CHICAGO, March 3, 2020 /PRNewswire/ -- According to the new market research report "Pea Protein Market by Type (Isolates, Concentrates, and Textured), Form (Dry and Wet), Source (Yellow split peas, Lentils, and Chickpeas), Application, and Region (North America, Europe, Asia Pacific, South America, and Rest of the World) - Global Forecast to 2025", published by MarketsandMarkets™, the Pea Protein Market is projected to grow from USD 745 million in 2020 to USD 1,400 million by 2025, recording a compound annual growth rate (CAGR) of 13.5% during the forecast period. Key factors driving the growth of the pea protein market include the growing vegan population and the functional benefits and allergen-friendly nature of pea protein in food and beverage products.
The textured subsegment, on the basis of type, is projected to be the fastest-growing segment in the pea protein market during the forecast period.
Textured pea protein contains a high amount of amino acids and has better levels of lysine and glutamine than other plant-based proteins. Textured pea protein is a healthy alternative to textured soy protein, as it caters to allergen issues, sustainability issues, estrogen issues, and concerns over GMO (Genetically Modified) soybean. It also contains both soluble and insoluble fiber, mostly constituted by pectic substances and hemicellulose. The fiber provides not only healthy nutritional benefits but also many functional attributes to food systems.
The meat substitutes subsegment is projected to account for the largest share in the pea protein market during the forecast period.
Pea protein is used as a key ingredient in the manufacturing of meat substitute products, such as burgers, sausages, and other product types. Companies such as Impossible Foods (US) and Beyond Meat (US) are among the key industry participants in the meat substitutes market and utilize textured pea protein as the key ingredient in the manufacturing process. The taste of meat and meat-like texture of textured pea proteins are the key factors driving the market growth. Dry textured pea protein, when hydrated, resembles meat, and hence, can be used in meat substitute products.
The dry subsegment is projected to account for the largest share in the pea protein market during the forecast period.
Pea protein is extracted in the form of pea flour from sources, such as yellow split peas, peas, chickpeas, and lentils, with no chemical solvents, enabling it to maintain its functional and nutritional properties. Pea flour extracted from the process in the form of powder is dry pea protein. Textured dry pea protein is comparatively sustainable as against conventional protein sources and provides enhanced functionalities, thereby resulting in its use in various applications.
The North American region is projected to be the fastest-growing market for pea protein during the forecast period.
The North American region is projected to be the fastest-growing market for pea protein during the forecast period. The region witnesses a high demand for pea protein in meat substitutes, functional foods, performance nutrition, and snacks. The growing trend of veganism has encouraged the growth of the North American pea protein market. Consumers are gradually shifting their diet preferences to vegan due to the associated health and wellness benefits. This paradigm shift in food culture is being supported by the health and fitness industries, medical communities, celebrities, and athletes, which has driven the demand for pea protein.
The rising incidences of obesity, cardiovascular diseases, and diabetes among the American population has also encouraged consumers to adopt vegan diets. Key manufacturers in the US include Puris (US), Ingredeion Inc. (US), DuPont (US), A&B Ingredients (US), Batory Foods (US), and NP Nutra (US).
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Meat Substitutes Market by Source (Soy protein, Wheat protein, Pea protein), Type (Concentrates, Isolates, and Textured), Product (Tofu, Tempeh, Seitan, and Quorn), Form (Solid and Liquid), and Region - Global Forecast to 2026
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