ID: MRFR/F-B & N/9359-HCR | 100 Pages | Published By Snehal Singh on March 2023
Pea Protein Market Size is anticipated to reach USD 3.1 Billion by 2030, registering a CAGR of 12.1% during 2022-2030.
The global pea protein market size is projected to witness growth at a CAGR of 12.1% from 2022 to 2030. Pea protein is derived from green and yellow peas and is found in a variety of protein supplements and cuisines. Pea protein consists of all of the amino acids that the body needs to function properly. It helps to increase blood circulation and calcium absorption, as also weight management, metabolism, muscular maintenance, and blood sugar regulation. Pea protein is milk protein and vegan, making it suitable for anyone with dairy and egg allergies or sensitivities. As a result, vegetarians and vegans prefer pea protein supplements to dairy protein supplements such as casein, eggs, whey proteins, and meat.
COVID-19 Impact Analysis
The COVID-19 pandemic had a significant impact on the end-users of the pea protein market, leading to a reduction in the demand for these products. The enforcement of lockdowns in global marketplaces in 2020 initially had a severe impact on the business of many large-scale food and beverage merchants. Sales were down for a brief period. However, as the market for online food and grocery purchases grew in the mid-2020s, these sales swiftly recovered. Because they were still under lockdown, they put a greater emphasis on eating healthful and nutritious foods. Furthermore, governments in many worldwide regions took steps to maintain food security in their particular countries and regions, which kept the food sector industries afloat.
The expanding popularity of plant-based products, increased health consciousness, and many health benefits are driving the food industry. The market's growth is expected to be hampered by the Futility cost of raw materials and formulation issues in pea protein products. Then increased emphasis on R&D of improved pea protein extracts and products will create a lot of opportunities for the market in the future.
Various food products such as beef patties and sausages are being substituted with plant-based/plant-infused meat products as a result of increased consumer health consciousness, which is predicted to raise demand for pea proteins. During the forecast period, the increase in the vegan and flexitarian population is expected to drive the growth of the plant-based protein market. The Vegan Trademark is registered in major countries worldwide, with over half of all products registered coming from companies based outside of the UK. Various food joints such as Burger King, Nestie New Look, and Alpro had launched a wide range of plant-based food products option. As a result, pea protein has recently been gaining a lot of interest from consumers as an alternative protein source.
Pea production was hampered in France, where the crops were severely damaged during harvest due to the wet season. The sector is struggling with the effects of a pea scarcity as worldwide demand for peas continues to rise, with numerous new plant-based food products entering the market in various forms. The huge increase in prices is expected to inevitably result in costs being passed on to customers. As a result of the uncertain supply of raw materials and growing prices, the market faces growth constraints.
From the peas cultivated in the field to the technology for extracting the protein, food tech businesses optimize the ingredient at every stage of production in the hopes of appealing to plant-based meat makers. Many consumers consider maximum protein content to be a major element when selecting a product; as a result, corporations are attempting to increase the number of proteins extracted from raw materials to include as many as possible in their final goods. The corporations are concentrating their efforts on two essential characteristics: nutritional density and flavor.
Based on type, the global pea protein market has been divided into concentrate, isolate, and textured. The global market for pea protein is dominated by the isolated pea protein segment. With the increased knowledge of the benefits connected with pea protein isolates and their high protein content, their use has been steadily expanding in the global market.
Based on source, the global pea protein market has been divided into yellow spit pea, chickpea, and lentils. Yellow split peas dominate the global pea protein market as the most preferred pea source by product manufacturers. Since the versatility and flexibility of peas in many product types, demand for yellow split peas is increasing in a variety of goods, including plant-based meat, drinks, functional foods, and performance nutrition.
Based on application, the global pea protein market has been divided into dietary supplements, bakery & confectionery goods, meat products & alternatives, beverages, and others. The dietary supplement segment is expected to be the fastest-growing market for pea protein during the study period. Features such as a rich amino-acid profile, strong emulsification, outstanding water-binding properties, and high solubility have enhanced its rate of adoption in food items in recent years, and it is inclined to maintain growth at a quick pace.
