Pea Protein Market: Key Factors behind Market’s Rapid Growth

 The report “Pea Protein Market by Type (Isolate, Concentrate, and Textured), Form (Dry and Wet), Source (Yellow Split Pea, Lentils and ChickPea), Application, and Region (North America, Europe, APAC, South America and ROW ) – Global Forecast to 2027“, The market for Pea Protein is estimated at USD 1.7 billion in 2022; it is projected to grow at a CAGR of 11.9% to reach USD 2.9 billion by 2027.

 

North America accounted for the largest share; during the forecast period, in terms of volume and value, respectively. Increasing population adopting vegan lifestyle and rising awareness about nutritional factor and functionality of Pea Proteins are expected to provide more scope for market expansion.

Growth of population following vegan lifestyle, popularity of plant-based foods and gluten-free products, high demand of healthier functional and sustainable food options and nutritional benefits of pea-based products are key factors that are projected to drive the growth of the Pea Protein market during the forecast period.

The Pea Proteins market consists of a few globally established players such as Rouquette Freres (France), DuPont (US), Glanbia PLC (Ireland), Kerry (Ireland), Ingredion (US), Puris (US), Emsland Group (Germany), Yantai Shuangta Foods Co., Ltd (China), The Scoular Company (US), Burcon (Canada), Shandong Jianyuan Group (China), ET-Chem (China), AGT Food and Ingredients (Canada), The Green Labs LLC. (US), and Axiom Foods, Inc. (US) . Strategic partnerships were the dominant strategy adopted by the key players, followed by expansions and new product launches. These strategies have helped them to increase their presence in different regions and industrial segments

North America is projected to be the largest market.

North America accounted for the largest share; during the forecast period, in terms of volume and value, respectively. The increasing vegan population, increasing demand for health & wellness products, increasing awareness about sustainable lifestyle and increasing consumption of processed meat products are the key drivers of the global pea protein market.

 

 

New Revenue Sources in Protein Hydrolysis Enzymes Market

 Protein Hydrolysis Enzymes Market is projected to reach USD 2.9 Billion by 2027, growing at a CAGR of 6.2% from 2022 to 2027, according to a new report by MarketsandMarkets™.

The diverse functions of protein hydrolysis enzymes in food, detergent, feed, pharmaceutical and Textile & leather applications is driving the growth of the market. In the food industry there is a growing development for use in new food products that is expected to drive the consumption of protein hydrolysis enzymes in the upcoming years. In bakery, protein hydrolysis enzymes are used for the purpose of weakening gluten to provide plastic properties, thin spreading of dough, and retaining decorative impressions of bakery products. In the meat industry, protein hydrolysis enzymes are majorly used for meat tenderization, as their functional properties are highly suitable to marinate meat products and improve meat flavor, prevent cooking loss, and other purposes. In recent years, protein hydrolysis enzymes are also highly being beverages as the protein hydrolysis enzymes decompose the protein into peptides and amino acids, which helps in increasing the precipitation process in the beverages and also helps in increasing the flavor substances present in the drink. With the growing demand from the food industry, the players in the market are involved in research and development and launching new products to cater the growing market demand. In November 2021, Novozymes expanded its protein ingredients product portfolio by launching a new protease enzyme named Formea Prime. This product was launched with the objective to help beverage formulators tackle typical challenges in using whey protein hydrolysates.

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The protein hydrolysis is also prominently used s in the detergent industry. They represent one of the major groups of enzymes and are characterized by their widespread use in detergents. In addition to raising the level of cleaning, protein also provides environmental benefits by reducing energy consumption through shorter washing times, lower washing temperatures, and reduced water consumption.

Global meat production and consumption have increased rapidly in recent decades. According to the OECD-FAO Agricultural Outlook the global meat supply is projected to increase to 374 Mt by 2030. The rise in global consumption demand of meat proteins in the coming decade is estimated to grow by 14% by 2030.

Owing to these reasons, new feed enzymes especially protein hydrolysis are rapidly adopted by the meat industry as they are used in feed industry for the purpose of animal nutrition; essential to meet the growing demand for meat. This has also facilitated the development of significant new technology to advance their use and availability. The importance of functionality is expected to be sustained for a long period of time due to lack of efficient substitutes to protein hydrolysis enzymes.

Pharmaceuticals segment is identified to be the fastest growing segment among the various application of protein hydrolysis enzymes during the forecast period

Protein hydrolysis enzymes are used extensively for the preparation of medicines, such as ointments for debridement of wounds and used in denture cleaners. Protein hydrolysis enzymes from microbial sources are preferred over those from plant and animal sources due to their wide biochemical diversity and genetic susceptibility. Application of microbial protein hydrolysis enzymes in the pharmaceuticals industry such as serrapeptase, serrazime, lysostaphin, L-asparaginase, L-glutaminase, streptokinase, streptokinase-streptodornase, and xiaflex. These enzymes are used to treat cancer, cardiovascular disease, respiratory tract disorders, and inflammation. Application of plant protein hydrolysis enzymes in the pharmaceutical industry includes papain and bromelain. Papain is an effective enzyme used in treating dyspepsia and other digestive disorders. Papain is used to treat ringworm, remove warts, and heal skin injuries because of its capacity to break down dead tissue without harming living tissue. Bromelain is used in the treatment of cardiovascular disease, decrustation of burns and as an anti-inflammatory agent. Animal-based protein hydrolysis enzymes are applied in the pharmaceutical industry include pepsin, trypsin & chymotrypsin, hyaluronidase, urokinase and collagenase. Pepsin is mainly used to aid protein digestion. Trypsin can be used as a wet or dry dressing as well as an ointment. Hyaluronidase helps drug diffusion when conjugated with other drugs such as antibiotics, adrenalin, heparin, and local anesthesia. Urokinase and collagenase in blood clot removal and skin ulcers.

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In the protein hydrolysis enzymes market, "microbial" segment is registering the highest growth during the forecast period

Microbial segment is the fastest growing segment as microorganisms are an excellent source of enzymes due to their wide biochemical diversity and their susceptibility to genetic manipulation. Moreover, protein hydrolysis enzymes from microorganisms are preferred as they possess the desired characteristics for their applications in baking, brewing, detergents, fermented products, pharmaceuticals, textiles, and leather processing among others. Increasing need for sustainable solutions is driving the demand for microbial enzymes. Microbes have been and still are one of the most significant and beneficial sources of many enzymes. Major markets for these enzymes include North America and Europe. In addition, the demand for microbial enzymes in the Asia Pacific region is also projected to increase rapidly, particularly in China, Japan, and India due to increasing industrialization in the region. Microbial product manufacturing companies include Novozymes (Denmark), Advanced Enzymes Technologies (India), Aumgene Biosciences (India), Amano Enzyme (India).

The Asia Pacific region is anticipated to witness the highest growth rate in the protein hydrolysis enzymes market during the forecast period.

In the Asia Pacific region, the protein hydrolysis enzymes market is largely driven by the increasing usage in detergents, pharmaceuticals, and food industries. The countries in the region such as China, India, Japan, and South Korea are highly reputed in the global pharmaceutical market for their continuous technological innovation. According to National Bureau of Statistics (NBS), China ranked second in the world in terms of research and development. Moreover, the research and development investment is expected to increase by 7% annually during 2021 to 2025. According to the April 2022 report of Indian Pharmaceuticals Industry Analysis, the Indian pharmaceutical market experienced a 13.9% growth in overall revenue in January 2022. The increase in technological innovations in the pharmaceutical segment coupled with growing research and development investments are anticipated to propel the growth of the market in the region.

The key players in this market include Novozymes (Denmark), Associated British Foods (UK), DSM (Netherlands), DuPont (US), BASF (Germany), Advanced Enzymes Technologies (India), and Chr. Hansen (Denmark).

 

Probiotics Market Will Hit Big Revenues In Future

 The report "Probiotics Market by Application (Functional Food & Beverages (Dairy Products, Non-dairy Beverages, Infant Formula, Cereals), Dietary Supplements, Feed), Ingredient (Bacteria, Yeast), Form (Dry, Liquid), End User, & Region - Global Forecast to 2026", was estimated to be valued at USD 61.1 billion in 2021 and is projected to reach USD 91.1 billion by 2026, at a CAGR of 8.3% during the forecast period.

Probiotics are becoming one of the essential ingredients for various health and nutritional applications. Awareness regarding the benefits of ‘good bacteria’ has always been high in the European and Asia Pacific markets due to bacterially fermented milk products available in the regions. With the increase in diseases such as obesity, high blood pressure, and osteoporosis, consumers tend to maintain a healthy diet with the increased consumption of fortified foods, beverages, and dietary supplements.

The human probiotics segment by end user is projected to account for the largest market of the probiotics.

The rising trend of consuming functional foods due to the growing preferences for health-benefiting products is projected to drive the market for probiotics in the human segment. Popular sources of probiotics include yogurt, beverages such as fermented milk & juices, and probiotic supplements. The developing economies in Asia Pacific such as China, India, and South Korea are largely shifting toward urbanization, and in the coming years, the demand for convenience food products is witnessed to grow explicitly. These factors accounts for the large market share across the globe.

Asia Pacific is projected to be the fastest growing market.

The Asia Pacific region presents immense opportunities for animal probiotic products as governments are becoming increasingly concerned about the health and productivity of farm animals. Health deterioration in animals due to the use of AGPs has also encouraged livestock owners to use probiotic-based feed. The application of probiotics is expected to increase at a fast pace in Asia Pacific due to the rise in consumer demand.

