Dublin, April 13, 2022 (GLOBE NEWSWIRE) -- The "Pea Protein Market by Type (Pea Protein Isolate, Pea Protein Concentrate, Pea Flour), Source (Yellow Pea, Green Pea), Source Process (Conventional, Organic), Application (Nutritional Supplements, Meat Alternatives) - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
Global Pea Protein Market is expected to reach $1.14 billion by 2029, growing at a CAGR of 15.7% during the forecast period of 2022 to 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.
This market is majorly driven by 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, many emerging economies of Southeast Asia, the Middle East & Africa, and Latin America have seen fast and significant changes in food consumption levels and patterns over the recent years. This is mainly due to the abundant availability of sources and increasing health & wellness trend.
To exploit the opportunities present in these emerging markets (Southeast Asia, Latin America, and Middle East & Africa), investment and expansion plans are being implemented by the leading pea protein manufacturers to increase production capacity and market reach to meet the expected demand growth.
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 & stability properties and increased application areas, such as high-performance nutrition and snack products. However, pea protein hydrolysate segment is expected to grow at the fastest CAGR during the forecast period.
Based on the source process, the pea protein market is segmented into organic and conventional pea protein.
The conventional pea protein 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, longer shelf life, and availability of substantial crop varieties. However, the organic pea protein 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 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 trends.
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.
In 2022, North America is estimated to account for the largest share of the overall pea protein market. North America's prominent position in the pea protein market is primarily attributed to the well-established food and beverage industry, rising concerns over animal products and protein, increasing vegan population, growing preference for meat alternatives, increasing demand for healthy & nutritional products, huge pea production, and large presence of pea protein manufacturers.
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.
Key Questions Answered in the Report:
- What are the high growth market segments in terms of type, source, source, processing method, form, application, and countries?
- What is the historical market for pea protein across the globe?
- What are the market forecasts and estimates for the period of 2022-2029?
- What are the major drivers, restraints, challenges, trends, and opportunities in the global pea protein market?
- Who are the major players in various countries, and what share of the market do they hold?
- How is the competitive landscape?
- What are the recent developments in the global pea protein market?
- What are the different strategies adopted by the major players in the market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global pea protein market, and how do they compete with the other players?
Market Insights
Drivers
- 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
- Accelerated Focus of Key Players on Development of Innovative Pea Protein Ingredients
Restraints
- Significant Preference for Animal-Based Protein
Challenges
- Consumer Preference for other Plant Protein over Pea Protein
Opportunities
- Growth Opportunities in Emerging Markets
- Increasing Launching of Pea Protein-Based Products
Trends
- Growing Investments in the Pea Protein Market
Pricing Analysis
- Introduction
- Pea Protein Isolates
- Pea Protein Concentrates
- Textured Pea Protein
- Pea Protein Hydrolysate
- Pea Flour
- Others Pea Protein
The key players operating in the global pea protein market are
- Roquette Freres Le Romarin (France)
- AGT Food and Ingredients Inc. (Canada)
- 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)
- Nutri-Pea Ltd. (Canada)
Scope of the Report:
Pea Protein Market, by Type
- Pea Protein Isolates
- Pea Protein Concentrates
- Textured Pea Protein
- Pea Protein Hydrolysate
- Pea Flour
- Others Pea Protein
Pea Protein Market, by Source
- Yellow Pea
- Green Pea
Pea Protein Market, by Source Process
- Conventional Pea Protein
- Organic Pea Protein
Pea Protein Market, by Processing Method
- Dry
- Wet
Pea Protein Market, by Form
- Dry
- Liquid
Pea Protein Market, by Application
- Nutrition and Health Supplements
- Alternative Meat Products
- Bakery Products
- Dairy and Dairy Alternatives
- Cereals and Snacks
- Beverages
- Pet Food
- Others
Pea Proteins Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/1ej66
