Global Statistics Representing Pea Protein Isolate Market Scenario
Increasing cases of lactose intolerance are pushing manufacturers to look for alternatives and pea protein is one of substantial alternatives for lactose intolerant population. Pea protein offers high-quality protein and helps in building muscle and losing weight. In addition, rapidly growing vegan population preferring pea protein as a meat alternative and increasing demand from the nutraceutical and sports sectors are expected to add fuel to the overall market growth. Apart from this, the product is gaining popularity among manufacturers owing to their non-allergic and clean label properties. For instance, Cargill has partnered with PURIS—a producer of plant-based, non-GMO sustainable food ingredients—to yield high protein content. Roquette, a global leader in specialty food, is also planning to build one of the biggest pea plants in Canada.
Global pea protein isolate market accounted for around USD 43 Million in 2017 and is expected to grow at a healthy CAGR of 17.3% during the forecast period, 2019–2026
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. Additionally, its application in the nutrition sector and as a texturizing agent in meat products, owing to its various properties such as high amino acid content is facilitating its growth in the sports sector.
Based on application, the pea protein isolate market is segmented into sports nutrition food, energy drinks, health food, pet food, and others. Sports nutrition segment is expected to lead the market in the years to come due to increasing demand for pea protein from athletes.
Geographically, the global pea protein isolate market is segmented into four regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa (MEA).
North America is projected to dominate the global pea protein isolate market due to increased demand for gluten-free products and strong presence of well-established manufacturing industry in the region. Pea protein is creating ripples among manufacturers and gaining traction of investors to focus on the booming market. In 2018, Cargill, a food giant, invested USD 25 million in Puris for producing pea protein. Moreover, some of the manufacturers have sensed the nerve of consumers and have started investing in other attractive alternatives of pea protein. For instance, Ripple Foods have expanded its pea protein portfolio by adding milk and yogurts products. Also, ADM has entered the fast-growing pea protein arena and Roquette Frères, leader of the pea protein-based products, has two manufacturing plants in North America to cater to growing demand in the region.
Europe is the second largest market globally. This can be attributed to the shifting consumer preference towards plant-based proteins. In addition, the extensive presence of organizations in the region to support manufacturers is also providing a strong base for market growth. European Vegetable Protein Association (EUVEPRO), which helps manufacturers in the distribution and commercialization of products. The region has also taken an initiative to reduce the increasing water wastage by the meat industry and has compelled developed countries to rethink and create sustainable food alternatives like pea protein.
Asia Pacific is expected to witness significant growth during the forecast period. Asia Pacific is a booming market for the food industries. Soybean and vegetable products are becoming a popular choice in the region. Moreover, the expansion of hotel and tourism industries and increasing awareness regarding high nutritional food in the region are playing an important role in promoting contemporary food alternatives.
MEA is expected to witness steady growth during the forecast period, owing to increasing sports activities and positive outlook towards nutrition in the region.
Some of the key 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).
Pea Protein Isolate Market Segmentation
By Product Type
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