Transparency
Market Research (TMR) has announced a new study in its extensive food
and beverage industry database. The report studies the global
pea protein market’s historical development to the current
figures and presents studied forecasts regarding the market’s
development from 2016 to 2023. The report is titled ‘Pea Protein
Market - Global Industry Analysis, Size, Share, Growth, Trends and
Forecast 2016 – 2023.’
Pea
protein products are high in several essential nutrients as well as
amino acids. They are used in a wide variety of food and beverage
applications, mainly as a meat extender or substitute. The high
protein content and agreeable texture of pea protein are responsible
for its high demand in the food and beverages industry. The demand
from the global pea protein market is rising due to the increasing
health consciousness exhibited by the global population and the
expansion of the global food and beverage industry.
Continued
expansion of the global nutraceuticals and dietary supplements
markets is beneficial for the global pea protein market. The
increasing interest of primarily urban consumers all over the world
in products that help make up for the nutrition deficit created by
the lack of a healthy, balanced diet is thus responsible for the
growing demand for pea protein.
Pea
protein is not only highly nutritious, but it can also be used by
lactose intolerant consumers. The gluten-free nature of pea protein
further adds to the allure of pea protein and makes it more widely
usable, unlike many other dietary supplements in the global market.
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The
rising prevalence of vegetarianism has led to a rising demand for
various meat substitutes. The global pea protein market, which
derives a major part of its revenue from the application of pea
protein as a meat substitute, is a major beneficiary of this social
trend. This is likely to become a major driver for the global pea
protein market, with the rising awareness regarding the environmental
risk of nonvegetarianism likely to boost the demand for pea protein
and other meat substitutes.
By
product type, the isolates segment is expected to exhibit a high
growth rate in the global pea protein market in the coming years. Pea
protein isolates are extremely rich in proteins as well as being
water-soluble, which makes them ideal in meat substitutes.
By
application, dietary supplements registered the highest demand for
pea protein in 2014. The increasing health-consciousness of the
global population is expected to propel this segment in the coming
years. While dietary supplements will remain the major application of
pea protein products through the forecast period, the meat
substitutes application segment of the global pea protein is expected
to exhibit the highest CAGR in the 2016-2023 forecast period.
Regionally,
North America accounted for a dominant 35% of the global pea protein
market in 2014. While the Asia Pacific market will exhibit the
highest CAGR in the forecast period, the dominance of the North
America pea protein market is likely to remain unchallenged.
Major
pea protein manufacturers profiled in the report include Roquette
Freres, Farbest Brands, Axiom Foods Inc., A&B Ingredients,
Nutri-Pea Ltd., The Scoular Company, and Sotexpro.
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