Global Pea Protein Market - Growth, Trends and Forecasts (2017 - 2022)

Published - Jan 2017 | Category - Food & Beverages | No. of Pages - 159 | Published By - Mordor Intelligence

Report Highlights

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 22.8 million in 2015 and is expected to touch USD 35 million by 2020 with an estimated CAGR of 8.9%

Global Pea Protein Market Dynamics

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.

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.

Global Pea Protein Market Segmentation

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.  Bakery, snacks, beverages, meat extenders and nutritional supplements are some of the major applications of pea protein. Pea proteins find their maximum usage in the beverage industry accounting for 30% of the entire market share.

North America is the largest market with a share of 35% for pea protein, followed by Europe with 33% share. Asia-Pacific is an emerging market in the sector and is expected to grow faster as compared to other regions, at a CAGR of 10% during the forecasted period.

Key Players in the Global Pea Protein Market

A&B Ingredients, Axiom Foods Inc., Nutri-Pea Limited, RoquetteFreres and Norben Company Inc.are the major players in the region. Companies have engaged in extensive scientific research in order to identify better and economically feasible active ingredients with wider and profitable application range. With new entrants into the sector and increased demand for related products from the public, global pea protein market is expected to grow considerably during the next 5 years.

 

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