サンプル依頼リスト カート
  • English
  • Korean
デフォルト表紙
市場調査レポート
商品コード
1521262

エンドウ豆でん粉市場レポート：タイプ、機能、用途、地域別、2024年～2032年

Pea Starch Market Report by Type (Organic and Non-GMO, Conventional), Function (Binding and Thickening, Gelling, Texturizing, Film Forming, and Others), Application (Food and Beverages, Feed, and Others), and Region 2024-2032

出版日
発行
IMARC
ページ情報
英文 137 Pages
納期
2～3営業日
カスタマイズ可能
価格
価格表記: USDを日本円(税抜)に換算
本日の銀行送金レート: 1USD=146.99円
エンドウ豆でん粉市場レポート：タイプ、機能、用途、地域別、2024年～2032年
出版日: 2024年07月01日
発行: IMARC
ページ情報: 英文 137 Pages
納期: 2～3営業日
GIIご利用のメリット
  • 全表示
  • 概要
  • 図表
  • 目次
概要

エンドウ豆でん粉の世界市場規模は2023年に1億4,200万米ドルに達しました。今後、IMARC Groupは、市場は2032年までに2億5,570万米ドルに達し、2024年から2032年の間に6.6％の成長率（CAGR）を示すと予測しています。

エンドウ豆でん粉は、黄色エンドウ豆由来のニュートラルな味の新しい澱粉ベースの原料です。アミロース、フィチン酸、ビタミン、抗酸化物質、ミネラル、チアミン、サポニン、シュウ酸塩を豊富に含みます。筋肉の成長を促進し、新陳代謝を高めるなど栄養面での利点があるため、ソース、スープ、麺類、パスタ、肉製品などのつなぎ、ゲル化、増粘剤として広く使用されています。エンドウ豆のでんぷんはまた、フライの衣にサクサクとした食感を与え、加工肉のつなぎとしても機能します。その結果、世界中の飼料、繊維、化粧品、飲食品（F&B）産業で幅広く利用されています。

エンドウ豆でん粉市場動向：

急速な都市化、人口の増加、個人の所得水準の上昇を背景とした世界中のF&B産業の著しい成長は、市場の明るい見通しを生み出す重要な要因のひとつです。エンドウ豆でん粉は持続性が高いため、ベーカリー製品、パスタ、麺類、スープの調理に広く利用されています。さらに、製薬業界で錠剤やカプセルのコーティングやフィルム形成に広く製品が採用されていることも、市場にプラスの影響を与えています。さらに、グルテン過敏症や健康志向の人々の増加が市場成長に弾みをつけています。エンドウ豆のでんぷんは、栄養価が高く、低カロリーで、乳糖やグルテンを含まないため使用されています。これに伴い、多忙なスケジュールや慌ただしいライフスタイルにより、便利ですぐに食べられる（RTE）食品への需要が高まっていることも、市場成長に好影響を与えています。その他、クリーム、美容液、ローションなどの化粧品や、繊維のサイジングやコットンヤードなどの繊維産業で広く利用されていることも、市場を牽引すると予想されます。

目次

第1章 序文

第2章 調査範囲と調査手法

  • 調査の目的
  • ステークホルダー
  • データソース
    • 一次情報
    • 二次情報
  • 市場推定
    • ボトムアップアプローチ
    • トップダウンアプローチ
  • 調査手法

第3章 エグゼクティブサマリー

第4章 イントロダクション

  • 概要
  • 主要業界動向

第5章 世界のエンドウ豆でん粉市場

  • 市場概要
  • 市場実績
  • COVID-19の影響
  • 市場予測

第6章 市場内訳：タイプ別

  • オーガニックと非遺伝子組み換え
    • 市場動向
    • 市場予測
  • 従来型
    • 市場動向
    • 市場予測

第7章 市場内訳：機能別

  • 結合と増粘
    • 市場動向
    • 市場予測
  • ゲル化
    • 市場動向
    • 市場予測
  • テクスチャリング
    • 市場動向
    • 市場予測
  • フィルム形成
    • 市場動向
    • 市場予測
  • その他
    • 市場動向
    • 市場予測

