Global Pea Protein Market Meets High Demand

The global pea protein market, valued at USD22.8m in 2015, is projected to reach USD34.8m by 2020, growing at a CAGR of 8.80% during the forecast period 2015-20020, according to the report “Increased Health Concerns and Changing Lifestyle to Drive Pea Protein Market in the Coming Years”, launched by MarketsandMarkets.

Pea protein is a food additive that mainly finds usage in food applications such as bakery, beverages, and snacks. It also passes as a great alternative to protein, being beneficial for people who are allergic to or intolerant to dairy products.
In 2015, North America held the largest market share for pea protein in terms of both value as well as volume. However, the market in Asia-Pacific is anticipated to register the fastest growth 9.35% CAGR, in terms of value, and 9.57% CAGR, in terms of volume over the forecast period. This growth can mainly be attributed to the growing awareness among food and beverage manufacturers and rising consumer demand for pea proteins due to their high nutritional profile. This trend will especially manifest in countries such as China, Japan, and Australia, say the analysts.
Drivers for the market include the rising vegetarian/vegan population; the high nutritional value of pea; rising animal disease outbreaks; technological advancements in extrusion and processing, as well as changing consumer lifestyles and growing health concerns.

In addition, a rising demand for plant-based alternatives to meat products translates into a huge potential for plant proteins. The rapidly growing sports nutrition industry, and a growing market for weight management products are a few other factors that are expected to further create good growth opportunities for the market.
However, low sensory properties of pea and high cost of pea proteins are the major factors that may hamper the growth of the market. Moreover, substituting it with soy and pricing pressures are the major challenges that the leading players in this market encounter.
Key players are Roquette Frères (France), Burcon Nutrascience Corporation (Canada), Cosucra Groupe Warcoing (Belgium), Nutri-Pea Limited (Canada), and Sotexpro (France). These players have adopted new product launches, expansions and partnerships, agreements and collaborations as their key strategies to achieve sustained growth. They are also set to increase their market share, along with expanding their geographical presence across the globe. These companies have also been actively investing in advancements in technology and the development of new products, in order to provide better quality, innovative, and cost-effective solutions to the industry.