Product Overview
Pea protein is used as a dietary
supplement and a dairy alternative. It possesses typical amino acid and boasts
a neutral taste which makes it a feasible choice for food industry. It is
extracted from yellow peas through extrusion process and can be extracted in
three different types like pea protein concentrate, pea protein isolates and
textured pea protein. The Pea protein is used in wide range of applications
such as beverages, snacks, meat alternatives & nutritional supplements. Products
made of pea protein can replace significant percentage of other proteins in
many other food products without impacting the taste, color or texture of the
product, and also in many cases offers cost savings. Pea proteins has multiple
health benefits like weight management, improve blood circulation, maintain
healthy muscle, boost metabolism, calcium absorption, and regulate blood sugar.
Therefore, pea proteins have emerged as an alternative to other protein and
non-protein ingredients.
Global Pea Protein Market:
Overview
The substantial growth of major
application sectors, like dietary supplements, meat extenders & analogues, beverage
and bakery goods are anticipated to drive the pea protein demand over the years.
Yellow and green peas are used as raw materials for processing of the pea
protein. The concept of organic farming is rising owing to regulatory scenario
in Australia, the U.S., and Brazil, as incentives are given to the farmers to
increase the manufacturing of pea crops and also enhance raw material
availability. North America is the largest consumer of pea protein globally as robust
growth of sports nutrition industry, increasing demand for gluten-free products
and rising concerns towards cardiovascular diseases which are caused due to
consumption of red meat in the U.S are major factors contributing in the growth
of the market globally.
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Benefits of Pea Protein
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Pea Protein
is Hypoallergenic
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Pea Protein is Easily Digested
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Pea Protein
is High in BCAAs
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Pea Protein is 100% Vegan
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Pea Protein
Powder is Rich in Protein
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Pea Protein is Lactose Free
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Pea Protein
Helps Stay Full
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Pea Protein Mixes Easily in Water
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Pea Protein
is Gluten free
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Pea Protein is low in Carbohydrates
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Each Scoop of Pea Protein
Contains
Increasing
Costs of Healthcare
Rising costs of medicines
and healthcare policies, coupled with increasing consultation fees of doctors
have forced consumers to switch to other alternatives for protein supplements.
In North America, the healthcare cost is growing at a fast rate and according
to Centers for Medicare and Medicaid’s, health expenditure grew by 31% during
2005-2015. As per the Canadian Institute of Health Information, total
healthcare expenditure in Canada is forecast to reach USD228 billion by 2018,
and represents 11% of Canada’s total GDP. Healthcare expenditure in Mexico has
been continuously rising since 2010. The expenditure of consumers on healthcare
in Mexico has struck nearly 50% of the total personal expenditure. Mexico’s
massive public investment in their health system has failed to translate into
better health and health system performance. Thus, extensive reform is needed
to improve the health of the people in Mexico. Therefore, people are switching
to less costlier alternatives, in order to keep a check on their health,
thereby significantly boosting pea protein market in the region.
Figure 1: North America Healthcare Expenditure Per Capita, By Country,
2010-2014 (USD)
Source: World Bank
Source: International
Telecommunication Union
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Changing
Lifestyle Habits of Younger Generation
North America pea protein market is growing at a significant, however, there is still large potential for
further growth due to continuously rising young population. Demand for sports
dietary supplement is also on rise due to growing health consciousness among
consumers. Surveys conducted in the United States suggests that in 2015, more
than 25% of the adults consumed dietary supplements for sports purposes. Health
Canada found out that 90% of the population in Canada do exercise and around
68% of this population consumes dietary supplements. Moreover, number of
companies operating in North America protein market also launching products
that would satisfy consumer preference. New product offering includes vegan
protein supplements and non-allergenic plant based protein supplements, in
order to cater young population looking for sports nutrition and general
nutrition. Moreover, growing number of doctors and physicians are supporting
this trend and are also recommending consumers to buy protein supplements.
Thereby, aiding to the increasing demand of pea protein across the region.
Figure 2:
North America Urban Population Share (As a %age of Total Population), By Select
Country, 2012-2016
Source: World Bank
Figure 3:
North America Dietary Supplements Market Size, By Value, 2012, 2016,2020F &
2022F (USD Million)
Source: TechSci Research
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