Pea protein is derived from yellow/green pea and is used as an additive across various food applications such as beverages, bakery, and snacks. Pea protein is considered as an ideal alternative of protein derived from a dairy product such as yogurts as some people are allergic to dairy proteins. Pea protein serve various health benefits such as it enhances the overall metabolism of the body and also regulate the blood sugar level.
Global pea protein market is estimated to account for around US$ 46.9 million in terms of value in the year 2019 and it predicted to grow at a CAGR of 12.2% during the forecast period (2020-2027).
Factor such as easy digest than other plant-based protein is projected to augment the market growth of the pea protein. Growing demand for pea protein among sports and athletes since they are a rich source of essential amino acids is projected to propel the market growth. Moreover, increasing global population coupled with the rising need for a healthy food product that is a rich source of protein is projected to accelerate the market growth of pea protein.
The growing use of pea protein in the preparation of snacks such as energy bars and candies is projected to offer numerous growth opportunities to the market of pea protein. For instance, in September 2019, One Brands launched its first range of plant-based protein bars called One Plant. The One Plant consists of two flavors, chocolate peanut butter and banana nut bread, each containing 12g of protein and 1g of sugar. The bars contain a range of plant-based proteins including pea protein, rice protein, and almond protein, and each bar is non-GMO, gluten-free, and dairy-free.
Negative publicity and false claims associated with the presence of ingredients in the end product is expected to hamper the market growth of the pea protein. The false information present on the label of the product could negatively impact the market growth over the forecast timeframe.
On the basis of region, North America region dominated the global pea protein market in 2019 with a 35.9% of market share in terms of value, followed by Europe and Asia Pacific respectively.
On the basis of type, isolates segment dominated the global pea protein market in 2019 with 44.3% of market share in terms of value, followed by concentrates and textured segment respectively.
Various manufacturers are investing heavily in order to increase the production capacities of pea protein is a major trend in the market. For instance, in August 2019, Cargill has invested an additional $75 million in Puris, the largest North American producer of pea protein. The investment enables Puris to more than double its pea protein production using an existing 200,000-sq-ft facility in Dawson, Minn. Cargill enters into a partnership with Puris in January 2018, with an initial investment of $25 million.
Japan Law: According to Food Safety Commission of Japan (FSCJ), 2010, substances that are to be used as an alternative to ordinary food ingredients or for the purpose of nutritional enhancement, or as a “food with nutritional claims” must be examined regarding their quality as a nutritional component as well as intake levels of the same nutritional components that are available in other foods
Pea Protein Market - Impact of Coronavirus (Covid-19) Pandemic
The coronavirus pandemic has affected the supply chain of food industry across the globe. The worldwide closure has impacted all areas of food industry. China is the largest market for food & beverage imports and exports for many countries. According to World Integrate Trade Solutions (WITS), in 2018, China imported food products worth approximately $27 billion, and in the same year, it exported food products of approximately $34 billion. Trade restriction imposed across the globe is affecting global logistics & transportation, which has adversely affected the food & beverage industry. The prolonged restriction on trade & logistics will impact on revenues of the food industry. This is expected to affect demand for pea protein from food & beverage industry between 2020 and 2021.
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