Chicago, July 19, 2024 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, the pea protein market size is projected to reach $3.7 billion by 2029 from $2.1 billion by 2024, at a CAGR of 12.0% during the forecast period in terms of value. The increasing awareness of health and wellness among consumers presents an opportunity for pea protein to be positioned as a natural and healthy ingredient.
Companies can capitalize on this trend by developing and marketing products that align with consumer preferences for healthier alternatives. In recent years, a discernible shift in consumer preferences towards sustainable and health-conscious choices has spurred a demand for natural ingredients. This evolving consumer mindset, in conjunction with the surge in plant-based alternatives, is significantly influencing the pea protein market.
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Pea protein isolates play a crucial role in the pea protein market, contributing to its versatility and functional properties, making it a sought-after ingredient. Pea protein isolate contains a high concentration of protein, typically around 80-90% protein by weight.
This makes it an attractive option for individuals seeking to increase their protein intake, particularly those following plant-based diets or with specific dietary restrictions. Pea protein isolate has a neutral flavor profile, allowing it to be seamlessly incorporated into a wide variety of food and beverage products without significantly altering taste or texture. This versatility makes it a popular choice for formulating protein bars, shakes, plant-based meats, dairy alternatives, baked goods, and more.
Pea protein serves as a key ingredient in plant-based meat alternatives, such as burgers, sausages, nuggets, and meatballs. Its ability to mimic the texture and mouthfeel of animal meat, combined with its high protein content, makes it an ideal choice for formulating meatless products that appeal to vegetarians, vegans, and flexitarians.
Pea protein is a popular ingredient in nutritional supplements, including protein powders, protein bars, and meal replacement shakes. It provides a convenient and versatile source of high-quality protein for individuals looking to support their fitness goals or maintain a balanced diet. The versatility, nutritional benefits, and functional properties of pea protein make it a valuable ingredient in a wide range of food applications, catering to the growing demand for plant-based and protein-rich products in the food industry.
The growing awareness of the environmental impact of animal agriculture has prompted consumers to seek more sustainable protein alternatives. Pea protein production requires significantly fewer natural resources and emits fewer greenhouse gases compared to animal-based proteins like beef or chicken. As a result, it aligns with the increasing consumer preference for eco-friendly and ethically sourced products.
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Europe plays a significant role in the global pea protein market, with a well-established presence in various food & beverage industries. Several companies in Europe are actively involved in the production and distribution of pea protein. These companies often cater to diverse food & beverage industries, meeting the demand for natural and plant-based ingredients. The pea protein market in Europe is expected to continue evolving in response to changing consumer preferences, technological advancements, and industry developments. Sustainability, innovation, and compliance with regulatory standards are likely to remain key factors shaping the market.
Key players operating in the pea protein market include Roquette Frères (France), ADM (US), Ingredion (US), Kerry Group Plc. (Ireland), and Glanbia PLC (Ireland), Cargill Incorporated (US), International Flavors and Fragrances Inc. (US), Puris (US), Emsland Group (Germany), and Yantai Shuangta Foods Co., Ltd. (China). These players in this market are focusing on increasing their presence through expansion and collaboration. These companies have a strong presence in North America, Asia Pacific, and Europe.
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