The global pea protein market is estimated to grow at a CAGR of more than 9.6% during the forecast period. There is a considerable opportunity in the market owing to the emerging demand for dietary supplements and shifting focus towards gluten-free products. Increasing prevalence of celiac diseases and a rising number of the gluten-sensitive population have led the demand for pea protein that can be used in gluten-free dairy alternatives to enhance the nutritional content of the product. Owing to its increasing significance in dairy alternatives, dietary supplement, and meat substitute, the market players are working to expand the range of their product portfolio, acquire related firms, and conduct partnerships and collaborations to strengthen their position in the market. Some key strategies adopted by the market players include-
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In June 2020, Kerry Group plc declared the expansion of its range of nutritional plant protein. This will widen Kerry’s application of proteins in food and beverages (F&B). There is an emerging consumers’ demand for tastier plant-based choices in several popular items, including nutritional bars, juices, waters, yogurts, and smoothies. As a result, Kerry’s ingredients will support to cope up with this demand by offering new and tasty plant-based alternatives. The latest protein offerings of the company are allergen-free and plant-based, with organic options available, which is appropriate for a broad range of creative F&B applications. These contain protein from sunflower, pea, and rice sources that fulfill the escalating demand for vegetarian, organic, and conventional products as well as offers a neutral taste, solubility, and dispersibility.
- In February 2020, Kerry acquired Pevesa Biotech, a Spain-based firm engaged in organic plant and non-allergenic protein ingredients for clinical, infant, and general nutrition. Pevesa is focused on non-GMO, sustainable, plant-based proteins. Pevesa products comprise traditional and organic rice proteins and pea protein isolate, rice protein hydrolysates, and partially hydrolyzed pea. This acquisition will enable to widen its space in the hydrolyzed plant protein space and increase its capability to serve the rapidly growing organic plant protein market.
- In August 2019, Cargill invested further $75 million in PURIS, the major producer of pea protein in North America. This investment allows PURIS to over double its production of pea protein with the use of the current 200,000 square-foot facility in Dawson, Minnesota, US. This will enable to PURIS position to continue with the emerging adoption of its fibers, pea proteins, and starches. These kinds of initiatives will further enable to meet the demand for pea proteins with high nutritional content, which in turn, will drive the global pea protein market.
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Global Pea Protein Market- Segmentation
By Type
- Pea Protein Isolate
- Textured Pea Protein
- Pea Protein Concentrates
By Form
- Dry
- Liquid
By Application
- Dietary Supplements
- Meat Substitutes
- Bakery and Confectionery Goods
- Beverages
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
