Global Pea Protein Market - Growth, Trends and Forecasts (2018- 2023)
Extracted from the yellow pea, pisum sativum, pea protein is generally used as a dairy alternative and a dietary supplement. Pea protein is a food additive, generally used as a dairy alternative and a dietary supplement with a neutral taste and possessing a typical amino acid profile, thereby making it a feasible choice for the food industry. The global pea protein market revenue was USD 100.8 million in 2016 and is expected to register a CAGR of 7.5% during the forecast period, (2018-2023)
Vegetarianism Driving the Pea Protein Market
Post-2012 witnessed a gradual gain in the popularity of vegan diet and vegetarianism, as an alternative to meat products, among the fitness conscious western populations. Owing to their high nutritional qualities and increased western influence, pea protein has gained popularity in the developing countries acting as a driver for the global pea protein market.
Due to the technical difficulties in procuring the raw material and processing the end protein, the cost of pea protein is very high. Lower consumer awareness in the developing countries is the major constraint for the pea protein market. Lack of internet penetration, low education levels and restricted environmental awareness in many parts of the world, especially developing regions, are hindering the market for plant protein. Moreover, it is a common perception, among both developed and developing worlds, that animal products contain superior forms of protein as compared to plant proteins.
Plant-based proteins, with their higher nutritional specifications, as compared to that of synthetic proteins have gained popularity in sports drinks industry. Technological advancements in processing and manufacture have brought down the product costs. Extensive research has resulted in improving the taste and texture. With their proven health benefits, pea protein has a higher scope of incidence in weight management and fitness industry, creating an opportunity for a money-spinning venture in the sector.
Nutritional Supplement Leading the Pea Protein Market
Pea protein is produced in the form of isolates, concentrates and textured protein, of which textured protein occupies 32% of the market share with its extensive usage in meat applications. Textured pea protein is further available in wet and dry forms based on the requirement they cater to. Textured pea protein has the highest market share of 37%.
Among isolates, North America is the largest market followed by the Europe and Asia-Pacific. Growing at a CAGR of 8.8% global market for pea protein isolates would reach USD 12.6 Million by 2023. Bakery, snacks, beverages, meat extenders and nutritional supplements are some of the major applications of pea protein. Nutritional supplement among the segments forms the largest part of the pea protein industry and the same segment is expected to remain the largest part by 2023 with a CAGR of 8.8%.
North America Leading at the Geographical Front
North America is the largest market for pea protein for pea protein, followed by Europe with 33% share. US is the major market in North American region. The market is growing especially with the rising demand of French-grown yellow peas, which is also branded by Roquette under the name of Nutralys. Germany has the highest market share in the European region. Asia-Pacific is an emerging market in the sector due to its increasing health conscious and western influenced populations. Asia Pacific is expected to grow faster compared to other regions, at a CAGR of 10% during the forecasted period 2017-2022. China occupies the leading market position, with India and Japan being other important high potential markets.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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