The pea protein market has been experiencing significant growth in recent years. Pea protein is derived from yellow peas and is a plant-based alternative to animal-based proteins like whey or soy. It has gained popularity due to its various benefits, including its high nutritional value, allergen-free nature, and sustainable production.
The pea protein market size is predicted to grow fast to $2.9 billion by 2027, at an 11.9% CAGR. The industry’s growing understanding of the benefits of pea protein, which is expected to be worth $1.7 billion in 2022, is the foundation of this upward trend.
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Key trends in the pea protein market:
Growing Demand for Plant-Based Proteins: The increasing popularity of plant-based diets and the rise of veganism and vegetarianism have been driving the demand for pea protein. Consumers are seeking sustainable and ethical protein sources, and pea protein offers a viable alternative to animal-based proteins.
Expansion in Food and Beverage Industry: Pea protein is finding extensive application in the food and beverage industry, particularly in products such as plant-based milk alternatives, protein bars, snacks, and meat substitutes. The market is witnessing new product launches and collaborations as manufacturers incorporate pea protein into their offerings to cater to the growing demand for plant-based options.
Health and Wellness Focus: Pea protein is considered a healthy alternative to animal-based proteins due to its low allergenicity, cholesterol-free nature, and high nutritional value. It is rich in essential amino acids, including lysine, and is easily digestible. As consumers become more health-conscious and seek functional food options, pea protein is gaining traction as a preferred ingredient.
Technological Advancements: Continuous research and development efforts are leading to technological advancements in pea protein production. Innovations in extraction techniques, refining processes, and formulation technologies are improving the quality, functionality, and sensory attributes of pea protein products, enhancing their appeal to consumers.
Increased Investments and Market Consolidation: The pea protein market has witnessed significant investments from key players in the food industry. This includes partnerships, acquisitions, and expansions to strengthen their position in the market. The market has also seen collaborations between ingredient suppliers, manufacturers, and retailers to meet the rising demand and expand distribution networks.
Sustainable and Clean Label Demand: Sustainability has become a significant focus in the food industry, and pea protein aligns well with this trend. Peas are nitrogen-fixing crops that require less water and have a lower carbon footprint compared to animal-based protein sources. Additionally, consumers are increasingly seeking clean label products, and pea protein’s natural and simple ingredient profile resonates with this preference.
Because of rising demand for healthy meat and dairy substitutes, North America’s plant-based pea protein business is expected to rise rapidly. The expanding veganism trend has accelerated the growth of the North American pea protein sector. Consumers are gradually adjusting their eating habits and becoming vegan as a result of the health and wellbeing benefits. This food culture paradigm change is being promoted by the health and fitness industries, medical communities, celebrities, and athletes, which has increased demand for pea protein.
The key players in this market include 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), Burcon (Canada), Shandong Jianyuan Group (China), ET-Chem (China), AGT Food and Ingredients (Canada), The Green Labs LLC. (US), and Axiom Foods, Inc. (US). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.