Pea Protein Market Primed to Exceed USD 641.34 Million by 2030 Unleashing a Plant-Powered Revolution

The global pea protein market is projected to witness significant growth due to increasing demand for plant-based protein sources in various industries

AUSTIN, TX, UNITED STATES, February 28, 2024 /EINPresswire.com/ -- According to the SNS Insider report, the 𝐏𝐞𝐚 𝐏𝐫𝐨𝐭𝐞𝐢𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 Size stood at USD 234.51 million in 2022, poised to catapult to USD 641.34 million by 2030, exhibiting a remarkable CAGR of 13.4% during the forecast period 2023-2030.
A confluence of health trends, environmental considerations, dietary preferences, and industry innovations collectively propels the growth of the pea protein market. As these factors continue to evolve, the market is poised for sustained expansion, offering opportunities for both established players and new entrants in the food and beverage industry.

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Some of the major key players studied in this report are:
Farbest Brands/Farbest-Tallman Foods Corporation, Roquette Freres Le Romarin, Burcon Nutrascience Corporation, Cosucra Groupe Warcoing SA, and Shandong Jianyuan Foods Co., Ltd,A&B Ingredients, Glanbia, Plc., Nutri-Pea Limited, Sotexpro SA, Axiom Foods, Inc.

Market Report Scope
The exponential growth of the pea protein market is propelled by escalating demand for plant-based protein sources amidst increasing consumer awareness of health and environmental sustainability. Pea protein, recognized as a sustainable and nutritious alternative, finds extensive applications across various industries including food & beverage, pet food, feed, textile, and pharmaceuticals. Factors such as the rise in vegan population, popularity of plant-based foods, and the nutritional benefits of pea-based products are driving market expansion. Pea protein, sourced from environmentally beneficial peas, not only offers a hypoallergenic solution but also serves as a complete protein source containing all essential amino acids crucial for human health. Moreover, the emulsification properties of pea protein enable its diverse applications in food products, including meat alternatives, salad dressings, and baked goods, thereby amplifying its market demand.

Market Analysis
Pea protein exhibits exceptional emulsification properties, making it a versatile ingredient for a wide range of applications. Its ability to bind both fat and water lends itself well to various food formulations, including vegan mayonnaise, meat alternatives, and bakery products. Furthermore, pea protein's hypoallergenic nature and nutritional profile make it an ideal choice for consumers seeking plant-based protein sources. The market dominance of pea protein isolates and concentrates stems from their superior emulsification and allergen-free characteristics, making them preferred choices for dietary supplements, plant-based meat products, and bakery items. Additionally, the surge in demand for finished pea protein, owing to its fibrous content and energy-boosting properties, further accentuates its dominance in the market.

Segmentation Analysis
• By Application
The versatility of pea protein shines through in various applications, from nourishing cocktail syrups to energy powders, oat bars, and soups. Its role in muscle development, bone health improvement, and glucose level regulation positions pea protein as a valuable component in the production of meat products, catering to the growing demand for vegan dietary habits.
• By Product
Pea protein concentrates, renowned for their excellent emulsification and high digestibility, dominate the market in weight control and dietary supplement applications. Segregates find extensive use in plant-based meat products, energy drinks, fruit blends, and bakery items due to their emulsification properties and hypoallergenic attributes. The finished pea protein, with its fibrous content, is embraced in energy powders and fruit juice blends, reflecting a diverse range of applications.

Growth Factors
• The global shift towards healthier lifestyles and dietary preferences has become a prominent driver for the pea protein market. Consumers are increasingly adopting plant-based diets for various health benefits, including weight management, cardiovascular health, and improved digestion. Pea protein, as a plant-based and protein-rich ingredient, aligns with these wellness trends, driving its popularity among health-conscious consumers.
• Growing concerns about environmental sustainability and the ecological impact of traditional animal agriculture are influencing consumer choices. Pea protein is recognized as an environmentally friendly alternative, requiring fewer resources for production compared to animal-based proteins. As sustainability becomes a crucial factor in purchasing decisions, the demand for pea protein continues to rise.
• The rise of veganism and vegetarianism is a significant factor contributing to the growth of the pea protein market. Pea protein serves as a vital protein source for individuals following plant-based diets, offering a complete amino acid profile. The surge in the number of people adopting vegan and vegetarian lifestyles globally amplifies the demand for pea protein across various applications.

Key Regional Development
North America holds the largest share in the pea protein market, attributed to its well-established food and beverage industry, increasing concerns over animal products, and a growing preference for meat alternatives. The region benefits from a robust pea production infrastructure and a significant presence of pea protein manufacturers. Conversely, the Asia-Pacific region is poised to witness the highest growth rate, fueled by escalating awareness of protein-rich diets, surging health consciousness, and a burgeoning food and beverage sector. Rapid urbanization, coupled with a large vegetarian population and the introduction of new pea protein-based products, further catalyzes market expansion in the region.

