Augmenting Consumer Interest in Plant-based Proteins to Drive Market
Trends and consumer preferences across the global food & beverages sector continue to evolve at a rapid pace due to an array of factors. A tectonic shift away from meat-based products can be witnessed across consumers in several regions of the world, particularly in Europe and North America. Mounting environmental concerns coupled with growing awareness pertaining to animal cruelty and the negative impact of meat products on human health have triggered a new wave of niche food trends during the past decade. Plant-based proteins have gradually gained considerable popularity over the past few years and this growing trend is expected to play a key role in boosting the demand for textured pea protein during the forecast period.
In addition, as consumer interest in non-meat-based proteins continues to rise at the global level, a number of players are venturing into the plant-based protein sphere to capitalize on prospective opportunities. Consumer awareness regarding a range of alternative proteins, particularly in developed regions, has surged, which, in turn, is projected to have a positive impact on the demand for textured pea protein. At present, market players operating in the current textured pea protein market landscape are increasingly focusing on curating marketing strategies to expand their consumer base.
At the back of these factors, along with the growing use of social media influencers to promote products, the textured pea protein market is expected to attain a market value of ~US$ 800 Mn by the end of 2030.
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Biotechnological Innovations and Evolving Consumer Preferences to Facilitate Market Growth
The growth of the global textured pea protein market is expected to be primarily driven by two major factors– biotechnological innovations and evolving consumer preferences. Several players in the current market ecosystem are vying to establish a solid foothold in the market by investing considerable resources in research and development wherein replication of meat-based products is a major priority. In addition, several brands are also focusing on curating impactful and engaging social media marketing campaigns to create awareness and promote their products due to which, the demand for products made with textured pea protein has witnessed impressive growth in the past few years– a trend that is expected to gain considerable momentum during the assessment period.
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In addition, sensing the growing interest in plant-based proteins, investments toward the development of an array of plant-based protein products continue to move in the upward trajectory. The sales of plant-based food products continue to grow at a commendable pace worldwide due to significant growth in the number of non-meat eating population and niche food trends, including veganism. A range of consumer-packaged goods companies is also expected to upgrade their production infrastructure to gain a competitive edge in the current market landscape. At the back of the growing demand for plant-based proteins, companies in the textured pea protein market are also expected to focus on introducing biotechnological innovations, including fungal protein and cultured meat to the market.
Market Players Focus on Expanding Product Portfolio to Gain Ground
Sensing the growing interest for plant-based proteins, a broad range of food companies are currently focusing on expanding their product portfolio and introducing a range of products with textured pea protein in the market. In addition, as meat substitutes continue to gain considerable popularity, more number of players are expected to roll out plant-based meat substitutes– a factor that is expected to provide an impetus for growth of the textured pea protein market.
The market in developed regions is likely to exhibit a higher growth rate due to the entry of new players and the rapid entry of innovative products to the market. For instance, in July 2018, due to the growing demand for plant-based products, Roquette expanded its textured pea protein product portfolio by introducing NUTRALYS T70S – a textured pea protein that is suitable for vegans as well as vegetarians. In addition, in December 2019, the Healy Group launched PrimaTex, a textured pea protein for a range of plant-based food applications. Companies in the textured pea protein market are also focusing on reducing the carbon footprint from their manufacturing processes, and comply with the regulatory requirements.
Consumption of Plant-based Proteins on Rise amid COVID-19 Pandemic
The onset of the novel COVID-19 pandemic has led to major developments across the food & beverages sector. One of the glaring trends that has emerged during the COVID-19 pandemic is the growing demand for plant-based proteins across several regions of the world due to which, the demand for products with textured pea protein has increased in the first two quarters of 2020. The growing demand for plant-based protein is largely driven by a shortage of meat in various regions, growing uncertainty regarding meat consumption during the pandemic, and growing inclination toward a healthier lifestyle. Changes in the food supply chain coupled with restrictions on dine-in restaurants have played an imperative role in influencing consumer behavior over the past few months. In addition, as consumers continue to deem plant-based proteins as a healthier source of protein, the consumption of textured pea protein during the COVID-19 pandemic is expected to grow at a steady pace.