Pea protein market predicted to thrive
According to a study conducted by Global Market Insights, the pea protein?market size?is expected to increase beyond 33 kilo tons by 2023 with a CAGR of 13.5% from 2023-26.
These rising figures are partly due to an increasing consumer awareness about healthy diets. Furthermore, as meat protein alternatives are also in high demand, this natural protein is an ideal replacement; pea protein is said to be easily digestible and few people are allergic to it, the study reveals.
Pea protein has wide utility in beverage and food sectors because of its non-allergic and emulsifying properties. The product is widely adopted in dietary supplements because of its high fibre and resemblance with meat texture. It is predicted that the revenue of this market will go beyond USD $35 million by 2023.
Pea protein is also becoming a preferred choice in sports supplements. The sports supplements market is expected to rise at a CAGR of 13.6% between the years 2016 to 2023. Energy drinks, beverages, and nutrition bars blended with these proteins are extensively used for development of body. These products comprise of lysine and glutamine which help in maintaining nitrogen level at the time of workout.
A region-wide study of this market shows that Asia Pacific areas, particularly India and China, are predicted to enjoy a good growth of 16.9% in future. This growth is expected because of vegetarian food demand, advanced technique for extraction and R&D done by various industries.
The US market is expected to boom because of an increasing interest in sustainable and nutritious diets with better taste and texture. North America is anticipated to witness 30% of overall generation of revenue in the near future.