Pea Protein Market to Grow at CAGR of 12.8% through 2030 – Growing Trend for Flexitarian Diet to Propel Growth
The growing need for vegan food products and flexitarian populations adds impetus to the pea protein market’s growth. Promoting plant-based diets by budding social media artists and their endorsements will further fuel industry expansion. North America emerged as the largest market for the global pea protein market, with a 33% market revenue share in 2022.
Newark, Oct. 17, 2023 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global Pea Protein market is expected to grow from USD 2.14 Billion in 2022 to USD 5.6 Billion by 2030, at a CAGR of 12.8% during the forecast period 2022-2030.
The rise in female participation and the expansion of fitness centre facilities are anticipated to drive market expansion over the forecast period. Environmentally safe pea proteins are available. Consumers prefer ecologically friendly and allergen-free products as they become more aware of the benefits of pea proteins. Over the forecast period, it is also anticipated that increasing consumer awareness of the benefits of consuming protein powder for supporting bone health and muscle growth would drive market expansion. Alternative components, including hemp, soy, and whey, threaten pea protein’s dominance in the food industry. Another ingredient that has been gaining popularity around the world is rice protein.
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To enhance their market position in the global Pea Protein market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In May 2019: Burcon NutraScience Corporation announced a joint venture collaboration with an investor group to build a new C$65 million commercial manufacturing plant for pea and canola proteins in Western Canada. The facility will deliver Burcon’s Peazac and Peazazz pea proteins as well as Nutratein, Puratein, and Supertein canola proteins.
Market Growth & Trends
Yellow and green split peas, also known as Pisum sativum, are a source of food products and protein supplements. It can be used in place of other food items or as a dietary supplement to help people consume more protein or other nutrients (e.g., the substitution of dairy milk for pea milk). It is utilized in food production as a powdered ingredient, such as a thickening, foaming agent, or emulsifier. A healthy diet and an active lifestyle are becoming increasingly popular among consumers, fuelling pea protein growth. Additionally, there is a huge market opportunity due to developing more products with targeted purposes, such as energy balancing, weight loss, muscle restoration, and satiety. Other peas, such as dry, green, and chickpeas, extract the protein. These peas are accessible as concentrates, textured foods, and isolates. Because they are produced using plant-based materials, these products are ideal for people who choose vegan diets. The increasing awareness among consumers for health-related issues and increasing demand for nutritious, food-rich, and high proteins drive the market’s growth. Furthermore, the growing need for vegan food products and flexitarian populations adds impetus to the market’s growth. When compared nutritionally, rice and pea proteins have a similar amount of protein (15–22 grams, on average, grams calories), are free of gluten, and are suitable for people with allergies. Pea protein utilization has increased due to its advantages, including simple digestion and muscle-building stimulation.
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• In 2022, the isolates segment dominated the market with the largest market share of 40% and market revenue of USD .86 Billion.
The product type segment is divided into isolates, concentrates, and textured. In 2022, the isolates segment dominated the market with the largest market share of 40% and market revenue of USD .86 Billion. Because they have superior emulsification and are non-allergic, isolates are frequently utilized as nutritional supplements in meat products, energy drinks, fruit mixes, and bakery goods.
• The meat extender and substitute segment is expected to grow at the fastest CAGR of 21%.
The application segment is divided into the bakery, meat extender and substitute, nutritional supplements, beverage, dietary supplements, and others. Over the forecast period, the meat extender and substitute segment is expected to grow at the fastest CAGR of 21%. Pea protein is added to nutritious syrups, tablets, energy powders, cereal bars, and soups because it has several health advantages, including improved bone health, muscle growth, and blood sugar control.
Regional Segment Analysis of the Pea Protein Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, 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)
The North America region occurred as the largest market for the global Pea Protein industry, with a market share of 33% and a market value of around USD .71 Billion in 2022. Over the forecast period, the market for pea protein in the North American region is anticipated to be driven by rising demand for gluten-free goods, increasing concerns about cardiovascular diseases (CVDs), and robust expansion in the sports nutrition sector. Furthermore, it is anticipated that the presence of significant meat product producers such as JBF, Tyson, National Foods, and Cargill in the U.S. will increase demand for the product as a texturizing agent in meat manufacturing.
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Key players operating in the global 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
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global Pea Protein market based on below mentioned segments:
Global Pea Protein Market by Product Type:
Global Pea Protein Market by Application:
• Meat Extender and Substitute
• Nutritional Supplements
• Dietary Supplements
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The global Pea Protein market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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