Global Pea Protein Market Will Witness Rapid Growth From 2016 To 2024 - Report by Hexa Research
Pea protein is a food additive, majorly used in cheese and yogurt. The pea protein market is predicted to grow due to health consciousness among consumers and demand of pea protein supplements. Renewed interest in gluten-free products, acceptance of meat substitutes amid the lactose intolerance levels among teens is augmenting market demand.
Plant-based supplements made from wheat, canola, and soy can pose a market challenge. But development of novel products could open up new market avenues. The global pea protein market is segmented according to products, applications, and regions. Products include textured pea protein, isolates, and concentrates.
Meat substitutes and sports nutrition supplements are manufactured using isolates. This can be on account of high amino acid content, high solubility, and good water binding. Textured pea proteins are heavily used in dairy supplements and beverages owing to their similar appearance to meat. Pea concentrates used in beverages, aquafeed, and foods constitute about 75% protein.
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Dietary supplements, sports supplements, meat substitutes, nutraceuticals, and others are major market applications. Dietary supplements are the largest application of the pea protein market on account of consumer awareness about nutraceuticals. Concerns regarding meat allergies will spur the demand for meat substitutes. It will be the fastest growing application over the forecast period (2016-2024).
Regions covered under the market are Latin America, North America, Middle East & Africa (MEA), Asia Pacific, and Europe. North America is a major region for the industry due to concerns of cardiovascular diseases and the booming sports industry. Rising cases of lactose intolerance will see major growth in Europe. Asia Pacific can experience a major demand boost due to consumption of nutrient-based foods and supplements. New regulations in the agricultural industry in China & India would see an upsurge of raw material to pea protein manufacturers.
Major players of the pea protein market are Roquette Frères, Shandong Jianyuan Foods Co., Ltd., Burcon Nutrascience Corporation, and Shandong Jianyuan Foods Co., Ltd. They have formed alliances with domestic distributors to ensure a steady product supply in high-demand regions. Roquette Frères produces pea proteins under the brand name – NUTRALYS. Burcon, on the other hand, has managed to manufacture vegetable-based protein which is transparent and 100% soluble.
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