PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1537552
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1537552
The global pea protein market has been experiencing steady growth, driven by increasing consumer demand for naturally sourced supplements and health & wellness products. The market has also benefited from the rising popularity of textured protein in convenient and ready-to-eat food items. This demand is expected to continue to grow, fueled by the expanding supplement sector and the growing desire for naturally sourced healthcare products. The global market for pea protein is set to experience substantial growth, with a projected market value of $1.2 billion in 2024, expected to reach $1.91 billion by 2031, reflecting a CAGR of 6.90%. The shift towards organic products is becoming more pronounced, with consumers around the world becoming increasingly aware of the benefits of organic, non-GMO, and chemical-free foods. This trend is anticipated to further drive the sales of pea protein globally.
Urbanization has played a significant role in shaping consumer preferences, leading to higher economic standards and increased purchasing power. This shift has resulted in a growing demand for healthy food products, particularly in metropolitan areas, where consumers are increasingly opting for natural and organic foods. The awareness of the benefits of non-GMO and chemical-free foods is contributing to the growth of naturally sourced protein powders, including pea protein, in the global market.
Key Trends in the Pea Protein Market
Demand for Lactose-free and Gluten-free Products
The growing global population has led to an increased demand for protein and nutrition-rich products. Proteins can be sourced from various origins, including animal-based, dairy, and plant-based ingredients. Among these, plant-based proteins, particularly pea protein, have gained popularity due to their naturally gluten-free and lactose-free properties. As health-conscious consumers and those with lactose intolerance seek alternatives, the demand for vegan protein isolates, such as pea protein, is on the rise. This trend is expected to bolster the sales of pea protein in the global market.
Veganism: A Global Trend Benefiting the Pea Protein Market
Veganism has emerged as a significant trend in key markets such as Europe and North America. A growing segment of the population is shifting towards plant-based diets, avoiding animal products entirely. This trend is also gaining traction in emerging markets, such as East Asia and South Asia, where the popularity of veganism is expected to contribute to increased demand for pea protein. Vegan and vegetarian consumers rely heavily on plant-based proteins for their nutritional needs, and pea protein, known for its high nutritional content, is becoming a preferred choice. This trend is anticipated to boost the pea protein market worldwide.
Rising Acceptance of Pea Protein
Pea protein, derived from yellow peas, is rich in protein and essential muscle-building components. The protein is extracted from yellow split peas and is known for its environmentally friendly production process. Unlike other plant-based proteins, pea protein is free from common allergens such as milk and eggs. As consumers become more aware of the benefits of pea protein, its demand is expected to increase globally. The growing acceptance of pea protein is driven by its natural, allergen-free characteristics, which appeal to health-conscious consumers.
Leading companies in the pea protein market are focusing on innovation and expansion to enhance product quality and discover new applications for vegetable-based proteins. For instance, Ingredion Incorporated offers a product with high protein content, while Glanbia Plc provides a range of pea protein products catering to various consumer needs. These developments highlight the ongoing efforts by manufacturers to meet the rising demand for pea protein.
Opportunities in the Pea Protein Market
Allergen-free Consumer Demand
Pea protein is gaining popularity as a non-allergenic ingredient, free from lactose and gluten. As lactose intolerance becomes more prevalent, and more consumers seek gluten-free options, the demand for allergen-free products is expected to rise. Vegan consumers, in particular, rely on plant-based proteins like pea protein to meet their daily nutritional requirements. This increasing demand for allergen-free products presents a significant growth opportunity for pea protein manufacturers.
According to industry data, a significant portion of the global population experiences lactose malabsorption, while a smaller percentage suffers from celiac disease. These health concerns are driving consumers to seek out products that are free from common allergens, further boosting the demand for pea protein.
Competition from Substitute Products
Despite its many benefits, pea protein does not offer a complete amino acid profile, which is essential for human health. Additionally, pea protein contains a relatively high amount of carbohydrates, leading some consumers to seek alternatives. Manufacturers are responding to this demand by developing new products using substitutes for pea protein, such as brown rice and casein proteins. This growing awareness of pea protein substitutes poses a challenge to the market's growth, as consumers explore other options.
Regional Insights
Europe: A Growing Market for Pea Protein
The European market for pea protein is expected to experience significant growth, with the UK holding a substantial share of the region. The demand for plant-based proteins in Europe is driven by their rich amino acid content, which is believed to offer various health benefits, including reducing blood pressure. This growing awareness of the health benefits of plant-based proteins is contributing to the increasing demand for pea protein in the European market.
India: A Key Player in the South Asia and Pacific Market
India is emerging as a prominent player in the pea protein market within the South Asia and Pacific region. The increasing health awareness among Indian consumers is driving the demand for plant-based proteins, including pea protein. The market in India is expected to grow, supported by a rising focus on healthy living and nutrition.
Category-wise Insights
Cosmetics & Personal Care Industry: A New Growth Avenue
The cosmetics and personal care industry is increasingly incorporating vegan protein isolates, including pea protein, into its products. Pea protein is a rich source of phytonutrients and antioxidants, making it a valuable ingredient in the formulation of hair and skincare products. The demand for pea protein in the cosmetics and personal care industry is expected to grow, offering a new avenue for market expansion.
Isolate Form: The Most Demanded Pea Protein
Among the different forms of pea protein, isolates are the most in demand. Isolates are preferred due to their high nutritional content, making them a popular choice for consumers looking to enhance their dietary regime. The market share of isolates is expected to remain strong as the demand for healthy and nutritional content continues to rise.
Competitive Analysis
The global pea protein market is characterized by intense competition, with key players focusing on innovation, expansion, and research and development to achieve high-quality products and discover new applications for vegetable-based proteins. Companies are also working to improve their operational and innovative capabilities to stay ahead in the market.
Key companies profiled
Pea Protein Market Industry Research by Category