第8章 市場内訳：用途別

  • 飲食品
    • 市場動向
    • 市場予測
  • 餌
    • 市場動向
    • 市場予測
  • その他
    • 市場動向
    • 市場予測

第9章 市場内訳：地域別

  • 北米
    • 米国
    • カナダ
  • アジア太平洋地域
    • 中国
    • 日本
    • インド
    • 韓国
    • オーストラリア
    • インドネシア
    • その他
  • 欧州
    • ドイツ
    • フランス
    • 英国
    • イタリア
    • スペイン
    • ロシア
    • その他
  • ラテンアメリカ
    • ブラジル
    • メキシコ
    • その他
  • 中東・アフリカ
    • 市場動向
    • 市場内訳：国別
    • 市場予測

第10章 SWOT分析

  • 概要
  • 強み
  • 弱み
  • 機会
  • 脅威

第11章 バリューチェーン分析

第12章 ポーターのファイブフォース分析

  • 概要
  • 買い手の交渉力
  • 供給企業の交渉力
  • 競合の程度
  • 新規参入業者の脅威
  • 代替品の脅威

第13章 価格分析

第14章 競合情勢

  • 市場構造
  • 主要企業
  • 主要企業のプロファイル
    • American Key Products Inc.
    • Axiom Foods Inc.
    • Cosucra
    • Emsland Group
    • Herba Ingredients B.V.
    • Ingredion Incorporated
    • Meelunie B.V.（Hoogwegt Groep B.V.）
    • Puris
    • Roquette Freres
    • The Scoular Company
    • Vestkorn Milling AS（Koninklijke DSM N.V.）
    • Yantai Shuangta Food Co. Ltd.
図表

List of Figures

  • Figure 1: Global: Pea Starch Market: Major Drivers and Challenges
  • Figure 2: Global: Pea Starch Market: Sales Value (in Million US$), 2018-2023
  • Figure 3: Global: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 4: Global: Pea Starch Market: Breakup by Type (in %), 2023
  • Figure 5: Global: Pea Starch Market: Breakup by Function (in %), 2023
  • Figure 6: Global: Pea Starch Market: Breakup by Application (in %), 2023
  • Figure 7: Global: Pea Starch Market: Breakup by Region (in %), 2023
  • Figure 8: Global: Pea Starch (Organic and Non-GMO) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 9: Global: Pea Starch (Organic and Non-GMO) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 10: Global: Pea Starch (Conventional) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 11: Global: Pea Starch (Conventional) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 12: Global: Pea Starch (Binding and Thickening) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 13: Global: Pea Starch (Binding and Thickening) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 14: Global: Pea Starch (Gelling) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 15: Global: Pea Starch (Gelling) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 16: Global: Pea Starch (Texturizing) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 17: Global: Pea Starch (Texturizing) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 18: Global: Pea Starch (Film Forming) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 19: Global: Pea Starch (Film Forming) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 20: Global: Pea Starch (Other Functions) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 21: Global: Pea Starch (Other Functions) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 22: Global: Pea Starch (Food and Beverages) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 23: Global: Pea Starch (Food and Beverages) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 24: Global: Pea Starch (Feed) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 25: Global: Pea Starch (Feed) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 26: Global: Pea Starch (Other Applications) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 27: Global: Pea Starch (Other Applications) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 28: North America: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 29: North America: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 30: United States: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 31: United States: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 32: Canada: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 33: Canada: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 34: Asia-Pacific: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 35: Asia-Pacific: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 36: China: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 37: China: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 38: Japan: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 39: Japan: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 40: India: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 41: India: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 42: South Korea: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 43: South Korea: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 44: Australia: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 45: Australia: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 46: Indonesia: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 47: Indonesia: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 48: Others: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 49: Others: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 50: Europe: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 51: Europe: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 52: Germany: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 53: Germany: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 54: France: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 55: France: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 56: United Kingdom: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 57: United Kingdom: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 58: Italy: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 59: Italy: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 60: Spain: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 61: Spain: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 62: Russia: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 63: Russia: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 64: Others: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 65: Others: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 66: Latin America: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 67: Latin America: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 68: Brazil: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 69: Brazil: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 70: Mexico: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 71: Mexico: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 72: Others: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 73: Others: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 74: Middle East and Africa: Pea Starch Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 75: Middle East and Africa: Pea Starch Market: Breakup by Country (in %), 2023
  • Figure 76: Middle East and Africa: Pea Starch Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 77: Global: Pea Starch Industry: SWOT Analysis
  • Figure 78: Global: Pea Starch Industry: Value Chain Analysis
  • Figure 79: Global: Pea Starch Industry: Porter's Five Forces Analysis

