Asia-Pacific Pea Protein Market - Growth, Trends and Forecasts (2018 - 2023)
The Asia-Pacific pea protein market records a revenue of USD 20.9 million in 2016, and is expected to grow at a CAGR of 8.4% during the forecast period (2018-2023).
The health benefits of protein intake from fast muscle recovery to weigh control is driving protein uptake. Its use in functional foods in Asian market makes it the most trending in plant protein segment. Pea protein is generally used as a dairy alternative and a dietary supplement. It boasts a neutral taste and possesses a typical amino acid profile, making it a feasible choice for the food industry. Pea protein is not an allergen, such as soy, and more sustainable than nuts.
Western influence on a large section of the population is increasing the demand for plant-based proteins. In addition to the influence, a majority of the population in South East Asia follows Hinduism, Buddhism or Jainism, which prohibits consumption and use of animal based products. This prohibition paves the way for plant-based sources to meet protein requirement. Added to this, rising health consciousness and negative reports on red and processed meats are shifting consumer preference to plant based products.
Pea protein concentrates contain 30% to 60% of total dietary protein content with fat, around 6% ash content and 20% dietary fiber. Most commercial pea proteins concentrates are produced in Canada and Western Europe; however, some Asian sources have entered the market in recent years. The addition of pea protein concentrates in functional food is a lucrative option for people suffering from specific food allergies or sensitivities.
Textured pea proteins are heavily used in dairy supplements and beverages owing to their similar appearance to meat. Pea concentrates used in beverages, aquafeed, and foods constitute about 75% protein. These are excellent sources of protein and fiber. It meets standards of nutrition but is economical as well. Plain textured proteins have zero cholesterol. Asia-Pacific is the fastest growing market for textured proteins; developing countries of Asia-Pacific present the most attractive markets due to large younger populations.
The success of pea protein in Asia-Pacific region is pivoted around the issues of health, ease of production, and the environment-friendly status it offers. The large-scale availability of raw materials is an important boost. However, the main benefit is derived from the value addition during production, which enables a significant profit margin. This argument derives strength from the technical fact that eating peas in their natural state would not produce the same benefits as the extracted pea protein; the value is added only after activation of special enzymes.
Asia-Pacific Pea Protein Market Segmentation
China is the biggest market followed by Japan, Australia and India. Australian markets and buying patterns are different from the remaining Asia-pacific countries. It more closely resembles the western market trends. The market though is not driven by impulse, but by an economically strong and a highly aware consumer base. China occupies the leading market position, with India and Japan being other important high pea potential markets. Historic trust is placed in alternative medical practices and the use of naturally derived locally sourced materials. The marketing and positioning of the product on these lines would ensure the long-term success of the market. The emergence of pea protein as a value-added product from a traditionally direct-consumption market will considerably enhance the growth prospects of pea processors and food manufacturers in North America and China.Major players: AXIOM FOODS, INC., COSUCRA-GROUPE WARCOING, NUTRI-PEA LIMITED, ROQUETTE FRERES, SHANDONG JIANYUAN FOODS CO., LTD, SOTEXPRO SA, THE SCOULAR COMPANY, NATURZ ORGANICS, FENCHEM, GLANBIA PLC and WORLD FOOD PROCESSING (WFP), amongst others.
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