Pea Protein Market Analysis Of Global Trends, Demand And Competition 2020-2028 – Cole of Duty

Posted: June 17, 2020 at 12:47 am

Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Pea Protein market.

Trusted Business Insights presents an updated and Latest Study on Pea Protein Market 2019-2026. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market.The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Pea Protein market during the forecast period (2019-2029).It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.

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Industry Insights, Market Size, CAGR, High-Level Analysis: Pea Protein Market

The global pea protein market size was valued at USD 215.5 million in 2019, and is project to expand at a CAGR of 7.6% during the forecast period. The significant growth of key application sectors, such as dietary supplements, bakery goods, and beverages, is anticipated to drive the market.Growing popularity of meat substitutes, concerns regarding lactose intolerance among adults coupled with rising demand for gluten-free products is expected to drive the demand for pea proteins. Rising awareness regarding nutrition enrichment has increased the importance of dietary supplements and is expected to favorably impact the market. Increasing importance of protein consumption for vegetarians is foreseen to fuel the demand for pea protein powder. Rising concerns regarding dairy and meat allergies are also expected to fuel the demand for protein fortified food products in near future.

Rising importance of flexitarian diet among majority population in U.S. owing to increasing concerns regarding cardiovascular diseases associated with red meat consumption is expected to remain a favorable factor for promoting the market growth. Moreover, increasing awareness regarding adverse effects associated with food comprising gluten and lactose is likely to play a crucial role in enhancing the product demand.Robust presence of manufacturing facilities of meat producers including Tyson, JBF, Cargill, and National Foods in U.S. is expected to increase the use of pea protein as a part of texture improving agent in meat processing. Increasing consumption of grains including soy and canola to produce bio-based chemicals is anticipated to reduce their availability as protein ingredients. As a result, the product is anticipated to emerge as an important ingredient among food and beverage manufacturers owing to the close proximity with the yellow pea producing country Canada.In terms of volume, pea protein concentrates segment in U.S. is likely to expand at a CAGR of 8.0% from 2020 to 2027. Rising application of frozen breads in retail markets of the country is anticipated to play a crucial role in increasing the manufacturing output of baked goods which will fuel the product demand in near future.Pea protein manufacturers market their products to the food and beverage industry for use in meat substitutes, dietary supplements, beverages, and baked goods. Some of the manufacturers have formed strategic partnerships with distributors to ensure product supply. In February 2014, Roquette America entered into a strategic partnership with World Food Processing to manufacture and distribute its pea protein isolates in North America. World Food Processing is also engaged in the cultivation and production of grains such as yellow peas.

Product Insights of Pea Protein Market

Pea protein isolates was the largest segment and accounted for 48.6% revenue share of the pea protein market in 2019. These products are used as texturizing agents in meat goods due to providing properties such as high amino acid content, excellent emulsification, high solubility, and good water-binding characteristics.Rising concerns over gluten-related disorders in U.S. and Canada owing to increasing expenditure on research pertaining to human health is expected to promote the importance of gluten free pea protein isolates in food and beverage industry. However, high market visibility for soy in light of widespread availability across all the regions is expected to reduce the application scope of isolates in near future. Expansion of the sports nutrition sector in developed countries including U.S., Germany, and U.K. is likely to boost the product consumption over the forecast period.In 2019, pea protein concentrates segment generated a revenue of USD 45.0 million, and is anticipated to expand at a CAGR of 6.9% over the forecast period. Concentrates are manufactured by separating the protein of pea seeds from the fiber and starch fractions through the utilization of dry as well as wet processes. These products possess properties including high digestibility and good emulsification which promotes their use as sports supplementation.Moreover, concentrates are increasingly incorporated in cakes on account of providing dry-texture and good flavoring properties. Robust manufacturing base of baked goods in U.K., France, and Germany in light of close proximity with equipment manufacturers and easy access of rice and wheat as raw materials is expected to increase the application of concentrates over the forecast years.In January 2019, Safe fair Foods Co, launched its allergy free product line under pea protein chips. The gluten free, protein packed chips are free from five of the top eight allergens which compromises pea protein and lentil flours. New product development and establishment of partnership between manufacturers and buyers are anticipated to remain critical success factors for textured pea protein manufacturers over the next eight years.Form InsightsDry based segment accounted for 69.5% of the total market share in terms of revenue in 2019 and is anticipated to continue leading during the forecast period. Significant use of the form in the processing of nutritional health supplements, meat, and bakery products is anticipated to fuel the growthDry segment is mainly available in powdered form in the global market. It finds application in meat extenders and analogues and bakery goods sectors. This segment is anticipated to generate a revenue of USD 262.9 million by 2027.Liquid form is projected to be the fastest growing segment during the forecast period. Ease of blending with other food components is one of the key aspects of the liquid product form, which is expected to drive its adoption. The segment is likely to witness a CAGR of 8.1% in terms of revenue over the forecast period.Significant consumption of nutritional drinks, sports drinks, and other beverages in key countries including U.K., Germany, and France is anticipated to provide growth opportunities for liquid-based food ingredient segment in Europe a certain extent over the forecast period.

