The global organic pea protein market, which recorded a revenue of approximately US$17.8 billion in 2021, is anticipated to surge to around US$52.2 billion by the end of 2029. This remarkable growth is expected to be driven by an impressive CAGR of 14.5% between 2022 and 2029, marking a 1.4x expansion compared to 2022.
Key Market Drivers:
- Plant-Based Trend: The market is thriving due to the increasing adoption of plant-based diets, driven by concerns about health and sustainability. Consumers are recognizing plant-based protein as a healthier and more environmentally friendly alternative to animal-based protein.
- Sustainability Awareness: Sustainability concerns have led consumers to make dietary changes to lead a more sustainable lifestyle. A significant percentage of consumers associate sustainable diets with improved health, contributing to the growth of the organic pea protein market.
Challenges and Barriers:
- Taste Preferences: While consumers are shifting towards plant-based diets, taste preferences continue to pose challenges. Many consumers find plant-based products bland and unappealing, which can hinder long-term adoption.
- Cost and Nutritional Value: Some consumers perceive plant-based protein as less nutritious and more expensive than animal-based protein. Misconceptions about the naturalness of plant-based products can also impact consumer trust.
Key Market Segments:
- Application Areas: The beverages sector is the primary application area for organic pea protein, accounting for over 50% of market share. Meat extenders and analogues are also significant market segments, representing over 40% of total sales.
Regional Insights:
- European Dominance: Europe leads the global organic pea protein market, followed closely by North America. Together, these regions contribute to more than half of the market revenue. Asia Pacific is emerging as a highly attractive region, with substantial growth potential, driven by rising health concerns and demand for nutraceuticals.
Key Market Players:
Leading players in the global organic pea protein market include Axiom Foods, Inc, Scoular Company, Ingredion Incorporated, Roquette Freres, Puris, Emsland Group, DuPont, A&B Ingredients, Glanbia plc, and FENCHEM, among others.
Browse Global Organic Pea Protein Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2029 (By Type Coverage, By Application Coverage, By Form Coverage, By End User Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/organic-pea-protein-market
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This press release first seen on Brilad
COMTEX_440956194/2840/2023-09-26T04:44:32
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