Ocean View, Delaware, May 18, 2017 (GLOBE NEWSWIRE) —
The industry growth report “Pea Protein Market Size By Product (Concentrate, Isolate, Textured), By Application (Nutraceuticals, Meat substitutes, Sports Supplements), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” by Global Market Insights, Inc. says Pea protein market size will surpass USD 200 million by 2023.
Increasing consciousness about health issues is foreseen to lift pea protein market over the forecast time frame. Extensive usage in the food and beverages industry due to benefits like functional attributes and appealing nutritious profile ought to drive growth. Growing popularity among consumers owing to its cost effectiveness over other alternatives will further escalate pea protein market demand. It is obtained through yellow peas; therefore, it is preferred by the vegan population over animal proteins. Increasing vegan population and high nutritional profile will further fuel the market.
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In European nations, food and beverage applications will be driven by rising awareness about food sensitivities and desire to avoid genetically modified ingredients. This has led to consumer inclination towards pea proteins against its counterparts.
Industry participants may face challenges due to potential allergies caused by consumption and health issues created by degraded pea protein based products. High protein foods contain purines, which increases uric acid in the body, leading to crystallization of joints and gout attacks. This may hamper sales during the forecast timeframe.
Growth of nutraceuticals and sports supplement demand signifies vast opportunity for the pea protein market. Global nutraceutical ingredients market is anticipated to exceed USD 45 billion by 2023. This can be attributed to increase in life expectancy and subsequent increase in lifestyle disease especially in the developed regions. Canada, France and U.S. are the top producers and major exporters of yellow peas. Production of yellow peas is based on variety of factors like weather, planting time, supply-demand scenario, price forecast. Any fluctuation caused in plantation of yellow peas may have direct impact on pea protein market supply trends.
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U.S. nutraceutical applications were valued over USD 2 million in 2015, it is set to grow at CAGR exceeding 14% by 2023. APAC led by China, India and Japan will grow at a CAGR exceeding 17% during the forecast timeframe. PPI is used as meat extender in meat ball and sausages to lower the fat content. In noodles and baked foods, it is used to improve texture.
Latin America, driven by Brazil, accounted for more than 6% of the global pea protein market in 2015 due to increase in animal feed application. Brazil fish feed production in 2015 rose by 10.7% as compared to 2014, while shrimp feed output grew by 5%. Total aquafeed production in Brazil witnessed a significant growth in 2015, exceeding 10% and the trend is anticipated to continue during the forecast timeframe. Pea protein is used as nutritional support in animal and aqua feed.
Global pea protein market is consolidated with the ecosystem comprising limited companies. However, owing to the positive outlook from nutritional and animal feed applications new players may enter the industry. Some prominent suppliers include Axiom Foods Inc., Norben Company, Inc, Burcon NutraScience Corporation, Nutri-Pea limited, Roquette Freres, Cosucra-Groupe Warcoing, Agridient, and A & B Ingredients Inc. Major industry participants are expanding their production capacities to meet increased demand.
In May 2016, U.S based World food processing, which is a major pea protein market player, declared capacity expansion plans at its production facility based in the U.S. The company currently owns PURISPea, a well-known brand in the global industry.
Browse key industry insights spread across 120 pages with 82 market data tables & 10 figures & charts from the report Pea Protein Market in detail along with the table of contents:
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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