Growing demand for meat substitutes fuels the Global Pea Protein Market

Market overview:

The global pea protein market is estimated at US$ 22.8 million in 2020, with an annual compound annual rate of 8.80% from 2019 to 2025, it is likely to reach US$ 34.8 million in 2025. Pea protein is rich in essential nutrients and a large number of amino acids with functional properties. It is divided into concentrated, isolated and textured peas, depending on the protein content. Pea protein is often used as meat substitutes.

Recent developments:

In January 2019, the Magnum ice cream brand announced the launch of vegan ice cream. Cocoa beans come from the Rainforest Alliance Certified Farms. Ice cream is made from pea protein, an alternative to dairy products.

Market Drivers and Restraints:

Substantial growth in crucial applications, such as meat extenders and the like, dietary supplements, bakery products and beverages, is expected to boost demand for pea protein products in the coming years. The increasing popularity of meat substitutes and the growing interest in lactose intolerance, along with the increased demand for gluten-free products, are some of the main factors driving the global pea protein market during the review period. In addition, a positive outlook for sports nutrition is expected to stimulate market growth. As awareness of nutritional enrichment has increased, the importance of dietary supplements has grown and is supposed to have a favorable impact on the global market.

As the importance of vegetarian protein consumption increases, the demand for pea protein powder is presumed to increase during the forecast period. As concerns about dairy and meat allergies increase, the need for protein-enriched foods is expected to increase in the near future. Also, knowledge of the side effects associated with food, including gluten and lactose, will play an essential role in improving the demand for products over the next seven years.

But the presence of other plant components, such as soybeans, canola and wheat, is expected to challenge industrial demand.

Report Segmented as:

The global pea protein market can be divided into separate, concentrated and textured pea protein by product type. Textured pea protein contains the substantial amount of protein compared to isolation and enrichment. Textured pea protein is increasingly used as a dietary supplement, while concentrates are mainly utilised for aquatic foods.

Depending on the application, the pea protein market is divided into dietary supplements, bakery products, meat substitutes, beverages, etc.

Geographical Segmentation:

North America dominated most of the pea protein market share and is foreseen to accelerate further in the future. The factors that contribute to the splendid growth in North America are the growing demand for gluten-free products, especially in the United States, and the increasing demand for sports nutrition diets.

Europe was the second-largest consumer of this pea protein. The Asia-Pacific region is expected to experience tremendous growth during the forecast period as demand for sports supplements and fitness for meat substitutes and allergens increases. Besides, favorable regulatory trends for the agricultural industry, especially India and China, ensure a sufficient supply of raw materials for the production of pea protein.

Latin America is expected to grow at a favorable rate, mainly due to the growth of Brazil. The Middle East and Africa region is anticipated to grow significantly during the forecast period.

Key market players:

Some of the main ingredients of pea protein are ingredients A and B, raspberries, Farbest brand, Nutri-Pea Ltd., Axiom Foods Inc., SotexproBurconNutraScience Ltd., The Scoular Company, Consucra-Groupe Warcoing.

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Scope of the report:

The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along with this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.

The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.

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