(EMAILWIRE.COM, June 28, 2022 ) In recent years, the pea protein market has registered high growth due to the high demand for sources of vegan and vegetarian protein ingredients. The manufacturers are focusing on innovative products and technology with the help of extensive research and development to improve product quality. Over the years, food formulators have incorporated pea protein content as a criterion in choosing new products. Pea proteins are one of the promising ingredients for food and beverage design as they impact nutritional and technological properties when added into foodstuff. Pea proteins are emerging as a popular alternative to conventional animal and soy proteins due to their high protein content, stimulating functionality, sustainability, availability, affordability, and hypo-allergenicity.
Moreover, rising concerns regarding lactose intolerance among people increase the demand for alternative protein ingredients sourced from milk and milk derivatives. Pea protein is a key part of a healthy diet due to well-known benefits such as promoting satiety, building lean muscle mass, and improving glycemic control. Meticulous Research®, in its latest publication on the pea protein ingredients market, states that the global market will grow at a CAGR of 15.7% from 2022 to 2029 to reach $1.14 billion by 2029. In terms of volume, global pea protein market is expected to grow at a CAGR of 12.7% from 2022 to 2029 to reach 4.68 million tons by 2029.
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This market is majorly driven by factors, such rising interest in plant-based nutrition, growing health and wellness trend, increasing plant-based food market, rising consumer awareness regarding nutritional benefits offered by pea and pea-based products, and accelerated focus of key players on the development of innovative pea protein ingredients. Additionally, growth opportunities in emerging markets and increasing launching of pea protein-based products. However, a significant preference for animal-based proteins hinders the growth of this market. On the other hand, consumer preference for other plant protein over pea protein poses a great challenge to the global plant-based protein manufacturers.
To provide efficient analysis, Meticulous Research® has segmented this market based on type (pea protein isolates, pea protein concentrates, textured pea protein, pea protein hydrolysate, pea flour, and others pea protein), source (GMO and Non-GMO), source process (conventional and organic), processing method (dry and wet), form (powder and liquid), application (nutrition and health supplements, alternative meat products, bakery products, dairy and dairy alternatives, cereals and snacks, beverages, pet food, and others), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa).
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Based on type, the pea protein market is divided into pea protein isolates, pea protein concentrates, textured pea protein, pea protein hydrolysate, pea flour, and other pea proteins. Pea protein isolates are estimated to account for the largest share of the global pea protein market in 2022. The large share of this segment is mainly attributed to its high protein content and high emulsification and stability properties and increased application areas such as high-performance nutrition products and snack products. This segment is also expected to grow at the fastest CAGR during the forecast period due to increasing demand from plant-based product manufacturers.
Based on source process, the pea protein market is segmented into organic and conventional pea protein ingredients. The conventional pea protein ingredients segment is estimated to account for the largest share of the overall pea protein market in 2022. The leading position of this segment is mainly attributed to its lower price than organic protein ingredients, longer shelf life, and availability of substantial crop varieties. However, the organic pea protein ingredients segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to growing organic products sales statistics, the rising trend of clean label products, and the increasing number of certified organic pea produce farms.
Based on the processing method, the pea protein market is segmented into dry and wet. In 2022, the dry processing segment is estimated to account for the largest share of the global pea protein market. The large share of this segment is mainly attributed to low capital requirement, lower energy, and water consumption compared to wet extraction, and high demand from food and beverage manufacturers. However, the wet processing segment is expected to grow at the highest CAGR during the forecast period. This process helps obtain higher yield and purity than the dry processing method.
Based on application, the pea protein market is segmented into nutrition and health supplements, meat and alternative meat products, bakery products, dairy and dairy alternatives, cereals and snacks, beverages, pet food, and others. The nutrition and health supplements segment is estimated to account for the largest share of the global pea protein market in 2022. The large share of this segment is mainly attributed to increased diseases due to improper nutrition; benefits of pea protein in additional nutrition and sports performance; and health and wellness trend. However, the meat and alternative meat products segment is expected to witness rapid growth during the forecast period. The rapid growth of this market is mainly attributed to growing veganism, increasing new product launches, and rising animal diseases.
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Geographically, the pea protein market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is estimated to account for the largest share of the overall pea protein market. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The rapid growth of this region is mainly attributed to the increasing protein-rich diet awareness, increasing health consciousness, booming food & beverages industry, rapid urbanization, a large base of vegan population, and increasing new product launches containing pea protein.
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players operating in this market, including Roquette Freres Le Romarin (France), AGT Food and Ingredients Inc. (Canada), and Cargill, Incorporated (U.S.), Ingredion Inc. (U.S.), Archer Daniels Midland Company (U.S.), E.I. Du pont de Nemours and Company (U.S.), Axiom Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), Glanbia Plc. (Ireland), Cosucra Groupe Warcoing SA (Belgium), Sotexpro (France), Farbest Brands (U.S.), Shandong Jianyuan Foods Co., Ltd. (China), The Emsland Group (Germany), and Nutri-Pea Ltd. (Canada).
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