pea protein Market

The global pea protein market was valued at US$ 363.1millionin 2018 and is projected to reach US$ 1,112.2million by 2027; it is expected to grow at a CAGR of 13.9% during 2019-2027.

The pea protein is mainly extracted from the yellow pea. The pea protein is available in three different types, including pea protein isolates, pea protein concentrates, and textured pea protein. Pea protein is a crucial ingredient in the food and beverage industry and is incorporated in a number of food products and beverages to improve their nutritionnal profile and functionality. In response to the rising vegan culture and the growing demand for plant-based protein beverages and protein snacks, numerous industry leaders have developed product lines of pea protein products. It often serves as a base in packaged foods like veggie burgers, vegan mayo, and even replaces dairy in some ice creams and milk. Pea protein is a food additive with a neutral taste and is utilized in dairy alternatives such as cheeses and yogurt.It is also added in food products such as smoothies and shakes to increase the protein content.The increasing demand for clean label and animal cruelty-free convenience foods has generated significant demand for pea proteins in the food and beverages industry. The increasing demand for pea protein in the food and beverage industry to manufacture dairy food, seafood, and meat analogs and substitutes has given an impetus to the pea protein market. However, the availability of substitute proteins and low consumer awareness about the pea protein-based products may restrict the growth of the market duringthe forecast period.

Based on application, the market is segmented into dietary supplements, bakery and confectionery goods, meat alternatives, beverages, and others. In 2018, dietary supplements segment held a larger share of the global pea protein market. Pea protein is used in nutraceuticals such as dietary and health supplements, and for digestive health. A dietary supplement is consumed orally either as a tablet, capsule, pill, or a liquid. Dietary supplements are food products that contain mineral, vitamin, herb or other botanicals, or amino acids. Pea proteins are induced in dietary supplements so that they can provide an external source of vitamins, minerals, fibers, and other essential ingredients to the consumer. Growing demand for these dietary supplements among the consumers have driven the growth of this segment.

Geographically, the pea protein market is segmented into North America, Europe, AsiaPacific (APAC), South America, and Middle East and Africa (MEA). North America held the largest share of the global pea protein market, followed by Europe and AsiaPacific. The US is among the most dominating country in North America pea protein market, followed by Canada. The growing interest of consumers in non-meat alternatives as a result of increasing concerns toward healthy lifestyle has enabled the manufacturers in North America to incorporate high-quality plant-based ingredients. The multifunctional aspects of texturizing pea protein have augmented their demand in the meat processing industries. Easy availability of peas in North America, along with its economic nature and high protein content, has favored the demand for pea protein in North America. Moreover, a rapid increase in the number of heart diseases and obesity has favored the demand for vegan food products, which shows substantial opportunities for the pea protein market in North America.Further, the market is dominated by the presence of several manufacturers such as A & B ingredients, Axiom Foods, Burcon Nutrascience Corporation, Glanbia Nutritionals, Puris, and The Green Labs LLC.

COVID-19 first began in Wuhan (China) in December 2019 and since then it has spread at a fast pace across the globe. China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the most affected nationsin terms of confirmed cases and deaths as of May 2020.According to WHO, there are ~4,425,485 confirmedcases and 302,059death cases all around the world. COVID-19 has affected economies and undertakings due to lockdowns, travel bans, and business shutdowns. The global foodindustry is one of the major business enduring genuine agitating impacts, for example, creation composes breaks, breaks in storing up because of lockdown and office shutdowns. These segments have unimaginably affected the worldwide pea protein market.

A&B Ingredients, Axiom Foods, Inc., Burcon Nutrascience Corporation, Cosucra Groupe Warcoing SA, Gemef Industries, Glanbia Nutritionals, Puris, Roquette Frères, The Green Labs LLC, Yantai Shuangta Food Co., Ltd. are among the major players present in the global pea protein market.

Overall size of the global pea protein market has been derived using primary and secondary sources. The research process begins with extensive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global pea protein market. Additionally, multiple primary interviews were conducted with industry participants and commentators to validate and analyze the data. The participants who take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specialized in the