Global Pea Protein Market - 2023-2030

Market Overview

Global Pea Protein Market reached US$ 601.2 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 1499.2 million by 2030. The market is growing at a CAGR of 12.1% during the forecast period 2023-2030.

Owing to the considerable protein content, pea protein has gained significant popularity. With the growing demand for plant-based alternatives, the pea protein market is growing. Due to the increasing adoption of vegan and vegetarian diets, as well as the rising environmental awareness, the pea protein market is expanding.

Clean label and natural food trends are influencing the pea protein market. Consumers are increasingly seeking products with simple, recognizable ingredients and minimal processing. Pea protein, being a naturally derived ingredient, aligns with these preferences. Manufacturers are responding by offering clean-label pea protein products, free from artificial additives, allergens, and genetically modified organisms (GMOs).

Market Dynamics

The Rising Demand for Gluten-Free Products is Driving the Pea Protein Market

The prevalence of gluten-related conditions like celiac disease and non-celiac gluten sensitivity is rising globally. These disorders require individuals to limit gluten-containing foods. Pea protein is a gluten-free protein source and is also used in various gluten-free food products.

Beyond people with gluten-related disorders, there is also a growing trend among the general population to adopt gluten-free diets. Many people believe that reducing or eliminating gluten from their diets can improve digestive health, relieve certain symptoms, or help them lose weight. Pea protein, as a gluten-free ingredient, fulfills this demand for gluten-free options.

Rise in Vegetarian And Vegan Diets is Driving the Market Growth

With more consumers choosing plant-based diets or including more plant-based foods in their meals, the number of vegans is increasing. For instance, according to the European Commission, sales of plant-based foods in Europe increased by an astounding 49% over the previous two years, totaling EUR 3.6 billion. Pea protein is extracted from yellow peas, making it a plant-based total protein desire that fits the dietary alternatives of vegetarians and vegans.

As individuals flip towards plant-primarily based diets for numerous reasons including health, ethical issues, and environmental sustainability, the call for for plant-primarily based protein resources like pea protein has surged which reinforces the pea protein market growth.

Competition from Other Plant-Based Proteins is Restraining the Market Growth of Pea Proteins Market

Consumers searching for plant-based protein options have a huge range of selections to select from, which include soy protein, rice protein, hemp protein, and others. This array of selections can bring about competition among different plant-based totally proteins, which includes pea protein, for marketplace percentage and consumer preference.

Some plant-based protein sources, such as soy protein, have a long history and a more established market presence compared to pea protein. This familiarity and established reputation can make it challenging for pea protein to compete, especially when consumers have developed preferences for certain protein sources based on past experiences or brand loyalty.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario, and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global pea protein market is segmented based on product type, form, application, and region.

The High Protein Content of Pea Protein Isolates Boosts the Segment Growth

Depending upon the product type, the pea protein market is divided into isolates, concentrates, and textured.

In 2022, isolates had the highest share in the pea protein market. Pea protein isolates have a high protein content. For instance, in 100 grams of pea proteins, 75 grams of protein are present which makes 150% of the Daily Value. This high protein concentration makes them desirable for individuals seeking vegan protein sources or those with specific protein requirements, such as athletes, fitness enthusiasts, or individuals following high-protein diets.

Pea protein isolates possess functional properties that make them valuable in food formulations. They can contribute to the texture, structure, and stability of food products, acting as emulsifiers, thickeners, or foaming agents. The wide range of functional applications of pea protein isolates enables their incorporation into various food categories, such as beverages, bakery products, plant-based meats, and nutritional supplements making it a more popular segment in the pea protein market.

Geographical Analysis

Growing Demand For Plant-based Proteins in the Asia Pacific Region

The Asia Pacific region has noticed a surge in demand for plant-based proteins, prompted by various factors including increasing health consciousness, environmental concerns, and changing dietary preferences. Consumers in countries like China, India, Japan, and South Korea are increasingly adopting plant-based diets, establishing a favorable market environment for pea protein and other plant-based protein sources.

The Asia Pacific region has a large and diverse population, providing a substantial consumer base for pea protein. In April 2022, Cargill expanded RadiPure pea protein in India to satisfy the growing demand for pea protein as a substitute source of protein. Urbanization and an expanding middle class in several countries within the Asia Pacific region have resulted in shifting consumer preferences towards healthier and more sustainable food options. This has led to an increased demand for plant-based proteins, including pea protein in that region.

Competitive Landscape

The major global players include Emsland Group, Euroduna Food Ingredients GmBh, Now Food, Source Naturals, Inc., Cargill Incorporated, Nutribiotic, Z-Company, Cosucra Groupe Warcoing SA, Axys Nutrition Products Pvt. Ltd., Farbest Brands

Why Purchase the Report?

• To visualize the global pea protein market segmentation based on product type, form, application, and region understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of pea protein market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Pea Protein Market Report Would Provide Approximately 61 Tables, 57 Figures And 102 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies