01-Mar-2022 | Zion Market Research
The global pea protein market was worth around USD 864.6 million in 2021 and is estimated to grow to about USD 1,892.3 million by 2028, with a compound annual growth rate (CAGR) of approximately 13.9 percent over the forecast period. The report analyzes the pea protein market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the pea protein market.
Pea protein is considered a complete protein because it includes all nine necessary amino acids. These amino acids are found naturally in protein, which aids in the development and repair of new muscles. Pea proteins are also available in a range of products in different forms that make them easily available for consumption.
The global pea protein market is growing at a speedy rate. The rise in inclination towards plant-based products and the increasing trend of veganism are the major factors that are fostering the market's growth. Additionally, pea protein is commonly used to improve the nutritional profile since it contains a variety of amino acids, vitamins, and minerals. Also, foods with a clean label are becoming increasingly popular on the market. Pea protein is normally gluten-free and non-GMO. As a result, it belongs in the clean-label food category. In the food business, rising demand for organic, gluten-free, and non-GMO goods is boosting demand for pea protein. All such factors contribute equally to the growth of the market. Moreover, an increase in demand for ready-to-drink nutritious products, especially in the sports sector, is further adding up to the growth of the market. Furthermore, expanding applications and development of pea protein as a meat replacement are likely to boost the growth of the market during the forecast period. However, the extraction and production of pea protein come at a high cost, which in turn may limit the growth of the market.
Browse the full “Pea Protein Market By Type (Isolates, Concentrates, And Textured), By Form (Dry And Wet), By Source (Yellow Split Peas, Lentils, And Chickpeas), By Application (Meat Substitutes, Performance Nutrition, Functional Foods, Snacks, Beverages, Bakery Products, And Confectionery), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/pea-protein-market
The global pea protein market is bifurcated based on type, form, source, application, and region. By type, the global market is split into concentrates, isolates, and textured. Based on form, the market is categorized into wet and dry. Among these, the dry form accounts for approximately 65 percent of the total. The source segment of the market is divided into lentils, split yellow peas, and chickpeas. Split yellow peas dominate the market, accounting for more than 40% of the total share. The application segment of the market is bifurcated into meat substitutes, performance nutrition, functional foods, snacks, beverages, bakery products, and confectionery. Among these, the meat substitute segment is anticipated to record rapid growth over the forecast period.
Europe is expected to dominate the global pea protein market. Key factors such as rising health consciousness and growing vegan culture in major European countries such as the United Kingdom, Germany, & France are primarily contributing to the market's large share. Presence of major players such as Rouquette Freres, Emsland Group, and Glanbia PLC in the region is also supporting the market expansion. Asia Pacific is projected to be the most lucrative market for pea protein during the coming period. Increasing demand for alternative meat sources, a large number of veg food consumers, and the easy availability of products through different online channels are fueling the market growth in APAC.
Key players operating in the global pea protein market include Ingredion, Rouquette Freres, Puris Foods, Emsland Group, The Green Labs LLC, Fenchem Inc., DuPont, A&B Ingredients, The Scoular Company, Glanbia PLC, and Axiom Foods Inc.
Global Pea Protein market is segmented as follows:
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