From $2.77 billion in 2020, the global Pea Protein market is projected to reach $8.77 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 15.5% from 2020 - 2028 timeframe.
Some of the prominent trends that the market is witnessing include repulsing demand for meat products due to disease outbreaks, rise in vegan population and popularity of plant-based products, and development in extraction and processing technologies.
Global Pea Protein Market: Market Dynamics
Rising trend of vegan diet among the health-conscious consumer owing to the spread of various flues and animal disease worldwide led to increase the demand for meat substitutes. This factor sequentially propelled the inclination for textured pea protein as it is considerably used in the production of meat substitute products.
Textured pea protein provides better levels of glutamine and lysine than other plant-based proteins, which has led to its higher adoption over other plant-based alternatives. Textured proteins are comparatively less expensive than fish, meat, and poultry and considered as a sustainable and environment friendly source option for protein. For instance, the Cargill Inc. introduced RadipureTM, it is a pea protein for Asian consumers to leveraging the ongoing trend of plant-based proteins and clean labeled food products.
On the other hand, the high cost of extraction and processing of pea protein is likely to obstruct the profit boundaries. In addition, expansion and deployment of new application areas in pea protein will further boost for the Pea Protein market.
Impact of COVID-19 on Pea Protein
The COVID-19 pandemic had a consequential effect on consumer food purchasing patterns. Consumers are looking for food products that will help bolster immunity. Additionally, pea protein is a rich source of iron and it helps to improve the health and strength of consumers. The market is gaining traction owing to the consumer inclination for plant-based foods in place of conventional animal-based diets. Pea protein has gained popularity in recent years owing to the rising demand for natural, plant-based foods and increasing concern about health and fitness across the world, particularly following the COVID-19 crisis.
Isolate Segment Dominate the Market in 2020
The isolate segment made huge revenue in 2020 and growing its prominence during the forecast period. The isolate segment is anticipated to dominate the market, on the basis of type. Pea protein isolates are beholding a rising in applications, like confectioneries, performance nutrition products, cereals, plant-based dairy products, and plant-based meat products. Pea protein isolates are protein-rich and high-quality alternatives for vegetarians, lactose-intolerant consumers, vegans, and individuals trying to find nutrient-rich protein alternatives (such as lectins). The pea protein isolate is also well absorbed by the body and is highly digestible. This isolate is rich in leucine, arginine, glutamine, and every one the remaining branch chains and essential amino acids.
Asia Pacific Region is Leading in the Global Market Place
Asia Pacific region is likely to have a huge demand in the forecast period owing to the rising consumption of nutrient fortified functional food products. Rising inclination for meat substitutes and allergen-friendly sports & fitness supplements is also expected to augment market growth. Favorable regulatory inclinations in India and China aimed toward the event of the agricultural industry will end in ample staple supply for the manufacturers. The robust production base of the food & beverage industry in China on account of raw material access and increasing domestic consumption is expected to fuel regional market growth. Furthermore, the rising hotel and restaurant industry and therefore the increasing number of retail chains, mainly supermarkets, are likely to play an important role in promoting the food & beverage industry growth, thereby supplementing product demand.
List of the Key Players Profiled in the Market Include:
• A&B Ingredients • AGT Foods • Axiom Foods Inc • Batory Foods • Burcon Nutrascience Corp • Cosucra Groupe Warcoing • DuPont • Emsland Group • ET-Chem • Fenchem Inc • Glanbia PLC • Ingredion • Kerry Inc • Puris Foods • Rouquette Freres • SotexPro • The Green Labs LLC • The Scoular Company
List of the Regions/Countries Profiled in the Market Include:
North America • US • Canada • Mexico Europe • Germany • U.K • Italy • France • Spain • Rest of Europe Asia Pacific • China • Japan • India • Australia • New Zealand • Rest of Asia Pacific Middle East • Saudi Arabia • UAE • Rest of Middle East Latin America • Argentina • Brazil • Rest of Latin America Rest of the World (RoW) • South Africa • Others
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120 pages •
By Infiniti Research Limited
• Aug 2021
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