Market Overview
Pea protein is a plant based protein extracted from yellow pea, green pea or Pisum sativum and is trending as a source of healthy diet additive. Being a nutritional additive, it is gaining popularity in the food and beverage industry. Furthermore, increasing vegan population is driving the pea protein ingredient market. Moreover, increasing awareness among consumers about healthy diet and inclination of consumers towards healthy diet supplement are boosting the growth of the global pea protein ingredient market. Moreover, it is a nutritional additive in animal feed, which has opened doors for this market in the livestock industry. Additionally, with an advantage of being a gluten free product, it may hamper the egg protein market.
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Market Forecast
Pea protein has wide range of application sectors such as meat extenders, bakery manufacturers, diet supplement market, livestock feeding, and others and all these are expected to boost the pea protein ingredient demand. Moreover, rising importance of organic farming is expected to increase the farming of pea crop and increase the availability of raw materials. Moreover, increasing consumption of diet supplement and increasing focus on improving animal health are the drivers of this market.
Furthermore, increasing focus on R&D and technological advancement will boost the global pea protein ingredient market. However, due to certain health issues created by degraded pea protein based products may hamper the growth of the market over the review period. Nevertheless, all these factors likely to contribute to the estimated CAGR of 8.5% of pea protein ingredient market during the forecast period 2017-2023.
Downstream Analysis
On the basis of products, the global pea protein ingredient market is segmented by isolates, concentrates, textured, and others. However, among all, isolates segment dominates the market followed by concentrates segment. The Isolates hold an advantage of comprising major share of protein content, which surges its application in various product line.
Based on the form, pea protein ingredient market is segmented into dry, wet, and others. Among these, dry form is holding a major share in the market with its vast applications in meat extenders, bakery goods, and healthy supplement. However, liquid form is anticipated to grow in the coming years with its advantage of getting blended in the food products easily.
Based on the application, pea protein market is segmented into dietary supplement, bakery goods, meat extenders, packaged goods, livestock feeding, and others. Among these sectors, dietary supplement is holding a major share in the global market owing to consumers’ inclination towards healthy diet.
Competitive Analysis
The Major Players in the Pea Protein Ingredient Market
• Axiom Foods, Inc. (U.S.)
• A&B Ingredients. (U.S.)
• COSUCRA (Belgium)
• Cargill Inc. (U.S.)
• CHS Inc. (U.S.)
• Nutri-Pea Limited (Canada)
• Sotexpro (France)
Pea protein ingredient market is gaining growth rapidly with its application in wide range of products which is attracting new players in the market. Moreover, focus on R&D and surge of technologies will boost the pea protein ingredient market over the forecast period 2017-2023.
Regional Analysis
Global Pea Protein Ingredient Market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). North America is dominating the global market of pea protein ingredients followed by Europe. The changing lifestyle followed by inclination of consumers towards sports supplement in North America drives the market for pea protein ingredient in this region. Moreover, rising concerns towards lactose intolerances is growing its market as dairy substitutes for cheese and yogurt in European market. Additionally, shifting consumer preference towards plant-based proteins in Europe have surged the market of pea protein ingredient in this region.
Furthermore, Asia Pacific is anticipated to be the fastest growing region in the global pea protein ingredient market with changing lifestyle followed by increasing awareness among consumers about healthy diet. Moreover, growth of the sports supplement sector in Argentina, Brazil, and Chile have a positive impact on the market.
Market Segmentation
Pea protein market is segmented on the basis of products, form, application and region.
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