According to the Graphical Research new growth forecast report titled “North America Pea Proteins Market Size By Product (PPI, PPC, Textured), By Application (Meat substitutes, Nutraceuticals, Sports Supplements, Others)”, Estimated to Exceed USD 85 Million by 2026
North America pea proteins market is expected to witness significant gains owing to the numerous benefits such as richness in iron, arginine and branched-chain amino acids, improved muscle growth, feeling of fullness and heart health and lower cholesterol levels. Besides, it is naturally vegan, gluten-free, dairy-free and hypoallergenic which may further raise the product demand. Moreover, the increasing intake of pea proteins as a substitute for red meat and processed meat is likely to further promote the market growth.
Increasing efforts being undertaken by manufacturers to develop plant-based proteins from pea proteins which are capable of replacing meat in burgers and other fast food products without compromising on the taste, quality and flavor are expected to further augment market growth. For instance, Beyond Meat has used technology to transform pea protein into beefy meat crumbles, burgers, and chicken strips. Impossible Foods is using a heme-containing protein naturally found in plants to make a burger which looks and tastes exactly like a meat burger.
Statistics show that the current meat substitute or alternative protein market is estimated to grow to USD 5 billion by 2020 and plant-based meats could make up one-third of the entire meat market by 2050. Moreover, venture capital foods are investing huge amounts to food technology startups that are developing innovative new products, several of which are plant-based. For instance, firms like Obvious Ventures, Google Ventures, Khosla Ventures, SOSventures, and Horizons Investors are investing heavily in research and development activities of companies like Beyond Meat, Hampton Creek, Impossible Foods, Lyrical Foods, Muufri, Modern Meadow, and others to develop plant-based meat alternatives.
North America pea protein concentrates (PPC) market was valued over USD 20 million in 2019. Pea protein concentrates contain relatively less amount of proteins than PPI, and thus find promising applications in protein shakes and smoothies as an additional protein intake. The increasing applications of textured pea proteins as a meat replacer, meat analogue, to enrich meat alternatives with protein and as a replacement for textured soy products is likely to raise product demand.
The rising demand for high protein level healthy breakfast choices is expected to raise the demand for pea proteins from muffins and biscuits. Pea proteins also can replace allergens, including wheat, dairy and egg which provides it a competitive advantage over its soy, wheat and whey counterparts. Pea proteins also find rising demand from dairy products such as milk and yoghurt which provides a tastier and more environmentally friendly alternative to other plant-based products in the market.
Key players in the North America pea proteins market are Roquette Freres, Cargill, The Scoular Company, Axiom Foods, Inc., Emsland Group, Puris Proteins, LLC, Ingredion, DuPont and A&B Ingredients.