NEW YORK, April 19, 2024 /PRNewswire/ — The global pea protein market size is estimated to grow by USD 203.32 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 12.24% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 38%.
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Major Players in the Market
Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:
A and B Ingredients Inc., AGT Food and Ingredients Inc., AM Nutrition, Archer Daniels Midland Co., Axiom Foods Inc., Cargill Inc., COSUCRA, DuPont de Nemours Inc., Emsland Starke GmbH, Herba Ingredients BV, Ingredion Inc., Meelunie BV, NutriPea LP, Parrish and Heimbecker Ltd., Puris, Roquette Freres SA, Shandong Jianyuan group, The Scoular Co., Vestkorn Milling AS, Yantai Shuangta Food Co. Ltd.
Analyst Review
The Pea Protein Market has experienced significant growth in recent years due to the increasing demand for health and wellness, muscle building, and weight management solutions. Pea protein, derived from the leguminous plant, is a clean label, plant-based source of protein that caters to various dietary restrictions, including vegan and vegetarian diets. This functional food ingredient boasts a nutritional profile rich in essential amino acids, particularly globulins, making it an excellent alternative to soy and dairy proteins. Pea protein is extracted through wet-milling or dry-milling processes, resulting in concentrates and textured forms. Its oil-binding capacity and functional properties make it an innovative addition to various health and fitness products, providing satiety support and contributing to the health benefits of consumers. The market for pea protein continues to expand as consumers seek sustainable, plant-based sources of protein to support their active lifestyles.
Key Market Drivers
The global pea protein market is experiencing significant growth due to the rising trend of plant-based diets, which primarily consist of peas and soy as key protein sources. Pea seeds are rich in globulins, leading to the production of pea protein isolate through processes like wet-milling and dry-milling. Pea protein offers impressive nutritional benefits, including high oil-binding and water-binding capacities, foam stability, foam expansion, whip ability, emulsion stability, and gelatin-like properties. Industrial production of pea protein caters to various industries, including health and wellness, fitness trends, and the vegan population. Pea protein is a clean label alternative to soy, dairy, and other protein sources, making it an eco-conscious choice for those with dietary restrictions. Its high nutritional value, including vitamins A, B1, C, and E, magnesium, and iron, supports muscle building, weight management, satiety, and offers health benefits for those with chronic illnesses. Logistics operations play a crucial role in ensuring the timely delivery of pea protein ingredients to bakery items and other food applications. The pea protein market’s growth is driven by its role in high protein diets, reducing greenhouse gas emissions, and catering to the increasing demand for plant-based foods.
Challenges and Opportunities
The pea protein market has experienced intense competition from soy and wheat protein in various industries, including pastries, pizza, and plant-based alternatives like vegan burgers. The COVID-19 pandemic disrupted supply chains, causing import delays and increasing expenses. Pea protein extracts, used in protein shakes, smoothies, energy drinks, and energy bars, offer high-quality protein for muscle growth, weight loss, and heart health. Pea protein’s iron content aids in reducing cholesterol and controlling blood pressure. Raw material prices have risen due to drought and pea shortages, affecting protein extraction rates. Startups like Benson Hill, Merit Functional Foods, Sunfed Food, Mighty Pea, Elevate Nutrition, YoFiit, and PeaTos innovate to improve nutritional density, flavor, and land use efficiency. Agriculture yields are crucial to meeting the growing demand for pulses and dry peas in health and fitness, vegan and vegetarian markets. The functional properties of pea protein make it a versatile alternative to animal-derived proteins.
The Pea Protein Market is experiencing significant growth due to the rising preference for clean-labeled, plant-based sources of protein. Pea varieties, including concentrates and textured forms, are popular choices for vegan diets and flexitarian consumers seeking non-toxic alternatives to animal-based proteins. Product innovation in this sector includes Pea Protein Isolates, which offer superior nutritional profiles and functionality. Olympia Dairy, SIG, Cadbury, Amway, and Roquette are leading vendors in this market, producing textured pea protein as a texturing agent in various protein-fortified functional foods. Pea protein concentrates offer fibrous content, sustainability, and versatility, making them ideal for protein supplementation. Wet-milling and dry-milling processes are used to extract pea protein isolates, which boast impressive oil-binding capacity, water-binding capacity, foam stability, foam expansion, whip ability, and emulsion stability. Industrial production and logistics operations are crucial considerations in this market, with gelatin and emulsion ability ratios playing essential roles in the production process.
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Market Overview
The Pea Protein Market is experiencing significant growth due to its benefits as a sustainable and plant-based alternative to animal-derived proteins. Muscle building and weight loss are key drivers for consumer interest. The market consists of manufacturers producing pea protein concentrates and isolates, used in various food and beverage applications such as protein bars, shakes, and meat substitutes. The market is driven by increasing consumer awareness and demand for clean label products. The use of pea protein in functional foods and beverages, as well as its application in the pharmaceutical industry, further boosts market growth. The market is segmented by application, form, and region. The protein’s versatility and nutritional value make it a popular choice for health-conscious consumers and athletes alike.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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
