Global pea proteins market is expected to witness growth in light of rising health consciousness coupled with increasing demand for plant-based food supplements. Over the past few years, there has been a rising demand for proteins owing to consumer awareness regarding its health benefits. Global protein consumption exceeded 250 billion tons in 2014 and is expected to reach 280 billion tons by 2022. Growing popularity of meat substitutes and increasing concern towards lactose intolerance among adults coupled with rising demand for gluten-free products are some of the key factors expected to drive pea proteins market over the forecast period. Also, positive outlook towards sports nutrition is also expected to stimulate market growth. However, the presence of other plant-based ingredients including soy, canola and wheat are expected to challenge industry demand. Focus on R&D for product innovation in the market is likely to open new growth opportunities for pea proteins market participants over the forecast period.
Global pea proteins market, by application, 2012 - 2022 (Tons)
Isolates are being increasingly used in the formulation of meat substitutes on account of its high amino acid content, excellent emulsification, high solubility and good water-binding characteristics. Also, these products contain up to 95% protein, which makes it a viable choice in sports nutrition. Thus, isolates are expected to witness the highest growth over the forecast period. Textured pea proteins are being increasingly incorporated in dietary supplements and beverages owing to its high fiber content and texture similar to that of meat. Pea concentrates contain up to 75% protein content and are used in food, beverages and aquafeed. Expansion of these end-use industries is expected to augment market growth over the forecast period. High penetration of textured soy products in the global nutrition industry is expected to challenge the pea protein industry.
Dietary supplements were the largest application segment of the market accounting for over 65% of global volume in 2014. Global dietary supplements market was valued at USD 49.20 billion in 2014 and is expected to reach USD 62.00 billion by 2022, growing at a CAGR of 3.3% from 2015 to 2022. Rising health concerns and increasing awareness among people towards nutraceuticals is expected to play an important role in driving dietary supplementary growth. Meat substitutes are expected to be the fastest growing application segment within the pea proteins market over the forecast period. Growing concerns over meat allergies have resulted in the technological development of new textured products which resemble meat. Positive outlook on meat substitutes in light of rising vegetarian population is expected to have a positive impact on market growth over the forecast period. Food & beverage manufacturers are increasingly fortifying these ingredients in the formulation of energy drink-mix powders. Rising demand for sports nutrition products on account of rising awareness towards muscle improvement among athletes is expected to fuel demand for beverages such as energy drink-mix powders in the near future. Growing application of the product as egg replacers in light of excellent emulsification properties coupled with inducing fluffiness in baked goods is expected to open new opportunities for market growth over the projected period.
North America pea proteins market accounted for over 35% of the overall volume in 2014. Increasing demand for gluten-free products in the U.S., robust growth of the sports nutrition industry and rising concerns towards cardiovascular diseases caused due to red meat consumption are important factors which are expected to impact positively market growth over the next seven years. Numerous food & beverages manufacturers of North America have expanded their product lines through launching innovative products in light of growing availability of yellow peas in Canada. In March 2015, NP Nutra launched organic pea protein 80% concentrate aimed at application in food & beverage industry.
Rising concerns towards lactose intolerances along with shifting inclination towards plant-based protein in Europe is expected to have a positive impact on the market in the near future. Asia Pacific pea protein industry is estimated to witness high growth during the forecast period owing to rising consumption of nutrient-fortified functional food products. Growing demand for meat substitute and allergen-friendly sports & fitness supplements is expected to augment market growth over the projected period. Favorable regulatory inclinations in India and China aimed at agricultural industry growth will result in ample raw material supply for pea protein manufacturers.
Roquette Freres, Nutri-Pea Limited, Burcon NutraScience Ltd.and Consucra-Groupe Warcoing dominated pea protein market share in 2014. Few companies have formed strategic partnerships with distributors located in high demand regions. In January 2014, Roquette America entered into a partnership with World Food Processing for distribution in North America. Formation of partnerships with buyers in food & beverage industry for the development of a product with tailored properties is expected to be a critical success factor for the market. In June 2015, Coscura announced an investment of USD 33.3 million to double its pea protein capacity at its Warcoing facility in Belgium by 2020.
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