Pea Protein Ingredient Market
Global Industry Analysis (2017-2020). Growth Trends and Market Forecast (2021-2025)
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The global pea protein ingredient market is expected to show a favourable growth during the forecast period. The market is expected to reach US$ 1,374.3 million registering a CAGR 8.4% by 2025. General awareness towards personal health, environmental concerns as well as animal welfare are supporting this growth. A shift towards veganism has also been identified as a key factor generating demand for pea protein.
Plant-based diet is no more ridiculed concept, which is giving meat-free products and food products labelled as vegan a confident space on retail shelves. This ongoing trend is being validated for consumers via promotions on social media platforms such as YouTube, popular events and documentaries. The rise of influencers on social media promoting benefits of veganism has also been an added advantage to the pea protein market.
Conventional Pea Protein Ingredient Continues to Attain a Potential Growth
As compared to organic segment, conventional of pea starch format is estimated to account for largest value share of 83.5% in 2020. Rising prevalence of COVID-19 has effected the global supply chain. Processed food manufacturers are now focusing on procuring raw materials, which are affordable and easily available. This factor is expected to support the conventional pea starch growth in the near future. Conventional pea protein ingredient is expected to create an incremental dollar opportunity of US$ 365.5 million during the forecast period.
North America and Europe Remains Lucrative Market ForPea Protein
Globally, North America and Europe are collectively estimated to contribute 65.1% of value share in global pea protein ingredient market in 2020. Rising vegan population coupled with increasing demand for allergen-free food is supporting the market growth in this region. Meanwhile, Asia Pacific is expected to attain the potential growth in the global pea protein ingredient market. Countries such as China, Australia and Japan are expected to be the major contributors in terms of value share. Asia Pacific is projected to receive a continuous product launch both from the processed food manufacturers. Furthermore, booming quick service restaurant industry in the region will also contribute to the market growth. For instance in 2020:
- OmniPork, a producer of plant-based pork products in Asia Pacific expanded its footprint in China with the launch of its product in 210 stores across the country. Key product offerings includes ground meat, dumplings, strips, stuffed buns, luncheon meat, and prepared meals. The protein sources includes soy and pea.
- Beyond Meat, one of the major pea protein based meat alternative manufacturer, announced to expansion of their presence in China. In order to smoothen the move the company is also exploring a potential partnership with Yantai Shuangta Food, which is one of the world’s largest producers of non-genetically modified pea protein and pea starch.
- Beyond Meat partnered with Starbucks in order to introduce Beyond Beef as part of their new ‘GOOD GOOD’ menu in China. The product is available at 3,300 Starbucks locations across the country. The menu includes primarily three options that is Beyond Beef Classic Lasagna, Beyond Beef Pesto Pasta and Beyond Beef Spicy & Sour Wrap
COVID- 19 Impact Analysis
The outbreak of COVID-19 has brought the supply and sale of organically derived pea protein to a screeching halt due to disrupted supply chain. Moreover, the impact of COVID-19 has also generated the need for stringent regulatory framework. Many food regulatory bodies are developing and drafting new laws related to plant based diet. Many countries including Australia, China and India are still at an early stage for developing regulations related to plant-based products and laws are still pending to be passed by the government.
To increase production capacity and to collaborate for ingredient supply agreement with processed food manufactures is the key strategy adopted by pea protein ingredient market players.
Some of the major players studied in the report includeRoquette Group, Ingredion Incorporated, PURIS, Emsland Group, CosucraGroupeWarcoing SA, Axiom Foods, DuPont de Nemours, Inc, The Scoular Company and BurconNutraScience Corporation &Glanbia plc.