Global pea protein market is growing due to the increasing demand for health and wellness products and the increasing consumption of processed food. Furthermore, the increasing vegan population in the North America region also propels the market’s growth where North America region is emerged as the largest market for the global pea protein market, with a 33% market revenue share in 2022.
Newark, Feb. 27, 2023 (GLOBE NEWSWIRE) — The brainy Insights estimates that the USD 2.14 billion in 2022 Pea Protein market will reach USD 5.6 billion by 2030. The product’s robust amino profile, extensive supply, and simple digestion make widely chosen product among sports nutrition product makers. In the next eight years, pea protein producers will benefit significantly from the rising demand for sports nutritional supplements from Asian countries.
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Key Insight of the Pea Protein Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest pea protein market share. Key factors favouring the growth of the pea protein market in North America include the increasing vegetarian population and rising knowledge about the benefits of consuming herbal and natural proteins. Furthermore, increasing concerns about Cardiovascular Diseases (CVDs) and robust expansion in the sports nutrition sector propel the market’s growth in the region.
The isolates segment is expected to augment the pea protein market during the forecast period.
The isolates segment is anticipated to dominate the market over the forecast period. The growth of the isolates segment is increasing owing to the presence of 95% proteins in the isolate pea protein, which adds impetus to the segment’s growth.
The meat extender and substitute segment market size is 0.4 billion in 2022
The meat extender and substitute segment held the largest market share in 2022 and is expected to continue during the forecast period, owing to the increasing demand for vegetarian supplements of non-veg products. Furthermore, the growing consumer interest in sports nutrition products due to growing knowledge about bone and muscle health is anticipated to drive the segment’s growth.
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Advancement in market
In December 2020, Pea protein was introduced by Cargill (U.S.) as part of its line of European ingredients. This invention aimed to assist European food and beverage producers in meeting the rising demand for wholesome and plant-based goods. RadiPure and Puris, two of Cargill’s pea protein products, are made to address the functional and sensory needs of many developing applications. Pea protein sold by the company has excellent solubility, emulsification, and foaming properties. The products offered by Cargill are designed to contain at least 80% protein.
In November 2021, Roquette (France) constructed a manufacturing facility for pea protein in Manitoba, Canada, to fulfil the growing demand for alternative proteins worldwide. The annual processing capacity of this 200,000-square-foot facility is 125,000 tonnes of yellow peas.
Driver: Growing health and wellness trend
The increasing demand for herbal products and proteins is expected to drive the market’s growth. Furthermore, people are increasingly aware of health and wellness, so they have started taking their health seriously and consuming proteins to keep them healthy and fit.
Restraint: Presence of alternative proteins
Alternative protein sources like soy and wheat are widely available and are commonly accepted. These well-known proteins’ excellent nutritional and functional qualities have historically contributed significantly to food systems. With their appealing flavour, texture, and ease of formulation, these proteins serve various purposes in the food industry. As a result, replacing all other plant protein constituents with pea protein might take a lot of work for manufacturers. This is expected to hinder the market’s growth.
Opportunity: Rising disposable income
The rising disposable income directly influences the market’s growth as people start spending more on things that require and do not hesitate to do so. Numerous economic and social factors influence the amount of money a nation spends on healthcare and its growth rate over time. Mainly, there is a significant correlation between a nation’s overall income level and the amount of money its citizens spend on health care. Thus, the rising disposable income of people is expected to provide lucrative growth opportunities over the forecast period.
Challenge: Stringent government regulations
There are several stringent government regulations related to pea protein. The FDA regulates pea protein in various ways, challenging the market’s growth over the forecast period.
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Some of the major players operating in the pea protein market are:
● Burcon Nutrascience
● Roquette Freres
● The Scoular Company
● Cosucra Groupe Warcoing SA
● Nutri-Pea Ltd.
● Shandong Jianyuan Group
● Sotexpro SA
● Ingredion, Inc.
● Axiom Foods, Inc.
● Fenchem Inc.
● Martin & Pleasance
● The Green Labs LLC
Key Segments cover in the market:
By Product Type:
● Meat Extender and Substitute
● Nutritional Supplements
● Dietary Supplements
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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