Pea protein is a food additive that has a neutral taste and is used in various food applications such as bakery, beverages and snacks. It is also used as an alternative to protein derived from dairy products such as cheese and yoghurt. Pea protein is extracted from yellow pea, Pisum sativum, and has a typical legume amino acid profile. Peas contain low methionine and cysteine and are high in lysine in comparison to other protein crops. Pea protein is an ideal alternative for persons who are allergic or intolerant to dairy products. There is increasing consumer awareness towards preventive healthcare as well as about high nutritional value of pea protein. Moreover, pea protein is easier to digest than other plant proteins. Owing to these factors, consumption of pea protein across the world has been on the rise.
Market Value and Volume Forecast
The global pea protein market is anticipated to expand at a CAGR of over 11.8% in terms of value and 12.0% in terms of volume over 2016–2026. Factors such as increasing demand for natural ingredients, coupled with increasing usage of pea protein as an ingredient in various food application such as bakery & snacks, dietary supplementation, beverages and others, is fueling market growth across the globe. Currently, some major trends witnessed in the global pea protein market are gradual gain in popularity of vegan diet and vegetarianism and pea protein as an alternative to various proteins.
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Segmentation, by Type
The pea protein market has been segmented based on type into isolates, concentrates and textured. In 2015, isolates segment dominated the market in terms of value and volume, and it is expected to remain dominant over the forecast period. Meanwhile, concentrates segment is expected to expand at a significant CAGR in terms of value over the forecast period.
Segmentation, by Application
In this report, the pea protein market has been segmented on the basis of application into bakery & snacks, dietary supplementation, beverages and meat analogs/substitutes. In 2015, dietary supplementation segment accounted for the largest value share of the market.
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On the basis of region, the global pea protein market has been segmented into seven major regions: North America, Western Europe, Asia-Pacific Excluding Japan (APEJ), Japan, Eastern Europe, Latin America and the Middle East & Africa (MEA). The North America pea protein market is expected to show favourable growth in terms of value over the forecast period, followed by Western Europe. The North America pea protein market is expected to expand at a CAGR of over 12.0% over the forecast period, and is expected to continue to dominate the market in terms of value. Meanwhile, the Western Europe market is expected to expand at a CAGR of over 11.0% over the forecast period, due to increasing demand for pea protein stemming from increasing consumer awareness towards preventative healthcare in the region.
Some of the key players identified in the global pea protein market are Cosucra Groupe Warcoing, Nutri-Pea Limited, Sotexpro, Roquette Frères, Glanbia Plc, Fenchem Biotek Ltd, Prinova Group LLC, Yantai Shuangta Food Co, AGT Food & Ingredients, Inc., Burcon Nutrascience, World Food Processing LLC., Yantai T Full Biotech Co. Ltd., Yantai Shuangta Food Co, Suzhou Wanshen Flour Products Co, Shandong Jindu Talin Foods Co, Shandong Huatai Food, Yantai Oriental Protein Tech Co, Shandong Jianyuan Foods Co and Axiom Foods Inc.
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