Persistence Market Research published a report on the pea protein market, which includes the global industry analysis 2014-2018 and opportunity assessment 2019-2029, and projects that the pea protein market is expected to reach ~ US$ 1 Bn by the end of 2019 in terms of value, and is forecasted to reach ~ US$ 1.6 Bn by the end of 2029.
Rising Demand for Lactose-Free and Gluten-Free Ingredients
With the increasing population, the demand for protein and nutrition is increasing across the world. Proteins can be derived from various products such as dairy products, plant-based ingredients, and animal-based products. There is substantial rise in lactose-intolerant population and health-conscious consumers. These consumers seek protein ingredients, which are lactose-free and gluten-free. Pea proteins are naturally lactose-free and gluten-free. Peas are a rich source of protein and other nutrients. Thus, consumers have started consuming pea proteins to fulfill their nutritional demand.
Changing Consumer Perspective in Emerging Markets
Consumers in North America and Europe are well aware of their fitness, and consuming healthy products to maintain their health. However, in emerging markets such as South Asia and East Asia, consumers are now becoming aware of fitness and about the benefits of consuming healthy products. Thus, health is becoming the first priority in emerging markets. Pea protein powder is nutritionally very beneficial for human health. Pea protein powder can help build muscles when paired with resistance training. Pea protein is a non-GMO vegetable protein and an ideal source of post workout nutrition for athletes who may have difficulty consuming other types of protein. Manufacturers have lucrative opportunities in sports nutrition, as the health-conscious consumer base is increasing across the globe. This rising awareness among consumers about fitness and nutritional food is helping pea protein emerge as a nutraceutical supplement in sports nutrition.
Protein Mania - Developed World’s New Diet Obsession
Health is a major concern for most people. Some people exercise to keep their body fit, while others follow the path of diet and nutrition. Diet and nutrition involve the consumption of a large amount of protein. This nutritional diet is more expensive as compared to a normal diet. A diet high in protein is the latest trend in many established and emerging markets. Plant-based proteins are trending in developed markets, and this trend is expected to boost the demand for pea protein in the world market.
Increasing Number of Substitute Products Threatening the Market
Nutrition charts show that pea protein does not have a complete profile of 100% amino acids that any human body needs. Pea protein is an excellent source of protein but it also contains high amount of carbs. Thus, consumers are opting for alternative proteins. Manufacturers are also innovating new products using substitutes of pea protein such as brown rice and casein proteins. This increasing awareness about pea protein substitutes is hindering the market growth and preventing it from reaching its full potential.
Price Hike by Manufacturers a Major Issue
The cost of production for pea protein is high, and thus, the end products of pea protein are also costly from the consumer perspective. Some manufactures are increasing the prices of pea protein to continue its technological and traceability improvements. The high pricing of pea protein is already a concern for the consumers, and this additional price hike is making the pea protein market unstable.
Key Producers of Pea Protein
Some of the key players included in the pea protein market are Ingredion Incorporated, Cargill Incorporated, DowDuPont, AGT Food And Ingredients, Farbest Brands, Axiom Foods Inc., Glanbia Plc., Roquette Frères, The Green Labs LLC., Bioway (Xi'an) Organic Ingredients Co. Ltd., The Scoular Company, NOW Health Group, Inc., Aminola, A&B Ingredients, Vestkorn Milling AS, Gemef Industries, Greenway Organics (Tianjin) Co., Ltd., Phyto-Therapy Pty Ltd., PURIS, and Maxsun Industries Inc.