Pea Proteins Market By Form Type (Isolates, Textured, and Concentrates), By Application (Meat substitutes, Snacks & bakery products, Nutritional supplements, Beverages and others) - Growth, Share, Opportunities & Competitive Analysis 2016 - 2023

Pea protein is a food additive extracted from the yellow pea, Pisum sativum. Pea proteins are a nutrient-rich form of plant protein that is necessary for good health. It is low in carbohydrates and fats and free of lactose, soy, and gluten. It is easily absorbed by the body and provides a substantial amount of beneficial amino acids. Pea proteins deliver huge amounts of the essential branched-chain amino acids such as valine, lysine, isoleucine, and arginine.

The global pea protein market is witnessing growth owing to the increasing application scope of pea protein coupled with the rising demand for gluten-free and plant-based food supplements. Over the past decade, the overall protein market has witnessed growth due to increased consumer awareness of its health benefits. Furthermore, rising awareness about pea protein's high nutritional profile and the increasing vegan and vegetarian population are other factors propelling the market growth. After a hard workout, the consumption of pea protein could prove beneficial as a means of restoring muscle mass.

On the basis of type, the pea protein market is segmented into isolates, textured, and concentrates. Isolates, owing to their high solubility and amino acid content, among other characteristics, are increasingly being used in various applications. It is projected to witness the highest growth rates during the forecast period of 2016 to 2023. The development of end-use industries such as aquafeed, food, and beverages is projected to enhance the market growth of pea concentrates over the forecast period.

On the basis of application, the pea protein market is segmented into meat substitutes, dietary supplements, snacks and bakery products, beverages, and others. In 2015, the dietary supplements segment accounted for the major chunk of the global market pie in terms of value as well as volume. It is also projected to maintain its dominance over the forecast period. The meat substitutes segment is projected to witness the fastest growth rate over the forecast period owing to rising concerns about animal disease outbreaks and allergies associated with meat consumption. Increasing demand for sports nutrition products and the excellent emulsification properties of pea proteins are projected to fuel market demand for pea proteins in the beverages and snacks, and bakery products segments in the near future.

On the basis of geography, the pea protein market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW); this has been further segmented on the basis of their key countries. In 2015, the pea proteins market in North America accounted for 41% of the pie in terms of revenue. It is also projected to maintain its dominance over the forecast period. Due to rising health concerns, a growing sports nutrition industry, and increasing demand for gluten-free products due to these factors, the consumption of pea protein in North America is witnessing growth. The Asia Pacific pea protein market is projected to witness the highest growth rate during the forecast period owing to factors such as rising consumption of fortified functional food products, changing lifestyles, rising health consciousness, and a rise in disposable income, among others.

On the basis of type, the pea protein market is categorized into the following segments:

• Isolates
• Textured
• Concentrates

In 2015, the isolates segment dominated the market in terms of value as well as volume. It is also projected to maintain its dominance over the forecast period of 2016–2023, owing to its high amino acid content, excellent emulsification, and high solubility characteristics. Isolates are also projected to witness the highest growth over the forecast period. The increasing application scope of textured pea proteins in the dietary supplements and beverages segment is projected to drive market growth.

At present, pea concentrates account for over 28% of the global market in terms of value. It contains more than 70% protein content and is used in the aquafeed, food, and beverage industries. The development of these industries is projected to further enhance market growth for pea proteins over the forecast period.

The global pea protein market can be categorized on the basis of applications as follows:

• Meat Substitutes
• Snacks and Bakery Products
• Dietary Supplements
• Beverages
• Others

In 2015, the dietary supplements segment accounted for over 50% of the global pea proteins market in terms of value. It is projected to maintain its dominance over the forecast period of 2016–2023. Rising health concerns, coupled with changing lifestyles and increasing awareness about the benefits associated with pea proteins, are the major factors propelling market demand. Meat substitutes are projected to be the fastest-growing application segment owing to the rise in the vegan and vegetarian population and growing concerns about animal disease outbreaks. The market for meat substitutes is projected to grow at a CAGR of 9.8% from 2016 to 2023 in terms of value.

Rising demand for sports nutrition products geared towards muscle improvement is projected to boost the demand for beverages such as energy drink mix powders over the coming few years. Furthermore, the excellent emulsification properties of pea proteins coupled with inducing fluffiness in baked goods are projected to open new growth opportunities for the overall market over the forecast period.

On the basis of geography, the global pea protein market is segmented into the following regions and countries:

• North America
• U.S.
• rest of North America
• Europe
• EU7
• CIS
• Rest of Europe
• Asia Pacific
• Japan
• China
• South Asia
• Australasia
• Rest of Asia Pacific
• Rest of the World (RoW)
• Middle East and Africa
• Latin America

In 2015, North America accounted for over 40% of global volume. It is projected to maintain its dominance over the forecast period of 2016–2023. Increasing health concerns and rising demand from the sports nutrition industry, among others, are the factors contributing to market growth in this region. Worldwide, the U.S. is projected to be the largest market for pea proteins. The presence of multinationals makes pea protein products easily assessable to the consumer. In the same year, Europe accounted for the second-largest share of the market. The inclination toward plant-based proteins is the key factor propelling market growth in this region.

Asia Pacific is projected to be the fastest-growing market. It is anticipated to grow at a CAGR of over 9.0% from 2016 to 2023. Growing demand for meat substitutes, rising consumption of functional food products, and an inclination towards natural ingredients are projected to witness market growth over the projected period. India and China are likely to open new growth opportunities for the pea protein market over the forecast period.

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