BANGALORE, November 10, 2015 /PRNewswire/ --
Mordor Intelligence is pleased to announce the publication of the report on Global Pea Protein Market on November 10, 2015.
Pea protein is the fastest growing plant based protein. Usage of pea protein has grown 361% in 2014 when compared to 2013. In 2014, soy-protein products accounted for 38% of the global protein-product market, compared with 26% for all other non-soy plant-protein products. Within the global non-soy category, legume-based proteins were used in 34% of products, and within that legume segment, pea protein was formulated in fully 55% of products. Compare that with the next most popular legumes-beans (16%) and chickpeas (15), pea proteins dominated the segment. Textured protein isolates comprise for the largest market segment in 2014, however concentrates are expected to grow with the highest CAGR among the segment.
Plant based proteins due to their higher nutritional specifications, compared to that of synthetic proteins has gained popularity in sports drink industry. Technological advancements in processing and manufacturing have brought down the product costs of end outcome protein. Extensive research had resulted in improving the taste and texture to the former, which was rather bland and lacking rich texture. With their proven health benefits, pea protein has a higher scope of incidence in weight management and fitness industry, creating an opportunity for money-spinning venture in the sector.
Get the full report here: Global Pea Protein Market
North America is the largest market with a share of 35% for pea protein, followed by Europe with 33% share. Asia-pacific is an emerging market in the sector due to its increasing health conscious and western influenced populations. This region is expected to grow faster compared to other regions, at a CAGR of 10% during the forecasted period.
A&B Ingredients, Axiom Foods Inc., Nutri-Pea Limited, Norben Company Inc. are the major players in the region. All the major players in the sector are expanding their reign with the agenda of gaining supremacy in the market. New entrants, in spite of heavy competition haven't backed off due to high profitability of the market. Companies have engaged in extensive scientific research in order to identify better and economically feasible active-ingredients with wider and profitable application range.
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SOURCE Mordor Intelligence LLP