The global pea protein market is expected to surpass US$ 511.0 million by 2030, exhibiting a CAGR of 9.1% during the forecast period (2023-2030).
For instance, in 2020, North America dominated the global pea protein market with a total share of 44% of global revenue. Increasing demand for gluten-free products, growing incidences regarding Cardiovascular Diseases due to consumption of red meat. North America is expected to drive the pea protein market in the upcoming years.
Driver
Increasing awareness
Increasing awareness regarding the importance of consuming proteins among vegan consumers is projected to foster the market growth. The growing demand for fortified food coupled with the increasing prevalence of various chronic diseases, such as diabetes and cardiovascular diseases, is also projected to augment the growth of the pea protein market .Moreover, growth in the food and beverages industry is further anticipated to boost the market growth. Food being an essential commodity, the demand for food ingredients, such as pea proteins, is expected to rise during the pandemic and post pandemic conditions, worldwide.
Market Opportunities
Advancements in texture properties supporting adoption in baking ingredients
Pea protein has excellent emulsification properties, binding both fat and water for a stable emulsion. This is beneficial for egg replacement and is demonstrated well in Hampton Creek’s Just Mayo, replacing eggs with pea proteins to make vegan ‘mayonnaise.’ It is also helpful in reducing the fat content of salad dressings, with little impact on mouth feel or flavor. For instance, Beyond Meat uses pea proteins for producing meat alternatives, lending a chewy, meat-like texture to its products. It can also be used in ground beef products to act as a binder, increasing the cooking yield of meats.
Restraint
Pea protein is usually considered to have very less side effects
Pea protein is usually considered to have very less side effects. Nevertheless, the side effects associated with protein in the powdered form have been challenging the industry growth. Pea protein in especially present in the powder form and it may contain high amount of sodium which may lead to health issues for those having a sodium-restricted diet. Consuming such kind of protein can lead to various side effects like weight gain, decreased kidney function and joint pain. Such factors are expected to hamper the market growth over the forecast period.
Key Takeaways:
- On the basis of application, in 2021, the dietary supplements segment accounted for the largest market share of 41.3% in terms of value, followed by bakery and snacks and beverages segment respectively.
- The isolates segment led the market and accounted for a market share of 47% worldwide in 2020. Isolates are used as nutritional supplements in energy drinks, fruit mixes, meat products, and bakery products as they have good emulsification and non-allergic properties.
Market Trends
The consumption of diet rich in protein content has increased significantly over the past years due to increased awareness regarding health among people worldwide. Due to busy lifestyles, people are not able to consume protein rich regularly, which prompts them to seek for packaged protein-rich foods. Thus, packaged food industries are fortifying foodstuffs with nutritious ingredients especially protein ingredient. Rising incidences of chronic illness due to changing lifestyles and growing fitness trends, particularly among the teenage population, are the key factors driving the adoption of protein-rich food products. In Africa-based countries, child malnutrition has been a serious concern which is primarily caused by protein-deficit food. Therefore, higher emphasis on protein-rich diet, such as pea protein, is being promoted in Africa-based countries, which, in turn, is expected to drive the demand for high protein foods like pea.
Competitive Section:
- Company Names
- Burcon Nutrascience
- Cosucra Groupe Warcoing
- Nutri Pea Limited
- Sotexpro, Roquette Freres
- Glanbia Plc
- Fenchem Biotek Ltd
- Prinova Group LLC
- Yantai Shuangta Food Co.
Detailed Segmentation:
- By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
- By Type
- Isolates
- Concentrates
- Textured
- By Application
- Bakery and Snacks
- Dietary Supplementation, Beverages,
- Meat Analogs/Substitutes
