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The Pea Protein Market size is projected to increase by USD 203.32 million. and the market size is estimated to grow at a CAGR of 12.24% between 2022 and 2027. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
The market growth is driven by the high nutrient profile of the pea protein and its rapid product expansion. These products ranks third in the global vegetable protein market, after soy and wheat protein. With 85% protein, essential amino acids, and other nutrients, it's highly sought after for food and beverage products. Major players like Ingredion and Roquette Freres have introduced new isolates, boosting market revenue during the forecast period. It also includes an in-depth analysis of drivers, trends, and challenges.
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Rising demand for hydrolyzed products is the key trend in the market. The need for this product, which are produced by acids, enzymes, or other hydrolysis processes, has surged recently. Due to their multiple functional and health benefits, this material is used in a wide range of applications across numerous industries, particularly in the food, beverage, and cosmetics sectors.
Moreover, the usage of these materials in food and beverages has expanded as a result of a variety of functional qualities. They are more capable of retaining water than other hydrolyzed plant proteins and have emulsifying and gelling capabilities. Due to these properties, such products are helpful in various food and nutritional application needs. The health benefits and functional benefits of this material have increased their application in various industries, which is expected to drive the growth of the market during the forecast period.
The growing competition among vendors is the major challenge impeding market growth. Due to the existence of numerous regional and international sellers, the market is fragmented. It is defined by competition between the big vendors who provide items with differentiating qualities, prices, and other characteristics. This presents a problem for new competitors and limits the market's expansion. The market is dynamic and the major players operating in the market face intense competition.
Moreover, the high competition among the existing vendors will reduce the customer base for new vendors. Increased competition among incumbent suppliers is detrimental to new entrants entering the market as it reduces the new entrant's share of gross profit margins, thereby threatening the competitiveness of new entrants. Hence, high competition in the market is a challenge for new vendors entering the market.
The market is witnessing substantial growth due to its high protein concentration, nutritional properties, and diverse applications. It caters to various dietary needs including vegan, Gluten-based proteins or dairy intolerance, and lactose-free diets. Its benefits range from aiding muscle conservation, and metabolism, to supporting brain function and calcium absorption. The market addresses growing concerns such as depression, anxiety, and cardiovascular diseases while meeting demands in sports nutrition, senior, and child nutrition sectors. With its multi-use potential, including in bakery, confectionery, and meat products, the market is driven by increasing consumer awareness and preferences towards health supplements and alternatives to animal-based proteins.
This material is widely utilized in dietary supplements due to its richness in branched-chain amino acids, especially arginine, which improves blood flow and aids muscle growth. It is easily digestible and suits various diets. The increasing prevalence of lifestyle diseases like obesity has led to a rise in protein usage in weight loss formulations. This powder is gaining global popularity for healthy weight loss. Its consumption helps build muscles, reduce weight, and lower cholesterol and blood pressure. Athletes prefer it for high protein intake without soy or dairy. The product also regulates hunger hormones and boosts energy conversion, making it a sought-after choice for health-conscious individuals.
The market share growth by the isolates segment will be significant during the forecast period. Isolates are recognized as one of the most valuable sources of protein. These isolates are made from different extraction methods and are derived from yellow peas. They are processed using a cold-water filtration method to remove much of the added fiber and starch content that is naturally occurring within the pea.
The Isolates segment was valued at USD 74.83 million in 2017.
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Isolate retains the natural flavor of peas and is safe to use in a variety of foods such as pancakes and bread. Due to their high binding properties, the isolates can be easily incorporated into meat substitutes. It can also be textured to produce products with a meaty consistency and appearance. In addition, isolate is widely used in the processed food industry because it is cleanly labeled, allergen-free, and inexpensive compared to other proteins. commodities are expected to witness significant growth over the forecast period.
North America is estimated to contribute 38% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The North American region is expected to grow significantly during the market forecast period owing to increasing demand for plant-based foods containing this material in several North American countries. Consumers are increasingly shifting to consuming plant-based proteins due to their superior nutritional value and various health benefits. Growing awareness of the benefits of the above, and an increasing number of new product launches, are some of the factors driving the adoption of plant-based proteins in North America.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market has witnessed significant growth and is fuelled by the rising demand for sustainable and nutritious alternatives in the food and beverage industry. Plant-based protein sources, are gaining popularity among health-conscious consumers and the growing vegan population. In addition, pea protein offers nutritional benefits, including heart health, making it a preferred choice in sports nutrition products and functional foods.
Moreover, its emulsification properties, fat and water binding capabilities, and egg replacement features make it versatile in various food applications, including salad dressings and meat alternatives. However, the market faces challenges such as limited supply due to unstable pea production and supply constraints, particularly in the Textured pea protein segment. Despite these challenges, the plant-based pea protein sector continues to thrive, providing healthy meat and dairy substitute products for consumers focused on health and wellness. Businesses and investors recognize the potential of this material in addressing the demand for environmentally conscious and healthy food choices, contributing to the growth of the industry.
The global market is experiencing substantial growth, driven by an increasing demand for healthy and environmentally conscious food choices. This trend is particularly evident in the food & beverage and pet food industries. As consumers embrace gluten-free products, functional foods, and beverages, the consumption has surged. The low processing outputs of the product make it an attractive alternative, especially compared to soy protein. With versatile applications in baking ingredients, mouthfeel enhancement, and ground beef products, these materials offers granule size variations, sourced from yellow split peas or in dry form. Its inclusion in performance nutrition, snacks, and plant-based products aligns with the rising trends of veganism, promoting health and wellness benefits in the health & fitness industries.
The report forecasts market growth analysis by revenue at global, regional & country levels and provides a market analysis and report of the latest market trends and analysis and growth opportunities from 2017 to 2027.
Pea Protein Market Scope |
|
Report Coverage |
Details |
Page number |
182 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.24% |
Market growth 2023-2027 |
USD 203.32 million |
Market structure |
USD Fragmented |
YoY growth 2022-2023(%) |
11.34 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 38% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
A and B Ingredients Inc., AGT Food and Ingredients Inc., AM Nutrition, Archer Daniels Midland Co., Axiom Foods Inc., Cargill Inc., COSUCRA, DuPont de Nemours Inc., Emsland Starke GmbH, Herba Ingredients BV, Ingredion Inc., Meelunie BV, NutriPea LP, Parrish and Heimbecker Ltd., Puris, Roquette Freres SA, Shandong Jianyuan group, The Scoular Co., Vestkorn Milling AS, and Yantai Shuangta Food Co. Ltd. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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