Impact of COVID-19 on Textured Pea Protein Market : Implications on Business

Textured Pea Protein Market: Introduction

A recent study published by Transparency Market Research on the textured pea protein market comprises global industry analysis and opportunity assessment for 2020-2030. Revenue generated from the global textured pea protein market was valued at ~US$ 400 Mn in 2020, which is estimated to rise at a CAGR of 7.6%, to reach US$ 800 Mn by 2030.

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Rising Popularity of Meat Substitutes

The increasing demand for plant-based meat protein has resulted in rise in demand for textured pea protein products, thus propelling the growth of the textured pea protein market. Due to its functional properties and innovation in textured pea protein such as isolation of starch fiber to mimic meaty texture, manufacturer are moving from soy to textured pea protein products. Textured pea protein has functional benefits, particularly in gluten free applications, which include gelation, and increased browning and water holding.

The growing acceptance of veganism and plant-based (vegan) eating habits is fueling consumer demand for meat substitutes. The sensory attributes of plant-based meat, including its aroma, texture, unique taste, and mouth feel, are highly appreciated by consumers.

In addition, in culinary products, textured pea protein has excellent meat extender or meat binding properties as a meat substitute in different applications such as in nuggets, meats, sauces, steaks, and dishes cooked.

Manufacturers and retailers are pushing hard to cater to the growing flexitarian market, feeling more challenged and pressure than ever before to produce meat-free products that meet all consumer demands.

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Clean Label Moving to Idea of Deep-Rooted Transparency           

The clean label trend is embracing a wider remit to include products with higher health benefits. Clean label is a term that has been used in the food industry from many years; however, nowadays, this term is used as a catch phrase to attract modern day consumers. Clean label has now become mainstream with consumers demanding to understand everything about the products, starting from their evolution to their benefits. This trend is prompting manufacturers to upscale their clean label game and introduce more products with greater transparency, less complexity, and simple sounding ingredients.

Textured pea protein is a gluten and soy free product, with a pleasant taste and texture, making it a great addition to traditional ingredients in a wide variety of applications. Textured pea protein is a clean label product, as it is organic, GMO free, high in protein, low in carbs, regenerative product with no artificial ingredients or synthetic chemicals.

Consumers are looking for total transparency from the manufacturer; thus, manufacturers are expanding its range of plant-based ingredient solutions with the launching of new products to meet increasing consumer demand for protein-rich products.

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Textured Pea Protein Gaining Traction in Snacks Market

Busy life due to unhealthy eating habits is making consumer demand specific dietary requirements and high nutritional items. Healthy snacking improves energy levels and mental clarity. Regularly smart snacking helps keep blood sugar levels throughout the day, helping to maintain and lose weight.

Textured pea protein is a naturally gluten and soy free product, and due to rising concern toward lactose intolerance levels among vegan and vegetarian population. This trend is fueling the demand for textured pea protein products and consumer awareness of the textured pea protein market globally. The launch of new products will have a positive impact on the market and will result in increased demand for textured pea protein in the snacks industry in the upcoming years.

Manufacturers are seeking to improve the nutritional content of snacks and on-the-go foods and beverages with protein sources derived from plants. Rise in ‘value-add’ treats and snacks, which highlights desirable benefits from textured pea protein also boosting the demand for textured pea protein market.

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