Global Pea Protein Market Driven by Growing Consumer Awareness, North America to Dominate
Transparency Market Research (TMR) has announced a new study in its extensive food and beverage industry database. The report studies the global pea protein market’s historical development to the current figures and presents studied forecasts regarding the market’s development from 2016 to 2023. The report is titled ‘Pea Protein Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2023.’
Pea protein products are high in several essential nutrients as well as amino acids. They are used in a wide variety of food and beverage applications, mainly as a meat extender or substitute. The high protein content and agreeable texture of pea protein are responsible for its high demand in the food and beverages industry. The demand from the global pea protein market is rising due to the increasing health consciousness exhibited by the global population and the expansion of the global food and beverage industry.
Continued expansion of the global nutraceuticals and dietary supplements markets is beneficial for the global pea protein market. The increasing interest of primarily urban consumers all over the world in products that help make up for the nutrition deficit created by the lack of a healthy, balanced diet is thus responsible for the growing demand for pea protein.
Pea protein is not only highly nutritious, but it can also be used by lactose intolerant consumers. The gluten-free nature of pea protein further adds to the allure of pea protein and makes it more widely usable, unlike many other dietary supplements in the global market.
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The rising prevalence of vegetarianism has led to a rising demand for various meat substitutes. The global pea protein market, which derives a major part of its revenue from the application of pea protein as a meat substitute, is a major beneficiary of this social trend. This is likely to become a major driver for the global pea protein market, with the rising awareness regarding the environmental risk of nonvegetarianism likely to boost the demand for pea protein and other meat substitutes.
By product type, the isolates segment is expected to exhibit a high growth rate in the global pea protein market in the coming years. Pea protein isolates are extremely rich in proteins as well as being water-soluble, which makes them ideal in meat substitutes.
By application, dietary supplements registered the highest demand for pea protein in 2014. The increasing health-consciousness of the global population is expected to propel this segment in the coming years. While dietary supplements will remain the major application of pea protein products through the forecast period, the meat substitutes application segment of the global pea protein is expected to exhibit the highest CAGR in the 2016-2023 forecast period.
Regionally, North America accounted for a dominant 35% of the global pea protein market in 2014. While the Asia Pacific market will exhibit the highest CAGR in the forecast period, the dominance of the North America pea protein market is likely to remain unchallenged.
Major pea protein manufacturers profiled in the report include Roquette Freres, Farbest Brands, Axiom Foods Inc., A&B Ingredients, Nutri-Pea Ltd., The Scoular Company, and Sotexpro.