List of Tables

  • Table 1: Global: Pea Starch Market: Key Industry Highlights, 2023 and 2032
  • Table 2: Global: Pea Starch Market Forecast: Breakup by Type (in Million US$), 2024-2032
  • Table 3: Global: Pea Starch Market Forecast: Breakup by Function (in Million US$), 2024-2032
  • Table 4: Global: Pea Starch Market Forecast: Breakup by Application (in Million US$), 2024-2032
  • Table 5: Global: Pea Starch Market Forecast: Breakup by Region (in Million US$), 2024-2032
  • Table 6: Global: Pea Starch Market: Competitive Structure
  • Table 7: Global: Pea Starch Market: Key Players
目次
Product Code: SR112024A5202

The global pea starch market size reached US$ 142.0 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 255.7 Million by 2032, exhibiting a growth rate (CAGR) of 6.6% during 2024-2032.

Pea starch is a new starch-based ingredient with a neutral taste, which is derived from yellow peas. It is rich in amylose, phytic acids, vitamins, antioxidants, minerals, thiamine, saponins and oxalates. As it offers nutritional benefits, such as improving muscle growth and increasing metabolism, it is widely used as a binding, gelling and thickening agent in sauces, soups, noodles, pasta and meat products. Pea starch also provides a crispy coating to frying batters and acts as a binder in processed meats. As a result, it finds extensive application in feed, textile, cosmetics, food and beverage (F&B) industries around the world.

Pea Starch Market Trends:

Significant growth in the F&B industry across the globe on account of rapid urbanization, rising population and inflating income levels of individuals represents one of the key factors creating a positive outlook for the market. Pea starch is widely utilized in the preparation of bakery items, pasta, noodles and soups as it provides higher sustainability. Additionally, the widespread product adoption in the pharmaceutical industry for coating tablets and capsules and film-forming is positively influencing the market. Moreover, an increasing number of gluten-sensitive and health-conscious people are providing an impetus to the market growth. Pea starch is used as it has additional nutritional content, lower calorie content, and lactose and gluten-free formulation. In line with this, the escalating demand for convenient, ready-to-eat (RTE) food products due to the busy schedules and hectic lifestyles of the masses are favoring the market growth. Other factors, including the widespread product utilization in cosmetic products, such as creams, serums and lotions and the textile industry for textile sizing and cotton yards, are anticipated to drive the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global pea starch market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on type, function and application.

Breakup by Type:

Organic and Non-GMO

Conventional

Breakup by Function:

Binding and Thickening

Gelling

Texturizing

Film Forming

Others

Breakup by Application:

Food and Beverages

Feed

Others

Breakup by Region:

North America

United States

Canada

Asia-Pacific

China

Japan

India

South Korea

Australia

Indonesia

Others

Europe

Germany

France

United Kingdom

Italy

Spain

Russia

Others

Latin America

Brazil

Mexico

Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being American Key Products Inc., Axiom Foods Inc., Cosucra, Emsland Group, Herba Ingredients B.V., Ingredion Incorporated, Meelunie B.V. (Hoogwegt Groep B.V.), Puris, Roquette Freres, The Scoular Company, Vestkorn Milling AS (Koninklijke DSM N.V.) and Yantai Shuangta Food Co. Ltd.

