Pea Protein Market
Global Future | Emerging Growth Prospects
Increasing consciousness about health issues is foreseen to lift pea protein market over the forecast time frame. Extensive usage in the food and beverages industry due to benefits like functional attributes and appealing nutritious profile ought to drive growth.
U.S. nutraceutical applications were valued over USD 2 million in 2015, it is set to grow at CAGR exceeding 14% by 2023. APAC led by China, India and Japan will grow at a CAGR exceeding 17% during the forecast timeframe. PPI is used as meat extender in meat ball and sausages to lower the fat content. In noodles and baked foods, it is used to improve texture.
Global pea protein market is consolidated with the ecosystem comprising limited companies. However, owing to the positive outlook from nutritional and animal feed applications new players may enter the industry.
Some prominent suppliers include Axiom Foods Inc., Norben Company, Inc, Burcon NutraScience Corporation, Nutri-Pea limited, Roquette Freres, Cosucra-Groupe Warcoing, Agridient, and A & B Ingredients Inc. Major industry participants are expanding their production capacities to meet increased demand.
In May 2016, U.S based World food processing, which is a major pea protein market player, declared capacity expansion plans at its production facility based in the U.S. The company currently owns PURISPea, a well-known brand in the global industry.
Major Growth drivers: 1) Nutraceuticals industry growth. 2) Rising protein consumption. 3) Growing demand for gluten-free products.Rising concerns towards lactose intolerance.
Article posted by Yuvraj Tyagi — Food Executive at Food-peck Pvt LMT