Chicago, April 26, 2023 (GLOBE NEWSWIRE) -- The global pea protein market size was valued at USD 1.7 billion in 2022. The market is estimated to expand USD 2.9 billion by 2027, exhibiting a CAGR of 11.9% over the projected period. Pea protein is an excellent source of protein. It is not only sourced from a sustainable and environmentally beneficial source, but it is also hypoallergenic, making it a perfect solution for anyone with food allergies or sensitivities. MarketsandMarkets™ provides this information in its research report, titled “Pea Protein Market Global Forecast, 2022-2027”.
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Key Industry Development:
The usage of pea proteins has rapidly evolved in the past years, which has contributed significantly to the food & beverage, pet food, feed, textile, and pharmaceutical industrial applications.
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2022-2027 |
| Forecast Period 2022 to 2027 CAGR | 11.9% |
| 2027 Projection Value | USD 2.9 billion |
| Base Year | 2021 |
| Report Coverage & Deliverables | Revenue forecast, company ranking, driving factors, Competitive benchmarking, and analysis |
| Segments covered | Application, Region, Type, Form |
| Regional Insight | Europe, North America, South America, Asia Pacific |
Key Takeaways:
• Pea protein market size was valued at USD 1.7 billion in 2022.
• The demand for pea protein in the global market has been increasing in recent years due to its nutritional value and versatility. Pea protein is a plant-based protein source that is rich in essential amino acids, making it a popular choice for consumers looking for a vegan or vegetarian alternative to animal-based proteins.
• The market is highly competitive, with numerous players operating in the industry. Key players include Rouquette Freres, DuPont, Kerry, Ingredion, Emsland Group etc.
• The Yellow Split Pea in the segment by source is projected to account for the largest market share of the Pea Protein market over the forecast period.
• North America is experiencing strong growth prospects in the plant-based pea protein sector due to the increasing demand for healthy meat and dairy substitute products.
Drivers and Restraints:
Growing consumer awareness about nutritional benefits offered by pea and pea-based products.
Pea protein powder is being popularly used to manufacture protein shakes, smoothies, and energy drinks to increase the protein content and is an excellent fit for almost any diet since it is naturally vegan and hypoallergenic. It is a great source of iron and high-quality protein. It is also estimated to help muscle growth, weight loss, and heart health. The protein from peas, mainly yellow peas, has been shown to lower cholesterol and blood pressure while gentle on the kidneys. All these benefits of pea proteins are expected to drive the growth of the global pea protein market.
Low processing outputs result in limited supply to manufacturers.
The global demand for pea protein is also rising with the growing nutritional benefits. However, due to the complex and costly extraction and processing of pea protein, the supplies are insufficient to cater to the global demand. Somewhere, soy protein, being the leading protein ingredient and having economies of scale by the food & beverage manufacturers, is leading to the limited supply of the pea protein ingredient. Also, the conversion rate of peas into pea protein is comparatively low. The ratio is about 15% in the industrial process, including drying, dehulling, and milling of peas. Comparatively, the ratio of pea protein extracted from peas in the pilot process, including soaking and wet milling, is over 20%. For instance, if there is an input of 40 tons of peas in an industrial process, the output will only be about 6 tons of pea protein isolates. Similarly, putting in 50 kg of pea seeds will produce 10 kg of pea protein isolates in the pilot process. The rest of the pea seeds are then either converted into pea starches or pea fibers. Hence, the market is facing a crunch in the supply of pea protein required by food & beverage manufacturers, which has led them to switch to other plant-based proteins or blends and alternatives.
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Segments:
By mode of application, the food segment is projected to account for the largest market share in the Pea Protein market.
The growing demand for meat substitutes has aided the growth of pea protein, which is now used in the production of plant-based burger patties and sausages. The use in performance nutrition has also grown significantly, as factors such as lactose intolerance have led to athletes substituting vegan protein alternatives such as pea proteins for whey protein. Meat substitutes, performance nutrition, functional foods, snacks, and bakery are all part of the food segment. The meat substitutes segment dominated the food application segment due to the rising application of pea proteins, making it healthier and more popular among customers.
The Yellow Split Pea in the segment by source is projected to account for the largest market share of the Pea Protein market over the forecast period.
Yellow split peas are one of the most popular pea sources among product manufacturers. This is due to peas functionality and adaptability to different product types, which is driving demand for yellow split peas in a variety of products such as plant-based meat, beverages, functional foods, and performance nutrition. Yellow split peas high protein content makes them ideal for producing pea protein isolates. They are valued for their amino acid profile, which has led to their classification as "whole proteins" when compared to dairy and meat-based alternatives. 100g of yellow split pea contains 370 calories, 1 gramme of fat, 67 grammes of carbohydrates (27 grammes of fibre, 3 grammes of sugar), 27 grammes of protein, and 25% of the RDA of iron.
Regional Insights:
North America and Europe are the largest markets for pea protein, driven by the growing popularity of plant-based diets and the increasing demand for clean label and natural ingredients. The United States, Canada, and several European countries are the leading consumers of pea protein, with a high demand for applications such as protein powders, bars, and meat alternatives.
The Asia-Pacific region is also a growing market for pea protein, with increasing demand from countries such as China and India. The rising health consciousness among consumers, coupled with the growing prevalence of vegetarian and vegan diets, is driving demand for plant-based protein sources in the region.
In Latin America and the Middle East & Africa, the market for pea protein is still in its nascent stages. However, with increasing awareness of the health benefits of plant-based proteins and growing demand for functional foods, these regions are expected to offer significant growth opportunities for the pea protein market in the coming years.
List of Key Players Mentioned in the Report:
- Rouquette Freres (France)
- DuPont (US)
- Glanbia PLC (Ireland)
- Kerry (Ireland)
- Ingredion (US)
- Puris (US)
- Emsland Group (Germany)
- Yantai Shuangta Foods Co., Ltd (China)
- The Scoular Company (US)
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Frequently Asked Questions (FAQs):
How big is the pea protein market?
The pea protein market size was USD 1.7 billion in 2022. It is expected to reach USD 2.9 billion by 2027.
How fast is the pea protein market growing?
The pea protein market will exhibit a CAGR of 11.9% during the forecast period, 2022-2027.
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