Northbrook, IL 60062 -- (SBWire) -- 10/17/2023 --The global pea protein market, as detailed in the report titled "Pea Protein Market by Type (Isolate, Concentrate, and Textured), Form (Dry and Wet), Source (Yellow Split Pea, Lentils, and Chickpea), Application, and Region," is currently estimated at $1.7 billion in 2022, with a projected compound annual growth rate (CAGR) of 11.9% to reach $2.9 billion by 2027. This growth is primarily attributed to North America, which dominates the market in terms of both volume and value during the forecast period.
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The rapid expansion of the market is fueled by the increasing adoption of a vegan lifestyle and the growing awareness of the nutritional benefits and functional qualities of pea proteins. The market is characterized by various factors and trends, and the following key insights were extracted from the extensive report:
Pea Protein Isolate Segment Leads the Way:
The Pea Protein Isolate segment is expected to experience the fastest growth within the pea protein market. The increasing adoption of Pea Protein Isolates can be attributed to the heightened awareness of their high protein content and numerous benefits. These isolates are widely used in plant-based meats, snack bars, and vegan protein powder, contributing significantly to the global market's expansion.
Food Application Segment Takes the Lead:
Within the market, the food application segment, particularly in the meat substitute category, is projected to account for the largest market share. The demand for meat substitutes has driven the use of pea protein in products like plant-based burger patties and sausages. The rise in lactose intolerance has also led athletes to opt for vegan protein alternatives such as pea proteins, boosting their application in performance nutrition, functional foods, snacks, and bakery products.
Yellow Split Pea Dominates the Source Segment:
Yellow split peas are the leading source of pea protein in the market, given their adaptability and functionality in various product types. This versatile source is in high demand for use in plant-based meat, beverages, functional foods, and performance nutrition. Yellow split peas are appreciated for their amino acid profile, often considered "whole proteins," and for their significant protein content, which makes them ideal for producing pea protein isolates. They also offer a healthy nutritional profile, with 370 calories, 1 gram of fat, 67 grams of carbohydrates (including 27 grams of fiber and 3 grams of sugar), 27 grams of protein, and 25% of the recommended daily allowance (RDA) of iron per 100g.
Dry Form Prevails in Pea Protein Products:
Dry pea protein is the dominant form in the market due to its versatility and wide range of applications. Dry textured pea proteins, in particular, have gained popularity, as they can replicate the texture of meat, making them highly sought after in plant-based meat products. These dry textured pea proteins are often used as nutritional supplements and protein fillers in products like fitness shakes and smoothies.
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North America Leads the Market:
North America is anticipated to be the largest market for pea protein. This leadership position is attributed to the increasing vegan population, surging demand for health and wellness products, growing awareness of sustainable lifestyles, and a rising consumption of processed meat alternatives, all of which contribute to the robust growth of the global pea protein market.
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Global Pea Protein Market Expected to Reach $2.9 Billion by 2027, Driven by Growing Vegan Population and Health Awareness
Pea Protein Market by Type (Isolate, Concentrate, and Textured), Form (Dry and Wet), Source (Yellow Split Pea, Lentils and ChickPea), Application, and Region (North America, Europe, APAC, South America and ROW ) - Global Forecast to 2027