Burgeoning Health Awareness among Consumers to Bode Well for Global Pea Proteins Market, says TMR

Pea protein food products are likely to gain popularity among health conscious and lactose sensitive consumers over the next few years due to rising digestion congestion concerns among consumers, states Transparency Market Research in a new report. The report is titled, “Pea Protein Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2023.”

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The report is a detailed overview of the global pea protein market as it analyzes the historical growth trajectory, current market scenario, and the future opportunities of the market. The study thoroughly describes all the essential elements at play in the global pea protein market and articulates the factors driving and restraining the growth of the market.

The report provides the statistics for the major regions and other segments as well in terms of volume and revenue. An in-depth analysis of the companies operating in the global pea protein market has also been provided in the report along with their strategies, product specification, share, and position in the market. Using Porter’s five forces analysis, the study evaluates the strengths, weaknesses, opportunities, and threats in the global pea proteins market.

According to the report, the demand for pea protein is likely to be driven by the lifestyle changes and shift in food habits of consumers. Consumers are shifting their attention towards the adoption of healthier lifestyles owing to the rising concerns for wellness and health. Moreover, as pea protein food products are non-dairy products, they are in demand from both consumers with low lactose tolerance levels and vegan consumers.

The demand for pea protein products is further likely to increase owing to the growing demand for gluten free food products and development of the nutraceuticals industry. The positive outlook of consumers towards the consumption of sports nutrition products is another major factor that is anticipated to drive the progress of the global pea protein market in future.

However, lack of consumer awareness regarding the benefits of pea protein foods in certain regions and the mounting cost of pea protein products are factors that are likely to hinder the sales of pea proteins across the world. Furthermore, the successful penetration of animal protein products in the nutrition market is anticipated to challenge the market for pea proteins globally. Manufacturers of pea proteins can expect lucrative growth opportunities from the advent of technological advancement in processing and extrusion of pea protein products.

The report states that on the basis of consumption, North America is likely to emerge dominant among all the regions and Asia Pacific is projected to exhibit strong growth in comparison to other regions. The report covers regions such as Asia Pacific, North America, Western Europe, the Middle East and Africa, Eastern Europe, and Latin America. The leading players in the global pea proteins market are Sotexpro, Nutri-Pea Ltd., Axiom Foods Inc., The Scoular Company, Roquette Freres, Farbest Brands, and A&B Ingredients. 

Global Pea Protein Market Driven by Growing Consumer Awareness, North America to Dominate

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. 

Pea Protein Market to Grab the Largest Market Share by 2023:TMR

Pea protein has a variety of application in the food and beverage industry. It is rich in essential nutrients and has an advantage of functional characteristics with a large amount of amino acids. They are segmented into concentrates, isolates and textured pea depending on their protein content. They are used at meat extender, substitutes and analogs. The global pea protein market is anticipated to witness a dramatic growth in its demand on account of rising concern for health and wellness among the consumers in all corners of the world.

Changing lifestyle of the consumers is the key factor driving the demand for the global pea protein market. Adoption of a healthier lifestyle due to the increasing concern for health and wellness among the consumers across the world is pushing forward the demand for the global pea protein market. In addition, the increasing concern towards lactose intolerance levels is also driving the demand for the global pea protein market. Expansion of the nutraceuticals industry and the rising demand for gluten free products are also driving the global pea protein market. In addition, the rising consumption of meat substitutes, rising concern towards lactose intolerance levels and the optimistic outlook on the sports nutrition market are some of the major drivers for the global pea protein market.

Low consumer awareness of pea proteins is a major factor inhibiting the growth of the global pea protein market. Consumers are yet to be aware of the positive effects of pea proteins. High cost of pea proteins along with the growing demand for other plant proteins is also restraining the market. Moreover, the rapid market penetration of animal protein is also barring the growth of the global pea protein market.

Technological advancement in extrusion and processing is anticipated to serve as a suitable opportunity to the global pea protein market. Rising market for weight management products and the improved taste of texture pea protein are also considered to be suitable opportunities for the global pea protein market.

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By product type, the global pea protein market has been segmented into isolates, concentrates and textured pea protein. Isolates are used in the formulation of meat substitutes because of its high content of amino acids, high solubility, favorable water binding characteristics and good emulsification. Moreover, isolates contain an approximate of 95% protein which makes them suitable for the sports nutrition industry. Isolates are expected to record the fastest growth during the forecast period. Owing to its fiber content similar texture to that of meat, textured pea proteins are increasingly used in beverages and dietary supplements. Concentrates are used in aquafeed, beverages and food due to its high protein content.

By product application, the global pea protein market has been segmented into snacks and bakery products, meat extenders and analogs, dietary supplements, beverages and others. The dietary supplements were the largest segment in terms of revenue in 2014 and are expected to maintain their position during the forecast period. Increasing concern for health and wellness is expected to propel the growth of the dietary supplements segment. However, meat substitutes are expected to witness the fastest growth during the forecast period owing to the rising concern for meat allergies resulting in the technological development of textured products similar to that of meat.

North America was the largest market for pea proteins in 2014 accounting for almost 35% of the total pea protein market. Asia Pacific is expected to be the fastest growing market for pea proteins owing to the rising consumption of nutrient rich food products.

A&B Ingredients, Farbest Brands, Roquette Freres, The Scoular Company, Axiom Foods Inc., Nutri-Pea Ltd., Sotexpro are some of the major players operating in the global pea proteins market.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.