- 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 include dry and liquid. Currently, it is used as a key ingredient in the processing of milk, 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. The presence of similar functional properties as whey protein led to increased consumption among the consumers as an ingredient in post-workout smoothies.
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- The rise in population of vegetarian consumers 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 the pea protein market globally during the forecast period. Growing diet trends among the consumer towards vegan, non-GMO, organic, gluten-free, soy-free based foods are expected to increase the consumption of pea protein as a key ingredient in their foods during the forecast period. The 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 the forecast period. Increasing shifts in gym population interests towards plant-based protein and the presence of similar functional properties between whey and pea protein are 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 the global pea protein market.
Market Segmentation Analysis
- The global pea protein market is segmented based on product type into isolates, textured, and concentrates. Pea protein isolates are 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 the 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 the production of snacks, cereals, energy bars, gluten-free, bread, 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 the forecast period owing to the high presence of consumer population showing interest in plant-based foods and high presence of food processing companies utilizing pea protein as a key ingredient in the production process. Increasing interests among the consumer towards a healthy diet and fitness workout led to the increasing consumption of plant-based protein as their daily food intake. The 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 to 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 to growing consumer demand for pea protein globally.
- In May 2019, Burcon Nutriscience entered into a joint venture partnership to establish a USD 48.3 million peas 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 include Emsland Group, Euroduna Food Ingredients GmbH, Now Foods, Source Naturals, Inc., Cargill Incorporated, and many other companies.
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