Pea Protein Market Pegged to Demand US$39.50 Mn by the end of 2022
Sarasota, FL -- (SBWIRE) -- 11/13/2017 -- 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.
Pea protein products can act as a replacement for a major portion of other proteins in the 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 dairy. Pea protein is easy to digest and does not cause bloating; a common problem with other protein powders.
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Global pea protein market is primarily driven by increasing preference towards a vegetarian diet. Other major driving factors for the growth of pea protein market are increasing concern for health and wellness coupled along with heavy investment in research in development by pea protein manufacturing companies. However, lack of awareness among end users is a major restraint that may curb the growth of the market. Nonetheless, technological advancements in extrusion and processing and emerging markets across the globe are likely to disclose the new avenues for pea protein market in the near future.
The pea protein market can be segmented on the basis of product type into, concentrated and textured pea protein. Textured pea protein contains the highest amount of protein in comparison with isolated 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 the rise which in turn is expected to boost the demand for pea protein.
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North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are key regional segments of global peak protein market. The pea protein market was curled in North America in 2016 owing to the huge 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 market for pea protein in 2016. Asia Pacific is expected to be the fastest-growing region pea protein market during the forecast period. Moreover, Latin America is also expected to show visible growth in this market in the years to come.
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Some of the key players in the pea protein include RoquetteFreres, A&B Ingredients, Farbest Brands, Axiom Foods Inc., Nutri-Pea Ltd., The Scoular Company, SotexproBurconNutraScience Ltd., Consucra-GroupeWarcoing among others. Due to the presence of several manufacturers in protein powder market, there has been intense competition among the players to sustain in the market. Product innovation is the key strategy practiced by the majority of the players to maintain their sales.
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