Selbyville, Delaware, United States, November 2 2020 (Wiredrelease) Global Market Insights, Inc –:The pea protein market is projected to foresee considerable revenue growth on account of growing adoption of plant-based protein products. Pea protein is a non-genetically modified protein containing ample amount of amino acid profile and low calories, making them lactose-free and allergen-free. Pea protein triumphs over its counterparts like soya and whey proteins owing to its remarkable benefits such as economical nature and easy availability.
Evolving dietary patterns coupled with rapid adoption of organic and high protein ingredients may favor product demand. As far as production process goes, pea protein products are naturally manufactured with the help of mechanical process. Throughout the process, no materials like artificial chemicals or additives are added, making pea protein considerably better compared to artificially extracted protein products.
The market is observing a gradual shift towards plant-based supplements and items as consumers try to meet their nutritional requirements. Consumers are willing to try out vegan protein products owing to their promising health benefits. Growing prevalence of livestock diseases along with increasing inclination towards vegetarian diets could significantly boost the adoption of pea proteins.
According to a report published by Global Market Insights, Inc., the pea protein market may reach USD 285 million by the year 2026.
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This growth can be attributed to some of the ongoing trends mentioned below:Growing popularity of plant-based sports supplements-Sports supplements are expected to gain immense traction over the coming years owing to its high amino acid concentration. Estimates suggest that the sports supplements segment could cross USD 90 million by 2026. Consumers are steadily shifting towards vegan solutions after learning about their wide ranging health benefits.
As a result, non-gelatin, easily digestible, and low-fat snacks like whey and protein bars are witnessing heavy demand. For the record, pea protein plays a vital role in producing these products pertaining to its easily digestible, neutral paste, and binding properties.
Speculating its growing significance and demand, manufacturers are developing new pea protein products for sport enthusiasts. Citing an instance, in December 2019, Ingredion expanded its lineup of plant-based ingredient solutions with the release of VITESSENCE® Pulse 1803 pea protein. The company claimed that the product was high-in-protein and possessed the ability to enhance the nutrition quality of sports and protein bars.
Increasing demand across APAC-Asia Pacific is considered to be a promising ground for pea protein companies, with projections estimating the regional industry to cross USD 90 million by 2026. Factors like mounting demand for allergen-friendly fitness & health supplements and meat substitutes could deepen the product penetration across the region. Besides, a major section of society follows religions like Buddhism, Jainism, or Hinduism, which strictly prohibits the use and consumption of animal-based products.
Adoption of promising growth strategies-Companies operating in the pea protein industry are working on developing their product lineup by taking part in multiple R&D activities. They are focusing their efforts on forming strategic alliance with other prominent companies to expand market presence.
Taking January 2020 for instance, Roquette inked a multi-year pea protein supply agreement with Beyond Meat, one of the leading plant-based meat companies. The agreement focuses on doubling existing orders as the vegan meat company eyes to expand its product portfolio.
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