The pea protein market revenue totaled US$ 3.2 Bn in 2021, according to Future Market Insights (FMI). Exhibiting a CAGR of 14.2% for 2021-31, the market is expected to reach US$ 12.31 Bn by 2031.
The market’s growth trajectory is projected to stay positive, steered by rising demand for sports nutrition and nutraceutical products. As per FMI analysis, sports nutrition and nutraceutical will account for more than 41% of global pea market value share, exhibiting impressive growth through the forecast period.
Millennial consumers are increasingly concerned about their health and nutrition, which has led to increased adoption of organic and natural food, free of additives, with non-GMO certifications. This trend is expected to increase demand for pea protein in the global market.
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Clean-label food products are becoming popular in the market. Pea protein is usually non-GMO and gluten-free. Therefore, it ideally falls in clean-label food categories. Rising demand for vegan, non-GMO, gluten-free and organic products in the food industry bolster demand in the pea protein market.
A growing millennial population is likely to create opportunities for food and beverage manufacturers. North America and Europe will continue to exhibit high demand for pea protein, while South Asia will emerge as a lucrative region for market players.
“The number of vegans and vegetarians on a global scale has risen dramatically in recent years as consumers actively pursue sustainable lifestyles. Following this trend, there has been an increase in demand for vegan and natural products, creating a favorable environment for growth of the market through the coming decade,” says a lead analyst at FMI.
Impact of the COVID-19 Crisis on the Pea Protein Market
The COVID-19 pandemic had a significant impact on consumer food purchasing patterns. Consumers are focusing on food products that will help bolster immunity. Moreover, pea protein is a rich source of iron and it helps to improve the health and strength of consumers.
Consumer inclination for plant-based foods in place of conventional animal-based diets are helping the market gain traction.
Key Takeaways from the Pea Protein Market Study:
- The U.S. pea protein market leads in North America and accounts for 82% in 2021. Rising awareness towards personal health from millennials aids growth.
- Germany leads the Europe market, supported by the presence of key food processing units, accounting for nearly US$ 222 Mn in 2021.
- Japan is emerging as a high potential market in East Asia, reflecting a 18% CAGR through 2031, driven by demand in the cosmetic and personal care sector.
- Conventional pea protein holds a share of 90.8% of the global pea protein market in 2021, supported by easier access to raw materials.
- Protein isolates, driven by high protein content accounted for a market share of 46.3% in 2021 of the global market.
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Pea protein manufacturers are largely focusing on offering products through various online retailers to meet the needs of the vast global consumer base. Efforts towards complying with quality expectations for pea protein products are gaining traction in the industry.
Some of the leading companies offering pea protein products include Glanbia Plc., Roquette Frères, Cargill Inc., Kerry Group PLC, DuPont De Nemours Inc., The Scoular Company, Puris Proteins LLC, Burcon NutraScience Corporation, Cosucra Groupe Warcoing S.A., Bata Food, Shandong Jianyuan Group, Axiom Foods, Inc., The Green Lab LLC and others.
Pea Protein Market by Category
By Product Type:
- Protein Concentrates
- Protein Isolates
- Textured Protein
- Hydrolyzed Protein
By End Use:
- Food Processing
- Meat Alternatives
- Bakery Products
- Snacks & Cereals
- Meat-Based Products
- Functional Beverages
- Animal Feed
- Pet Food
- Sports Nutrition
- Infant Nutrition
- Cosmetic and Personal Care
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Key Questions Answered in the Report
- What is the pea protein market size?The overall pea protein market is projected to surpass US$ 3,275.4 Mn in 2021.
- At what rate did the pea protein market grow in the last five years?Demand in the pea protein market increased at 11.4% CAGR between 2016 and 2020.
- What are the key trends shaping the pea protein market?Market players are likely to focus on exploring potential new applications to leverage previously untapped revenue streams.
- What is the share of the leading pea protein companies?Leading pea protein companies include Cosucra Groupe Warcoing, Nutri Pea Limited, Sotexpro, Roquette Freres, Glanbia Plc who cumulatively account for 45% of the market.
- What is the North America pea protein market outlook?North America is dominating the global pea protein market and will exhibit a market value share of 33.4% in 2021.
- Which countries are key producers of pea protein?The U.S., Brazil, Canada, China and India are the leading producers of pea protein products.
- How is Europe contributing to the global pea protein market?The Europe pea protein market is expected to account for value share of 27.2% in the year 2021.