Newark, NJ, March 03, 2020 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global pea protein market is expected to grow from USD 33.2 million in 2017 to USD 189.34 million by 2025 at a CAGR of 24.3% during the forecast period from 2018-2025.
The pea protein market is growing at a rapid pace, owing to increasing demand for processed meat globally. This is mainly due to increasing consumer preference for pea protein as a part of vegan food and vegan diet. Pea protein is naturally vegan, gluten-free, dairy-free and does not contain any allergens. Therefore, these pea proteins are witnessing high adoption in the products such as beverages, sports supplements, nutraceuticals, and bakery products.
Pea protein is the type of protein which is derived from green and yellow peas and is used in some protein supplements and protein-enriched foods. Pea protein comprises of all the essential amino acids required for healthy body function. It regulates blood circulation and calcium absorption, does weight management, boosts metabolism, maintain healthy muscle, and regulate blood sugar. It has a variety of application in the food and beverage industry. It has an advantage of functional characteristics with a large number of amino acids and contains essential nutrients in good quantities. They are segmented into isolates, concentrates, and textured pea depending on their protein content.
Global pea protein market is expected to witness rapid growth over the forecast period, owing to rise in vegan population cross the globe. Also, technological improvement in extrusion & processing and strict environmental and changing consumer lifestyles with increasing health concerns are also fuelling the growth of the market. But high cost of pea protein is anticipated to hinder the market growth over the forecast period.
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Key players operating in the global pea protein market include A&B Ingredients, Roquette Freres Le Romarin, Burcon Nutrascience Corporation, Nutri-Pea Limited, Sotexpro SA, Axiom Foods, Inc., Farbest Brands/Farbest-Tallman Foods Corporation, Cosucra Groupe Warcoing SA, Glanbia, Plc. and Shandong Jianyuan Foods Co., Ltd. among others. To enhance their market position in the global pea protein market, the key players are now focusing on adopting the strategies such as recent developments, mergers & acquisitions, product innovation, joint venture, collaborations, and partnership. An increasing number of food and ingredient companies are investing in the pea protein industry, due to rise in demand for pea proteins in the recent years.
- For instance, in December 2018, Axiom Foods introduced Cannatein, a hemp protein ingredient, and Vegotein N, a pea protein ingredient. Because of the ingredients’ neutral taste, flavor-masking agents are not needed in applications containing the ingredients, according to Marina Del Rey-based Axiom Foods.
- In December 2019, Roquette Freres Le Romarin announced the launch of two new plant-based textured proteins from peas and fava beans, to better address the growing consumers demand for the meat alternative sector at Food Ingredients Europe.
- In May 2019, Burcon NutraScience announced the that it has entered into a joint venture partnership with an investor group to build a new plant of USD 65 million pea-protein and canola-protein commercial production facility in Western Canada.
- In January 2018, Cosucra Groupe Warcoing announced that it has doubled pea protein capacity with plant expansion in western Belgium.
The isolated segment is held the largest market share and valued at USD 16.23 million in 2017
The type segment is classified isolates, concentrates and textured. The isolated segment is held the largest market share and valued at USD 16.23 million in 2017. Isolates comprise protein content amounting to approximately 95%, which presents its application as dietary supplements in the sports nutrition industry. These products are also used as texturizing agents in meat goods, owing to their properties, such as excellent emulsification, high amino acid content, good water-binding characteristics, and high solubility.
The dry segment is dominating the market with the highest share of 63.20% in 2017
Form segment is divided into segments such as liquid and dry. The dry segment is dominating the market with the highest share of 63.20% in 2017. Dry textured pea protein is used in extenders and meat substitutes due to which there is a rapid increase in its demand.
Nutritional supplements segment is dominating the pea protein market and valued around USD 12.98 million in 2017
Application segment includes meat extenders and analogs, snacks & bakery products, nutritional supplements, beverages, and others. Nutritional supplements segment is dominating the pea protein market and valued around USD 12.98 million in 2017. Increasing concern for health and wellness is expected to propel the growth of the nutritional supplements segment, over the forecast period.
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Regional Segment Analysis of the Pea Protein Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America is dominating the market with the highest share of 42.30% in 2017. North America is dominant region due to the increasing population, rising health awareness, and growing innovative product introductions which have propelled the pea protein growth in these regions. Asia- Pacific is rapidly growing region due to growing awareness among food & beverage manufacturers, rising urbanization, and growing consumer demand for pea proteins, owing to their high nutritional profile, particularly in countries, such as Japan, China, and Australia.
About the report:
The global pea protein market is analysed on the basis of value (USD Million), volume (Kilotons), export (Kilotons), and import (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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