The global pea protein ingredient market is poised for favorable growth, with projections reaching US$1,374.3 million by 2025, accompanied by a promising CAGR. This market growth is driven by a rising demand for plant-based protein sources, particularly from health-conscious consumers, vegans, and flexitarians.
Key Findings of the Report:
- The global pea protein ingredient market is anticipated to grow at a strong CAGR of 8.4% between 2021 and 2025.
- Conventional pea protein ingredients continue to dominate the market with over 83% share compared to organic variants.
- North America and Europe collectively account for more than 65% of the markets revenue.
- The Asia Pacific region, including China, Japan, and Australia, is expected to contribute significantly to the growth potential of the global pea protein ingredient market.
Market Analysis in Brief
The global pea protein ingredient market is experiencing robust growth, driven by increasing awareness of personal health, environmental concerns, and animal welfare. A significant shift toward veganism and plant-based diets has created a strong demand for pea protein. Veganism is no longer a niche concept but has gained widespread acceptance, bolstered by promotions on social media, popular events, and documentaries. Influencers on social media platforms have played a crucial role in promoting the benefits of veganism, further accelerating the growth of the pea protein ingredient market.
Drivers of Market Growth
The Boom Around Veganism and Plant-Based Diets: Consumer preferences are shifting toward healthier, eco-friendly, and animal-friendly dietary choices. This trend has created a confident space for meat-free and vegan products, driving the demand for pea protein ingredients.
Challenges Ahead
- Rising Whey Protein Sales: While pea protein has gained popularity, it faces competition from widely available substitutes like whey, hemp, soy, and rice protein. The growth in whey protein consumption, especially among athletes, poses a significant threat to the pea protein market.
COVID-19 Impact Analysis
The COVID-19 pandemic disrupted the supply and sale of organically derived pea protein due to supply chain disruptions. It also prompted the need for stricter regulatory frameworks related to plant-based diets. Food regulatory bodies in various countries, including Australia, China, and India, are in the process of developing regulations for plant-based products.
Overview of Key Segments
Conventional Variant Surges Ahead of Organic Counterpart
In 2020, conventional pea protein ingredients accounted for the majority of the market share, with 83.5%. The impact of COVID-19 has led processed food manufacturers to prioritize affordable and readily available raw materials, supporting the growth of conventional pea protein ingredients. Conventional pea protein ingredients are expected to create an incremental opportunity of US$365.5 million during the forecast period.
Growth Opportunities Across Regions
North America and Europe Reflect Lucrative Opportunities
North America and Europe are projected to collectively contribute 65.1% of the markets value share in 2020. The rising vegan population and increasing demand for allergen-free foods are driving market growth in these regions.
Meanwhile, the Asia Pacific region, including China, Australia, and Japan, is expected to witness significant growth in the global pea protein ingredient market. Continuous product launches by processed food manufacturers and the booming quick-service restaurant industry are contributing to market growth in this region.
Global Pea Protein Ingredient Market: Key Players
Major players in the global pea protein ingredient market, such as Roquette Group, Ingredion Incorporated, PURIS, Emsland Group, Cosucra Groupe Warcoing SA, Axiom Foods, DuPont de Nemours, Inc., The Scoular Company, Burcon NutraScience Corporation, and Glanbia plc, are increasing production capacity and collaborating for ingredient supply agreements with processed food manufacturers.
Browse Global Pea Protein Ingredient Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021-2025 – [ 2023 UPDATE Available – Forecast 2023-2030*] (By Nature Coverage (Organic, Conventional), Format Coverage(Isolate, Concentrate, Hydrolysate), Application Coverage, By Geography, Leading Companies): https://www.fairfieldmarketresearch.com/report/pea-protein-ingredient-market
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