Pea Protein Ingredients Market: Market Outlook
With the increasing number of consumers trying to increase the protein content in their diet the wave of increased consumption of plant-based protein is increasing in the food and beverage industry owing to the rising health and environmental concerns. Pea protein ingredients like isolates are said to have gelling and emulsifying properties with fat and water retention capacity with being available in different particle sizes for meeting the food and nutrition application, especially for baked goods. Pea-protein ingredients like isolates have optimized sensory profile and give smooth texture in shakes and drinks for specialized nutrition, sports, and weight management. Isolates allow a higher incorporation rate of various protein-enriched products from beverages to protein bars as well as cookies and makes the flavor more enticing in high-protein products. Textured pea protein is a substitution in minced meat products like balls, burgers, and for vegetarian & vegan versions of bolognese and meatballs. Textured pea proteins are known to have better taste compared to conventional gluten-based textured protein.
Consumers today are more aware of the health benefits of including nutritious and healthy food in their diet which had led to an increase in demand for ingredients providing nutritious benefits. Changing lifestyle with more sedentary work has caused many cardiovascular problems along with obesity which has forced consumers to include proteins in their diet as it is known to have weight loss properties. The consumer trend of veganism is also rising thus positively impacting the demand for plant-based proteins like pea protein ingredients. However, predominant consumption of wheat, soy, tofu, and textured vegetable protein as meat substitutes can prove to be a restraining factor for the growth of the pea-protein ingredients market.
Pea Protein Ingredients Market: Market Dynamics
Growing demand for plant-based protein to increase the demand for pea-protein ingredients
Various reasons are involved in driving the customers towards options for proteins and minimizing the meat consumption following hygiene, cleanliness, moral reasons, and food safety. The trend of going vegan to end animal cruelty had led to an increase in demand for plant-based protein in addition to this the desire for more protein as a major aspect of health and nutrition can prove to increase the demand for pea-protein ingredients.
Increasing allergies among consumers inclining them towards gluten-free alternatives thus driving the demand for pea-protein ingredients
The increasing number of consumer allergen towards various food products has been seen. Pea- proteins play an important ingredient alternative for those allergens towards gluten as pea is gluten-free. With celiac disease becoming more prevalent the consumption of gluten-free food items is rising and this reason can prove to increase the market demand for pea-protein ingredients.
Pea Protein Ingredients Market: Segmentation
Based on nature, the global Pea Protein Ingredients Market has been segmented as
Based on form, the global Pea Protein Ingredients Market has been segmented as
Based on application, the global Pea Protein Ingredients Market has been segmented as,
Based on the region, the global Pea Protein Ingredients Market has been segmented as
Pea Protein Ingredients Market: Key Players
The key players operating in pea protein ingredients market are Cargill Incorporated, Archer Daniels Midland Company, Kerry Group PLC, Roquette Frères S.A, PLT Health Solutions, Axiom Foods, Inc., Prinova Group LLC, Burcon NutraScience Corporation, A & B Ingredients Inc, Cosucra Groupe Warcoing SA, The Scoular Company, Emsland Group, Cambridge Commodities Inc, and others
Pea Protein Ingredients Market: Key Opportunities
Key manufacturers are constantly investing in research and development for developing new technologies to extract premium quality of pea protein powders. The growing demand for plant based proteins is likely to increase the sales for pea protein ingredients thus creating high revenue opportunities for the existing players. With the growing population and increasing awareness of the advantages of plant-based proteins there lies an opportunity for the other players to enter the market too. In December 2019, Emsland Group launched two new pea protein isolates to serve the food and beverage industry. The new pea protein ingredients were designed for use in functional and healthy food.
Pea Protein Ingredients Market: Regional Outlook
The U.S. followed by Europe is expected to observe steady gains for the pea protein market as the growing number of vegan inhabitants is increasing along with major manufacturers being involved in the development of the products to have a positive impact on the regional demand of the pea protein. The regulatory standards by EFSA which support the daily intake of protein is expected to add to the demand for pea protein in these regions. Demand for plant-based proteins may witness growth in the Asia Pacific owing to the presence of the dominance of the vegetarian population, increased spending capacity along with rising fortified food and nutraceutical consumption is another contributing factor for increased demand in the Asia Pacific for pea protein ingredients.
COVID-19 Impact on Global Pea Protein Ingredients Market
With the spread of COVID-19 bringing stringent lockdown in many regions of the world the industries have been severely hampered. Limitations on shipping and trade, disruption of the supply chain, key manufacturers coming to grinding halt are the factors that have affected the food industry as well. With the government allowing the agriculture and essential food commodities to be functional even during the lockdown, food and beverage being a labor-intensive industry, with social distancing measures the production capacity of the manufacturers involved in pea protein ingredients has been hampered. Thus, the pea protein ingredients market is expected to witness a moderate impact in the next two to three quarters.