Zion Market Research has published a new report titled “Pea Protein Market by Product (Isolates, Concentrated, and Textured) and by Application (Dietary Supplements, Bakery Goods, Meat Substitutes, Beverage, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022”. According to the report, global pea protein market was valued at approximately USD 25.00 million in 2016, is expected to reach above USD 39.50 million in 2022, growing at a CAGR of around 8.00% between 2017 and 2022.
Protein powder can be available in different forms such as whey protein, brown rice protein powder, soy protein, pea protein, etc. However, pea protein is increasingly becoming popular due to its large nutrient content and numerous applications in food & beverage industry. Pea protein products can act as a replacement for major portion of other proteins in wide range of food products without having any effect on the taste, color, or texture of the product and in some cases can offer potential cost savings. Pea protein is preferred over other available options because it has no gluten or diary. Pea protein is easy to digest and does not cause bloating; a common problem with other protein powders. Pea protein is useful in number of medical applications such as maintain healthy muscle, weight management, boost metabolism, and control blood sugar, improve blood circulation and calcium absorption, among others. As a result, is growingly seen as a major alternative for other available forms of protein.
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Increasing preference towards vegetarian diet is expected to be the major driver for the global pea protein market. In addition, increasing concern for health and wellness is expected to trigger the growth of pea protein market in the coming years. Moreover, heavy investment in research in development by pea protein manufacturing companies is expected to play a vital role in growth of pea protein market. However, lack of awareness among end users is projected to act as an major restrain for pea protein market. Nevertheless, technological advancements in extrusion and processing, and emerging markets across the globe are expected to act an opportunity for pea protein market in near future.
Based on product type the pea protein market can be segmented as isolates, concentrated and textured pea protein. Textured pea protein contains highest amount of protein in comparison with isolates and concentrated. Textured pea proteins are growingly used as dietary supplements while concentrates are mainly used in aquafeed. Based on application, the pea protein is segmented into dietary supplements, bakery goods, meat substitutes, beverage and others. In 2016, dietary supplements segment held the largest share of pea protein market. As a result of increasing awareness for fitness the demand for dietary proteins is on rise which in turn is expected to boost the demand for pea protein.
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North America governed the majority of the pea protein market share in 2016 and is expected to further promote the pea protein market growth in the coming years. Factor contributing to the splendid growth in North America is increasing demand for gluten free products in this region especially in the U.S., and increasing demand for sports nutrition diet. Europe was the second largest consumer of pea protein in 2016. This was mainly due to the shifting preference towards plant-based protein. Asia Pacific is expected to specter enormous growth in forecast period, owing to growing demand for meat substitute and allergen-friendly sports & fitness supplements. Moreover, favorable regulatory inclination for agriculture industry especially in India and China ensures supply of ample raw material for pea protein production. Latin America is predicted to grow at the lucrative pace especially due to growth in Brazil. Middle East and Africa is projected to have a decent growth in the forecast period.
Some of the key players in the pea protein include Roquette Freres, A&B Ingredients, Farbest Brands, Axiom Foods Inc., Nutri-Pea Ltd., The Scoular Company, Sotexpro Burcon NutraScience Ltd., Consucra-Groupe Warcoing among others.
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