As per the report published by MarketsandMarkets, the global Pea Protein Market size is projected to reach US$2.9 billion by 2027, at a CAGR of 11.9% during the forecast period, 2022-2027
Chicago, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The pea protein market refers to the economic landscape associated with the production, distribution, and consumption of pea protein as a dietary ingredient. Pea protein, derived from yellow peas (Pisum sativum), has gained substantial traction as a versatile and sustainable source of plant-based protein. With the rise in vegetarian, vegan, and flexitarian lifestyles, the demand for plant-based protein sources has surged. Pea protein has gained prominence as a versatile and sustainable protein option. Pea protein is rich in essential amino acids, particularly lysine and branched-chain amino acids (BCAAs). It is also allergen-free, making it suitable for individuals with soy or dairy allergies.
Pea protein market in terms of revenue was estimated to be worth $1.7 billion in 2022 and is poised to reach $2.9 billion by 2027, growing at a CAGR of 11.9% from 2022-2027 according to a latest report published by MarketsandMarkets™. 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.
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Pea Protein Market Report Scope:
|Market magnitude in 2022||USD 1.7 billion|
|Financial outlook in 2027||USD 2.9 billion|
|Surge rate||CAGR of 11.9%|
|Report Coverage & Deliverables||Revenue forecast, company ranking, driving factors, Competitive benchmarking, and analysis|
|Segments covered||Mode of Application, Region, Type, Source|
|Regional Insight||Europe, North America, South America, Asia Pacific|
|Market Drivers|| |
|Market Opportunities|| |
Pea Protein Market major players covered in the report, such as:
- Rouquette Freres (France)
- DuPont (US)
- Glanbia PLC (Ireland)
- Kerry (Ireland)
- Ingredion (US)
- Puris (US)
- Emsland Group (Germany)
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The research report categorizes the market into the following segments:
Pea Protein Market by Type
Pea Protein Market by Source
- Yellow Spit Pea
Pea Protein Market by Mode of Application
- Meat Substitute
- Performance Nutrition
- Functional Foods
- Bakery Products
- Other food application
- Other applications
Pea Protein Market by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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The key stakeholders in the Pea Protein Market include:
- Pea Farmers and Producers: These individuals or organizations cultivate peas as a raw material for pea protein extraction. Their efforts ensure a steady supply of peas for processing.
- Manufacturers and Processors: Companies specializing in food processing extract protein from peas to create pea protein isolates, concentrates, and other derivatives. They refine the peas into usable protein ingredients.
- Food and Beverage Companies: These entities incorporate pea protein into their products, ranging from plant-based meat alternatives, protein bars, shakes, dairy-free milk, snacks, and baked goods. They drive demand for pea protein ingredients.
- Retailers: Supermarkets, grocery stores, health food shops, and online retailers play a crucial role in distributing pea protein products to consumers.
- Consumers: Individuals who purchase and consume products containing pea protein. Their preferences, dietary choices, and demand drive the overall growth of the pea protein market.
- Research and Development (R&D) Organizations: Institutions and companies engaged in R&D contribute to advancements in pea protein extraction, processing techniques, and product formulation.
- Regulatory Authorities: Government bodies oversee safety and labeling regulations for pea protein products, ensuring compliance with industry standards and protecting consumer interests.
- Nutritionists and Dietitians: These professionals provide guidance to consumers about the nutritional benefits and proper incorporation of pea protein into their diets.
- Industry Associations: Organizations dedicated to plant-based foods, proteins, and related sectors advocate for the interests of pea protein producers, manufacturers, and suppliers.
- Investors and Financial Institutions: Those who invest in pea protein production and related ventures provide the financial support needed for research, production scale-up, and market expansion.
- Insurance Companies: They are involved in the market by offering coverage for pest-related damages to properties. This can include coverage for termite damage or infestations that result in property damage.
Pea Protein Market Frequently Asked Questions (FAQs):
Q1. What is the expected market size for the global pea protein market in the coming years?
Q2. What is the estimated growth rate (CAGR) of the global pea protein market for the next five years?
Q3. What are the major revenue pockets in the pea protein market currently?
Q4. What are the key development strategies undertaken by companies in the Pea Protein market?
Q5. Why is pea protein popular?
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This report provides insights on the following pointers:
- Growing Demand for Plant-Based Proteins: Consumer awareness of the environmental impact of traditional protein sources and health-conscious choices has led to a surge in demand for plant-based protein alternatives, with pea protein gaining prominence.
- Complete Amino Acid Profile: Pea protein offers a well-balanced amino acid profile, including essential amino acids, making it comparable to animal-based protein sources. This nutritional composition contributes to its efficacy in supporting muscle growth and overall health.
- Allergen-Free and Digestibility: One of pea protein's advantages is its allergen-free nature, making it suitable for individuals with allergies to common proteins like soy or dairy. Additionally, its digestibility profile is generally well-tolerated.
- Versatile Applications: Pea protein is widely used across a spectrum of food and beverage applications. It's a key ingredient in plant-based meat substitutes, dairy-free alternatives, protein powders, nutritional bars, snacks, and baked goods.
- Clean Label and Minimal Processing: Consumers are seeking transparency in their food choices, driving the demand for minimally processed and clean label products. Pea protein aligns well with this trend, often being minimally processed and additive-free.
- Sustainability Credentials: Pea protein's lower environmental footprint compared to animal-based proteins makes it an attractive choice for environmentally conscious consumers. Peas are nitrogen-fixing crops that require less water and contribute to soil health.
- Innovations in Texture and Taste: Advances in processing technology have addressed historical challenges related to pea protein's texture and taste. This has led to improved consumer acceptance and a broader range of applications.
- Diverse Consumer Base: Pea protein appeals to a wide range of consumers, including vegetarians, vegans, flexitarians, athletes, and those with dietary restrictions, contributing to its market growth.
- Product Development and Formulation: Food and beverage manufacturers are investing in research and development to create innovative products that effectively utilize pea protein's functional properties.
- Global Market Expansion: The pea protein market's expansion is not limited to specific regions; it has gained traction globally due to its adaptability to various cuisines and consumer preferences.
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
- Detailed analyses and profiling of additional market players (up to five)
- Further breakdown of the Rest of Europe market for Pea Proteins into Ukraine and Hungary
- Further breakdown of the Rest of Asia Pacific market for Pea Proteins into Indonesia, Thailand, Vietnam, and Korea
- Further breakdown of the Rest of South America market for Pea Proteins into Chile, Colombia, and Peru
- Further breakdown of other countries in the RoW market for Pea Proteins into Middle Eastern and African countries
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