NEW YORK, Nov. 27, 2023 /PRNewswire/ — The growth in the market is driven by the exceptional nutrient composition of pea protein and its swift product diversification. Pea protein holds the third position in the global vegetable protein market, following soy and wheat protein. With an impressive 85% protein content, essential amino acids, and various nutrients, it is in high demand for food and beverage applications. Leading companies such as Ingredion and Roquette Freres have launched new pea protein isolates, contributing significantly to market revenue during the forecast period.
The pea protein market size is estimated to grow by USD 203.32 million, accelerating at a CAGR of 12.24% from 2022 to 2027, according to Technavio. The market is witnessing a notable trend centered around increased demand for hydrolyzed pea protein. The recent increase in the necessity for hydrolyzed pea proteins, derived through acid, enzyme, or other hydrolysis methods, is attributed to their diverse functional and health advantages. These proteins find extensive applications across various industries, notably in food, beverage, and cosmetics sectors. This rising demand for hydrolyzed pea protein is a significant catalyst boosting the growth of the global pea protein market. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) Buy the report
Global Pea Protein Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on Product (Isolates, Hydrolysate, Concentrates, and Textured), Application (Dietary supplement, Meat substitutes, Bakery goods, Beverages, and Others), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).
- The isolates segment is expected to experience substantial market share growth during the forecast period. Pea protein isolates are acknowledged as highly valuable protein sources, derived from yellow peas through various extraction methods. These isolates undergo a cold-water filtration process aimed at reducing much of the inherent fiber and starch content naturally present in peas.
Geography Overview
By geography, the global pea protein market is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global pea protein market.
- North America is projected to account for 38% of the global market’s growth during the forecast period. The pea protein market in North America is set to experience notable expansion due to rising demand for plant-based foods incorporating pea protein across several countries in the region. Consumers are increasingly opting for plant-based proteins due to their superior nutritional content and diverse health advantages. Increased awareness regarding these benefits and a rise in new product introductions are key drivers boosting the adoption of plant-based proteins, including pea protein, in North America.
Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) – Download a Sample Report
Global Pea Protein Market – Market Dynamics
Major challenges hindering the market growth
- Growing competition among vendors, both regional and international, creates market fragmentation and challenges for new entrants due to differentiated offerings and pricing strategies.
- Intense competition among major players limits market expansion and reduces the customer base for new companies, impacting their share of profit margins.
- High competition levels are challenges for new entrants by threatening their competitiveness and market share, impeding their entry and growth within the market.
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report
What are the key data covered in this Pea Protein Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Pea Protein Market between 2023 and 2027
- Precise estimation of the size of the Pea Protein Market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Pea Protein Market industry across North America, Europe, APAC, Middle East and Africa, and South America
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Pea Protein Market vendors
Related Reports:
Pea Protein Processing Equipment Market: The pea protein processing equipment market is estimated to grow at a CAGR of 4.65% between 2022 and 2027. The size of the market is forecast to increase by USD 67.19 million.
Pea Starch Market: The Global Pea Starch Market size is estimated to grow at a CAGR of 6.6% between 2022 and 2027. The size of the market is forecast to increase by USD 100.32 million.
TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Product
- Market Segmentation by Application
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
