New York, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Textured Pea Protein Global Market Report 2021: COVID-19 Growth And Change" - https://www.reportlinker.com/p06187344/?utm_source=GNW
The main types of products in textured pea protein are yellow peas and green peas.Field peas, often known as yellow peas, are a type of pea that is best dried rather than eaten fresh.
The peas’ skin (seed coat) is a pale yellow color.The peas are a deeper yellow inside, but the color disappears when cooked.
It has both organic and conventional nature and has different processing types such as dry processing, wet processing. It is implemented in various verticals such as food processing, animal feed, nutraceuticals, sports nutrition, infant nutrition, cosmetic and personal care, others.
The global textured pea protein market 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 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 market is expected to reach $673.37 million in 2025 at a CAGR of 9.3%.
The textured pea protein market consists of sales of textured pea proteins by entities (organizations, sole traders, and partnerships) that are extracted from peas to create high-protein, plant-based meat substitutes.It is a naturally gluten-free and soy-free product with a pleasant taste and texture, offering it an ideal complement to popular ingredients in a variety of applications.
Textured pea protein is non-GMO and has low allergenicity which makes it a great alternative to wheat and soy products.
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.
North America was the largest region in the textured pea protein market in 2020.Europe was the second-largest market in the textured pea protein market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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.
The countries covered in the textured pea protein market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06187344/?utm_source=GNW
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