Pea Protein Market Likely To Augment And Reach USD 39.50 Million By 2022
Some of the major companies in the Pea protein market comprise A&B Ingredients, Roquette Freres, Axiom Foods Inc., Farbest Brands, The Scoular Company, Nutri-Pea Ltd., Consucra-Groupe Warcoing, and Sotexpro Burcon Nutra Science Ltd. among others. Due to the attendance of various players in protein powder market, there has been intense rivalry among the manufacturers to sustain in the pea protein market. Product innovation is the major tactic undertaken by the number of companies to maintain their sales in the pea protein market.
As per analysts at Zion Market Research, Global pea protein market was capitalized at almost USD 25.00 Million in 2016. The pea protein market is likely to reach more than USD 39.50 Million by 2022, developing at a CAGR of almost 8.00% from 2017 to 2022.
Rising Preference Towards A Vegetarian Diet To Boost Global Pea Protein Market
“Global pea protein market is majorly boosted by rising preference towards a vegetarian diet,” claim analysts at Zion Market Research. Other major boosting factors for the development of pea protein market are growing concern for wellness and health paired with heavy spending in R&D by pea protein manufacturing firms. On the other hand, lack of awareness amongst end consumers is a major limitation that might hinder the development of pea protein market.
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Nevertheless, technological enhancements in processing & extrusion and up-and-coming markets all over the world are expected to reveal the new growth opportunities for pea protein market in the years to come. In addition, various mergers and acquirements in the pea protein market is claimed to be the major factor boosting the development of the market. For example, January 2018, with the rapid increase in user demand for plant-supported protein, PURIS and Cargill inked a joint venture deal to pace a new wave of sustainable, great tasting, and label-friendly plant-supported foods. PURIS is one the biggest producers of pea protein in North American. The deal boosted the global pea protein market.
Huge Requirement For Gluten-Free Food Items In US To Augment Pea Protein Market In North America
Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa are major areas of global pea protein market. The pea protein market was dominated in 2016 by North America due to the huge requirement for gluten-free food items in this area particular in the U.S. Increasing demand for sports nutrition diet also triggered the growth of pea protein market in North America. Europe was the second biggest area in 2016 for pea protein market. Asia Pacific is likely to be the quickest developing area in the pea protein market in the years to come. In addition, Latin America is also likely to show visible development for pea protein market in the coming years.
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