Global pea protein market is predicted to cross US $160 million by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Pea protein is a low-calorie food with high protein content. It is easily digestible making it an ideal post workout nutritional supplement. Increasing awareness regarding healthy & nutritious diet, growing food sensitivity and preference, for vegetarianism are the major factors augmenting the pea protein market. The product is used in various applications such as nutraceuticals, sports supplements, and meat substitutes which further aids the market growth.
Based on the product type, pea protein market from isolates segment was worth US $25 million in 2017, owing to the rising demand from snacks, beverage, and bakery product industry. The product possesses significant amino acids content, high solubility, excellent emulsification, and water-binding properties enabling it to be used widely as a meat texturing agent. Pea protein isolates are feasible alternatives for dairy-allergic consumers as it contains more than 90-95% proteins, thereby fueling the product demand from sports nutrition market.
Considering the North America pea protein market, meat substitutes application segment is presumed to amass US $20 million by the year 2024, pertaining to the suitability of the product for vegetarians and people who are allergic to animal products. It is known to fulfill the daily nutrient intake of the consumers. Growing trend of weight management, along with rising concerns regarding consumption of red meat which is known to cause cardiovascular diseases will amplify the regional market growth.
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Additionally, nutraceutical application segment of pea protein market in Europe was valued over US $2.3 million in 2017, mainly due to increase in demand for fat-free & gluten-free nutritional food. The high amino acid content of these products owing to the presence of glutamine promotes wellness and health. The water-binding property of pea protein improves immunity and enhances heart health. Increasing consumer demand for alternative nutrient sources for personalized needs, coupled with enhanced taste will bolster the growth of pea protein market.
The key players operating in the pea protein market profiled in the study comprise of Cosucra-Groupe Warcoing, Shandong Jianyuan Group, The Scoular Company, Glanbia Nutritionals, and Roquette Frerers among others. These companies are undertaking R&D activities to recognize better active ingredients and focusing on expanding their product range to meet the consumer demands.