LONDON, Sept. 16, 2021 /PRNewswire/ -- Plant-based diets have moved into the mainstream consciousness as veganism has become popular for environmental, animal welfare, and health reasons. This shift is bolstered by social media influencers who are actively promoting meat-free foods for a healthier lifestyle. This is one of the primary drivers in the global pea protein ingredient market.
Fairfield Market Research states that the global pea protein ingredient market is anticipated to record a CAGR of 8.4% for the period 2021-2025 and be worth US$1,374.3 Mn by the end of the assessment period.
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Easy Availability of Conventional Starch Makes it Dominate Global Pea Protein Ingredient Market
The conventional pea starch format accounted for 83.5% of the pea protein ingredient market by value in 2020. COVID-19 has disrupted global supply chains and processed food companies are focusing their efforts on securing readily available and cost-effective raw materials. Organic pea protein is significantly more expensive to grow and procure and the conventional pea protein ingredient segment should provide an incremental dollar opportunity of $365 million for major stakeholders during the forecast period.
Countries Implementing Laws to Regulate Plant-Based Pea Protein Diets Post COVID-19
COVID-19 has had a devastating impact on the global pea protein ingredient market with the sale of organic pea protein hard hit. The virus laid bare the importance of having a regulatory mechanism in place with several healthcare authorities in the process of developing mandates for plant-based diets.
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Continuous Product Launches Allow Asia Pacific to Record Highest Growth in Pea Protein Ingredient Market
Europe and North America comprise 65% of the global pea protein ingredient market in 2020 as there are plenty of vegan options for audiences seeking to eliminate meat from their diets. Furthermore, there is sizeable demand for allergen-free food and pea protein ingredients are well placed to fulfil this.
The Asia Pacific region is on track to demonstrate the highest growth rate in the pea protein ingredient market with Australia, China, and Japan particularly noteworthy. Companies have realised the importance of this dynamic continent and are continuously launching new foodstuffs to satisfy local preferences. This has been helped in no small measure by the hospitality industry providing quick service for on-the-go customers.
In 2020, OmniPork, a producer of plant-based pork, launched its key offering in 210 stores nationwide. The company sells dumplings, luncheon meat, ground meat, and prepared meals with the source of protein being either pea protein or soy. Beyond Meat, another pea protein meat producer, also unveiled its China plans by announcing its partnership with Yantai Shuangta Food – one of the largest producers of non-genetically modified pea protein.
Companies Entering Into Partnerships to Guarantee Supply in Global Pea Protein Ingredient Market
Companies are striving to expand production capacity and entering into agreements with raw material suppliers to strengthen their competition position in the pea protein ingredient market. A few companies profiled in this report on the pea protein ingredient market are Roquette Group, Ingredion Incorporated, PURIS, Emsland Group, CosucraGroupeWarcoing SA, Axiom Foods, DuPont de Nemours, Inc, The Scoular Company and BurconNutraScience Corporation &Glanbia plc.
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SOURCE Fairfield Market Research