The global Pea Protein market size is expected to be worth around US$ 654.9 million by 2030, according to a new report by Vision Research Reports.
The global Pea Protein market size was valued at US$ 213.1 million in 2020 and is anticipated to grow at a CAGR of 12.10% during forecast period 2021 to 2030.
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The market is majorly driven by rising health consciousness among consumers coupled with increasing product demand from the nutraceutical industry.
The nutraceutical supplements industry is evolving and has a dynamic space that offers lucrative opportunities to merge rising consumer interest and scientific discovery to enhance human health. As this industry tracks consumer trends, nutraceutical products directly respond to consumer buying behavior/habits, thereby encouraging prominent companies in the industry to market their products to their target audiences in an effective manner. Such factors have driven the product demand across the globe.
The increasing consumption of healthy foods backed by changing consumer preferences has been contributing to the growth of the market. Moreover, the product usage in meat substitutes provides the required nutrition; thus, many faux seafood, chicken, and beef producers are increasingly adding legume-based protein ingredients in their formulations.
The market is expected to register significant growth over the forecast period owing to the increasing popularity of gluten-free products. A substantial number of consumers, most notably in regions, such as North America and Europe, prefer gluten-free products to reduce the symptoms of gluten-intolerance and celiac disease. From a manufacturing standpoint, the removal of gluten also helps achieve optimal volume, production cost, and texture from food products.
Dietary supplements led the market and accounted for more than 38% of the global revenue share in 2020. Pea protein is added in nutritional syrups, tablets, energy powders, cereal bars, and soups on account of various health benefits, such as muscle growth, bone health improvement, and regulated blood sugar levels. Rising demand for sports nutrition products on account of increasing awareness about bone health and muscle improvement is expected to fuel the segment growth.
The meat substitutes segment is estimated to register the fastest CAGR from 2021 to 2028. Rising health problems, such as obesity and diabetes, have led to a shift towards vegan dietary habits. Animal rearing has a notable impact on the natural resources of the planet and is responsible for global warming to some extent. Though this factor has not been quantified, awareness regarding this factor is presumed to shift global food habits towards a more vegan diet, thereby aiding the meat substitutes market growth. This trend is expected to promote the incorporation of pea protein as meat analogs.
Pea protein offers good texturing properties that are expected to promote its application in the production of meat products, including mutton, chicken, lamb, and beef. However, predominant consumption of wheat, soy, tempeh, tofu, and textured vegetable protein as meat substitutes will pose a substitution threat to the market over the next few years.
The isolates product segment led the market and accounted for more than 47% share of the global revenue in 2020. Isolates are widely used as nutritional supplements in meat products, energy drinks, fruit mixes, and bakery items as they have good emulsification and non-allergic characteristics. Expansion of the sports nutrition industry in the developed countries, including the U.S., Germany, and the U.K., in light of new product launches by Cadbury and Amway in the energy mix segment, is expected to increase the product demand.
The concentrates segment is estimated to register a significant CAGR from 2021 to 2028. Pea protein concentrates have several attributes, such as good emulsification and high digestibility, which drive their utilization in weight control and dietary supplement applications.
Moreover, these concentrates are gradually incorporated in bakery products, such as cakes & pastries, for good flavoring and dry-texture. A robust manufacturing base of bakery products in countries, such as Germany and France, due to proximity with equipment producers and easy access to wheat and rice as raw materials, is expected to increase the application of concentrates over the forecast years.
Textured pea protein is used as a texturing agent in meat products, baked goods, and confectionery items. Moreover, the presence of fibrous content in textured pea protein is expected to promote their incorporation in energy powders and fruit juice mixes. Rising beef production capacity in China, India, and Australia on account of growing domestic demand is expected to boost the usage of textured pea protein over the forecast years.
North America dominated the global pea protein market and accounted for over 44% share of the global revenue in 2020. Growing demand for increasing concerns regarding Cardiovascular Diseases (CVDs) caused by red meat consumption, and robust growth of the sports nutrition industry in North America are expected to drive the regional market over the forecast years.
Moreover, the presence of major meat product manufacturers including JBF, Tyson, National Foods, and Cargill in the U.S. is projected to boost the product demand as a texturizing agent in meat production. Moreover, growing consumption of grains, including canola and soy, for bio-based chemicals, is expected to diminish their availability as protein ingredients. As a result, pea protein is likely to emerge as a vital ingredient.
Asia Pacific is anticipated to be the fastest-growing regional market over the forecast years on account of the rising consumption of nutrient fortified functional food products. Growing demand for meat substitutes and allergen-friendly sports & fitness supplements is also expected to augment market growth. Favorable regulatory inclinations in India and China aimed at the development of the agricultural industry will result in ample raw material supply for the manufacturers.
- 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
- Product Outlook
- Application Outlook
- Meat Substitutes
- Bakery Goods
- Dietary Supplements
- Regional Outlook
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- South Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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