Pea Protein – A brief summary
Pea protein is a food additive having a neutral taste and is used in various food applications such a dairy, bakery, beverages and snacks. Pea protein is also used as an alternative to protein derived from dairy products such as cheese and yogurt. This protein is extracted from the yellow pea (Pisum sativum) having a typical legume amino acid profile. Pea protein is extracted through extrusion process thereby replacing a significant percentage of other proteins in many food products without affecting the color, taste or texture of the food product resulting in cost savings for the manufacturers.
Pea protein is rich in essential nutrients with lot of amino acids thereby emerging as substitute for those persons who are allergic to dairy products. Pea protein is a warehouse of essential nine amino acids that helps in reducing muscle breakdowns during or after workouts. The rising consumer awareness towards preventive healthcare and high nutritional value of pea protein is creating demand for pea protein based products in pea protein market.
Global Pea Protein Market – A cursory look
The global pea market revenue was the US $24.8 million in 2016 with the pea protein market growth expected to touch in terms of revenue by the US $45 million by 2022 with an estimated CAGR of 11.9% in terms of value and 12% in terms of volume over 2016-2026. The global organic pea protein market is projected to reach the US $18.5 million by 2021 at a CAGR of 12% from 2016 to 2021 with an increased consumption of organic food and government support for organic farming in various countries due to its sustainability, growing demand for weight management products, increasing health awareness and rising population.
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The growing popularity of vegetarian or vegan diet and vegetarianism as an alternative to meat products during 2012 and thereafter is driving the global pea protein market growth especially among the fitness conscious people in developed economies. In addition, there is an increasing demand for plant proteins due to their higher nutritional specifications as compared to that of synthetic proteins in the beverage (sports drinks) industry. New technological developments in the processing and manufacturing of pea protein based products have resulted in their improved taste and texture that in turn in creating vast opportunities for profitable ventures in pea protein market.
Pea Protein Market Analysis – A microscopic perspective
Pea protein market is still in its nascent stage as there is lower consumer awareness about the benefits of pea protein as the prospective buyers are yet to know at large the benefits of pea protein. In addition, the cost of manufacturing or producing pea protein products is still very high thereby creating an alternative demand for other plant proteins. The rising demand for health management and processed foods would help in boosting pea protein market in the coming years.
The global organic pea protein market volume has surpassed 12,598 million tons in 2016 representing a market value of over $34.4 million. The pea protein market price in the form of pea protein isolate powder is $1.7 to $4.5 per kilogram depending upon the sellers’ price list quoted for the buyer. In the United States, the import duty rate for importing pea protein is 6.4% and is classified under Health & Beauty –Supplements – Food Supplements – other with HS commodity code 2106.90.9897. The global organic pea market is segmented or classified based on Type, Application, Form with each of them further subdivided as per key parameters as shown herein below in a tabulated format
|Snacks & Bakery Products|
Figure: 1 – Market Segmentation of global pea protein market
The isolates segment dominates the organic pea protein market with its largest market share during 2015. The pea concentrates market is expected to have a growth of 13% from 2016 to 2023 in terms of volume. Geographically, North America occupies the largest pea protein market with a share of 35% of the overall organic pea protein market. The Western European market is expected to expand at a CAGR of over 11% over the period from 2016 to 2021 due to shifting of the preferences of the European consumers towards value-added food and an increment in the consumption of organic products that in turn is resulting in the increase in the demand for organic pea protein products.