Recently, pea protein has started witnessing considerable demand from the gym goers, vegan, and diet conscious populations due to its gluten and dairy-free properties. Thereon, rising popularity as a main source of protein has opened several doors for manufacturers. In addition, its nutritional benefits and ability to help in weight management, heart health, and manage blood sugar levels have given it a competitive edge over other alternatives. Moreover, favorable government policies and financial support to promote organic pea crops farming in developed countries are also encouraging market growth.
Global pea protein isolate market is segmented by product type and application.
By product, the market is segmented into low purity pea protein isolate, medium purity pea protein isolate, and high purity pea protein isolate. High purity pea protein isolate is likely to dominate the market, owing to its high solubility and excellent water-binding properties, which hailed it as a popular choice among sports fraternity.
Based on application, the pea protein isolate market is segmented into sports nutrition food, energy drinks, health food, and pet food, among others. The sports nutrition segment is expected to drive the demand for pea protein from athletes since they are becoming more conscious about the food that they consume.
Geographically, the global pea protein isolate market is segmented into four regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa (MEA).
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The Americas is likely to lead the global pea protein isolate market due to the inclination of manufacturers to launch a wide variety of pea protein products. Beyond Meat, a producer of meat substitute offers pea-based products and has recently joined by another brand Lightlife Burger. In addition, Ripple Foods offers pea based dairy substitute products for lactose intolerant population. The company has also created its own supply chain with local farmers to avoid any supply shortage.
Europe is likely to emerge as the second largest market globally, which can be attributed to shifting consumer preference towards plant-based proteins and growing demand from food sectors. To cater to high demand, Europe imports around 17 million tons of crude protein annually.
Asia Pacific is expected to witness significant growth in the years to come as it has become a thriving market for the functional food industries. In the past few years, the demand for non-animal source protein has doubled in the region. Manufacturers have also started experimenting with their product lines. Recently, Dao Foods, a Chinese food firm, has launched plant-based protein in the Chinese market.
MEA is expected to witness healthy growth during the forecast period. Increasing awareness regarding the benefits of plant-based diets and increasing penetration of fitness center in the region are driving the growth of the nutritional products such as pea protein powder. However, ethical restrictions and orthodox population are hindering the market growth to some extent.
Some of the major players in the global pea protein isolate market are Emsland Group (Germany), Roquette Frères (France), COSUCRA (Belgium), Nutri-Pea Limited (Canada), Yantai Shuangta Food co., LTD (China), Yantai Oriental Protein Tech Co., Ltd. (China), Shandong Jianyuan Group (China), and Shandong Huatai food Co., Ltd. (China).
Global Pea Protein Isolate Market Brief Segmentation
By Product Type