Pea Protein Market Outlook
According to the report by Expert Market Research (EMR), the global pea protein market price attained a value of USD 1,683 million in 2022. Aided by the increasing health consciousness among consumers, the market is projected to further grow at a CAGR of 19.6% between 2023 and 2028 to reach a value of USD 5,086.9 million by 2028.
Pea protein refers to a type of high-quality protein which is extracted from peas (Pisum sativum). This 100% vegan and hypoallergenic food product comes with several health benefits such as improved heart health and great muscle growth. In addition, it can help control cholesterol, obesity, and blood pressure. Hence, the increasing demand for pea protein products among the health-conscious population is driving the pea protein market growth.
Additionally, pea protein is a rich source of iron which is further propelling its demand among people suffering from iron deficiency. It also contains essential amino acids which a body cannot make on its own. Moreover, the amount of methionine is insignificant in pea protein due to which pea protein can complement methionine-rich foods such as boiled egg, fish curry, beef steak, and brown rice, among others.
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Over the forecast period, the market for pea protein is expected to witness a heightened demand among the working population, owing to insufficient protein intake infused by hectic schedules and high stress. Body builders and athletes also prefer pea protein to meet their natural protein requirements which is invigorating the market growth.
The rapid transition from animal-based food products towards plant-based food products, owing to the increasing awareness about animal cruelty and favourable policies of various governments to shrink their environment footprint, is a crucial driving factor of the pea protein market. Pea protein is a versatile and healthy plant-based protein that is well suited for vegan and plant-based diets, and is commonly used in bakery and confectionary and functional foods and beverages.
The thriving e-commerce sector is a crucial trend accelerating the sale of clean labelled pea protein products. The anticipated increase in sale of pea protein products with innovative flavours and attractive packaging is expected to add value to the global pea protein market. Over the forecast period, the market is expected to be impacted positively by the rising purchasing power, increasing awareness about healthy food products, and improved accessibility of pea protein.
Pea Protein Market Segmentation
The market can be divided on the basis of type, form, application, and region.
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Market Breakup by Type
- Isolate
- Concentrate
- Textured
Market Segmentation by Form
- Dry
- Wet
Market Classification by Application
- Functional Food and Beverages
- Sports Nutrition
- Meat Additives
- Bakery and Confectionery
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the pea protein companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Yantai Shuangta Food co., LTD
- Shandong Jianyuan Group
- Roquette Frères S.A.
- Cosucra Groupe Warcoing SA
- Burcon NutraScience Corporation
- Axiom Foods, Inc.
- Naturz Organics
- Others
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