Pea Protein Market Analysis Report By Product, By Application, By Region And Segment Forecasts From 2021 To 2028

Synopsis

With reference to the report published, the global pea protein market was prized by USD 213.1 million in 2020. It is estimated to witness a 12.7% CAGR from 2021 to 2028.

Drivers

The expansion of the market for pea protein is impelled by the increasing demand for the product, due to the rising wakefulness of the customer about the expenditure of a nourishing diet and most importantly, a dynamic everyday life.

Additionally, the rising modernization of the product, which executes particular functions, together with muscle repair, energy balance, and weight loss, is estimated to generate an enormous market prospective. The protein is taken out from a range of pea varieties, together with green, dry, and chickpeas, obtainable in isolate, textured, and concentrate types.

These products are resulting from plant sources, creating them perfect for the customers, choosing vegetarian eating habits. Besides, they are simply digestible, non-toxic, and non-allergic, having huge prospective for the application in bakery products, meat alternatives, nutritional addition, and beverages.

The increasing significance of a flexitarian pattern of eating, owing to rising concerns regarding cardiological effects linked with the eating of red meat, is estimated to stay a positive factor for the enlargement of the pea protein market. Furthermore, growing alertness about the unfavorable belongings of the foodstuffs including lactose as well as gluten is estimated to perform a vital part in encouraging the demand for the product, during the period of the forecast.

Restraints

Pea protein confronts the risk of replacement from alternating elements, like whey, hemp, and soy. Rice protein is an additional constituent that has been increasing its importance, throughout the world. When nutritionally evaluated, together rice and pea proteins hold alike content of protein (characteristically 15-22 grams for each 100-calorie serve) and are allergy-friendly as well as gluten-free.

Increasing expenditure of whey protein, due to a range of benefits, for instance, trouble-free digestibility, and inducing the growth of the muscle, has restricted the use of pea protein, in this manner hampering the expansion of the pea protein market.

Effect of Covid-19

The requirement for functional & nutraceuticals foodstuff is likely to observe an increasing flow, due to the customers choosing for resistance power increasing enhancements for the period of the COVID-19 pandemic. Additionally, a fall-off in the eating of seafood, meat, and poultry foodstuffs, throughout the world, is estimated to augment the demand for animal and plant sourced protein enhancement in the neighboring future.

Application Insight

In 2020, dietary supplements retained above 38% share of the global revenue and led the pea protein market. Pea protein is added in energy powders, dietetic syrups, soups, energy powders, and tablets, due to a variety of fitness benefits, like synchronized levels of blood sugar, muscular improvement, and the development of bone health. Increasing requirement for the sports nourishment foodstuffs, due to rising wakefulness regarding the fitness of the bone and muscular improvement, is anticipated to stimulate the expansion of the segment.

The meat substitutes sector is likely to record the highest CAGR from 2021 to 2028. Growing health-associated problems, like diabetes as well as obesity, have caused a move towards vegetarian nutritional behavior.
Pea protein presents superior texturing possessions; those are estimated to endorse its use in the making of meat foodstuffs, together with beef, chicken, lamb, and mutton. On the other hand, major utilization of tofu, soy, tempeh, wheat, along with textured vegetable protein like replacement for meat, is expected to cause a risk to the market during the subsequent few years.

Product Insight

In 2020, the section of isolates product held above 47% share of the global revenue and headed the pea protein market. Isolates are extensively utilized in the role of dietetic addition in fruit mixes, meat foodstuffs, bakery items, and energy drinks since they contain high-quality emulsification as well as non-allergic characteristics.

Growth of the sports nutrition business, in the industrialized nations, similar to the U.K, Germany, and the U.S., with regards to the introduction of new products by Amway and Cadbury, in the energy mix sector, is estimated to augment the demand for the pea protein.

The concentrates subdivision is anticipated to record a momentous CAGR, during the period of the forecast. Pea protein concentrates comprise a number of features, for example, extraordinary digestibility and good emulsification, which impel their consumption in nutritional enhancement and weight control functions. Furthermore, these concentrates are steadily included in bakery products, similar to pastries & cakes, used for dry texture and superior taste.

Regional Insight

In 2020, North America held more than 44% share of the global revenue and dominated the pea protein market. Growing concerns about Cardiovascular Diseases (CVDs), sourced by eating of red meat, healthy enlargement of the sports nutrition manufacturing in North America, and rising insist for gluten-free products are the factors, estimated to impel the local market, during the period of the forecast.

The existence of major meat product manufacturing companies, together with National Foods, JBF, Cargill, and Tyson, in the U.S., is, furthermore, expected to increase the demand for pea protein, like a texturizing agent, in the manufacturing of meat products. Moreover, increasing utilization of grains, together with soy and canola, for bio-sourced chemicals, is likely to reduce their accessibility, similar to protein elements. Consequently, pea protein is expected to materialize like a crucial constituent.

The Asia Pacific is expected to be the speedily developing local market, during the period of the forecast, because of the increasing utilization of nutrient-equipped functional foodstuff. Increasing requirement for the alternative for meat, along with allergen responsive fitness & sports add-ons, is furthermore estimated to increase the enlargement of the market. Constructive authoritarian preferences in China and India, intended for the expansion of the farming business, will bring about sufficient delivery of raw material for the manufacturing companies.

The strong source of food & beverages manufacturing in China, because of the admittance of raw material and rising national expenditure, is estimated to power enlargement of the local market for pea protein. Also, the increasing business of restaurants as well as hotels, plus the increasing figure of retail chains, mostly supermarkets, is expected to perform a vital role in encouraging the expansion of food & beverage manufacturing, thereby enhancing demand for pea protein.

Companies

The market is extremely secured. The majority of the crucial companies concentrate on the R&D of home-grown technology, to take out premium quality powders. Besides, the manufacturing companies are on the verge of setting up joint ventures with e-commerce gateways to make sure of an incessant delivery of their products. On the other hand, the greater visibility of the market for dairy protein ingredients and soy is estimated to power the providers of pea equivalent, to build up an innovative approaches to augment their visibility in the market.

Some of the companies for the pea protein market are:

• The Green Labs LLC
• Fenchem Inc.
• Ingredion, Inc.
• Shandong Jianyuan Group
• Cosucra Groupe Warcoing SA
• The Scoular Company
• Burcon Nutrascience
• Martin & Pleasance
• Axiom Foods, Inc.
• Sotexpro SA
• Nutri-Pea Ltd
• DuPont
• Roquette Freres

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Million Insights has segmented the global pea protein market report on the basis of product, application, and region:

• Product Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)
    • Isolates
    • Concentrates
    • Textured
    • Hydrolysate

• Application Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)
    • Meat Substitutes
    • Bakery Goods
    • Dietary Supplements
    • Beverage
    • Others

• Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • U.K.
        • France
        • Italy
    • The Asia Pacific
        • China
        • India
        • Japan
        • South Korea
    • Central & South America
        • Brazil
        • Argentina
    • Middle East & Africa
        • South Africa