North America Pea Protein Market - Growth, Trends and Forecasts (2018 - 2023)
North American pea protein market is valued at USD 44.6 million in 2016 and is estimated to grow at a CAGR of 7.2% grow to during the forecasted period (2018-2023) reaching a market value of USD 71.8 million by 2023.
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. High protein content from the aminogram covers 95% of the daily needs in essential amino acids for an adult and improved digestibility makes pea protein interesting for the consumer’s nutrition, particularly for child nutrition, elderly, food without lactose, vegetarianism, organic food. Other factors such as growing health-consciousness among consumers and sustainability is driving the demand for plant proteins such as pea protein.
North America Pea Protein Market Dynamics
Lifestyle changes have seen a sudden drift with a subsequent rise in health awareness among the populations. Consumers are more focused on a healthy diet which in turn is giving rise to the pea proteins market in North America. Among consumers post 2012, vegan diet is gaining momentum which is an alternative to meat products for the fitness-conscious population.
Plant-based proteins due to their higher nutritional specifications, compared to that of synthetic proteins had gained popularity in sports drinks industry. Technological advancements in processing and manufacture have brought down the product cost. Extensive research has resulted in improving the taste and texture to the former, which was rather bland and lacking rich 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. Textured proteins are excellent sources of protein and fiber. Many public schools in North America are using textured vegetable proteins as a food source in the breakfast and lunch programs. It meets standards of nutrition but is economical as well. Plain textured proteins have zero cholesterol.
North America Pea Protein Market Segmentation
North America is the biggest market for pea protein with a share of 35%. Part of the reason for this is the rise in the number of research activities in the pharmaceutical industry and the growing protein engineering market. The market for pea protein in North America is matured and is expected to grow at a slower growth rate compared to other regions like Asia-Pacific.
The US is the major market in North American region. Its market is growing especially with the rising demand of French-grown yellow peas which is also branded by Roquette under the name of Nutralys. Canada is a matured market for pea proteins. Rising number of younger population who are fitness conscious has spiked the Mexican market for pea protein.
The North American pea protein market is segmented on the basis of type into isolates, concentrates, and textured. The textured pea protein market is segmented on the basis of form into dry textured and wet textured. On the basis of application, the pea protein market is classified into meat extenders & analogs, snacks & bakery products, nutritional supplements, beverages, and others that include meat enhancers and confectionery.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.