DUBLIN--(BUSINESS WIRE)--The "China Pea Protein Market 2018-2023 - Size, Trends, Competitive Analysis and Forecasts" report has been added to ResearchAndMarkets.com's offering.
The pea protein market in China is estimated at $3.6 million in 2018
Considering the high demand of plant-based protein and increasing vegetarian population, the market revenue is forecasted to grow at a CAGR of 9.4% during the forecast period. With advancements in protein extraction process which retains high quality protein and growing need for sustainable and affordable vegetarian protein powder, many food and beverage manufacturers are adding pea protein as an ingredient to enhance the nutritional and functional quality of the products.
Due to huge scope of development of the pea protein market in China, many local producers are entering the market and aim to cater various pea protein products that serves as the applications for various industry segments. Shandong Jianyuan Group is one of the major player in the market which produces wide range of pea protein powders with varying protein content to be widely used in food and supplementary industry. Yantai Oriental Protein Tech Co., Ltd is another major player in the market. The company is eyeing to expand its reach in neighboring countries by implementing strategies such as expansion, joint ventures and acquisition. Many local and global players are focused on generating local demand by marketing campaigns for business expansion.
The market share of pea protein across food industry is highest followed by dietary supplement industry. The market revenue of pea protein in food industry is currently estimated at $1.66 million in 2018, which is growing rapidly at CAGR of 9.6% during the forecast period. The dietary supplement industry of China is mainly driven by young population who are hitting gym and fitness clubs.
Increasing demand of pea protein containing beverage such as energy drinks, flavored drinks and vegetable smoothies is expected maintain a healthy growth rate in the beverage sector. The rapidly growing animal feed industry is the opportunity segment in the market.
- Growing demand of plant based protein from vegan/vegetarian population
- Rising Health consciousness especially in developing countries
- Increasing demand for lactose-free, gluten free protein products
- High cost of production
- Growing threat from substitute products
- Low awareness about the pea protein based products
- Growing applications in sports nutrition & weight management
- Rising demand for plant based protein in food and beverage industry
- Burcon Nutrascience Corporation
- Shandong Jianyuan Group
- The Scoular Company
- Axiom Foods
- Farbest Brands
- Fenchem Inc
- Roquette Frerers
- Sotexpro S.A.
- Yantai Oriental Protein Tech Co., Ltd
- Cosucra Groupe Warcoing S.A.
- Hill Pharma Inc
- Ingredion Inc
- Kerry Inc
- Prinova Group LLC
- Puris, LLC
For more information about this report visit https://www.researchandmarkets.com/research/9qkk3m/china_pea_protein?w=4