Changing dietary preferences, strong awareness levels and industry focus could see the pea protein market explode
Pea protein market size was 11.5 kilo tons in the year 2015 and is expected to go beyond 33 kilo tons till 2023 with a CAGR of 13.5% between the years 2026 to 2023 as per the study done by Global Market Insights. These rising figures are due to increasing awareness about healthy diets and this is going to expedite the market trend in the coming years. Because of diversity in countries, meat protein is not acceptable by all the customers, and hence for them this natural protein is the best replacement. It is easily digestible and very few people are allergic to it.
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This healthy ingredient market has crossed 40% of overall share in the year 2015 and is predicted to lead in future. It is anticipated to rise at an annual rate of 13.9% to exceed 14.5 kilo tons till 2023. This product has wide utility in beverage and food sectors because of their non-allergic and emulsifying properties. Textured pea market is widely adopted in dietary supplements because of its high fiber and resemblance with meat texture. It is predicted that the revenue of this market will go beyond USD 35 million till 2023.
A new pea product named P-Pro Plus is launched in the market. It is a product with appealing taste which deals with the trouble faced by most of the manufacturers while coming up with beverages, or other dietary supplements made up of pea protein. A product is manufactured by two companies working in partnership namely GLG Life Tech Corp, and MycoTechnology Corp.
Pea protein is becoming a preferred choice in sports supplements. Market of sports supplements is expected to rise at a CAGR of 13.6% between the years 2016 to 2023. Energy drinks, beverages, and nutrition bars blended with these proteins are extensively used for development of body. These products comprise of lysine and glutamine which help in maintaining nitrogen level at the time of workout.
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Region wise study of this market shows that Asia Pacific areas especially India and China are predicted to enjoy a good growth of 16.9% in future. This growth is expected because of vegetarian food demand, advanced technique for extraction and R & D done by various industries. The U.S. market is going to boom because of requirement of sustainable and nutritious diet with better taste and texture. North America is supposed to witness 30% of overall generation of revenue in near future.
It can be concluded here, that this plant-based product will capture the significant portion of market in future.
Author Name : Dhananjay Punekar