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(Health-NewsWire.Net, June 29, 2020 ) Market Overview
• The Global Pea Protein Market is expected to grow at a CAGR of 13% during the forecasting period (2020-2027).
• Pea protein is derived from yellow split peas, which are part of pulses and legumes family. Pea protein is commercially available in two variants which includes dry and liquid. Currently, it is used as a key ingredient in the processing of milks, yogurt, snack bars, faux meat, protein powder and veggie burgers. The key functional properties of pea protein include gluten-free, non-GMO, organic, and vegan. Presence of similar functional properties as whey protein led to increased consumption among the consumers as a ingredient in post-workout smoothies.
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Market Dynamics:
• Rise in population of vegetarian consumer and growing demand for affordable and sustainable protein powders are primary factors driving the global pea protein market. Increasing utilization of pea protein as a key ingredient in the production of plant-based meat is additionally contributing to the growth of pea protein market globally during forecast period. Growing diet trend among the consumer towards vegan, non-GMO, organic, gluten-free, soy-free based foods is expected to increase the consumption of pea protein as key ingredient in their foods during forecast period. Presence of consumer population allergic through consumption of whey and soy is expected to further boost the consumption of pea protein through these consumers globally during forecast period. Increasing shift in gym population interests towards plant-based protein and presence of similar functional properties between whey and pea protein is further expected to boost the consumption of pea protein as a nutritional supplement globally.
• However, minimal availability of amino acids, lack of awareness among the communities and high are key factors restricting the growth of global pea protein market.
Market Segmentation Analysis
• Global pea protein market is segmented on the basis of product type into isolates, textured, and concentrates. Pea protein isolates is expected to dominate the global pea protein market owing to its high functional & technical advantages over its compatriots. Pea protein isolate is obtained from yellow peas that have been processed through cold-water filtration method to decrease the added starch and fiber content which is naturally occurring from peas. The processed powder is high in leucine, arginine, glutamine, which is similar to whey protein concentrate. These isolates are extensively used in production of snacks, cereals, energy bars, gluten-free, breads, muffins, and pancakes.
Market Geographical Analysis
• By region, the global pea protein market is segmented into North America, South America, Europe, Asia-Pacific, Middle-east and America.
• Asia-Pacific pea protein market is expected to grow at a higher pace during forecast period owing to high presence of consumer population showing interests towards plant-based foods and high presence of food processing companies utilizing pea protein as a key ingredient in production process. Increasing interests among the consumer towards healthy diet and fitness workout led to increasing consumption of plant-based protein as their daily food intake. Rapid shift in consumer dietary habits towards vegan, non-gmo and organic foods is further expected to boost the industrial consumption of various food products (Yogurt, flavored milk, protein bars others).
Market Competitive Trend
• The global pea protein market is currently experiencing new investments by the global companies to boost the production capacities and facilities to cater the demand for pea protein from end-user industries. For instance, in August 2019, Cargill Incorporated invested USD 75 million in Puris to expand its 200,000ft2 processing plant in Dawson, Minnesota for pea production to cater growing consumer demand for pea protein globally.
• In May 2019, Burcon Nutriscience entered into joint venture partnership to establish a USD 48.3 million pea and canola protein production facility in Western Canada.
• In May 2018, Roquette opened its new production units for the production of pea protein with an investment of USD 44 million in France.
• Some of the key players in the global pea protein market includes Emsland Group, Euroduna Food Ingredients GmbH, Now Foods, Source Naturals, Inc., Cargill Incorporated, and many other companies.
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