Key Questions Answered in This Report:

  • How has the global pea starch market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global pea starch market?
  • What are the key regional markets?
  • What is the breakup of the market based on the type?
  • What is the breakup of the market based on the function?
  • What is the breakup of the market based on the application?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global pea starch market and who are the key players?
  • What is the degree of competition in the industry?

Table of Contents

1 Preface

2 Scope and Methodology

  • 2.1 Objectives of the Study
  • 2.2 Stakeholders
  • 2.3 Data Sources
    • 2.3.1 Primary Sources
    • 2.3.2 Secondary Sources
  • 2.4 Market Estimation
    • 2.4.1 Bottom-Up Approach
    • 2.4.2 Top-Down Approach
  • 2.5 Forecasting Methodology

3 Executive Summary

4 Introduction

  • 4.1 Overview
  • 4.2 Key Industry Trends

5 Global Pea Starch Market

  • 5.1 Market Overview
  • 5.2 Market Performance
  • 5.3 Impact of COVID-19
  • 5.4 Market Forecast

6 Market Breakup by Type

  • 6.1 Organic and Non-GMO
    • 6.1.1 Market Trends
    • 6.1.2 Market Forecast
  • 6.2 Conventional
    • 6.2.1 Market Trends
    • 6.2.2 Market Forecast

7 Market Breakup by Function

  • 7.1 Binding and Thickening
    • 7.1.1 Market Trends
    • 7.1.2 Market Forecast
  • 7.2 Gelling
    • 7.2.1 Market Trends
    • 7.2.2 Market Forecast
  • 7.3 Texturizing
    • 7.3.1 Market Trends
    • 7.3.2 Market Forecast
  • 7.4 Film Forming
    • 7.4.1 Market Trends
    • 7.4.2 Market Forecast
  • 7.5 Others
    • 7.5.1 Market Trends
    • 7.5.2 Market Forecast

8 Market Breakup by Application

  • 8.1 Food and Beverages
    • 8.1.1 Market Trends
    • 8.1.2 Market Forecast
  • 8.2 Feed
    • 8.2.1 Market Trends
    • 8.2.2 Market Forecast
  • 8.3 Others
    • 8.3.1 Market Trends
    • 8.3.2 Market Forecast

9 Market Breakup by Region

  • 9.1 North America
    • 9.1.1 United States
      • 9.1.1.1 Market Trends
      • 9.1.1.2 Market Forecast
    • 9.1.2 Canada
      • 9.1.2.1 Market Trends
      • 9.1.2.2 Market Forecast
  • 9.2 Asia-Pacific
    • 9.2.1 China
      • 9.2.1.1 Market Trends
      • 9.2.1.2 Market Forecast
    • 9.2.2 Japan
      • 9.2.2.1 Market Trends
      • 9.2.2.2 Market Forecast
    • 9.2.3 India
      • 9.2.3.1 Market Trends
      • 9.2.3.2 Market Forecast
    • 9.2.4 South Korea
      • 9.2.4.1 Market Trends
      • 9.2.4.2 Market Forecast
    • 9.2.5 Australia
      • 9.2.5.1 Market Trends
      • 9.2.5.2 Market Forecast
    • 9.2.6 Indonesia
      • 9.2.6.1 Market Trends
      • 9.2.6.2 Market Forecast
    • 9.2.7 Others
      • 9.2.7.1 Market Trends
      • 9.2.7.2 Market Forecast
  • 9.3 Europe
    • 9.3.1 Germany
      • 9.3.1.1 Market Trends
      • 9.3.1.2 Market Forecast
    • 9.3.2 France
      • 9.3.2.1 Market Trends
      • 9.3.2.2 Market Forecast
    • 9.3.3 United Kingdom
      • 9.3.3.1 Market Trends
      • 9.3.3.2 Market Forecast
    • 9.3.4 Italy
      • 9.3.4.1 Market Trends
      • 9.3.4.2 Market Forecast
    • 9.3.5 Spain
      • 9.3.5.1 Market Trends
      • 9.3.5.2 Market Forecast
    • 9.3.6 Russia
      • 9.3.6.1 Market Trends
      • 9.3.6.2 Market Forecast
    • 9.3.7 Others
      • 9.3.7.1 Market Trends
      • 9.3.7.2 Market Forecast
  • 9.4 Latin America
    • 9.4.1 Brazil
      • 9.4.1.1 Market Trends
      • 9.4.1.2 Market Forecast
    • 9.4.2 Mexico
      • 9.4.2.1 Market Trends
      • 9.4.2.2 Market Forecast
    • 9.4.3 Others
      • 9.4.3.1 Market Trends
      • 9.4.3.2 Market Forecast
  • 9.5 Middle East and Africa
    • 9.5.1 Market Trends
    • 9.5.2 Market Breakup by Country
    • 9.5.3 Market Forecast

