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Pea protein isolate is predicted to dominate the market in the next few years by registering highest gains at over 13.9% over the period of 2016-2023. Growing applications in the food & beverage sector due to allergen-free features is anticipated to boost the demand. The textured pea protein market is predicted to touch USD 35 million by the end of 2023. High fiber content has led to the growing demand for textured pea proteins in food supplements as well as beverages. The Pea concentrates having contributed towards 30% of the total market share in 2015, is predicted to grow at a CAGR of 13% over the period of 2016-2023 in terms of volume.
The Asia Pacific market is expected to record a CAGR of 16.9% over the period of 2016-2023, with key drivers such as rising vegetarian population and scientific research contributing towards the growth. India and China are predicted to boost the regional growth
The North America pea protein market is projected to contribute towards 30% of the total revenue in the coming years, with U.S. estimated to add maximum market share owing to the heavy demand for the related products in this region.
Key industry players include Roquette Freres, Nutri-Pea Limited, Burcon NutraScience, and Cosucra Groupe Warcoing. Heavy demand for pea proteins owing to its easy digestibility and a rich source of protein has encouraged new entrants to enter the market. This has raised the competition level with each industry player trying to acquire a maximum market share.
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France-based Roquette formed an alliance with the world food processing of U.S. to produce pea proteins due to its heavy demand in the U.S. Cosucra’s Pisane is a gluten-free pea protein isolate with allergen-free features and free from genetic modification. Major pea protein producers have formed an association with farmers, dealers, and other industry players to market their products to food & beverages sector. The heavy demand worldwide will bring significant growth in this market worldwide.