What are the factors driving the Pea Protein Market growth? Roquette Frerers, The Scoular Company, Glanbia Nutritionals, Cosucra-Groupe Warcoing and Shandong Jianyuan Group
The global pea protein market is set to traverse alongside a highly lucrative growth chart, particularly on account of the ongoing trends toward vegetarianism, veganism and flexitarian habits. It is prudent to mention that millennials are the main drivers of this plant-based movement, with everyone from celebrities, athletes, social media influencers to major corporations supporting the same.
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• Roquette Frerers
• The Scoular Company
• Glanbia Nutritionals
• Cosucra-Groupe Warcoing
• Shandong Jianyuan Group
U.S. textured pea protein market size should witness consumption at over 2 kilo tons by the end of the predicted timeframe. These products are comparatively less expensive than meat, fish and poultry along with being more environment friendly and sustainable nutrition source. These products are widely used as meat substitutes and extenders on account of their unique taste and enhanced texture. They are extensively used to produce vegan alternatives to various meat products such as nuggets, meatballs, and patties which can be grilled or microwaved, thus stimulating market growth.
Plant-based diets are growing across the world and are immensely supported by small-scale as well as major food and beverage corporations who are positively responding to consumer’s changing food preferences. For instance, in August 2018, coffee giant Starbucks launched its first-ever vegan protein cold brew drinks. The drinks were made with slow-steeped Starbucks Cold Brew and alternative plant-based proteins made from pea and brown rice.
Another instance worth mentioning is Dubai-based airline Emirates using over 170 vegan recipes to suffice increasing vegan meal requests. Their efforts even earned them the Best Airline for Vegan Meals title in a poll by Vegan News.
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In addition, the emergence of modern vegan restaurants will further boost product demand. For example, the Etsy Headquarters in Brooklyn is about to receive a 4,500 square foot vegan eatery. Meanwhile, Tokyo International Airport, which is the world’s fourth most traveled airport got its first 100% vegan café to meet the growing demand for plant-based food and beverage by tourists visiting Japan.
As more and more restaurants and businesses adopt vegan recipes, the demand for pea protein will surge owing to its use as protein content for vegetarian meals, which will in return fuel the global pea protein market growth.
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Germany pea protein market demand from sports supplement applications should register gains of over 11% by 2024. These products consist of branched-chain amino acids that are essential for decreasing muscle breakdown after workouts. They serve as a rich protein source for vegetarians, vegans, have a similar amino acid profile to animal products and improved assimilability as compared to other plant products. These products promote muscle repair, balance blood sugar which can aid in healthy weight loss and ensure the production of immune cells and neurotransmitters which should further promote pea protein market growth.
In 2017, China pea protein concentrate market size surpassed USD 3.5 million. These products have a slight savoury taste and is considered a great option for weight management along with being gluten-free & non-GMO in nature. These concentrates help in increasing the protein content in animal feed concentrates without altering its aroma, flavour and colour properties. They allow nutrient fortification and yield improvement of pet food as they are devoid of lactose, gluten & allergens. These products offer various benefits such as a powerful bean fragrance, oil & water retention, foaminess and emulsification which should increase pea protein demand.
Roquette Frerers, The Scoular Company, Glanbia Nutritionals, Cosucra-Groupe Warcoing and Shandong Jianyuan Group are some of the prominent industry participants in the pea protein market. Manufacturers are engaging in new product development to attain competitive advantage and joint ventures to expand product portfolio. Manufacturers are also establishing new production facilities to satisfy rising product demand and ensure market expansion.
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