According to a new market report published by Credence Research Inc., “Pea Proteins Market (By Type (Isolates, Textured, and Concentrates), By Application (Meat Substitutes, Snacks & Bakery Products, Dietary Supplements, Beverages and Others)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the worldwide pea proteins market was valued at US$ 23.15 Mn in 2015. In terms of volume the global market stood at 11.13 kilo tons in 2015.
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Factors such as increasing usage of pea protein as an ingredient in various food applications such as bakery products, dietary supplements and beverages among others, demand for natural ingredients, gluten free products and rising vegan and vegetarian population is fueling market growth across the globe. Moreover, the rising concern towards lactose intolerance levels is stimulating the global pea protein market demand. Technological advancement in extrusion & processing is also propelling the market demand.
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On the other hand, presence of various other plant-based ingredients such as soy is the major factor inhibiting the market growth. In addition presence of other animal protein is restraining the growth of the global pea protein market. High cost of pea proteins is also barring the growth of the global market.
Emerging economies offers huge potential owing to increasing awareness about the high nutritional profile of pea protein, changing lifestyle and rising health consciousness among others. Product innovation and increasing application scope of pea protein is likely to open new growth opportunities for pea proteins market participants in the near future. Furthermore, positive outlook towards sports nutrition is also projected to foster market growth.
Nutri-Pea Limited, Roquette Freres, Consucra-Groupe Warcoing and Burcon NutraScience Ltd are some of the key players present in this market. Market players are adopting different strategies to maintain their market dominance. Some adopted partnership strategy while some formed strategic partnerships with distributors. It addition, to increase their pea protein capacity companies also announced investments.
- Focus on targeting new application area for pea protein
- Emerging economies provides huge market potential
- Technological advancement in extrusion & processing
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