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.
Based on the Application:
Of them all, the demand for Meat Substitutes is anticipated to demonstrate the fastest growth in the Global Pea Protein Market during the forecast period. It attributes principally to the increasing health issues like obesity, diabetes, etc., among people, i.e., shifting them toward adopting vegan dietary habits and consuming plant-based food products. It, in turn, is augmenting the demand for pea protein products as meat substitutes and positively influencing the overall market growth.
In addition, increasing consumer awareness about the high amount of saturated fats present in processed & red meat and their severe effects on health is also playing a crucial role in propelling the demand for pea protein as meat substitutes. Besides, animal rearing is making a considerable impact on natural resources causing deforestation & even contributing to global warming.
These aspects are likely to spread awareness among people and shift their food habits from meat to meat substitutes & vegan food. It, in turn, shall augment the demand for pea proteins while generating significant growth opportunities for the leading market players to develop new meat substitutes using pea protein.
Based on the Type:
Here, Isolates are projected to maintain their market dominance with the largest share over the forecast years. It owes principally to the growing customer preference toward consuming nutrition-rich & gluten-free food like pea protein isolates. The rapidly increasing utilization of isolates in various products like energy drinks, bakery items, fruit mixes, etc., with greater emulsification & non-allergic traits, is expected to positively influence the demand for pea protein isolates & drive the global market in the coming years. Besides, isolates are gaining swift traction across the sports & fitness industry for energy drinks, protein supplements, etc., and generating growth opportunities for the leading players in the market to introduce new products.
On the other hand, Textures pea protein is expected to witness growing demand in the coming years for texturing meat products, confectionery items, & baked products, and their utilization in energy powders, supplements, fruit juices, etc., due to its fibrous content.
Nonetheless, the demand for Concentrates is projected to demonstrate significant growth in the coming years. It attributes primarily to their various benefits like easy digestion, good emulsification, better weight management, extensive dietary application, etc. Concentrates are used widely in bakery products like cakes & pastries for dry texture & flavoring, etc.
Geographically, the Global Pea Protein Market expands across:
Amongst all regions globally, North America dominated the market with the largest share in recent years, and the same trend is likely to be followed during 2021-26. It owes principally to the mounting consumer inclination toward consuming gluten-free products due to the rising awareness about their benefits like improved energy levels, better weight management, reduced health issues like joint pain, bloating, frequent headaches, and improved bone health.
The sports & fitness sector in North America is expanding swiftly and becoming a prominent consumer of pea protein. It is principally for producing dietary supplements like energy drinks, protein shakes, & other dietary food. As a result, the leading players in the regional market are increasing their production capabilities and working on manufacturing new fitness & energy-based supplements exhibiting pea protein.
On the other hand, Asia-Pacific is projected to demonstrate the fastest market growth in the coming years, principally due to the exponentially rising population generating massive food requirements and instigating the agriculture sector to increase crop yield. Additionally, growing support from governments of countries like China & India toward expanding the agriculture sector, increasing the crop production, and suffice the food requirements of the burgeoning population is also driving the regional market.
Besides, the burgeoning awareness about the benefits of consuming nutrition-rich food, coupled with the mounting demand for meat substitutes & allergen-free sports & fitness supplements, are other crucial aspects soaring the demand for pea protein across Asia-Pacific. Moreover, growing health concerns in terms of nutritional deficiencies are instigating governments of different countries to spread awareness about the need for healthy & nutrient-rich food supplements, which is another prominent aspect that shall drive the regional market during the forecast period.
Recent Developments by Leading Companies
Key Driver & Opportunity: Increasing Cases of Lactose Intolerance
Since Pea Protein is a non-allergen component, it also falls under the category of gluten & lactose-free food products. As a result, an escalating number of people suffering from lactose intolerance are opting for pea protein. It is generating immense growth opportunities for the leading players in the Global Pea Protein Market to bring new products and expand their product portfolio & scalability.
On the other hand, the population of vegan people is also burgeoning globally & augmenting the need for more production capabilities for pea protein. Due to this, the leading players are witnessing substantial profitability and projecting significant growth potential for the Global Pea Protein Market through 2026.
Possible Restraint: Abundant Availability of Pea Protein Alternatives
The various benefits of pea protein are contributing to their accelerating demand across different regions worldwide. However, the extensive presence of other alternative sources for protein like soy, hemp, rice, pumpkin, chia, sunflower, etc., might act as significant growth restraints for the Global Pea Protein Market during 2021-26. Additionally, the cost of organic products is relatively higher than conventional products, which adds up to another aspect that might reduce the demand for pea proteins among cost-sensitive consumers and hinder the market expansion in the years to come.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Pea Protein Market is projected to grow at a CAGR of around 8% during 2022-27.
A. Isolates are anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Pea Protein Market during 2022-27.
A. people The increasing number of people suffering from lactose intolerance, coupled with the surging number of vegan people, are likely to generate lucrative growth opportunities for the leading players in the Global Pea Protein Market over the forecast years. It, in turn, would enable them to increase their production capacities & introduce new products.
A. In the coming years, the demand for vegetable-based protein products like pea protein supplements is likely to rise significantly, owing to the growing health consciousness among people, which, in turn, would enable the market to witness significant growth opportunities.