The global pea protein market is driven by advancement in extraction technology and rising vegetarian population. With an average single digit growth in terms of volume over the last couple of years, the pea protein market is expected to witness a greater demand over the forecast period. Pea protein is a natural supplement made by extracting the soluble pea protein from yellow split peas. It contain more than 85% protein and is rich in vital muscle-building ingredients compared to other vegetables. The advantages of pea protein includes non-allergy properties of the ingredients, ability to mix quickly in water, low carbohydrate compared to some other proteins. However, pea protein powder not being easily digestible like whey powder is its major disadvantage which can hamper the market growth.
Pea Protein Market: Drivers and Restraints
Rising awareness towards using protein supplements, growing demand for affordable and sustainable vegetarian protein supplement, advancement in extraction technology and growing obesity rate globally are some of the major drivers for the pea protein market. However, low consumer awareness coupled with high production cost are the restraining factor for pea protein market globally. Growing health spending in order to stay healthy coupled with new product offerings in protein segment is the major trend in pea protein market. Also, growing clean label products coupled with non-allergy, non-GMO and vegan appeal properties are fuelling the growth of global pea protein market.
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Pea Protein Market: Segmentation
Global pea protein market is segmented on the basis of type, application and region. On the basis of type the pea protein market is segmented into isolated, concentrated and textured. Further, textured pea protein is sub-segmented into dry and wet. Furthermore, on the basis of application the market is segmented into meat extenders, snacks & bakery products, meat substitute, food & beverages and other food application. Meat substitute segment is expected to grow at a significant rate over the forecast period compared to other applications. Now pea protein are also being used to replace eggs, soy and dairy in a range of food products, including pasta, crackers, salad dressing, cereal, smoothies and brownies. Lastly, on the basis of region pea protein market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan and Middle East and Africa.
Pea Protein Market: Regional Overview
The pea protein market is expected to grow at a single digit growth rate during the forecast period. In 2014, North America was the largest market for pea protein followed by Western Europe. Both North America and Western Europe are mature market and expected to grow at a slower growth rate compared to other region such as Asia-Pacific. Emerging economies such as India and China are anticipated to exhibit highest CAGR during the forecast period primarily due to increasing demand of pea proteins among vegetarian consumer for food applications in Asia-Pacific. Latin America is also expected to gain momentum in the pea protein market during the forecast period. Majority of the future demands are anticipated to come from China, India, Brazil, South Africa and Japan.
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Pea Protein Market: Key Players
Some of the key players operating in pea protein market are A&B Ingredients, Axiom Foods, Inc., Roquette Freres, Burcon NutraScience ltd., Consucra-Groupe Warcoing, Nutri-Pea Limited to name a few. Major players in pea protein market are regularly investing in R&D in order to develop new extrusion technology in protein extraction. The companies are also engaged in agreement and partnership with different companies in order to expand portfolio and global presence.
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Mr. Sudip Saha