is segmented into five regions, namely, North America, Europe, Asia Pacific, South America, and Rest of the World (RoW). Asia Pacific is projected to dominate the market during the forecast period, as Asia is among the largest pea processing regions in the world. The demand for natural ingredients and clean-label food is increasing considerably in this region.
Also, the level of investment in the food & beverage industry in Asia and the Pacific regions has increased over the past quarter-century, especially in China, contributing to its rapid economic growth.