The Global Pea Protein Market size is expected to reach $431 Million by 2026, rising at a market growth of 18. 6% CAGR during the forecast period. Pea protein refers to the protein obtained from split peas which is extensively utilized in a broad range of food items like fast foods, cereals, meal replacements shakes, and energy bars.
New York, April 22, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Pea Protein Market By Application, By Product, By Regional Outlook, Industry Analysis Report and Forecast, 2020 - 2026" - https://www.reportlinker.com/p06064814/?utm_source=GNW
Meat is regarded as the major source of protein for years. Though, in past few years, plant-based proteins are highly popular in the thriving food & beverage sector, owing to the increasing health and environmental issues. Though, assuring the meat-free ‘meat’ was a long dream among customers – lack quality and variety – currently, the feasible options to environmentally hazardous meat are gaining massive traction. In addition, the ‘fake meat’ revolution is taking place in the global food industry, and pea protein is gaining massive prominence among makers of meat, dairy food, and seafood alternatives.
Increasing demand for the product due to the rising consumer awareness with respect to the consumption of a healthy diet and living healthy lifestyles is expected to the growth of the global pea protein market. Moreover, the market would witness bright growth prospects due to many factors including rising product development regarding manufacturing that carries out particular functions such as energy balance, weight loss, and repairing of muscle. The protein is obtained from several kinds of pea varieties, such as green, chickpeas, and dry, available in textured, concentrates, and isolate forms.
Rising cases of COVID-19 in North America, Europe, and the Asia Pacific combined with severe government lockdown norms would slow down the food & beverage industry. The supply chain can be disrupted and raw materials can witness shortage due to the stringent norms and limitations on trade, shipping, and social distancing guidelines.
Based on Application, the market is segmented into Dietary Supplements, Bakery Goods, Meat Substitutes, Beverage and Other Applications. The meat substitutes segment would exhibit a higher growth rate over the forecast years. Increasing health issues, like obesity and diabetes, have encouraged many individuals to adopt vegan dietary habits. Animal rearing has a remarkable impact on the natural resources of the world and is the reason behind global warming to a certain extent. Though, this factor has not been measured, increasing awareness about this factor is expected to switch food habits to a more vegetarian diet, hence boosting the growth of the meat substitutes market. This trend would support the integration of pea protein as meat analogs.
Based on Product, the market is segmented into Isolates, Concentrates, Textured and Hydrolysate. In 2019, the global pea protein market was dominated by the isolates product segment. Isolates are extensively utilized as nutritional supplements in meat items, fruit mixes, energy drinks, and bakery products as they have good emulsification and non-allergic properties. Growth of the sports nutrition sector in the established nations such as the US, the UK, and Germany, on account of the introduction of new products by Amway and Cadbury in the energy mix segment, would fuel the demand for the product.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2019, North America emerged as the leading region of the global pea protein market. The pea protein market in the North American region is anticipated to propel by the increasing demand for gluten-free items, growing concerns in terms of Cardiovascular Diseases (CVDs) caused by red meat consumption, and strong development of the sports nutrition sector in the region.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Ingredion, Incorporated is the major forerunner in the Pea Protein Market. Companies such as Roquette Freres, DuPont de Nemours, Inc., Axiom Foods, Inc., Emsland Group, and Glanbia PLC are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Glanbia PLC, DuPont de Nemours, Inc., Ingredion, Incorporated, Roquette Freres, The Green Labs LLC, Fenchem Biotek Ltd., A&B Ingredients, Inc., The Scoular Company, Axiom Foods, Inc., and Emsland Group.
Recent strategies deployed in Pea Protein Market
Partnerships, Collaborations, and Agreements:
Jun-2020: Emsland Group extended its partnership with Brenntag Food & Nutrition in Russia. The partnership broadened the company’s portfolio with pea and potato products.
Jun-2020: The Scoular Company signed an exclusive licensing agreement with Montana Microbial Products, a Research and Development Company. The agreement aims to manufacture and distribute barley protein concentrate (BPC) for pet food and aquaculture feed in the North American and Asian markets. These BPC products are sustainable and are plant-based protein substitutes made from non-GMO barley.
