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.
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.
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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.
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.
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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.
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.
Growing Demand for Textured Pea Protein in Bakery & Confectionery
Textured pea protein are non-allergic, owing to this factor. There is a rising trend toward pea protein ingredients. The flaming prevalence of lactose intolerance among children and infants in developing regions are also boosting the demand for textured pea protein market. Furthermore, plant-based protein is more easily digestible than animal-based protein. Increasing demand for vegan alternatives in the food & beverages industry, along with rising awareness toward benefits of natural ingredients is likely to boost product demand.
In addition, emulsifying properties, good solubility, easy mixing, outstanding water dispersion, and powder fluidity are all features of textured pea protein that bakery & confectionery industry is seeking in its products. Thus, textured pea protein is mostly used in bakery, pastry, confectionery, dairy, and dessert products. This increases the demand for textured pea protein in confectionery & bakery companies, owing to its sensory profile and textured form that make it user-friendly.
In bakery & confectionery preparations, such as energy bars, chocolates, and candies, industrial players are increasingly adopting textured pea protein. Rapid market change to high quality products, along with rising consumer lifestyle is driving manufacturers to opt for economical and vegetarian ingredients.
Impact of COVID-19: Textured Pea Protein Market
The Covid-19 pandemic has significantly affected consumer sales following a slump in the food & beverage industry. Lockdowns by governments and other restrictive policies have changed the textured pea protein market dramatically, as restrictions have adversely disrupted networks (supply chain) of many players. The closing of international borders and the uncertainty created by the COVID-19 outbreak have impacted the import and export of textured pea protein.
The food and beverages sector has cemented its place among the global populace firmly over the years. This sector attracts considerable investments and subsidies from numerous government and non-government organizations. The trends and popularity regarding specific sub-categories are dynamic and help in structuring the overall growth. The trends are a way of answering the needs of the consumer. The players in the food and beverages sector have to adapt to the changing trends, which helps increase revenue-generation opportunities.
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