Key players in the global probiotics market include Chr. Hansen (Denmark), Dupont (US), Danone (France), Yakult Honsha (Japan), and Nestlé (Switzerland). Expansions and new product launches were the core strengths of leading players in the probiotics market. These strategies were adopted by key players to increase their market presence. It also helped them diversify their businesses geographically, strengthen their distribution networks, and enhance their product portfolios. Market leaders such as Chr. Hansen (Denmark), Dupont (US), Danone (France), Nestlé (Switzerland), and Yakult Honsha (Japan) are focusing on tapping the potential markets through expansions and new product launches.

 

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The yeast segment by ingredient is projected to achieve the fastest growth in the probiotic market.

Yeast, as a probiotic, is actively used in applications such as food, beverages, pharmaceuticals, and industrial enzymes. For a yeast strain to be selected as a probiotic, it needs to have a high tolerance to acidity, should show resistance to bile salts, must have an adhesion capacity to the intestinal cells, and should demonstrate an immunostimulant effect.  With the increasing demand for products incorporating Saccharomyces boulardii—a unique tropical yeast having several beneficial effects on human intestinal health will drive the market of yeast segment globally.

 

Latest Innovation in Agrochemicals Market

 According to the new market research report “Agrochemicals Market by Pesticide Type (Herbicides, Insecticides, Fungicides), Fertilizer Type (Nitrogenous, Phosphatic, and Potassic), Crop Application (Cereals & Grains, Oilseeds, Fruits & Vegetables), and Region – Global Forecast to 2025″, published by MarketsandMarkets™, the Agrochemicals Market is estimated to grow from USD 208.6 billion in 2020 and is projected to reach USD 246.1 billion by 2025, at a CAGR of 3.4% during the forecast period. Increasing demand for food supply due to the rapid growth in the human population has triggered agricultural intensification during the last few decades. For addressing the growing food demands, agrochemicals (fertilizers and diverse pesticides) are rigorously used in agriculture, which accomplishes the gap between food production and consumption.

 

Herbicides, by type, is estimated to hold the largest market share during the forecast period

 

The market for agrochemicals, by pesticide type, has been segmented into insecticides, herbicides, fungicides and other. Herbicides accounted for the largest segment during the forecast period. This is attributed to the wide acceptance of herbicides in the cultivation of a variety of crops. They are convenient to use for crops such as sugarcane, rice, soybean, and cotton, among others. Rapidly advancing technology in the agricultural and allied sectors has also impacted conventional agricultural practices. It has made the use of external agents more efficient in terms of productivity. Using herbicides to eradicate weeds at an early stage helps increase the productivity and yield per unit, which has led to increased use by producers across the globe. Rising safety and environmental concerns have led to regulatory action in many countries, causing some restraints for the growth of the herbicides market. Major chemicals such as glyphosate and atrazine, among others, are regularly scrutinized, especially in Europe. However, considering the increasing use of herbicides, the market is very promising and is likely to expand.

Fruits and Vegetables, by crop application, is estimated to hold the largest share in the agrochemicals market during the forecast period

 

With an increase in the number of health-conscious people in the Asia Pacific region, there has been a significant increase in the consumption of fruits, thus causing the demand for fruits to rise. This has compelled the farmers to use various agrochemicals to meet the increasing demand. Furthermore, the high export potential of fruits & vegetables has also led to an increase in production levels. This has propelled the requirement of nitrogenous fertilizers products for efficient usage of agricultural inputs to meet export quality standards.

Nitrogen fertilizer, by fertilizer type, is estimated to account for the largest market share during the forecast period

 

Farmers occasionally need to add nitrogen fertilizers to their farms and gardens to make available just the precise nutrients for their plants’ growth. The nitrogenous fertilizer industry includes the production of synthetic ammonia, nitric acid, ammonium nitrate, and urea. Synthetic ammonia and nitric acid are used primarily as intermediates in the production of ammonium nitrate and urea fertilizers. The applications of inorganic nitrogen fertilizers to various crops have been continuously increasing since the last many decades globally. Although nitrogen fertilizer contributes substantially to yield enhancement, but excessive use of this manure has posed serious threats to the environment and human health.

Asia Pacific is estimated to hold the largest market share during the forecast period

 

The Asia Pacific agrochemicals market is fragmented among multinational companies and numerous small-scale manufacturers who produce fertilizers and pesticides depending on the crops cultivated. There are more global players in the market that are trying to enter the Asia Pacific region by undertaking mergers & acquisitions or partnerships. The demand for fertilizers and pesticides has been growing in this region due to the increasing investment of overseas business lines in agricultural inputs to exclusively meet the demand of crop growers for attaining export quality.

Key Players:

 

This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the agrochemicals market. It consists of the profiles of leading companies such as Bayer (Germany), BASF (Germany), Yara International (Norway), Compass Minerals (US), and Syngenta (Switzerland), Adama Ltd (Israel), Sumitomo Chemicals (Japan), Nufarm Limited (Australia), UPL (India), K+S Group (Germany), and Israel Chemical Company (Israel).