Pea protein market size forecast to exceed USD 200 million by 2023: Global Market Insights, Inc.
Pea protein market size is forecast to reach USD 200.2 million by 2023; as per a new research report by Global Market Insights, Inc. Extensive use in the food and beverage industry due to advantages such as functional characteristics and attractive nutritional profile should drive growth. Lysine, isoleucine and valine present in these products aid in the maintenance of muscle tissue, which is also estimated to boost pea protein market size.
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Increased use of dairy and plant protein ingredients as additives to fulfill nutritional requirements is estimated to provide a fillip to industry growth. These products are rich in lysine and arginine, and thus form an essential ingredient in infant formulations. The human body is not capable of producing lysine internally and hence is consumed externally through supplements.
Companies operating in the industry have increased their production capacity, which is expected to push down pea protein market price trend.
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Growing protein consumption on account of health benefits as well as increased demand in sports supplements is estimated to augment growth.
Growing food & beverage sector in Asia Pacific countries of Indonesia, Malaysia, China, and India will drive pea protein market growth in these applications. Global demand in nutraceuticals is expected to exceed USD 28 million by 2023.
Low allergenic potential coupled with nutritional and functional benefits are expected to positively impact pea protein market share over the next few years. Ensuring palatability through clean flavor profiles is at the forefront of product development initiatives.
Key insights from the report include:
- Global pea proteins market size was 11.5 kilo tons in 2015 and will reach 33 kilo tons in 2023, at a compound annual growth rate of 13.5% over the forecast period.
- Pea protein concentrates market accounted for over 30% of the overall share in 2015, with growth expectations of 13% from 2016 to 2023, in terms of volume.
- Plant & dairy protein ingredients have received FDA approval and the European Union along with other countries such as Australia, Japan, and Canada have approved them as essential ingredients.
- Manufacturers have established partnerships with farmers, suppliers, and other companies for ensuring continuous raw material supply and efficient logistics network. They market their products to the food and beverage industry for use in meat substitutes, dietary supplements, beverages, and baked goods.
- Notable industry participants include Roquette Freres, Cosucra Groupe Warcoing, Nutri-Pea Limited, and Burcon NutraScience.