The global pea protein market has been segmented into four regions: North America, Europe, Asia-Pacific, and the Rest of the World. North America held the largest share of the market in the year 2021. During the study period, the Asia-Pacific region is expected to grow at the highest CAGR in the pea protein market.
North America Market
The global pea protein market was dominated by North America, which accounted for a substantial portion of global revenue. Over the forecast years, the regional market is expected to be driven by rising demand for gluten-free products, raising concerns about cardiovascular diseases (CVDs) attributed to red meat consumption, and there will be vigorous growth of the sports nutrition market in North America.
The Asia Pacific regional market is expected to be the fastest-growing in the pea protein market. Since expanding consumption of nutrient-fortified functional food items, and the growing demand for meat replacements, allergen-friendly sports, and fitness supplements are also predicted to drive market expansion. Favorable regulatory dispositions in India and China focused on agricultural growth will result in adequate raw material availability for industries.
The pea protein market comprises various global as well as local players. Tier-1 and tier-2 players have a strong global footprint and wide range of products. Due to product differentiation, financial stability, strategic advancements, and a diverse regional presence, companies such as Roquette Frères, Axiom Foods Inc, Ingredion Corporation, and A&B Ingredients dominate the global pea protein market. The players are concentrating their efforts on research and development. They also use strategic growth activities including product launches, expansion, joint ventures, and collaboration to boost their market position and attract a big consumer base.
Prominent players in the global pea protein market include A&B Ingredients, Axiom Foods Inc, Ingredion Corporation, Cosucra Groupe Warcoing, GEMEF Industries, Glanbia Plc, Green Labs, Roquette Frères, AGT Food and Ingredients, Yantai Shuangta Food Co. Ltd.
In December 2021, Ingredion Incorporated announced a joint venture with Grupo arcor. They agreed to pool their production knowledge, complementing geographic footprints, and marketing skills to increase their food and beverage ingredient supply to clients in Argentina, Chile, and Uruguay.
In September 2021, Ingredion announced they had signed an agreement of new ingredient distribution with Batory Foods. This agreement of distribution networks in the West and Central Midwest of the U.S makes it easier for food and beverage companies to access the ingredients they need to create and market their products.
In September 2021, Roquette Frères announced the establishment of a new center of excellence in Vic-Sur-Aisne, France. By focusing entirely on plant protein, this institute will broaden the range of options for food innovation, novel protein development, and new production methods.
Scope of the Report
Global Pea Protein Market, by Type
Global Pea Protein Market, by Source
Global Pea Protein Market, by Application
Global Pea Protein Market, by Region
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Market Size and Forecast:
To identify and estimate the market size for the global pea protein market segmented by type, source, application by value (in US dollars). Also, to understand the consumption/ demand created by consumers of Pea Protein from 2021 to 2030
Market Landscape and Trends:
To identify and infer, the drivers, restraints, opportunities, and challenges for the global pea protein market
Market Influencing Factors:
To find out the factors which are affecting the sales of pea protein among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the global pea protein market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2030: USD billion|
|CAGR||12.1% CAGR (2022-2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Source, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||A&B Ingredients, Axiom Foods Inc, Ingredion Corporation, Cosucra Groupe Warcoing, GEMEF Industries, Glanbia Plc, Green Labs, Roquette Frères, AGT Food and Ingredients, Yantai Shuangta Food Co. Ltd.|
|Key Market Opportunities||Increased emphasis on R&D of improved pea protein extracts and products|
|Key Market Drivers||The rising popularity of plant-based products|
The study period of the global pea protein market is 2020 - 2030
The global pea protein market is growing at a CAGR of ~ 12.1% over the next 7 years
Asia Pacific is expected to register the highest CAGR during 2022 - 2030
North America holds the largest share in 2021
Roquette Frères, Axiom Foods Inc, Ingredion Corporation, and A&B Ingredients are the major companies operating in the global Pea Protein market.