The pea protein market size is estimated at USD 1.7 billion in 2022; it is projected to grow at a CAGR of 11.9% to reach USD 2.9 billion by 2027. The growth of the population following a vegan lifestyle, the popularity of plant-based foods and gluten-free products, the high demand for healthier functional and sustainable food options, and the nutritional benefits of pea-based products are key factors that are projected to drive the growth of the pea protein market during the forecast period.
Pea Protein Industry Overview:
The pea protein industry has witnessed significant growth and attention in recent years, driven by the increasing demand for plant-based protein alternatives. Pea protein is derived from yellow peas and has gained popularity as a sustainable and environmentally friendly protein source. Several factors contribute to the growth of the pea protein industry:
1. Rising Demand for Plant-Based Proteins: As more consumers adopt vegetarian, vegan, or flexitarian diets, the demand for plant-based protein sources has surged. Pea protein, being rich in essential amino acids, is a preferred choice for those looking to reduce their reliance on animal products.
2. Health and Wellness Trends: The growing awareness of health and wellness, coupled with concerns about the environmental impact of meat production, has led consumers to seek healthier and more sustainable protein options. Pea protein aligns with these trends as it is cholesterol-free, low in fat, and a good source of iron.
3. Clean Label and Non-Allergenic Properties: Pea protein is often perceived as a clean-label ingredient, as it is minimally processed and doesn’t contain common allergens like soy or dairy. This makes it suitable for individuals with allergies or dietary restrictions.
4. Application Versatility: Pea protein is versatile and can be incorporated into a wide range of food and beverage products, including plant-based burgers, dairy alternatives, snacks, and sports nutrition products. Its neutral taste and smooth texture make it adaptable to various formulations.
5. Sustainable Agriculture Practices: Yellow peas are relatively easy to cultivate and have a lower environmental footprint compared to some other protein sources. The sustainable and regenerative farming practices associated with pea cultivation contribute to the positive image of pea protein in the market.
6. Investments and Research & Development: Increased investments in research and development have led to innovations in pea protein processing techniques, improving the taste, texture, and overall quality of pea protein-based products. This has further expanded the market for pea protein.
7. Collaborations and Partnerships: Companies in the food and beverage industry are forming partnerships and collaborations to leverage the growing demand for pea protein. These collaborations aim to develop new products, improve supply chain efficiency, and enhance market reach.
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North America holds a significant share in the pea protein market during the forecast period.
North America is experiencing strong growth prospects in the plant-based pea protein sector due to the increasing demand for healthy meat and dairy substitute products. The growing trend of veganism has pushed the North American pea protein market growth. Consumers are gradually shifting their diet preferences and are going vegan due to the health and wellness benefits associated with it. This paradigm shift in food culture is being supported by health & fitness industries, medical communities, celebrities, and athletes, which has bolstered the demand for pea protein.
The key players in this market include Rouquette Freres (France), DuPont (US), Glanbia PLC (Ireland), Kerry (Ireland), Ingredion (US), Puris (US), Emsland Group (Germany), Yantai Shuangta Foods Co., Ltd (China), The Scoular Company (US), Burcon (Canada), Shandong Jianyuan Group (China), ET-Chem (China), AGT Food and Ingredients (Canada), The Green Labs LLC. (US), and Axiom Foods, Inc. (US). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.
Key Questions Addressed by the pea protein Market Report:
1. What is the expected market size for the global pea protein market in the coming years?
2. What is the estimated growth rate (CAGR) of the global pea protein market for the next five years?
3. What are the major revenue pockets in the pea protein market currently?
4. What was the size of the global pea protein market in 2022?
5. What are the key development strategies undertaken by companies in the Pea Protein market?
6. Why is pea protein popular?
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