The Business Research Company’s Textured Pea Protein Global Market Report 2021 – COVID-19 Growth And Change
LONDON, GREATER LONDON, UK, November 10, 2021 /EINPresswire.com/ — The rising consumer interest in plant-based protein is contributing to the growth of the textured pea protein market. In recent years, consumer interest in plant-based diets has increased significantly with vegan, vegetarian, and flexitarian diets becoming quite prevalent. The protein level of textured pea protein components is among the highest on the globe, with a pleasant taste and attractive texture. According to the Plant-Based Foods Association (PBFA), plant-based food sales in the USA increased by 11.4% in 2019, raising the overall market value to $5 billion. Plant-based foods sales were up 90% in mid-March 2020 compared to 2019. Therefore, the rising consumer interest in plant-based proteins propels the growth of the textured pea protein market.
The global textured pea protein market size is expected to grow from $418.43 million in 2020 to $471.96 million in 2021 at a compound annual growth rate (CAGR) of 12.8%. The growth of the textured pea protein market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The textured pea protein market is expected to reach $673.37 million in 2025 at a CAGR of 9.3%.
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The launch of organic pea protein isolate is an emerging trend in the textured pea protein market. Major companies operating in the textured pea protein sector are focused on introducing organic pea protein to meet the consumer demand for organic protein products. For instance, in November 2019, Ingredion Incorporated, a US-based food company launched Vitessence Pulse 1803 organic pea protein isolate for use in alternative meat and dairy products, nutritional and sports bars, baked meals, baking ingredients, powdered and ready-to-drink beverages. The component has a smooth & creamy texture with a flavor that is mild in raw and green flavors and it contains at least 80% protein.
In February 2020, Kerry Group, an Ireland-based food company acquired Pevesa Biotech S.A. for an undisclosed amount. This acquisition aims at strengthening Kerry Group’s position in the hydrolyzed plant protein space for specialized nutrition and expanding the company’s capacity to serve the rapidly growing organic plant protein market. Pevesa Biotech S.A. is a Spain-based company engaged in offering a range of proteins, including organic pea and rice protein and protein hydrolysates.
Major players covered in the global textured pea protein industry are Roquette, Puris Foods, Burcon Nutrascience Corporation, Nisco ApS, Sotexpro, Exeller N.V., Vestkorn Milling AS, Nutri-Pea Limited, Cosucra Groupe Warcoing SA, Scoular, Axiom Foods Inc, AGT Foods, The Green Labs LLC, DuPont Nutrition & Biosciences, Shandong Jianyuan Group, and Kerry Group plc.
TBRC’s global textured pea protein market report is segmented by product type into yellow peas, green peas, by nature into organic, conventional, by processing type into dry processing, wet processing, by end use into food processing, animal feed, nutraceuticals, sports nutrition, infant nutrition, cosmetic and personal care, others.
Textured Pea Protein Global Market Report 2021 – By Product Type (Yellow Peas, Green Peas), By Nature (Organic, Conventional), By Processing Type (Dry Processing, Wet Processing), By End Use (Food Processing, Animal Feed, Nutraceuticals, Sports Nutrition, Infant Nutrition, Cosmetic And Personal Care), COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provides textured pea protein market overview, forecast textured pea protein market size and growth for the whole market, textured pea protein market segments, and geographies, textured pea protein market trends, textured pea protein market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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