Global Pea Proteins Market is expected to reach USD 193.5 million by 2022, according to a new study by Grand View Research, Inc. Increasing demand for pea proteins in nutraceutical in light of growing awareness regarding the benefits of nutritional enrichment is expected to drive market growth over the forecast period. Growing concerns over gluten sensitivity and celiac diseases have resulted in rising consumption of gluten-free food products fortified with pea derived protein. High pea proteins demand in formulation of meat substitutes for consumers with lactose intolerance and meat allergies is expected to be a favorable factor for market expansion.
Dietary supplements were the largest application segment, accounting for over 65% of global pea proteins market volume in 2014. The ingredient is being increasingly used in bakery products as it improves fluffiness and imparts excellent emulsification property.
Global pea proteins market, by application, 2012 – 2022 (Tons)
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Further key findings from the study suggest:
- Isolates are expected to be the fastest growing product segment at a CAGR of over 15.0% from 2015 to 2022. High protein content in isolate product forms results in less consumption of the raw material, thereby reducing the overall cost. Increasing demand for protein powders and bakery goods is expected to be favorable factors for pea proteins isolate market growth over the forecast period.
- North America and Europe together dominated the global market in 2014 accounting for over 60% of the revenue. Growing demand for functional food coupled with robust growth of sports nutrition industry in the regions is expected to augment pea proteins market growth over the forecast period. Although the demand for pea proteins in Asia Pacific was below 2.0 kilotons in 2014, the region is expected to witness fastest growth over the forecast period owing to the rapid expansion of food & beverage industry in China, South Korea and India. Favorable regulatory inclination is expected to further favorably impact market over the forecast period.
- Manufacturers are engaged in strategic partnerships with distributors and food & beverage companies to develop and distribute products with tailored properties. Farbest and Jianyuan Foods Group have entered into a strategic partnership for manufacturing and distributing pea protein to the food & beverage industry in Japan, Russia, Australia and numerous countries of North America and Europe.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.