North America pea protein market for meat substitutes application is projected to surpass USD 21 million by 2026, according to a new research report by Global Market Insights, Inc. Increasing veganism and vegetarianism amongst consumers will foster the market growth.
Products included in the North American pea protein industry for meat substitutes application owing to their high nutritive quality and low cost are becoming the optimal alternative to protein products of animal origin. Pea protein and its products including concentrates and isolates are extensively used as techno-functional additives in the food industry as they offer specific characteristics to the final food products.
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Growing consumer interest in non-meat-based alternatives on account of increasing concerns towards a healthier lifestyle has enabled manufacturers to incorporate high-quality plant-based ingredients as sustainable substitutes in numerous food formulations. Meat forms a crucial source of protein, however, increasing environmental concerns and growing consumer awareness towards animal welfare has significantly shifted consumer inclination towards alternative protein sources derived from plant-based extracts.
Some major findings of the North America pea protein market for meat substitutes application report include:
- Growing concerns regarding animal cruelty, environmental, and health issues of meat consumption is catering to application proliferation
- Multifunctional aspects of texturize pea protein have augmented its demand in the meat processing industry
- Rising concerns around the spread of chronic communicable diseases have triggered an aversion towards meat and poultry in the region
- A rise in health consciousness has triggered a demand for clean label and sustainably produced products, which will drive North American market for meat substitutes application expansion
- Key market players occupying major North America Pea Protein market for meat substitutes application share include Roquette Freres, Cargill, The Scoular Company, Axiom Foods, Inc., Emsland Group, Puris Proteins, LLC, Ingredion, DuPont and A&B Ingredients.
- Appealing product launches at the manufacturers’ end have spurred growth in the North America pea protein industry for meat substitutes application.
Rising disposable income and changing consumer perceptions toward animal rights are increasing the demand for pea protein concentrate preparations. Easy availability of peas, their economic nature, and high protein concentration are likely to encourage consumption and boost the market share. Pea protein concentrates are fine powders manufactured from the milling of dehulled peas and provide nutritional benefits including low-calorie concentration, protein fortification, non-allergen nature, and gluten & lactose-free solutions.
Pea protein formulations are widely used to prepare vegan alternatives for chicken strips and nuggets. Pea protein’s texture and taste can be easily customized to prepare high quality and nutritious preparations, which will augment the market share. Additionally, industry players are rapidly investing to introduce new products along with reducing costs to make their products more competitive with traditional strips and nuggets segment, which should augment the market share.
In 2017, the company Beyond the Shoreline launched a vegan jerky containing mushroom, kelp and pea protein, in the U.S. Such innovative product formulations from new start-up companies will boost segmental growth for strips and nuggets. These strips and nuggets-based companies are rapidly expanding their reach throughout the country and are also strategizing to expand overseas due to growing demand.
The rapid shift toward opting healthier lifestyle solutions coupled with rising disposable income will boost the market share. Products included in the North America pea protein market for meat substitutes application are compatible with preparing various American meat-based food, such as burgers, nuggets, and strips, which should boost the product demand in the U.S. Sales revenue from plant-based meat market in the U.S. valued over USD 800 million until April 2019 is expected to have a positive impact on the product demand.
An increasing number of consumers shifting toward a healthier lifestyle on account of growing lifestyle disorders is expected to accelerate the product demand in the country. A rapid increase in the number of health diseases such as obesity and heart-diseases has augmented the adoption of vegan food products, which shows substantial opportunities for market expansion. Plant-based protein increases the fiber and vitamin content in the diet, reduces saturated fat, and prevents the risk of diabetes, cancer & heart disease, which are the key attributes driving the product demand.
Manufacturers in the North America pea protein market for meat substitutes application are responsible for research & development of new extraction, processing, and development techniques. Manufacturers of branded products rely on revenues generated from product sales to recoup costs of developing those techniques and help fund the development of new products. Companies catering to North American market for meat substitutes application are Roquette Freres, Axiom Foods, Puris Protein, DuPont and Sutexpro.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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