10 SWOT Analysis

  • 10.1 Overview
  • 10.2 Strengths
  • 10.3 Weaknesses
  • 10.4 Opportunities
  • 10.5 Threats

11 Value Chain Analysis

12 Porters Five Forces Analysis

  • 12.1 Overview
  • 12.2 Bargaining Power of Buyers
  • 12.3 Bargaining Power of Suppliers
  • 12.4 Degree of Competition
  • 12.5 Threat of New Entrants
  • 12.6 Threat of Substitutes

13 Price Analysis

14 Competitive Landscape

  • 14.1 Market Structure
  • 14.2 Key Players
  • 14.3 Profiles of Key Players
    • 14.3.1 American Key Products Inc.
      • 14.3.1.1 Company Overview
      • 14.3.1.2 Product Portfolio
    • 14.3.2 Axiom Foods Inc.
      • 14.3.2.1 Company Overview
      • 14.3.2.2 Product Portfolio
    • 14.3.3 Cosucra
      • 14.3.3.1 Company Overview
      • 14.3.3.2 Product Portfolio
    • 14.3.4 Emsland Group
      • 14.3.4.1 Company Overview
      • 14.3.4.2 Product Portfolio
    • 14.3.5 Herba Ingredients B.V.
      • 14.3.5.1 Company Overview
      • 14.3.5.2 Product Portfolio
    • 14.3.6 Ingredion Incorporated
      • 14.3.6.1 Company Overview
      • 14.3.6.2 Product Portfolio
      • 14.3.6.3 Financials
      • 14.3.6.4 SWOT Analysis
    • 14.3.7 Meelunie B.V. (Hoogwegt Groep B.V.)
      • 14.3.7.1 Company Overview
      • 14.3.7.2 Product Portfolio
    • 14.3.8 Puris
      • 14.3.8.1 Company Overview
      • 14.3.8.2 Product Portfolio
    • 14.3.9 Roquette Freres
      • 14.3.9.1 Company Overview
      • 14.3.9.2 Product Portfolio
      • 14.3.9.3 SWOT Analysis
    • 14.3.10 The Scoular Company
      • 14.3.10.1 Company Overview
      • 14.3.10.2 Product Portfolio
      • 14.3.10.3 SWOT Analysis
    • 14.3.11 Vestkorn Milling AS (Koninklijke DSM N.V.)
      • 14.3.11.1 Company Overview
      • 14.3.11.2 Product Portfolio
    • 14.3.12 Yantai Shuangta Food Co. Ltd.
      • 14.3.12.1 Company Overview
      • 14.3.12.2 Product Portfolio
      • 14.3.12.3 Financials