Pea protein, as we know, is a food additive that mainly finds usage in various food applications such as bakery, beverages, and snacks. It also passes as a great alternative to protein, which is mainly derived from dairy products such as cheese and yogurt, thus being beneficial for people who are allergic to or intolerant to dairy products. Increasing consumer awareness about high nutritional value of pea protein and changing preferences of people toward vegan/vegetarian food are the major factors responsible for the growth of the global pea protein market.
The global pea protein market that was valued at USD 22.8 Million in 2015 is projected to reach a value of USD 34.8 Million by 2020, growing at a CAGR of 8.80% during the forecast period from 2015 to 2020.
Geographical growth scenario of the market
In 2015, North America held the largest market share for pea protein both in terms of value as well as volume. However, the market in Asia-Pacific is anticipated to register the fastest growth 9.35% CAGR, in terms of value, and 9.57% CAGR, in terms of volume over the forecast period. This growth can mainly be attributed to the growing awareness among food & beverage manufacturers and rising consumer demand for pea proteins due to their high nutritional profile, especially in countries such as China, Japan, and Australia. Moreover, high growth of the food & beverage industry in developing countries like China and Japan is also expected to further trigger the growth of pea protein market in this region.
Drivers and restraints for the market
The growth of the global market for pea protein is being majorly influenced by the following factors:
• Rising vegetarian/vegan population
• High nutritional value of pea
• Rising animal disease outbreaks
• Technological advancements in extrusion & processing
• Changing consumer lifestyles and growing health concerns
In addition, rising demand for plant-based alternatives to meat products, huge potential for plant proteins, rapidly growing sports nutrition industry, and growing market for weight management products are the few other factors that are expected to further create good growth opportunities for the market.
However, low sensory properties of pea and high cost of pea proteins are the major factors that may hamper the growth of the market. Moreover, substituting it with soy and pricing pressures are the major challenges being encountered by the leading players in this market.
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Key players and strategies adopted
Roquette Frères (France), Burcon Nutrascience Corporation (Canada), Cosucra Groupe Warcoing (Belgium), Nutri-Pea Limited (Canada), and Sotexpro (France) are some of the leading companies involved in the global market for pea protein. These players have adopted new product launches, expansions, and partnerships, agreements & collaborations as their key strategies to achieve sustained growth as well as increase their market share along with expanding their geographical presence across the globe. They have also been actively investing in advancements of technology and development of new products in order to provide better quality, innovative, and cost-effective solutions to the customers.