Application Insights of Pea Protein Market

In terms of volume, dietary supplements constituted 59.3% of global market share in 2019. Expansion of nutraceuticals industry in China, Japan, and India in light of rising domestic consumption of nutritional supplements at domestic level is anticipated to promote the product application over the forecast period. Pea protein is fortified added in nutritional tablets, syrups, soups, energy powders, and cereal bars on account of providing health benefits such as enhancing muscle and bone growth as well as regulating blood sugar levels. Such benefits associated with the consumption of pea protein are expected to fuel the growth in near future.

Rising consumer awareness regarding healthy and nutritious diet coupled with increasing demand for energy drinks and processed food is expected to fuel the product demand. Growth of global food industry owing to the factors such as increasing population and changing consumer lifestyle is projected to drive the demand for pea protein over the forecast period. Bakery goods was the second-largest consumer in 2019. Rising expenditure on incorporation of the product as a rheology improving ingredient in manufacturing of baked goods including cakes and desserts will fuel the product demand over the next eight years.Meat substitutes and analogues is another significant application of the market. Growing concerns over meat allergies has resulted in technological development of new textured products, which resemble meat. Positive outlook on meat substitutes as a result of rising vegetarian population is expected to fuel the growth over the forecast period. Rising application in the production of meat items including chicken, mutton, beef, and lamb, due to its excellent texturing properties is anticipated to further fuel the product demand. However, predominant consumption of soy, wheat, tofu, tempeh, and textured vegetable protein as meat substitutes will pose a substitution threat to the product over the forecast period.

Regional Insights of Pea Protein Market

North America was the largest consumer accounting for 42.7% of the global volume share in 2019. Increasing demand for gluten-free items in U.S., robust growth of the sports nutrition industry, and rising concerns regarding cardiovascular diseases caused due to red meat consumption are important factors positively influencing the growth.A considerable rise in output of the food processing sector in Mexico on account of increasing number of imports for machineries is expected to promote the application of baked goods and processed meats, thereby resulting in a robust demand for pea protein as texturizing agent in baked goods and meat products.Europe was the second-largest consumer in 2019. Rising concerns over lactose intolerances along with shifting consumer inclination toward plant-based products is expected to drive the regional market. However, stagnant growth of food and beverage industry in key markets including Germany, France and U.K. in light of increasing utility expenditure along with stringent environmental regulations to limit production output will remain a restraining factor over the forecast period.Asia Pacific is likely to witness the fastest CAGR of 8.9% during the forecast period in terms of volume. Significant gains in the revenue of functional foods in Japan, China, and India is expected to remain a favorable driving factor over the forecast years. In addition, grooming hotel and restaurant industry along with expansion of retail chains particularly supermarkets are likely to play important role in promoting food and beverage industry growth. As a result, positive food and beverage industry outlook across countries, such as China and India, is expected to fuel the demand for pea protein ingredients.Central and South America and Middle East and Africa are likely to witness emerging market growth in the next couple of years. Positive outlook regarding the sports nutrition sector in Brazil, Chile, and Argentina is likely to offer significant scope for industry improvement in the Central and South America region during the forecast period.

Market Share Insights of Pea Protein Market

Majority of the manufacturers are located in U.S. and Western Europe owing to easy access to raw materials and equipment on a domestic level. Pulse ingredient suppliers are expected to sign agreements with farming agencies and government bodies to ensure the supply of raw materials in subsidized rates.High processing cost of pulse ingredients to manufacture the product, along with extensive R&D infrastructure is expected to pose major barrier to the market growth. The manufacturing companies are expected to increasing spending on the development of new products with non-GMO level ingredients. As a result, the companies are likely to collaborate with buyers located in food and beverage industry for R&D of including nutritious bakery goods and beverages.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Pea Protein Market Research ReportThis report forecasts volume and revenue growth at a global, regional, and country level, and provides an analysis of the latest industry trends in each of the sub-segments from 2020 to 2027. For the purpose of this study, this market research report has segmented the global pea protein market report on the basis of product, form, application, and region:

Product Outlook (Volume, Tons; Revenue, USD Thousands, 2019 2030)

Concentrates

Isolates

Textured

Hydrolyzed

HMEC/HMMA

Form Outlook (Volume, Tons; Revenue, USD Thousands, 2019 2030)

Dry

Liquid

Application Outlook (Volume, Tons; Revenue, USD Thousands, 2019 2030)

Meat Substitutes

Bakery Goods

Dietary Supplements

Beverages

Others

Quick Read Table of Contents of this Report @ Pea Protein Market Size & Share, Market Research and Industry Forecast Report, 2020-2027 (Includes Business Impact of COVID-19)

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Pea Protein Market Analysis Of Global Trends, Demand And Competition 2020-2028 - Cole of Duty

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