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Press Release: Pea Protein Market to reach around US$ 117.0 million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
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.
The global pea protein market is projected to reach around US$ 117.0 million by the end of 2027, in terms of revenue, growing at CAGR of 12.2% during the forecast period (2020-2027).
Drivers:
Growing demand for gluten-free products along with the rising popularity of plant-based protein is primarily fueling the market growth of the pea protein. Rising demand for pea protein from dietary supplements and functional food and beverages is also expected to augment the market growth of the pea protein. Rising health awareness among consumers is propelling the demand for dietary supplements. All these factors are predominantly accelerating the market growth of pea protein.
Increasing awareness regarding the importance of consuming protein among vegan consumers is projected to foster the market growth. Growing demand for fortified food coupled with the increasing prevalence of various chronic disease such as diabetes and cardiovascular disease is also projected to augment the market growth of the pea protein. Moreover, growth in the food &beverage the industry is further anticipated to surge the market growth.
Figure 1. Global Pea Protein Market Share (%) in terms of Value, By Region, in 2019
Europe region dominated the global pea protein market in 2019, accounting for 36.1% share in terms of value, followed by Europe and Asia Pacific, respectively.
Market Restraints
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 pea protein.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 46.9 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 12.2% | 2027 Value Projection: | US$ 117.0 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Burcon Nutrascience, Cosucra Groupe Warcoing, Nutri Pea Limited, Sotexpro, Roquette Freres, Glanbia Plc., Fenchem Biotek Ltd., Prinova Group LLC, and Yantai Shuangta Food Co. |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Opportunities
Shifting consumer’s preferences for plant-based beverage formulations is expected to serve major growth opportunities to the market of pea protein. For instance, in October 2018, DuPont launched pea protein for beverages. A new pea protein ingredient called TRUPRO 2000 is designed specifically for beverage applications. TRUPRO 2000 delivers superior flavor and mouth feel performance in beverage powders. Hence, the growing demand for plant-based beverage formulations is expected to accelerate the market growth.
Growing demand for high protein formulations among health-conscious consumers is projected to offer lucrative opportunities to the the market of pea protein. The rising number of people visiting the gym and diet center that recommend people to consume a rich source of protein food products, energy drinks, and other healthy food products is further expected to augment the market growth. Thus, rising demand for high protein formulations is projected to foster the market growth of pea protein.
Figure 2. Global Pea Protein Market– Opportunity Analysis
Market Trends
Increasing launch of meat substitute with high protein content is expected to be a major trend in the market of pea protein. For instance, in October 2019, Nestlé 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.
Figure 3. Global Pea Protein Market Share (%) in terms of Value, By Application, in 2019
On the basis of application in 2019, the dietary supplements segment has accounted the largest market share of 41.3% in terms of value, followed by bakery & snacks and beverages segment respectively.
Regulations
Europe
Commission Regulation (EC) No. 1170/2009 of November 30, 2009, An amendment of Directive 2002/46/EC, lists the vitamins, minerals and their chemical forms that can be used in the manufacture of dietary supplements, as well as chemical forms of vitamins and minerals that can be added to food
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 & beverages industry and in turn has changed the dynamics of entire ecosystem including raw material suppliers supplying food ingredients. Lockdown in various nations such as India, China and Spain, among others and cease in the subsequent trade activities has paralyzed the supply chain. Lockdown in various countries is expected to impact supply chain system of pea protein, which will hamper growth of pea protein market for short period.
Competitive Section:
Company Names
Few Recent Developments
Roquette Freres
In December 2019, Roquette 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.
Pea protein is derived from yellow/green pea and is used as an additive across various food applications such as beverages, bakery, and snacks. Pea protein is considered as an ideal alternative of protein derived from a dairy product such as yogurts as some people are allergic to dairy proteins. Pea protein serve various health benefits such as it enhances the overall metabolism of the body and also regulate the blood sugar level.
Market Dynamics
The ongoing trend of vegetarianism due to growing popularity of vegan food products is expected to foster the market growth of pea protein. According to The Vegan Society, meat substitute sales grew by 451% in the European market in the four years to February 2018. Moreover, the UK meat-free market is estimated to grow from £559m in 2016 to £658m in 2021. Thus, a growing number of vegetarian populations are expected to surge the market growth.
Growth in the retail industry such as supermarkets and hypermarkets is expected to accelerate the market growth of the pea protein. According to the India Brand Equity Foundation, the Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. The retail industry reached US$ 950 billion in 2018 at CAGR of 13 percent and expected to reach US$ 1.1 trillion by 2020.
The technical issue associated with the processing of end products as extracting pea protein from yellow peas is little complex is projected to restrict the market growth. Extraction of pea protein requires several stages before processing of the end product.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
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