South America Pea Protein Market - Growth, Trends and Forecasts (2018 - 2023)
Pea protein is among the top plant proteins regarding nutritional value. According to scientific findings the essential amino acid profile makes it ideal for human consumption. Pea protein, in particular, has been drawing a lot of attention for being highly sustainable, vegan, hypoallergenic, a good source of amino acids, easy to digest and a welcomed alternative to soy. It helps in slowing down the production of ghrelin, which sends signals to the brain to increase appetite. The South American pea protein market records a revenue of USD 6.6 million in 2016 and is expected to grow at a CAGR of 7.2% during the forecast period (2018-2023).
South America Pea Protein Market Dynamics
South America is one of the developing countries presently that attracts the market mostly due to its large younger population. Pea protein is used extensively because of its nature that helps in bodybuilding and also acts as an excellent dietary supplement. The emerging markets of pea protein in South America are projected for high growth with increased market penetration and consumer engagement. In 2015, ten products containing pea protein isolate were introduced in Brazil, most of which were meal replacement beverage products, products, snack/cereal/energy bars, meat substitutes, pasta, and poultry products.
South America Pea Protein Market Segmentation
Pea Protein can be extracted in three types such as pea protein isolates, pea protein concentrate, and textured pea protein. Pea isolates are a more refined version of pea concentrates while textured pea protein contains higher amount of protein as compared to concentrates and isolates. On the basis of application, South America pea protein market is classified into meat extenders & analogs, snacks & bakery products, nutritional supplements, beverages, and others that include meat enhancers and confectionery.
Market Segmentation: by Country
South America is an emerging market for pea protein during the forecast period. Countries like Brazil and Argentina are experiencing a rapid rise in disposable incomes. Growing population and North American cultural influence towards health and wellbeing boosted the market for pea protein in this region. Pea protein is treated as a vegetarian substitute for animal protein and increasing vegan preferences are driving the market. Brazil is the largest regional market followed by Argentina.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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