Rising lactose intolerance in consumers, ample consumption of bakery foods, and increase in the production of non-GMO for the pea protein market growth
The global pea protein market surpassed USD 87.0 million in 2019 and is expected to rise at a CAGR of 7.60% by the end of 2028. Changing food habits in consumers and increased consumption of ready-to - eat baked items, snacks and savory have brought a strong development in the food retail industry, especially in the United States, Asia Pacific, Middle East and Africa. In order to increase the nutritional value and aesthetics, this Situation further stimulated product creativity.
Impossible Foods and Beyond Meat are the producers of meat substitutes based on plants, which are recently recognized for advances in the production of alternatives to beef and vegetables. This vegan burger is made from pea protein and has a beef-like flavor. In 2019, the dry market segment accounted for 69.5% of the overall sales market shares, and the forecast period is expected to remain a leader. Significant use of the form is expected to drive growth in the production of supplements of nutritional wellbeing, meat and bakery products. The dry portion is available on the world market primarily in powdered form. It is used in meat extender, analogue and bakery products industries.
During the forecast period, Asia Pacific is expected to be the fastest CAGR in volume at 8.9 %. In Japan, China and India, major sales increases are expected to remain a factor driving the forecast year. In addition to the growth of retail stores in particular supermarkets, the care-making and restaurant industry is projected to have a significant role in fostering growth in the food and drink sector. This is expected to increase demand for pea protein ingredients in a positive perspective for the industry in countries, such as China and India.
In South America as well as in the Middle East and Africa, emerging markets will probably grow in the coming years, the optimistic outlook in Brazil, Chile and Argentina regarding sport nutrition will probably provide substantial scope for improvement in the industry during the forecast period in the Central and South America regions.
Segment Overview of Global Pea Protein Market
Key Segments of the Global Pea Protein Market
Type Overview, 2018-2028 (USD Million) (Kilo Tons)
- Flavors & Sweeteners
Function Overview, 2018-2028 (USD Million) (Kilo Tons)
- Gut Health & Digestive Performance
- Mycotoxin Management
- Palatability Enhancement
- Preservation of Functional Ingredients
Livestock Overview, 2018-2028 (USD Million) (Kilo Tons)
- Aquatic Animals
Regional Overview, 2018-2028 (USD Million) (Kilo Tons)
- Rest of Europ
- Rest of Asia-Pacifi
Middle East and Africa
- South Africa
- Rest of Middle East and Afric
- Rest of South America