DUBLIN--(BUSINESS WIRE)--The "Global Pea Processed Ingredients Market by Type (Pea protein (Isolates, Concentrates and Textured), Pea starch, Pea fiber, Pea Flour), Application (Food & Beverages), Source (Yellow split peas, chickpeas and lentils), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global pea processed ingredients market is expected to value at USD 3.1 billion in 2021 and is projected to reach nearly USD 5.0 billion by 2026, growing at a CAGR of 10.1% during the forecast period (2021-2026).
Growing vegan population and popularity of plant based ingredients is resulting to the increase in the demand for pea processed ingredients. Further, advancements in the extraction and processing technologies is also triggering the market growth for pea processed ingredients. In addition to this, increase in the demand for gluten-free products is also resulting to the rise in the demand for pea processed ingredients.
Protein segment is estimated to account for the largest share in 2021 for pea processed ingredients market
By different type, pea processed ingredients market has been segmented into pea protein, pea starch, pea flour and pea fiber. Pea protein is highest in the pea processed ingredients business owing to the increasing demand for plant based ingredients. In addition to this, rising awareness towards the benefits offered by pea protein is boosting this segment over the years. Pea protein is neutral in taste and has an array of applications in the food, beverage, pet food and feed industries. Several countries are now focusing on increasing pea processing to enhance the pea protein production.
The food application will hold the largest share in the pea processed ingredients market
Pea processed ingredients finds numerous applications in the food industry supported by its cost-effectiveness and nutritional benefits. It is used in several food applications that includes meat & meat substitutes, functional foods, performance nutrition, snacks, bakery products, confectionery among others. It is largely used for rendering food products with the required texture, consistency, and stability. Pea processed ingredients is a clean label substitute and is a popular choice among the customers.
North America is expected to hold a significant share in the pea processed ingredients market globally
The pea processed ingredients market in the North America region is the largest. It is estimated to grow at a significant growth rate due to the rise in demand from large economies, US, Canada and Mexico. Industrial food manufacturers are focused on developing different product formats sourced from peas. Pea processed ingredients is among the most versatile ingredients and can be formulated into food, beverage and others that includes pet food, feed and industrial. However, given the high prices of pea processed ingredients, their demands have remained popular in developed markets. Growing vegan population North America is also a major factor triggering the market growth during the forecast period.
Market Dynamics
Drivers
- Growing Vegan Population and Popularity of Plant-Based Products
- Advancements in Extraction and Processing Technologies
- Growing Consumer Awareness About Nutritional Benefits Offered by Pea and Pea-Based Products
- Increase in Demand for Gluten-Free Food Products
Restraints
- High Cost of Extraction and Processing of Pea Processed Ingredients
- Low Processing Outputs Resulting in Limited Supply to Manufacturers
- Decrease in the Production of Dry Pea
Opportunities
- Development and Deployment of New Application Areas in Pea Processed Ingredients
- Lack of Allergen Properties Helping Acceptability Against Conventional Plant-Based Proteins
- Advancements in Texture Properties Supporting Adoption in Baking Ingredients
- Rise in Demand from the Pet Food Industry
Challenges
- Supply Constraints Hampering Growth Prospects
- Trade Barriers due to COVID-19 Outbreak
Companies Mentioned
- A&B Ingredients Inc.
- Agridient B.V.
- Agt Food and Ingredients
- American Key Food Products
- Axiom Foods Inc.
- Batory Foods
- Burcon Nutrascience Corp
- Cosucra Groupe Warcoing Sa
- Dupont
- Emsland Group
- Felleskjopet Rogaland Agder
- Ingredion Incorporated
- Kerry
- Meelunie B.V.
- Parrheim Foods
- Puris Foods
- Roquette Freres
- Shandong Jianyuan Group
- The Scoular Company
- Vestkorn Milling As
- Yantai Oriental Protein Tech Co., Ltd.
- Yantai Shuangta Food Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/tj9m2j
