Published Date : 08 Jul 19 | Views: 65 | Industry : Food & Beverages
By form, the global pea protein market could be segmented into liquid and dry. Among these, the dry segment is foretold to account for a significant share of the global market because of the growing consumption of dry pea protein for the processing of bakery and meat products and nutritional health supplements. The report also studies three product segments, viz. textured, concentrates, and isolates. By application, the global market could be segmented into beverages, dietary supplements, bakery goods, meat substitutes, and others.
Geographically, the global pea protein market is foretold to witness North America securing a commanding share on the back of the high demand in the sports nutrition industry. The US showing a strong demand for gluten-free products could be another factor pushing the growth of the North America market. Europe is projected to trail North America and exhibit growth while riding on the shift toward the consumption of plant-based proteins. Asia Pacific is forecast to rise at a faster CAGR due to the expansion of supermarkets and retail chains and the boom in the restaurant and hotel industry.
Some of the leading players of the global pea protein market are Fenchem, Inc., Prinova Holdings LLC, Yantai Oriental Protein Tech Co., Ltd., The Scoular Company, Sotexpro S.A., Shandong Jianyuan Foods Co., Ltd., Roquette Frères, Nutri-Pea Limited, Cosucra-Groupe Warcoing, and Burcon NutraScience Corporation. In order to have continuous access to raw materials at subsidized rates, manufacturers are prophesied to enter into agreements with government bodies and farming agencies. Western Europe and the US are expected to witness high concentration of players due to advantages such as easy access to equipment and raw materials. Players could focus more on developing non-GMO level ingredients.
The growing health problem of lactose intolerance among adults and decent demand for meat substitutes could be among key growth drivers of the global pea protein market. High availability of raw materials and production of peas due to favorable regulatory scenarios, the benefit of government incentives, and growing significance of organic farming are predicted to augur well for the global market. Rising focus on nutrition enrichment and increasing protein consumption could also help to push the growth of the global market. In meat processing, pea protein is used for texture enhancement.
However, growing penetration of animal proteins and gradually increasing adoption of enzymes over emulsifiers are expected to hamper the demand for pea protein.