Market Trends of pea protein ingredients Industry
Growing flexitarian or vegan population is offering opportunities for manufacturers
- The changing dietary preferences of consumers are evident globally, and the low inclination toward meat-based products is visible among consumers. The percentage of consumers becoming flexitarian or vegan is offering manufacturers opportunities to introduce and innovate more in the plant protein segment. Globally, plant-based protein alternatives have become popular, as they are the most sustainable alternatives to animal-based meat, as well as due to environmental issues, ethical reasons, and health-related concerns. Germany emerged to be one of the global leaders in vegan product development and launches, accounting for 15% of the global vegan introductions between July 2017 and June 2018.
- The increasing number of young population that are indulging in sports and athletic activities, along with the shifting trends in functional ingredients fortification in the food and beverage industry due to rising demand for added health benefits in various food products, is anticipated to boost plant-based protein demand. For instance, with 210,000 clubs and over 184 million members worldwide, this is an increase of 1 million members since 2019.
- Plant proteins are healthy for all age groups, and it also helps in keeping the body fit. A project led by Merit Foods, which became a global supplier of ingredients and plant-based food, helps manufacturers reach markets by meeting the growing consumer demand. Canada's Health Ministry revamped its food guide and released it in January 2019. This new guide has three categories, namely vegetables and fruits, whole grains, and plant-based proteins. The rising awareness about protein benefits increased protein consumption. The health benefits, coupled with increasing demand from various consumer groups, are driving the demand.
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Pea production to witness steady growth
- The pea protein expansion globally is primarily to the growing interest in plant-based nutrition, health and wellness trends, the market for plant-based foods, and consumer awareness of the nutritional advantages of peas and pea-based products. As a result, the production of pea protein increased by around 10% from 2016 to 2020. Key players are focusing on the creation of novel pea protein ingredients. In addition, growth opportunities in emerging markets and the increasing launches of pea protein-based products provide significant growth opportunities for manufacturers in the global pea protein market.
- Pea is a booming crop in the United States, as most farmers are largely planting pea to help with crop rotation. Many manufacturers have been using pea protein as one of the major ingredients, especially Beyond Meat Inc. and Impossible Burgers. The production of peas increased from 889,320 tons in 2017 to 1265126 tons in 2020. Pea protein can also substitute gluten as a stabilizer in snacks and cereals. After extensive research, pea protein is also entering the gluten-free market, as gluten is believed to cause intestine inflammation in some cases.
- The production of peas in the Asia-Pacific is predominantly dominated by China compared to other crops like rice, soy, and others. As profits are lower, pulse production in China continues to decline, following historical trends. Pulse producers have limited access to quality seeds, and there are no new and improved varieties in the research pipeline. China’s 2021 dried pea production is estimated at 200,000 MT and is relatively stable. Ningxia, Gansu, and Qinghai provinces are China’s major dried pea-producing areas, with over 70% of total dried pea production.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Asia-pacific held major market share
- Healthy trends in beverages impacting market growth
- Hike in the demand for single-serve packets may augment production
- Dairy alternative to witness significant growth
- Meat protein alternatives are revolutionizing the meat segment
- Healthy snacking preference to support market growth
- Growing demand for compound feed
- Growing flexitarian or vegan population is offering opportunities for manufacturers
- Strong hold of the retail sector is supporting market growth
- Growing preference for convenient breakfast options
- Rising at-home consumption and demand for healthy confectionery products
- Growing nutritional concerns for aging populations
- Ready-to-cook and frozen foods witnessed a surge in sales
- Rising health awareness and growing demand from millennials
- Natural ingredients highly driving the segmental sales
