Asia-Pacific Market for Pea Protein has been estimated at USD 8.51 Million in 2016 and is projected to reach USD 14.53 Million by 2021, at a CAGR of 11.3% during the forecast period from 2016 to 2021.
Pea protein and other plant proteins such as rice and wheat have complementary amino acid profiles, and when combined, offer enhanced nutritional benefits. With a great increase in veganism and vegetarianism, in the recent times, pea protein emerges as a viable alternative to meat and dairy proteins.
Changing lifestyle of the consumers, by adopting a healthier lifestyle due to the increasing concern for health and wellness is one of the main reason for market growth of Pea Proteins in Asia-Pacific region. Also, increasing glucose intolerance and rising demand for gluten-free products is also increasing the market growth.But, in spite of this, there are still people who aren’t aware about the benefits of Pea Proteins. This, along with high costs of Pea Protein can dampen the market growth in the regions of Asia-Pacific.
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The Asia-Pacific pea protein market is segmented on the basis of type, application and region. On the basis of type, the pea protein market is segmented into concentrated, isolated and textured.
In addition, textured pea protein is sub-segmented into wet and dry. Furthermore, on the basis of application the market is segmented into snacks & bakery products, meat extenders, meat substitute, food & beverages and other food application.
Meat substitute segment is likely to grow at a significant rate over the forecast period compared to other areas.
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Furthermore, on the basis of geography, the Asia-Pacific Market is analysed under various regions namely, India, China, Japan, South Korea and Australia. Asia Pacific pea protein industry is estimated to witness high growth due to rising consumption of nutrition-rich functional food products.
Growing demand for meat substitute and sports & fitness supplements is also augmenting the market growth Also, regulatory conditions in India and China aimed at agricultural industry growth, is quite favourable, which is resulting in large raw material supply for pea protein manufacturers.
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Some of the key players operating in Asia-Pacific pea protein market are A&B Ingredients, Axiom Foods, Inc., Consucra-Groupe Warcoing, Burcon NutraScience Ltd., Roquette Freres and Nutri-Pea Limited.
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