LONDON, Jan. 21, 2021 /PRNewswire/ — Fairfield Market Research presents a detailed study about shift in dietary changes that are expected to boost the demand for pea protein ingredients. As veganism gains popularity, the report predicts that the global pea protein ingredient market will surge at a CAGR 8.4% between 2020 and 2025. Analysts estimate that the global pea protein ingredients market will be worth US$973.5 Mn in 2021 as diets undergo drastic assessment.
Growing number of people are opting for meat substitutes to lower the risk of high blood pressure, diabetes, high cholesterol and other lifestyle diseases. In addition, the right diagnosis of lactose intolerance and gluten allergies among adults is prompting consumers to go dairy-free. The report states that to compensate for the lack of protein intake in a vegan lifestyle, consumers are rapidly shifting to pea protein products.
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Food and Beverages Producers to Make Soaring Use of Pea Protein Ingredients as Consumer Perception Changes
The food and beverages segment that includes cereals and snacks, meat substitutes, bakery and confectionery, performance nutrition products, and desserts is projected to contribute heavily to the market. The study indicates that personal health concerns, increased exposure to social media, influencers reinforcing better dietary choices and intensifying trend of clean labels have all led to the demand for pea protein ingredients in food and beverages instead of animal-based protein.
According to vegan statistics, more than 35% of the U.S. population opts for vegan food options. Similar trends have been observed across Europe and India as well. As lifestyle changes tilt towards being flexitarian, analysts anticipate the market to grab every opportunity. Growing environmental concerns pertaining to the carbon footprint of consuming meat is also encouraging consumers to opt for cleaner and greener food and beverages. In light of these factors, the food and beverages segment is anticipated to exhibit a CAGR of 8.8% between 2020 and 2025.
Asia Pacific Pea Protein Ingredients Market Sees a Steady Growth with Rise in Manufacturing
Europe and North America are expected to lead the global market as these regions have a strong presence of key players. These regions have higher investment in research and development activities of vegan products. Government bodies and farming agencies are signing agreements with pulse ingredient suppliers to ensure a continuous supply of raw material at subsidized rates. The drastic rise of the vegan population is also expected to boost the demand for pea protein ingredients in these regions. Government bodies in these regions have friendly regulations related to non-GMO products as they are less harmful and more nutritive.
Asia Pacific is also expected to make its mark in the global market as Japan, China and India emerge as lucrative markets. Estimated to rise at a CAGR of 8.6%, this region is expected to receive product launches from quick-service restaurants and processed food manufacturers. For instance, OmniPork, a plant-based pork producer in Asia Pacific expanded its base in China by launching its products such as omnipork luncheon, omnipork strip, omnipork bun and many others across 210 stores.
Key players to Collaborate with Buyers to Boost Production for Rising Demand
Key players are actively investing in research and development activities to expand their product portfolio. Manufacturers are developing new products with non-GMO ingredients to launch nutritious products. Players are also focusing on increasing production as consumers stockpiling food products has emerged as a key trend with COVID-19 lockdowns.
The key players operating in the global pea protein ingredient market are Roquette Group, Ingredion Incorporated, PURIS, Emsland Group, Cosucra Groupe Warcoing SA, Axiom Foods, DuPont de Nemours, Inc, The Scoular Company, Burcon NutraScience Corporation & Glanbia plc.
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