COVID19:PEA PROTEIN MARKET TO REACH USD 1.6 BILLION BY 2027 | CAGR 11.9% — FORENCIS RESEARCH
Global Pea Protein Market: Key Highlights
- According to the new market research report “Pea Protein Market by Type (Isolate, Concentrate, Textured), by Form (Liquid, Dry), by Application (Dietary Supplements, Meat Substitute, Bakery Goods, Beverages, Othersby Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2020 to 2027)”, the global Pea Proteinmarket is estimated to reach USD 1.6 Billion by 2027 at a CAGR of around 11.9% duringthe review period.
- Yellow and green peas are used as a source to extract pea proteins which later are used in protein-rich food and protein supplements.
- Improving blood circulation, weight management, calcium absorption, boost metabolism, and maintain healthy muscles are some of the benefits offered by pea proteins.
- Pea protein isa perfect non-dairy source of protein for vegan and vegetarian population and is best suited for people with allergies and sensitive to dairy or eggs.
Global Pea Protein Market: Key Market Dynamics
- Growing awareness about nutrient benefits of pea protein such as bits of helpfor healthy weight management and fast absorption of amino acid for muscles recovery has expected to surge the product growth
- Increasing market penetration of other proteins suchas seitan, lentils, cheakpeas, nutritional yeast, and others with their different products has expected to hinder the pea protein market
- Pea protein as an alternative protein source for pet foods a pose an opportunity for the growth of the market during the forecasted period
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Global Pea Protein Market: Regional Overview
- North America
North America is expected to dominate pea proteinmarket during the forecasted period owing to the increasing demand for gluten-free items in the U.S, robust growth of the sports nutrients industry, and rising concern regarding cardiovascular diseases caused due to consumption of red meat. According to the Center for Disease Control and Prevention (CDC), in 2018 the numbers of adults diagnosed with heart disease were 30.3 million.
Europe is anticipated to account the largest share in pea protein market during the forecasted period. This is attributed to factors such as large-scale production and consumption of plant-based products, as well as high raw material costs. Key players in the region such as Cosucra Group (Belgium), Emsland Group (Germany), and Rouquette Freres (France), are focusing on making provision to fulfill the rising demand for pea protein. Moreover, the rising awareness regarding the benefits of pea protein among consumers has led to increased inclination of manufacturers to comply with standards introduced by the EU regarding non-GMO products, thereby encouraging the growth of the pea protein market in Europe.
Global Pea Protein Market: Key Players Overview
Burconis one of the global technological leaders in the development of plant-based proteins. Burcon offers its products through Peazazz, Canola Protein, and Clarisoy brand. The company has issued 280 patents and have applied for more than 260 additional patent applications. In May 2019, Burcon has entered into a joint venture partnership with an investor group to build a new pea-protein and canola-protein commercial production facility in Western Canada.
- Roquette Frères:
Roquette Frères is one of the global provider of plant-based ingredients to pharmaceutical excipients. The company operates through business segment including Bioparma, pharma & nutrsceuticals, cosmetics, food & nutrition, animal nutrition. In Jan 2020, Roquette Frères announced multiyear pea protein supply agreement with Beyond Meat (U.S) intending to increase its production capacity of pea protein.
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