New York, March 16, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Textured Pea Protein Global Market Report 2023" - https://www.reportlinker.com/p06284601/?utm_source=GNW
, AGT Foods, The Green Labs LLC, DuPont Nutrition & Biosciences, Shandong Jianyuan Group, and Kerry Group plc.
The global textured pea protein market grew from $0.53 billion in 2022 to $0.59 billion in 2023 at a compound annual growth rate (CAGR) of 10.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The textured pea protein market is expected to grow to $0.82 billion in 2027 at a CAGR of 8.8%.
The textured pea protein market consists of sales of green peas and yellow peas.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Textured pea protein is a protein supplement that is 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.
North America was the largest region in the textured pea protein market in 2022.Europe was the second-largest market in the textured pea protein market.
The regions covered in the textured pea protein report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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 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 Good Food Institute published report in 2021, a US-based non-profit organization to promote plant-based and cell-based alternatives to animal products, sales of plant-based foods increased three times more quickly than those of non-plant-based meals as compared to its previous years in the year 2021 in the US.
Therefore, the rising consumer interest in plant-based proteins propels the growth of the textured pea protein market.
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 June 2021, Roquette Freres, a France-based company operating in plant-based ingredients, announced the launch of NUTRALYS, a range of organic textured proteins from peas and fava beans. NUTRALYS provides 11 levels of textured proteins that provide a wide range of forms and textures with a neutral flavor and clean label, enabling a variety of meals that substitute meat and fish and offer the possibility to develop both tasty and organic plant-based gastronomy.
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.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The textured pea protein market research report is one of a series of new reports that provides textured pea protein market statistics, including textured pea protein industry global market size, regional shares, competitors with a textured pea protein market share, detailed textured pea protein market segments, market trends and opportunities, and any further data you may need to thrive in the textured pea protein industry. This textured pea protein market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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