At a compound annual growth rate of 11.8%, the size of the worldwide Pea Protein market is projected to reach US$ 204.5 Million in 2032.
In 2020, the global size of the market in pea protein hit USD 743.2 million. In recent years, consumption of vegan goods has risen with the increasing value of exercise and healthy lifestyles amongst consumers. As a result, high protein content criteria of foodstuffs have been guided by both consumer and food production viewpoints. These factors are believed to contribute to the potential use of plant-based proteins such as pea, canola, soy, wheat, and others.
The growth of the pea protein market among other ingredients of plant proteins is expected to advance because of its high nutritional quality and the rise in food processors' use of the product for improving texture and functionality. That consumer lactose intolerance, widespread use of baking foods, and the rise in production of non-GMOs are some of the other developments that help pea protein market Agricultural economies.
Awareness-raising about nutrient enrichment has increased the value of dietary supplements and is expected to have a positive effect on the market. The rising value of vegetarian protein consumption is foreseen to fuel the market for pea protein powder.
Major current market players include Burcon NutraScience Corporation, Roquette Frèrers , Cosucra-Groupe Warcoing , Nutri-Pea Limited, Yantai Shuangta Food Co., Ltd., Axiom Foods, Inc., Farbest Brands, The Scoular Company and Others
Pea Protein Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2032||US$ 204.5 Million|
|Growth Rate||CAGR of 11.8 % during 2022-2032|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Major current market players include Burcon NutraScience Corporation, Roquette Frèrers , Cosucra-Groupe Warcoing , Nutri-Pea Limited, Yantai Shuangta Food Co., Ltd., Axiom Foods, Inc., Farbest Brands, The Scoular Company and Others|
Segment Overview of Global Pea protein Market
Type Overview, (USD Billion)(Kilo Tons)
Form Overview, (USD Billion)(Kilo Tons)
Application Overview, (USD Billion)(Kilo Tons)
- Meat substitutes
- Dietary supplements
- Bakery foods
Regional Overview, (USD Billion)(Kilo Tons)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Pea protein industry
- The overall segmentation of Pea protein market, especially key segments are thoroughly studied.
- Presence of major players and their wide product portfolio across developed countries is anticipated to further boost the growth of Pea protein market
What does the report include?
- The study on the global Pea protein market includes analysis of qualitative market indicators such as drivers, restraints, challenges, and opportunities
- Additionally, the market competition has been evaluated using the Porter’s five forces analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of Type, Form, Application, and Country. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the considered segments
- The study includes the profiles of key players in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the global Pea protein market is suitable for all the players across the value chain including raw material suppliers, producer, distributors, suppliers, and retailers
- Venture capitalists and investors looking for more information on the future outlook of the global Pea protein market
- Consultants, analysts, researchers, and academicians looking for insights shaping the global Pea protein market
Frequently Asked Questions (FAQ) :
The global pea protein market is expected to grow at with a CAGR greater than 7.6 % during the forecast period. In addition to growing concerns about cardiovascular diseases associated with consumption of red meat, the increased importance of flexitarian diet among most people in the US is expected to remain a driver that will sustain demand growth. Moreover, an increased awareness about the harmful effects of foods that contain gluten and lactose would possibly play a vital part in improving product demand.
The importance of gluten-free pea protein isolates in food and beverage sectors should stimulate increasing awareness about gluten-related disorders in the U.S. and Canada as expenditures in research on consumer health rise. However, high market exposure for soy is projected to limit the application spectrum of isolates in the near future considering its broad availability in all regions. Established nations like the United States, Germany and the U.K. broaden the sports fitness market. over the forecast era, is expected to increase food consumption.
In 2020, pea protein concentrates segment generated a revenue of USD 36.5 million, and is anticipated to expand at a CAGR of 6.8% over the forecast period Concentrates are produced in both dry and wet methods by extracting the pea seed protein from the fiber and starch fractions. These products have high digestibility and strong emulsification features that promote their use as an addition to sports.
Concentrate is often used in cakes increasingly because it has dry texture and good aromas. Robust baked goods production in the UK, France and Germany are expected to be growing in the focus applications over the forecast years due to the close proximity of producers of machinery and the easy access to rice and wheat as raw materials.
Based on Form, the market is classified into dry and liquid. Dry-based segment reflected 70% of overall sales market share in 2020, and the projected timeframe is expected to continue to lead. The use of formulas in the production of nutritional health supplements, meat and bakery products is expected to lead to growth. On the global market, the dry product is mainly available in powdered form. The meat extender and analogues and bakery products are used.
The most rapidly growing segment is expected to be liquid form during the forecast period. The simple blend with other food component parts is an important aspect of the type of liquid, which is expected to drive acceptability. The segment is expected to experience a revenue CAGR of 14.1% over the forecast period.
Based on application, the market is classified into meat substitutes, dietary supplements, bakery foods, beverages, others. The dietary supplement hold the largest market share in the year 2020. The segment accounted for more than 30% of the total revenue share. The same effect will remain during the forecasted year. The meat substitute application will grow with the highest CAGR% in the coming year 2020. Increasing vegan diet coupled with meat substitute is considered one of the major driving factor which driving the growth of the following segment across the world.
The global pea protein market has been segmented, based on region, into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The Americas held the largest share in 2020, with Europe, Middle East , Africa (EMEA) and Asia Pacific, in the globally largest pea protein market. Increased food consumption in key sectors, such as beverages, meat replacement, bakery products, dietary supplements and others, is considered to lead to growth in the futuristic pea protein market. The main growth catapult in the global pea protein industry was recent bakery foodstuffs and dietary supplements.
In 2020 nearly one-third of the total global bread consumption in the United States, Russia, India, Egypt, Germany, Italy, Turkey, Spain and Brazil have all been the top bread-consuming countries. Moreover, sportspeople expect the popularity of protein-based drinks to boost pea protection market growth in the future.
The MEA food and beverage industry is a strong place for foreign investment due to the prevalence of a affluent population and the region's reliance on food and beverage imports. In countries such as the UAE and Egypt, this situation will likely create growth opportunities to increase the global market size of pea proteins in the immediate future.