May-2020: Emsland Group came into partnership with JUST. The partnership would offer the range required to fulfill the growing global demand for plant-based products marketed as JUST Egg in the United States.
May-2020: Axiom Foods formed a partnership with Brenntag Food & Nutrition business unit in North America. The partnership aims to distribute plant proteins in the United States and Canada. The ingredient portfolio consists of a pea, hemp, pumpkin rice & sacha inchi proteins, oat & rice dairy-replacement powders and Axiom’s recently introduced texturized pea proteins.
Feb-2020: Roquette signed a multi-year agreement with Beyond Meat, a prominent plant-based meat producer. The agreement substantially raises the amount of pea protein to be supplied by Roquette to Beyond Meat in the next three years in comparison to the amount supplied in 2019. This agreement with Roquette indicated Beyond Meat’s commitment to further ranging the plant protein supply chain.
Apr-2019: Axiom Foods entered into an agreement with Univar, a global chemical and ingredient distributor, and provider of value-added services. Under this agreement, Axiom Foods selected Univar Solutions as its sole distributor for the United States. This agreement also includes the whole portfolio of Axiom Foods rice & pea proteins and other plant-based ingredients that are generally found in bars, snacks, nutritional beverages, and meat analogs or extenders.
Acquisition and Mergers:
Nov-2020: Ingredion entered into an agreement with James Cameron and Suzy Amis Cameron to acquire the remaining portion of ownership in Verdient Foods. The acquisition of Verdient Foods allows Ingredion to escalate the net sales growth, further expand their manufacturing capability and co-create with their customers to deliver the rising consumer demand for plant-based foods.
Product Launches and Product Expansions:
Mar-2021: Ingredion introduced Vitessense Pulse 1853 pea protein isolate and Purity P 1002 pea starch. These products are manufactured at its latest pea protein manufacturing unit in South Sioux City, Neb. They are 100% sustainably extracted from North American Farms. The pea protein isolate provides 85% protein on a dry basis and can be utilized to raise protein content over a range of applications.
Jul-2020: DuPont introduced its Danisco Planit ingredient portfolio, Birgitte Borch. The latest portfolio features hydrocolloids, plant proteins, cultures, probiotics, food protection, fibers, antioxidants, emulsifiers, natural extracts, and enzymes, and also tailor-made systems.
Feb-2020: Roquette introduced NUTRALYS L85M, a new ingredient to its range of NUTRALYS plant proteins. It is a specialty ingredient that further expanded the prevailing range of NUTRALYS pea protein from Roquette, the largest available in the market.
Dec-2019: Roquette released two new plant-based textured proteins, NUTRALYS TP-C and NUTRALYS TF-C. These products aimed to better meet the increasing users’ demand for sensory, diversity, and sustainable nutritional advancements. Roquette added two plant-based textured proteins, one is from peas and another is from fava beans.
Dec-2019: Ingredion unveiled its first-ever protein isolate. VITESSENCE Pulse 1803 pea protein allows food and beverage manufacturers in EMEA to fulfill the growing consumer demand for protein-rich products, in a wide range of on-trend categories.
Mar-2019: DuPont released a solution for manufacturers of snacks, nutrition bars, cereals, toppings, and more. These six new plant protein nuggets from its SUPRO and TRUPRO product variety provide options that have more protein or less sodium than the earlier range in a wider array of formats and textures. Plant protein nuggets or crisps are extruded ingredients that are generally utilized in nutrition bars, snacks, and cereals to raise the protein content and also provide crispy & crunchy texture.
Scope of the Study
Market Segments covered in the Report:
• Dietary Supplements
• Bakery Goods
• Meat Substitutes
• Other Applications
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Glanbia PLC
• DuPont de Nemours, Inc.
• Ingredion, Incorporated
• Roquette Freres
• The Green Labs LLC
• Fenchem Biotek Ltd.
• A&B Ingredients, Inc.
• The Scoular Company
• Axiom Foods, Inc.
• Emsland Group
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