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 that the use 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 growing vegan and vegetarian populations are driving market growth across the globe. Moreover, the growing concern about the level of lactose intolerance is stimulating global demand for pea protein on the market. The technological advancement in extrusion and processing often increases market demand.
On the other hand, the availability of various other plant-based ingredients, such as soy, is a key factor in inhibiting market growth. In addition, the existence of other animal proteins limits the development of the global market for pea proteins. The high cost of pea protein is also a barrier to 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