Pea Protein Market size for Meat Substitutes Application in North America to exceed $21mn by 2026
Published Date: February 13, 2020 Authors: Kunal Ahuja, Kritika Mamtani
North America Pea Protein Market for Meat Substitutes Application size is set to surpass USD 21 million by 2026, according to a new research report by Global Market Insights, Inc.
Products included in the North America pea protein market for meat substitutes application offers multifunctional benefits as it its compatible with chicken, beef, mutton, and pork substitutes. Its nutritious nature which comprises amino acids, fiber, lysine, and vitamins makes it compatible with high quality and healthy preparations. These products are gaining ground in the pea protein for meat substitutes market. These products are rich in branched-chain amino acid which is an essential ingredient used in meat for the health-conscious demo graph.
Changes in consumer behavior & consumption patterns and rapid shift towards adopting vegetarian & cruelty-free products will spur the pea protein for meat substitutes market growth. Also, factors such as obesity, hectic lifestyles, increased alcohol consumption, and increasing prevalence of digestive problems is likely to encourage consumption of pea protein meat substitutes. Industry players are rapidly investing in developing propriety methods for pea protein extraction which matches the texture, consistency, and savory aspects of meat.
Rising awareness in North America towards the benefits of pea protein and rising trends towards adopting vegetarian meat alternatives is likely to boost market growth. Stringent media campaigns by animal rights groups such as PETA, Greenpeace, and American Society for the prevention of cruelty to animals are increasing consumer consciousness towards animals’ rights and dignity which in turn is supporting the market of pea protein for meat substitutes and vegetarian options.
Browse key industry insights spread across 110 pages with 52 market data tables and 30 figures & charts from the report, “North America Pea Protein Market for Meat Substitutes Application Statistics by Product (Pea Protein Isolate, Pea Protein Concentrate, Textured Pea Protein), By End-Use (Burgers, Strips & Nuggets, Meatballs), Industry Analysis Report, Country Outlook (U.S., Canada, Mexico), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
“According to industry forecast for pea proteins, textured pea proteins segment forecasted to witness 11.7% market growth”
Textured pea protein is forecasted to gain significant share in the forecast period
Textured pea protein is widely used in preparing meat substitutes resembling chicken, beef, pork, and lamb. Various vegetable proteins including peas are texturized through an extrusion process to provide additional fiber which results in fibrous, juicy, and elastic texture for meat substitutes. North America pea protein market for meat substitutes application segment for textured form is widely used in replacing a variety of meat types such as red & white meat, poultry, and fish owing to its easy customization properties. Major applications include meatloaf’s, fish fillets, ground meat, sausages, and nuggets.
Textured pea protein is a regenerative product cultivated from different varieties of peas to manufacture high quality and protein-rich meat substitutes. North America pea protein market for meat substitutes application segment for textured format is natural, easily digestible and provides meat-like texture and taste. Furthermore, rising cases of livestock diseases coupled with increasing demand for non-toxic & safe vegetarian alternatives are likely to boost the market share.
Reducing consumption of meat has paved the way for the growth of pea protein-based meatballs
Pea protein-based veggie balls which are high in nutrition, fiber, protein is gaining popularity among consumers in North America in foodservice cafes. These meatballs have enabled manufacturers to attain new levels of sustainability as pea protein-based meatballs have 30 times lesser carbon footprint than traditional meatballs, in the manufacturing industry.
A number of pop-up and stand-alone restaurants have also begun to offer meatballs which will enhance the segment’s market penetration. The use of natural ingredients in these meatballs containing pea protein shall augment its share in the North America pea protein market for meat substitutes application. The meatballs are specifically developed to reduce their meat consumption and offer meat-alternative protein sources to consumers. The expansion of foodservice outlets offering meatballs will spur segmental growth of the North American industry.
“Market analysis reflects that North America pea protein market for meat substitutes application will meet increasing demand in franchise fast-food outlets”
Rising number of consumers opting for veganism and vegetarianism shall foster the market growth in Canada
Increasing consumer demand for high-quality ingredients in food & beverage formulations pertaining to the rising demand for nutritional food ingredients is likely to stimulate the demand for pea protein for meat substitutes. Consumers are increasingly preferring naturally sourced ingredients in their diets owing to their superior nutritional benefits. Several manufacturers in the country are now expanding their plant-based food business on account of increasing consumer demand for healthy food.
For instance, in October 2019, a vegan protein company based in the UK, The Meatless Farm Co. launched its meat-free ground beef and burger products in several specialty food stores. The company partnered with a Toronto-based distributor Dolan Foods Inc. to bring its products to the Canadian market. Shifting consumer food preferences enabled several Canadian restaurant chains to introduce plant-based alternatives to traditional meat, which is likely to foster product demand.
Companies are focusing on collaborations and new product launch to gain enhanced market share
Key players are in the North America pea protein market for meat substitutes application are promoting food which contains plant-based products which are the key attributes augmenting the product demand. The market is characterized by collaborations and new product launches. For instance, In June 2020, plant-based meat company, Beyond Meat and plant-based ingredients and vegetal manufacturer, Roquette Freres have entered into a three-year agreement to provide solutions for pea protein alternatives.
New product developments in the North America pea protein industry for meat substitutes application are coursing for formulations that have an enhanced mouthfeel and are suited for a variety of formulations. Also, in September 2019, the company Sweet Earth Foods introduced the awesome burger, a plant-based meat alternative. The burger is made of yellow pea protein. The product is a high source of protein at 26 grams and is also available in crumbles, which makes its suitable for tacos and meatballs.