Dive Brief:
- As consumers increasingly look to “clean” ingredients in their plant-based diets, the pea fiber market is poised for growth, with demand for the ingredient forecast to reach $50.8 billion by 2034, according to a new study from Fact.Mr.
- The ingredient has digestive benefits which, because of changing dietary preferences of consumers, have propelled it for market growth on a global scale, the study said.
- Companies that specialize in pea fiber are capitalizing on the “increasing adoption of clean label and sustainable eating trends globally,” and aiming to broaden their business by 2024.
Dive Insight:
Between high investments in plant-based proteins and the surging use of pea fiber in meat substitutes, distributors of the ingredient could see lucrative business opportunities in 2024.
Puris Protein, AM Nutrition, Emsland Group, and Avena Foods Limited, among others, are all key companies producing the ingredient. Though a crowded and competitive space, “incoming pea fiber providers can invest in product innovation to create new offerings that allow them to stand out,” the report said. The rising popularity and consumption of organic food products around the world can also open up new avenues for opportunity in the pea fiber market.
The European market especially is poised to be a growing area for pea fiber, as the U.K. recently logged the highest population of plant-based eaters, according to the World Population Review.
The ingredient is non-GMO, gluten-free and allergen-free. It is extracted from the endosperm of the yellow pea that contains both dietary fiber and starch. It also has digestive benefits and could have a positive effect on preventing certain diseases.
Pea fiber has been commonly used in bakery products, cereal and bars as well as meat, poultry and seafood.
The use of pea fiber in popular products, especially plant-based, has nearly doubled since 2016, according to data from Mintel.
The ingredient has been getting attention from larger food and beverage companies in recent years as well. In August 2019, Cargill invested $75 million in Puris Protein to expand its pea production capacity. Though concerns about the future of the U.S. pea protein market are being raised as the industry may be in danger due to cheap Chinese imports.
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