|
|
|
You can get e-magazine links on WhatsApp. Click here
|
|
|
|
|
|
Global pea protein market predicted to touch $150 million-mark by 2024
|
|
Monday, 26 August, 2019, 15 : 00 PM [IST]
|
|
|
The global pea protein market size is expected to be worth over $150 million by 2024 due to extensive application in the food and beverages sector, and its use as additives to fulfill nutrition/protein needs of infants.
It provides benefits such as high iron and branched chain amino acid contents, easy digestibility, and hypoallergenic features.
Lysine, valine and isoleucine ingredients of these pea protein products help in producing muscle tissues. All these factors are likely to boost the demand for these products in coming years.
Pea protein industry size worth over 14.5 kilotonne in 2017, is projected to register a CAGR (compound annual growth rate) of 12 per cent over the period of 2018-2024.
Low allergenic potential, nutritional and functional advantages, growing product awareness, clean product flavours, and cost efficiency over other equivalents are the factors predicted to propel the industry growth trends over the forecast period.
However, low acceptance of protein sources, except soy can dampen the market growth in the future.
The pea protein market is segmented in terms of applications, products and regions.
The pea protein concentrate market contributed about 30 per cent of the overall market share in 2017, with predicted gains of around 11.5 per cent over the forecast timeline in terms of volume.
Textured pea protein market is predicted to generate a revenue of over $17 million by 2024, owing to its growing application/use in the food and beverage industry as a result of outstanding characteristics/features such as high-fibre contents and meat like composition.
Pea protein isolate market, contributing over 45 per cent of overall market share in 2017, is anticipated to dominate the application segment over the forecast timeline.
It is forecast to reach over 15 kilotonne by 2024 with a growth rate over 12.5 per cent over period of 2018-2024. These products find growing application in the food and beverage industry due to its non-allergen and emulsified features.
The share of the pea protein meat substitutes market, which was over 35 per cent in 2017, is predicted to grow noticeably over the forecast timeframe as a result of the changing food habits and the rising demand for a protein-rich diet.
The pea protein sports supplements market is projected to grow at a rate of around 12.5 per cent over the forecast timeframe with pea protein-rich products like nutrition bars and snacks, helping in stimulating/regulating metabolism of heart muscles.
The North American pea protein market is predicted to record over 35 per cent of the overall revenue share in the next few years. The US market is predicted to contribute the maximum revenue share, owing to rising consumer trend for health products with good taste.
Asia Pacific pea protein market is predicted to grow at a rate of around 14.5 per cent over the forecast timeline, with China, Indonesia, Malaysia, and India, contributing heavily to the regional growth.
Furthermore, large vegetarian population, innovative extraction methods, and modern R&D (research and development) initiatives taken by various firms are the key factors driving the regional growth.
The key industry participants, include Burcon NutraScience, Cosucra Groupe Warcoing, Roquette Freres and Nutri-Pea Limited.
Segments covered in this report
Pea protein market by product
- Isolates
- Concentrates
- Textured
Pea protein market by application
- Meat substitutes
- Nutraceuticals
- Sports supplements
- Others
|
|
|
|
|
|
|
|
|
|