(I-BusinessNews.Com, January 19, 2021 ) The global pea protein market size is projected to grow from USD 745 million in 2020 to USD 1,400 million by 2025, in terms of value, recording a compound annual growth rate (CAGR) of 13.5%. In terms of volume, it is projected to grow from 237,363.6 tons in 2020 to 423,948.4 tons by 2025, recording a compound annual growth rate (CAGR) of 12.3% during the forecast period. The growing vegan population and consumer awareness regarding nutritional benefits offered by pea and pea proteins are the key factors that are projected to drive the growth of the pea protein market. Furthermore, consumers are shifting toward plant-based proteins and healthier lifestyles, which is also projected to drive the market growth.
Key pea protein market players include Roquette Freres (France), Puris Foods (US), Ingredion (US), Emsland Group (Germany), Fenchem Inc (China), DuPont (US), A&B Ingredients (US), Glanbia PLC (Ireland), The Scoular Company (US), Axiom Foods Inc (US), Burcon Nutrascience Corp (Canada), AGT Foods (Canada), Shandong Jianyuan Foods Co., Ltd. (China), Yan Tai Shuang Ta Food Co., Ltd. (China), and Kerry Inc (Ireland).
Strategic partnerships were the dominant strategy adopted by the key players, followed by expansions and new product launches. These strategies have helped them to increase their presence in different regions and industrial segments.
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Roquette Freres (France) is a leading company and manufactures pea protein products. It manufactures and develops an array of pea protein products, which increases the production of other industrial products, such as meat substitutes, bakery, nutritional foods, and functional foods. It serves its products through different segments, including biopharma, pharma and nutraceuticals, cosmetics, food & nutrition, animal nutrition, and industrial markets. The company offers its line of pea protein products through its food & nutrition segment. The company is a global player, as it has an active presence in more than 100 countries. It is growing its pea protein product portfolio and reach globally through partnerships. For instance, in January 2020, it signed a multi-year partnership deed with Beyond Meat (US) to supply its pea protein products to Beyond MeatÂs line of plant-based meat products, resulting in an increase in the supply of Roquette FrereÂs pea proteins.
Puris Foods (US), formerly known as World Food Processing, is involved in the production and supply of non-GMO, plant-based ingredients made from soy, pulses, lentils, and corn to food and beverage manufacturers. It launched its first-ever pea protein product in 2014, known as PurisPea. It offers pea protein products through its long-term partner Cargill (US), which has its presence in over 125 countries. It is focusing on increasing its production capabilities to cater to the rising demands for pea protein among food and beverage manufacturers. For instance, in August 2019, it invested an amount of USD 75 million, resulting in an increase in the production of pea protein, fiber, and starch products, which bridges the demand-supply gap.
Mr. Aashish Mehra