Impact of Covid-19 on Pea Protein Market :
• The impact of Covid-19 on the pea protein market has been significant, with both positive and negative effects. On one hand, the increased focus on health and wellness during the pandemic has led to a surge in demand for plant-based proteins like pea protein. This has resulted in a boost in sales and revenue for companies operating in the pea protein market.
• However, the pandemic has also disrupted supply chains and manufacturing operations, leading to challenges in sourcing raw materials and production delays. This has resulted in some companies facing difficulties in meeting the increased demand for pea protein products.
• Additionally, the economic downturn caused by Covid-19 has led to changes in consumer behavior, with some individuals cutting back on discretionary spending including plant-based products like pea protein. This has impacted sales and growth projections for some companies operating in the market.

Pea Protein Market Opportunities :
• There are several opportunities for growth and expansion in the pea protein market. One key opportunity lies in the increasing demand for plant-based protein sources among consumers looking for healthier and more sustainable alternatives to animal products. Pea protein is a versatile ingredient that can be used in a wide range of food and beverage products, including plant-based meat alternatives, dairy alternatives, snacks, and sports nutrition products.
• Another opportunity for the pea protein market is the growing trend towards clean label and natural ingredients. Pea protein is a clean label ingredient that is non-GMO, gluten-free, and allergen-friendly, making it an attractive option for manufacturers looking to meet consumer demand for transparent and wholesome products.
• Additionally, the pea protein market has the potential to expand into new applications beyond food and beverages. Pea protein has been gaining traction in the pet food industry as a sustainable alternative to animal-based proteins, and there is also potential for its use in cosmetics and personal care products.

Key Takeaways
• The pea protein market is experiencing unprecedented growth driven by increasing consumer demand for sustainable and nutritious plant-based protein alternatives.
• Pea protein's versatility and nutritional benefits position it as a preferred choice across various industries, including food, pet food, and pharmaceuticals.
• North America leads the market, leveraging its well-established food industry and rising preference for meat alternatives, while the Asia-Pacific region emerges as a key growth hub, driven by escalating health consciousness and expanding food and beverage sector.

Recent Developments
In June 2023: Cosucra secured a significant investment to bolster its energy transition strategy and enhance production capacity.
In June 2023: Roquette inaugurated a new Food Innovation Center in France, aimed at accelerating product development and supporting formulators with state-of-the-art facilities and technical assistance.

Pea Protein Market Challenges:
• Limited consumer awareness: One of the major challenges facing the pea protein market is the lack of awareness among consumers about the benefits and uses of pea protein. Many people are still unfamiliar with this plant-based protein source, which can hinder its adoption and growth in the market.
• Competition from other plant-based proteins: Pea protein faces stiff competition from other plant-based proteins such as soy, rice, and hemp protein. These alternatives offer similar nutritional benefits and are already well-established in the market, making it difficult for pea protein to stand out.
• Taste and texture issues: Some consumers find that pea protein has a slightly gritty or chalky texture, which can be off-putting to some individuals. Improving the taste and texture of pea protein products is crucial for increasing consumer acceptance and demand.

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Table of Contents

1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value chain analysis
6. Porter’s 5 forces model
7. PEST analysis
8. Global Pea Protein Market segmentation, By Product
8.1 Isolates
8.2 Concentrates
8.3 Textured
8.4 Hydrolysate
9. Global Pea Protein Market segmentation, By Application
9.1 Meat Substitutes
9.2 Bakery Goods
9.3 Dietary Supplements
9.4 Beverage
9.5 Others
10. Global Pea Protein Market, by region/ country
10.1 Introduction
10.2 North America
10.2.1 USA
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 France
10.3.4 Italy
10.3.5 Spain
10.3.6 The Netherlands
10.3.7 Rest of Europe
10.4 Asia-Pacific
10.4.1 Japan
10.4.2 South Korea
10.4.3 China
10.4.4 India
10.4.5 Australia
10.4.6 Rest of Asia-Pacific
10.5 The Middle East & Africa
10.5.1 Israel
10.5.2 UAE
10.5.3 South Africa
10.5.4 Rest
10.6 Latin America
10.6.1 Brazil
10.6.2 Argentina
10.6.3 Rest of Latin America
11. Company profiles
11.1 A&B Ingredients
11.1.1 Financial
11.1.2 Products/ Services Offered
11.1.3 Swot Analysis
11.1.4 The SNS View
11.2 Glanbia, Plc.
11.3 Nutri-Pea Limited
11.4 Sotexpro SA
11.5 Axiom Foods, Inc.
11.6 Farbest Brands/Farbest-Tallman Foods Corporation
11.7 Roquette Freres Le Romarin
11.8 Burcon Nutrascience Corporation
11.9 Cosucra Groupe Warcoing SA
11.10 Shandong Jianyuan Foods Co., Ltd.
12. Competitive Landscape
12.1 Competitive Bench Marking
12.2 Market Share Analysis
12.3 Recent Developments
13. Conclusion

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