Pea Protein Market Overview
The pea protein market size is expected to grow rapidly, with a CAGR of 11.9% reaching $2.9 billion by 2027. The industry’s rising understanding of the benefits of pea protein is estimated to be valued at $1.7 billion in 2022.
This exponential growth can be attributed to the increasing demand for plant-based protein sources and the recognition of pea protein as a sustainable and nutritious alternative. As consumers continue to prioritize healthy and environmentally conscious food choices, the market is poised for continued success, presenting exciting opportunities for businesses and investors. Consumers are becoming increasingly aware of the benefits of nutritional and health products. 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. Furthermore, the rise in the vegan population, the popularity of plant-based foods and gluten-free products and the nutritional benefits of pea-based products are key factors that are projected to drive the pea protein industry growth during the forecast period. Isolates accounted for the largest pea protein market share of the European market in 2021
Several factors contributed to the pea protein market growth:
Rising Demand for Plant-Based Proteins: With the increasing awareness of health and sustainability, many consumers were shifting towards plant-based diets. Pea protein emerged as a popular choice due to its nutritional profile and versatility.
Health and Wellness Trends: The demand for healthier food options and products with clean labels led to the incorporation of pea protein in various food and beverage products. It is often used in protein bars, shakes, plant-based meat alternatives, and other nutritional supplements.
Allergen-Free Nature: Pea protein is free from common allergens like soy and dairy, making it suitable for individuals with allergies or dietary restrictions.
Sustainability: Peas are nitrogen-fixing plants that can enhance soil fertility, making them a more sustainable protein source compared to animal-based alternatives.
Functional Properties: Pea protein is known for its functional properties, including emulsification and foaming, which make it suitable for a wide range of food applications.
Investments and Collaborations: Many companies were investing in research and development to improve the taste and texture of pea protein products. Additionally, partnerships and collaborations between food manufacturers and pea protein suppliers were common to meet the increasing demand.
Pea protein has excellent emulsification properties, binding both fat and water for a stable emulsion. This is beneficial for egg replacement and is demonstrated well in Hampton Creek’s Just Mayo, replacing the eggs with pea protein to make a vegan ‘mayonnaise.’ It is also helpful in reducing the fat content of salad dressings, with little impact on mouthfeel or flavor. Beyond Meat uses pea protein for producing meat alternatives, lending a chewy, meat-like texture to their products. It can also be used in ground beef products to act as a binder, increasing the cooking yield of meats.
Yellow split peas dominate the global pea protein market during 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.
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.
Key Questions Addressed by Pea Protein Market Report-
What are the major revenue pockets in the pea protein market currently?
Why is pea protein popular?
What are the pea protein market trends?
What is the pea protein market forecast in the North American region?