Pea Protein Market Size By Product (Concentrate, Isolate, Textured), By Application (Nutraceuticals, Meat substitutes, Sports Supplements), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023

Published Date: March 2016 | 120 Pages | Report ID: GMI362 Report Format: PDF

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Industry Trends

Pea Protein Market size was over USD 61.5 million in 2015 with 15% CAGR estimation from 2015 to 2023.

Europe Pea Protein Market size, by product, 2012-2023 (USD Million)
Europe Pea Protein Market size, by product, 2012-2023 (USD Million)

Rising demand for health management and processed foods along with increasing vegan population will boost pea protein market demand. Government support for farming coupled with organic foods capturing the shelf space has led to increase in industry growth.

Favorable pea protein market price trend over available counterparts will also contribute to the growing consumption. Pea protein has all nine essential amino acids including chain amino acids which helps in reducing muscle breakdown after workouts. It is extracted from yellow peas through the extrusion process and hence is preferred by vegans/vegetarians over other sources.

Rising vegetarian population especially in developed countries should fuel product demand. Estimates suggest that vegan population is growing in U.S. at 2.5% per annum well as number of vegans in Britain has grown by more than 360 per cent over the past decade. This can mainly be attributed to corrective steps against indigestion problems caused due to high intake of meat. Additionally, meat or animal proteins are not accepted among all consumers owing to the cultural diversification which has resulted in increased demand for pea protein market.

U.S. ranks amongst the topmost countries in terms of food allergies. Milk, eggs, tree nuts, soy, wheat, fish and shellfish account more than 60% of the food allergies in the country. All these products are rich source of protein. Hence owing to the allergy causing nature of these products they are being steadily replaced by supplements especially in the U.S. Other countries with high food sensitivities include Australia & New Zealand, Thailand, Singapore and Japan.

Product is also suited to lactose allergic population which forms a sizeable proportion of the global population. However, allergy of peas and health issues created by low quality products can act as potential threats to the industry demand. Processing peas into protein can lead to contamination by fertilizers, chemical solvents, and other ingredients. Additionally, these products contain purines which limits their usage amongst the consumer suffering from gout (kind of arthritis).

Pea Protein Market, By Product

Pea protein isolate (PPI) was valued over 45% of the revenue generated by global pea protein market. PPI is an organic vegetable which has stable amino acid spread and high protein content ranging between 90%-95%. Concentration levels in PPC ranges from 70%-75%. They are typically used in dietary supplements and are sometimes combined with PPI. PPC product is anticipated to witness CAGR exceeding 14% during the forecast timeframe.

Textured pea protein market will be driven by increasing utilization to get better texture for meat substitutes. Concentration levels range from 45-50% and it acts as a lean ingredient with low ash content. It is also utilized as alternative to gluten and soy based concentrates. Common applications include ground meat, and pizza dressings. In APAC, TPP was worth 6.6 million in 2015, which accounted for more than 40% of the consumption.

Pea Protein Market, By Application

Meat substitute applications were worth over USD 22 million in 2015 and will grow at CAGR exceeding 14% during the upcoming years. Growing number of vegetarians due to environmental ethical and health reasons along with increased consumer interest in new foods are driving the demand.

Nutraceutical and sports nutrition applications together accounted for more than 40% of the global consumption. This can be attributed to constant increase in health-conscious population due to occurrence of health issues like obesity and weak immune system. Consumers look for protein rich foods through sports nutrition product and dietary supplements. 

Increasing awareness towards food sensitivities and desire to avoid genetically modified (GM) ingredients especially amongst Europeans will escalate the pea protein market demand. Genetically modified food leads to organ damage, accelerated ageing and infertility. Genes inserted in GM soy can transfer DNA bacteria living inside human and cause problems. Growing consciousness about disadvantages of consuming GM foods will further accelerate the industry.

Pea Protein Market, By Region

Global pea protein market growth will be driven by APAC during the forecast timeframe owing to increasing disposable income in the region. APAC pea protein market will witness growth of over 13% during the upcoming years. Increasing demand from nutraceuticals and meat substitutes will drive the industry. Other key drivers identified were new extraction techniques and R&D initiatives by manufacturers.

U.S. pea protein market will witness growth due demand for healthy and sustainable products which offer taste along with aesthetically pleasant texture. Favorable indicators from gluten free products containing protein ingredients will also drive pea protein market demand. North America accounted for more than 37% of the global demand and will continue the trend till 2024.

Competitive Market Share

Pea protein market is consolidated in nature due to presence of limited industry players. Some of the major participants in global pea protein market were A & B ingredients, Roquette Freres, Axiom Foods, Burcon NutraScience, Nutri Pea limited, Norben Company Inc. and Consucra Groupe Warcoing.

In January 2013, Burcon NutraScience Corporation signed material transfer agreement with variety of parties interested in the company’s Peazazz brand. These parties include major food and beverage manufacturers, suppliers and potential industry production well as sales partners. The company owns a fully operational manufacturing facility in Manitoba Canada. In May 2016, World Food Processing, a major player in pea protein market, announced plans of significant capacity expansion at its manufacturing plant based in Turtle Lake, Wisconsin U.S.  Company currently operates through PURISPea brand in pea protein market.

Pea Protein Industry Background

The global protein ingredients market is viewed from a nutritional perspective, since these act as a key ingredient in convenience as well as functional foods. Regular intake of supplements before and after exercise helps in regulating muscle building functions of the body. Additionally, the ingredients find numerous applications in cosmetics and pharmaceuticals industry.

Increasing agitations against the use of animal proteins may act as a market restraint. However, the increased scope of using plant-based alternatives owing to the developments in extraction technologies has boosted easy production of high-quality products.

What Information does this report contain?

Historical data coverage: 2012 to 2015; Growth Projections: 2016 to 2023.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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