Report : Pea Protein Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Pea Protein Isolates, Pea Protein Concentrates, Textured Pea Protein); Form (Dry, Liquid); Application (Dietary Supplements, Bakery and Confectionery Goods, Meat Alternatives, Beverages, Others), and Geography
According to the latest market study on “Global Pea Protein Market to 2027 – COVID-19 Impact, Analysis and Forecast by type (Pea Protein Isolates, Pea Protein Concentrates, Textured Pea Protein); Form (Dry, Liquid); Application (Dietary Supplements, Bakery and Confectionery Goods, Meat Alternatives, Beverages, Others); and Geography, the market was valued at US$ 363.1 million in 2018 and is projected to reach US$ 1,112.2 million by 2027; it is expected to grow at a CAGR of 13.9 % during 2019–2027. The report highlights key driving factors and also the prominent players and their developments in the market.
Pea protein is obtained from green and yellow split peas and is mostly used to make protein powder. It often serves as a base in packaged foods like veggie burgers, vegan mayo, and even replaces dairy in some ice creams and milk. Pea protein is an excellent source of iron. It is added in food products such as smoothies and shakes to increase the protein content and is also a great fit for almost all diet since it's naturally vegan and hypoallergenic. Pea protein contains nine essential amino acids that the human body cannot produce. North America held the largest share of the global pea protein market. Based on type, the global pea protein market has been segmented into pea protein isolates, pea protein concentrates, and textured pea protein. The pea protein isolates segment dominated the global pea protein market in 2018. Pea protein isolate is extracted from yellow peas, which is processed by means of a cold-water filtration method to decrease or eliminate much of the added fiber and starch content that is naturally-occurring within the pea. The resulting powder preserves a nutritional profile containing over 80% protein by volume that is equivalent to a standard whey protein concentrate. Pea protein isolate is rich in Arginine, Glutamine, Leucine, and other essential amino acids. Pea protein Isolate can be used to help enrich many dishes, including bread, pancakes, or muffins. Pea protein bears a good taste, particularly when mixed with one of the natural flavor systems.
The rising acceptance of veganism, surging interest in veganism, and innovations in vegan foods has fuelled the demand for plant based products including pea proteins. In a bid to meet the daily protein requirements from plant-based sources, a significant vegan and vegetarian population base has shifted toward pea protein supplements owing to their various health benefits over other plant based proteins. A number of premium pea protein isolate products are marketed as they have lower cholesterol levels, triglyceride levels, and hemoglobin A1C levels as well avert the risks of cardiovascular diseases. Moreover, the health benefits of pea proteins in muscle building and supporting the health of bones, tissues, and muscles has aroused the curiosity of a wider consumer base and contributed toward the popularity of pea proteins. Rising popularity and awareness about pea protein across the globe has considerably augmented the growth of the pea protein market.
COVID-19 first began in Wuhan (China) in December 2019 and since then it has spread at a fast pace across the globe. The number of COVID-19 case as per WHO is ~4.81 million with ~3,19,000 death worldwide. The outbreak of COVID-19 pandemic has severely impacted the food and beverages industry. Shutdowns of food manufacturing and food processing companies and supply chain disruptions due to lockdown of countries have created a strain on the supplies of food and beverages products. The sales of daily food items including bakery and confectionery goods, meat alternatives, beverages, and other essentials have increased as the consumers are rushing to stock up pantries. This represents a significant opportunity for pea protein manufacturers.
A&B Ingredients And Axiom Foods, Inc., Burcon Nutrascience Corporation, Cosucra Groupe Warcoing SA, Gemef Industries, Glanbia Nutritionals, Puris, Roquette Frères, The Green Labs Llc, Yantai Shuangta Food Co., Ltd. are among the well-established players present in the global pea protein market.
The report segments the global pea protein market as follows:By Type