London, UK, November 10, 2020 – Fairfield’s Latest market research report on global pea protein market discusses the changes in the global diet. Growing popularity of veganism in the West and awareness of environmental impact of meat consumption are expected to play a critical role in shaping the market. The research report highlights key drivers, restraints and potential threats to the pea protein market globally.
- Rising popularity of convenient food to accelerate demand for pea protein
- Higher awareness among consumers about healthy life choices to boost demand for pea protein
- Dry pea protein to flourish as it is more sustainable compared to conventional pea protein
- Europe likely to dominate the global market as this region has large consumer base with growing popularity of veganism
- Key players to actively focus on investing in research and development activities
The global pea protein market is expected to flourish owing to multifunctional properties of pea protein. The market is expected to show a favourable growth during the forecast period, reaching US$ 1,374.3 million in 2020. In the next five years, the market is expected to register a CAGR 8.4%.
According to analysts, increased preference of convenience food products is likely to be the key driver. Pea protein is gaining wide popularity as it provides a healthy alternative to lactose intolerant consumers, vegetarians and vegans. Heated conversations around healthy lifestyle choices and conscious consumption are boosting the demand for nutrient-rich protein alternative. Pea protein is also being widely consumed as it can be easily absorbed and digested in the body. The market is increasingly substituting meat industry as it provides simple storage options and has lower processing cost.
The dry segment is expected to lead the global market. The pea flour extracted in the form of powder is dry pea protein. The dry pea protein is known to be more sustainable compared to the conventional protein sources therefore, providing enhanced functionality by increasing its range of applications.
Europe is expected to dominate the global market during the forecast period. This dominance will be due to large scale consumption and production of plant based products. Furthermore, shift of consumer preference towards veganism will also drive the regional market. The growth of this regional market will also be attributable to the awareness about benefits of pea protein. This has also led manufacturers in this region to comply with the EU standards regarding non-GMO products. These factors are likely to boost the demand for market in this region.
The key players are investing in research and development activities to expand and improvise their product portfolio. This will create dominance and increase competition in the market. They are actively investing in research and development activities along with focusing on mergers and acquisitions to stay ahead in the competition.
The key players operating in the global pea protein market Roquette Group, Ingredion Incorporated, PURIS, Emsland Group, Cosucra Groupe Warcoing SA, Axiom Foods, DuPont de Nemours, Inc, The Scoular Company, Burcon NutraScience Corporation and Glanbia plc.
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