Sales in the pea protein ingredients market are estimated to total US$ 1.25 Bn in 2021. As per Future Market Insights (FMI), the overall market value is expected to reach US$ 2.5 Bn by 2031, rising at a CAGR of 7.2% between 2021 and 2031.
Rising demand from various end-use industries such as bakery & snacks, beverages and others is expected to fuel pea protein ingredients market growth during the forecast period. Increasing preference for natural ingredients in food products also will continue pushing sales in the pea protein ingredients market.
Future Market Insights projects the global pea proteins market to expand at a healthy 7.2% CAGR between 2021 and 2031, in comparison to the CAGR of 6.4% registered between 2016 and 2020.
Expansion of the pea protein ingredients market is attributable to increasing consumer awareness regarding benefits of preventative healthcare. Consumers are opting for healthy plant-based proteins such as pea protein to achieve the right balance of nutrients as a preventative measure against diseases caused due to nutrient deficiency.
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Apart from health benefits, sales of pea protein ingredients are expected to increase as a result of high demand among vegans. Also, the rising prevalence of cardiovascular diseases will result in higher sales of pea protein ingredients as consumers show higher inclination for healthy diet. Besides this, the demand for plant-based protein in sports nutrition will improve the sales in the pea protein ingredients market.
Rising popularity of pea protein can be attributed to its high protein content, sustainability, availability, intriguing functionality, affordability, and hypoallergenic properties. Owing to these benefits, various food and beverage companies are incorporating pea protein ingredients in their products. This is expected to propel sales of pea protein ingredients in the forthcoming years.
Along with being an affordable and sustainable plant-based protein, pea protein ingredients are a good source of immune-supporting supplements. The COVID-19 pandemic has prompted millions of people to shift to healthier diet, which in turn is spurring demand for pea protein ingredients.
“Growing consumer preference for natural and organic food products and increasing concerns pertaining to animal welfare are expected to boost the market. In order to cater to surging requirements, manufacturers are introducing new products, which augmenting sales in the market,” says a FMI analyst.
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Key Takeaways from Pea Protein Ingredients Market Study
• North America is expected to account for over 79.2% of pea protein ingredients sales, with the U.S. dominating the market on the back of rising consumption of clean label food products
• The U.K. pea protein ingredients market will account for 14% of market share in 2021
• China’s pea protein market will surpass US$ 64.3 Mn in 2021 on the back of growing demand for sustainable and affordable vegan protein products
• In terms of product, isolate pea proteins are expected to hold the lion’s share owing to their high-quality nutrition and growing adoption among lactose-intolerant people
• Sales of pea protein ingredients in bakery sector are expected to surge at 9.9% CAGR through 2021.
Key Drivers
• Growing demand for plant-based products and increasing trend for vegan lifestyle will accelerate the growth in the market.
• Absence of allergen properties in pea-protein ingredients as compared to other conventional plant-based proteins is expected to improve the adoption
• Declining consumption of meat products due to intolerance of animal protein is likely to boost the market
Key Restraints
• High cost of extraction and processing pea protein ingredients is anticipated to create the challenge for market players
• Lack of processing outputs in emerging and low-income economies resulting in limited supply to hamper the sales.
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Competitive Landscape
Some of the leading companies offering pea protein ingredients are A&B Ingredients Inc., Nutri Pea Ltd, Archer Daniels Midland Company, Kerry Group PLC., Cargill Incorporated, The Scoular Company, Axiom Foods, Inc., Batory Foods, PLT Health Solutions, Prinova Group LLC, and others.
Leading players operating in the global pea protein ingredients market are focusing on research and development to launch new products to cater to growing vegan consumers. Apart from this, players are investing in mergers, acquisitions and strategic collaborations to strengthen their presence in the pea protein ingredients market.