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Pea Protein Ingredients Market to Expand by 2x as Sales in Bakery Sector Reach US$ 341.1 Mn: FMI
With growing trend of veganism across the U.S., India , the U.K. and Germany , consumption of plant-based protein products have surged over the past few years. On account of this, the market is predicted to surpass US$ 2.5 Bn by 2031-end.
Historically, the market grew at a healthy 6.4% CAGR between 2016 and 2020. Increasing awareness regarding the benefits of pea protein ingredients has accelerated the sales. As it is rich in lysine and iron, consumers are increasing the consumption to reduce the risk of bone related diseases such as arthritis and others.
Apart from health benefits, sales of pea protein ingredients are expected to increase as a result of high demand among vegans. Also, the rising prevalence of cardiovascular diseases will result in higher sales of pea protein ingredients as consumers show higher inclination for healthy diet. Besides this, the demand for plant-based protein in sports nutrition will improve the sales in the pea protein ingredients market.
High prevalence of food allergies associated with meat products also is favoring the sales of pea protein ingredients. According to the National Institute of Allergy and Infectious Diseases, 12. 2 million people have food allergy, with around 8% of children and 2% of adults allergic to sea-food and meat products.
In response to this, manufacturers have increased their research and development activities to develop new product lines for pea protein ingredients. On the back of aforementioned factors, the pea protein ingredients market is poised to expand at 7.2% CAGR between 2021 and 2031.
says a FMI analyst.
Leading players in the pea protein ingredients market are focusing on introducing new product lines in response to surging demand for clean label and non-GMO plant-based ingredients.
Also, some of the players are extensively investing in research and development activities to introduce new products in the market. Meanwhile, other players are collaborating with food manufacturers and end-users to expand their customer base. For instance:
https://www.futuremarketinsights.com/checkout/14115
FMI, in its new report, offers an in-depth study of the global pea protein ingredients market, highlighting the growth prospects of the market through 2021 and beyond. The survey reveals demand outlook of pea protein ingredients market with detailed segmentation:
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai , and has delivery centers in the UK, U.S. and India . FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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