According to a new market report published by Credence Research Inc., “Pea Proteins Market(By Type (Isolates, Textured, and Concentrates), By Application (Meat Substitutes, Snacks & Bakery Products, Dietary Supplements, Beverages and Others)) - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the worldwide pea proteins market was valued at US$ 23.15 Mn in 2015. In terms of volume the global market stood at 11.13 kilo tons in 2015.
Factors such as increasing use of pea protein as an ingredient in various food applications such as bakery products, dietary supplements and beverages, demand for natural ingredients, gluten-free products, and growing vegan and vegetarian populations are driving Growth of the global market. In addition, the growing concern about the level of lactose intolerance is stimulating the demand in the global pea protein market. Advances in extrusion and processing technologies are also driving market demand.
Emerging economies offer great potential due to rising awareness of the high nutritional content of pea protein, lifestyle changes and heightened health awareness, among others. Product innovation and expanding application range of pea protein is likely to open new growth opportunities for pea protein market players in the near future. Furthermore, the positive outlook for sports nutrition is also expected to boost the market growth.
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