PEA PROTEIN MARKET ANALYSIS

The global pea protein market is projected to reach around US$ 511.0 Millions by the end of 2030, in terms of revenue, growing at a CAGR of 9.1% during the forecast period (2023-2030).

Global Pea Protein Market- Impact of Coronavirus (Covid-19) Pandemic

Food being an essential commodity, the demand for food ingredients such as pea protein is expected to rise during the pandemic and post pandemic conditions, worldwide. Having said that, Coronavirus (Covid-19) has majorly impacted the food and beverages industry and, in turn, has changed the dynamics of the entire ecosystem including raw material suppliers supplying food ingredients. Lockdown in various nations, such as India, China and Spain and others have observed a check in the posterior trade conditioning that have paralyzed the force chain. Lockdown in various countries is expected to impact the supply chain of pea proteins, which will hamper the growth of the global pea protein market for a short period.

Global Pea Protein Market: Drivers

Growing demand for gluten-free products along with the rising popularity of plant-based proteins

The growing demand for gluten-free products along with the rising popularity of plant-based protein is primarily fueling the global pea protein market growth of the pea protein. The rising demand for pea proteins from dietary supplements and functional food and beverages is also expected to augment the global pea protein market growth  .Rising health awareness among consumers is propelling the demand for dietary supplements. All these factors are predominantly accelerating the market growth of pea protein market

For instance, In December 2019, Roquette, a French-based family owned company engaged in production of food products from the starch extracted from corn, wheat, potatoes and peas announced the expansion of its range of premium plant based proteins for the meat alternative sector at Food Ingredients Europe (FIE 3-5 December 2019). Roquette adds two plant-based textured proteins, one from peas and one from fava beans.

Global Pea Protein Market: Restraints

Availability of low cost alternatives

 Availability of low cost alternatives, such as milk protein, egg protein, wheat protein, and soy protein, which are widely used in dietary supplements is expected to hinder the market growth of global pea protein market. Several local manufacturers do not use proper raw materials, which causes allergies among users consuming them.

Market Opportunity

Growing number of fitness centers

The rise in female participation and the expansion of fitness center facilities are anticipated to drive the market expansion over the forecast period. Environmentally-safe pea proteins are available. Consumers prefer ecological and allergen-free products as they become more aware of the benefits of pea proteins. During the forecast period, there will be chances for growth due to the rising demand for allergen-free pea protein products.

Market Trends

Increasing launch of meat substitutes with high protein content is expected to be a major trend

The plant-based protein segment held the largest revenue share of 34.8% in 2021 and is expected to maintain dominance over the forecast period. For instance, in October 2019, Nestlé the world's largest food and Beverage Company launched Nestlé's Awesome Burger, a plant-based patty that looks and tastes like meat. Moreover, pea protein is also used in meat products as a texture improving agent in the meat processing. All these factors are projected to foster the market growth of the pea protein.

Global Pea Protein Market: Key  Developments

• In November 2021, Roquette launched the world’s largest pea protein factory, strengthening its leading position in the worldwide. Roquette now has the world’s largest pea protein source, as well as some of the world’s greatest experts in producing novel plant-based meals.
• In April 2022, Cargill, a private food corporation based in the U.S., is expanding RadiPure pea protein, a product which offers solubility and flavor, that customers need for food product development in the Middle East, Turkey, Africa (META), and India, as more people want to incorporate plant-based meals into their diets. This move will enable food and beverage industries in the market to adapt to changing market trends and capture a huge target market.
• In December 2019, Roquette, a French-based family owned company engaged in production of food products from the starch extracted from corn, wheat, potatoes and peas announced the expansion of its range of premium plant based proteins for the meat alternative sector at Food Ingredients Europe (FIE 3-5 December 2019). Roquette adds two plant-based textured proteins, one from peas and one from fava beans.

Global Pea Protein Market: Market Segmentation

Figure 1.  Pea Protein Market Share (%) in terms of Value, By Region, in 2022

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North America dominated the global pea protein market in 2022, accounting for 37% share in terms of value, followed by Europe and Asia Pacific, respectively.

Global Pea Protein Market Share: By Application

On the basis of application in 2022, the Dietary Supplementation segment accounted for the largest market share of 42% in terms of value.

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Global Pea Protein Market Share: Key Companies

The key companies operating in the market are Burcon Nutrascience, Cosucra Groupe Warcoing, Nutri Pea Limited, Sotexpro, Roquette Freres, Glanbia Plc., Fenchem Biotek Ltd., Prinova Group LLC, and Yantai Shuangta Food Co.

*Definition: Pea protein is a plant-based protein that is derived from yellow and green peas. They are widely used in protein supplements and various food applications. Pea protein is a rich source of essential amino acids that are required for the healthy functioning of the body. Consumption of pea protein enhances the blood circulation and calcium absorption in the body. Moreover, it also stimulates the healthy growth of the muscles.