Asia Pacific Pea Protein Market size surpassed USD 30 million in 2019 and is estimated to observe growth rate of 15% between 2020 and 2026.
Pea protein is a protein source produced from yellow peas. Pea protein is a high source of iron and amino acids. Pea proteins are used in a wide range of food products like energy bars, shakes, and burgers. Pea protein is seen as a replacement for meat-based protein. These comprise of amino acids that are essential for human diet. Pea proteins are produced using dry and wet milling processes. Pea protein isolates and concentrates have properties such as oil binding, foam expansion and stability, and water-binding capacity. Compared to proteins derived from hemp seed and rice, pea protein offers better combination of essential amino acids.
The pea protein concentrate segment revenue was around USD 15 million in 2019. Pea protein concentrates contain high concentration of produced from peas. Protein concentrates are primarily used for increasing daily protein intake. These are produced by separating protein from fiber and starch of pea seeds.
Pea protein concentrates are produced using dry separation techniques. Dry separation methods are completed without the presence of effluents and cost less than wet separation methods. The demand for protein concentrates in Asia Pacific has augmented in recent years owing to soaring growth in the demand for diet and nutrition products.
Presence of significant proportion of population in China and India has boosted the consumption of protein-based foods in daily diets. Further, rise in the spending on dietary supplements by millennials, athletes, and younger generation has led the market for plant-based proteins in the region. Further, gradual shift in eating preferences from nonvegetarian to vegetarian has also propelled the Asia Pacific pea protein industry growth.
The meat substitute application segment exceeded USD 10 million in 2019 and is expected to grow at over 16% through 2026. Meat substitutes are meat like products derived from plant-based products. Meat substitute have similar chemical characteristics as that meat. Further, meat substitutes also have similar aesthetic characteristics of meat such as flavor, texture, and appearance.
Pea protein demand in meat substitute has soared in recent years owing to rising consumer awareness regarding consumption of meat. Consumers are switching to new vegan meat substitutes as a source of proteins, vitamins, and minerals. This trend has been triggering the consumption of meat substitutes in Asia Pacific countries. Moreover, consumption of meat in countries like China, India, and Thailand has also increased growing population and evolving consumer preferences. This increase in the consumption of meat should create new opportunities for the meat substitutes sector, which should stimulate the market expansion.
Asia Pacific pea protein market was dominated by China in 2019. Increasing investment of companies in plant-based meat and other products has been a key growth driving factor in China. Rising consumption of meat and changing consumer eating styles have triggered the consumption of plant-based proteins, which has been a key factor has in influencing the market growth in China.
The APAC market share is significantly competitive with major players including Titan Biotech, Ingredion Incorporated, NOW Health Group, Inc., Axiom Foods Inc., RAJVI ENTERPRISE, A&B Ingredients, Yantai Oriental Protein Tech, and Shandong Jianyan Group.