Pea Protein is extracted from yellow peas and used as an alternative to dairy & meat. These proteins are consumed as a substitute for whey protein in various forms like energy drinks, dietary supplements, & protein shakes, among others. Pea protein has different types like isolates, textured, concentrates, etc., in dry or liquid form. These proteins are also used globally as performance nutrition, meat substitutes, functional foods, snacks, bakery products, beverages, & confectionery, among others.
The Global Pea Protein Market is projected to grow at around 8% CAGR during the forecast period, i.e., 2022-27. The growth of the market is likely to be driven primarily by the mounting food requirements of the exponentially rising population globally, increasing consumer preference toward nutrient-rich food like pea protein for an active lifestyle, and an escalating number of vegan population inclining purely on plant-based food products.
Pea proteins are non-toxic, non-allergic, and easily digestible. Their vast application across the food & beverage sector for manufacturing energy drinks, meat alternatives, dietary supplements, bakery products, etc., are other crucial aspects projected to drive the global market in the coming years. Besides, rising health consciousness & increasing concerns over the cardiological impact of eating red meat shall further fuel the overall market growth in the coming years.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: The US, Canada, Mexico|
|Europe: Germany, The UK, France, Italy, Spain, The Netherlands, Denmark, Finland, Norway, Sweden, Poland Others|
|Asia-Pacific: China, India, Japan, South Korea, Australia, South East Asia and Others|
|South America: Brazil, Argentina and Others|
|Middle East & Africa: GCC, Africa, and Others|
|Key Companies Profiled||Rouquette Freres, Ingredion Incorporated, Puris Protein Llc, Fenchem Inc., Dupont, Axiom Foods Inc, Burcon Nutrascience Corp, Cosucra Groupe Warcoing, Sotexpro, Shandong Jianyuan Foods Co., Ltd., Yan Tai Shuang Ta Food Co Ltd., Et-Chem, Agt Foods, The Green Labs Llc, Nutri-Pea Limited|
|Unit Denominations||USD Million/Billion|
Key Trend in the Market
With an escalating number of health problems caused due to improper diets & nutrition, the world is witnessing an increasing shift of the population toward a healthy lifestyle, adopting nutritious dietary habits, etc. Growing awareness about health problems like heart issues, obesity, etc., raising due to excessive meat consumption is encouraging people to consume plant-based food with high nutrition. This, in turn, is augmenting the demand for supplements with pea protein and driving the market through 2026. This trend is swiftly emerging across countries like Germany, the UK, France, Australia, the US, & Canada.
Impact of Covid-19 on the Global Pea Protein Market
In 2020, the Covid-19 pandemic had a decelerating effect on most industries worldwide. The agriculture industry witnessed tremendous pressure amidst the global crisis and severely impacted the growth of the Global Pea Protein Market. The imposition of stringent movement restrictions & frequent lockdowns by the governments of different countries introduced unprecedented challenges like supply chain disruptions, shortage of labor, hampered transportation & logistics, among others. As a result, several manufacturing facilities reduced their production capacity.
Moreover, the leading players in the market were unable to transport pre-produced goods due to border closure & travel bans. Consequently, the market observed massive demand & supply gaps and substantial financial losses.
However, with the gradually reducing number of Covid-19 cases, governments of different countries have uplifted the restrictions & allowed the recommencement of all activities. As a result, the transportation & supply chain has revived, and production facilities have resumed functioning. Additionally, the manufacturers observed the presence of opportunities for revival due to the critical need to suffice the burgeoning demand for pea protein.