According to a new report by EMR titled, ‘Global Pea Protein Market Report and Forecast 2020-2025’, the global pea protein market attained a value of almost USD 61.98 million in 2019. The market is further expected to grow in the forecast period of 2020-2025 at a CAGR of 19.2% to attain a value of USD 177.80 million by 2025.
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Competitive Landscape & Supplier Analysis:
- Roquette Frères S.A
- Burcon NutraScience Corporation(OTCMKTS: BUROF)
- Axiom Foods Inc
- Farbest-Tallman Foods Corporation
- Cosucra Groupe Warcoing SA
- Shandong Jianyuan Group
- Others
The global pea protein market is being driven by the rising popularity of pea protein worldwide due to the growing awareness and rising concerns about the environment, health, and animal-rights. Since pea protein is neutral in taste, it is used 2014extensively in dairy alternatives of products like cheeses and yoghurts. It is also considered ‘Intermediate-fast protein’, which means, post-digestion, the pea protein is speedily assimilated by the body for protein synthesis. It, thus, has numerous applications in gluten-free and vegetarian foods, sports and slimming foods, and senior and clinical nutrition, which is furthering the demand for pea proteins in the global market.
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Major companies like Roquette Frères S.A and Axiom Foods Inc are some of the leading contributors to the growth of the pea protein market. Roquette Frères S.A is expected to open the largest pea protein manufacturing plant in Manitoba, Canada to cater to the increasing customer demand for plant-based proteins in North America and globally. This planned expansion will invigorate Roquette’s global leadership in plant protein products and will help further emphasize Roquette’s presence in the Americas. Axiom, another leading company in the pea protein market, has introduced a comprehensive line of all-natural ingredients, enriched with nutrition. The new line includes VegOtein P™ Pea Protein, a neutral-tasting pea protein, which was recently launched in March 2019. By coming up with this innovation, Axiom remains ahead of the other leading pea protein manufacturers like Ingredion, Roquette, Cargill, AIDP, and Shandong Jianyuan Foods, who have been striving to make pea protein flavourless and allergen-friendly. In March 2019, Axiom registered Univar Solutions (NYSE: UNVR), a global chemical and ingredient distributor, to be its official ingredient distributor in the United States. The collaboration with Univar helps Axiom extend its reach in the plant-based protein market.
Market Analysis by Types:
- Isolate
- Concentrate
- Textured
The types of pea protein commonly available in the market are isolate, concentrate, and textured.
Market Analysis by Forms:
- Dry
- Wet
By form, pea protein is broadly divided into dry and wet forms.
Market Analysis by Applications:
- Functional Food
- Beverages
- Sports Nutrition
- Pharmaceuticals
- Meat Additives
- Bakery and Confectionery
- Others
Pea protein is used in functional food, beverages, sports nutrition, pharmaceuticals, meat additives, and bakery and confectionery, among others.
Market Analysis by Regions:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the major regional markets for pea protein.
Key Findings of the Report:
- The increasing demand for plant-based protein is helping the pea protein industry growth.
- Health-conscious consumers are shifting to meat and dairy alternatives due to environmental, health, and animal-rights reasons, providing further impetus for the pea protein market growth.
- The industry is being driven by the growing urban population, along with, the rising interest in alternative protein options among the younger consumers.
- The pea protein market is finding impetus in the sports nutrition sector as a low-calorie protein option, contributing to weight management and aiding in muscle growth.
- The rising demand from consumers who are allergic or sensitive to dairy, eggs, and other products containing gluten is further aiding the market growth.
- The market is also being driven by consumers shifting to pea protein from soy protein as pea protein are non-GMO products.
- The various innovations taking place in the pea protein industry is also aiding its growth.
Key Offerings of the Report:
- The EMR report gives an overview of the global pea protein market for the periods (2015-2019) and (2020-2025).
- The report offers historical (2015-2019) and forecast (2020-2025) market information for the types, forms, applications, and regional markets of pea protein products.
- The report provides an in-depth insight into the region-wise historical (2015-2019) and forecast (2020-2025) price trends for pea protein.
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