The global pea protein market is estimated to reach USD 2,045.6 Million by 2028, at a CAGR of 13.5% during the forecast period from 2021 to 2028. Growing demand for vegetarian food is one of the major driving factors that help in driving the growth of the market. Furthermore, with increasing in living the healthy lifestyle, including exercising and gaming making it as one of the most demand food products available in the market. In addition, the high protein content of peas also assists in boosting the demand for the global market. Rising per capita expenditure coupled with the improvement of living standards in developing countries also synergies the sales of Pea protein products across the countries.
Pea protein is made up of yellow peas which are low in cholesterol and help to enhance blood pressure levels. By managing the blood pressure level of a person, pea protein lowers down the pressure on the kidney and prevents any kind of kidney issues. Pea protein is a plant-based rich source of protein. It contains 9 important amino acid that helps people to attain an essential amount of protein. There are many people who consume it to meet their basic protein requirement and assist them in building muscles.
It's typically used to increase the protein content of smoothies and shakes and is a great fit for almost any diet since it's naturally vegan and hypoallergenic. Pea protein is a high-quality protein and a great source of iron. It can aid muscle growth, weight loss, and heart health.
An unexpected problem hit the ground in a form of the COVID 19 pandemic. The virus was first discovered in 2019 in China, and later it spread across the whole world. The demand for healthcare products rises rapidly. The whole world looking after the manufacturing of vaccines. Furthermore, all the employees are forced to do work at home for safety purposes. There is increased demand for food and food-related products. The countries have seen the disturbance in the supply chain and affect the distribution of the products. Looking at the current demand for the products, the demand for pea protein will increase substantially. The COVID 19 pandemic has shown no major impact on the pea protein market.
Based on the Type, the global pea protein market is classified into Textured, Isolated, and Concentrated. The isolated segment holds the largest market shares in terms of revenue generation. The same segment is expected to grow during the forecasted year from 2021 to 2028. The Concentrate segment contributes more than 36.2% of the total market share in the year 2020. Whereas isolated types are expected to grow at the highest CAGR% during the forecasted year. The rising per capita expenditure is the major factor that assists in driving the growth of the market.
Based on the application, the pea protein market is classified into meat substitutes, dietary supplements, bakery foods, beverages, others. The dietary segment is the largest segment of the pea market followed by meat substitutes. The segment contributes more than 40% of the market share in the year 2020. The same segment is also expected to be at the second-largest CAGR% during the forecasted year. Increasing awareness about the benefit of veggie protein will bring huge government opportunities during the forecasted year.
Adroit Market Research report on global Pea protein market gives a holistic view of the market from 2018 to 2028, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for historic years from 2018 to 2019, with the base year of estimation as 2020 and forecast from 2021 to 2028. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market based on Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global Pea protein market have been studied in detail.
The global Pea Protein market report is classified into five major regions North America, Europe, Asia Pacific, Latin America & Middle East, and Africa.
In terms of revenue, Europe holds the largest market share in the year 2020 followed by North America and other regions. The region accounted for more than 35% market share of the total Pea protein market in terms of consumption. Increasing technological development in the area of the food industry is the major driving factor promote the growth of the market. Asia-Pacific will grow at the highest CAGR% during the forecasted year. India and China contribute itself more than 40% of the world population. Rapid economic development coupled with an increasing literacy rate will bring huge growth opportunities during the forecasted year. Brazil is the most attractive country in Latin America. Brazil is the most populated country in Latin America and thus holds the largest market share and the regional countries accounted for more than half of the total market share of Latin America.
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, 2019-2028 (USD Million)(Kilo Tons)
Form Overview, 2019-2028 (USD Million)(Kilo Tons)
Application Overview, 2019-2028 (USD Million)(Kilo Tons)
- Meat substitutes
- Dietary supplements
- Bakery foods
Regional Overview, 2019-2028 (USD Million)(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