Pea Protein Market – Industry Analysis, Share, Forecast 2023
Pea protein has a variety of application in the food and beverage industry. It is rich in essential nutrients and has an advantage of functional characteristics with a large amount of amino acids. They are segmented into concentrates, isolates and textured pea depending on their protein content. They are used at meat extender, substitutes and analogs. The global pea protein market is anticipated to witness a dramatic growth in its demand on account of rising concern for health and wellness among the consumers in all corners of the world.
Changing lifestyle of the consumers is the key factor driving the demand for the global pea protein market. Adoption of a healthier lifestyle due to the increasing concern for health and wellness among the consumers across the world is pushing forward the demand for the global pea protein market. In addition, the increasing concern towards lactose intolerance levels is also driving the demand for the global pea protein market. Expansion of the nutraceuticals industry and the rising demand for gluten free products are also driving the global pea protein market. In addition, the rising consumption of meat substitutes, rising concern towards lactose intolerance levels and the optimistic outlook on the sports nutrition market are some of the major drivers for the global pea protein market.
Low consumer awareness of pea proteins is a major factor inhibiting the growth of the global pea protein market. Consumers are yet to be aware of the positive effects of pea proteins. High cost of pea proteins along with the growing demand for other plant proteins is also restraining the market. Moreover, the rapid market penetration of animal protein is also barring the growth of the global pea protein market.
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Technological advancement in extrusion and processing is anticipated to serve as a suitable opportunity to the global pea protein market. Rising market for weight management products and the improved taste of texture pea protein are also considered to be suitable opportunities for the global pea protein market.
By product type, the global pea protein market has been segmented into isolates, concentrates and textured pea protein. Isolates are used in the formulation of meat substitutes because of its high content of amino acids, high solubility, favorable water binding characteristics and good emulsification. Moreover, isolates contain an approximate of 95% protein which makes them suitable for the sports nutrition industry. Isolates are expected to record the fastest growth during the forecast period. Owing to its fiber content similar texture to that of meat, textured pea proteins are increasingly used in beverages and dietary supplements. Concentrates are used in aquafeed, beverages and food due to its high protein content.
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By product application, the global pea protein market has been segmented into snacks and bakery products, meat extenders and analogs, dietary supplements, beverages and others. The dietary supplements were the largest segment in terms of revenue in 2014 and are expected to maintain their position during the forecast period. Increasing concern for health and wellness is expected to propel the growth of the dietary supplements segment. However, meat substitutes are expected to witness the fastest growth during the forecast period owing to the rising concern for meat allergies resulting in the technological development of textured products similar to that of meat.
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North America was the largest market for pea proteins in 2014 accounting for almost 35% of the total pea protein market. Asia Pacific is expected to be the fastest growing market for pea proteins owing to the rising consumption of nutrient rich food products.
A&B Ingredients, Farbest Brands, Roquette Freres, The Scoular Company, Axiom Foods Inc., Nutri-Pea Ltd., Sotexpro are some of the major players operating in the global pea proteins market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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