Northbrook, IL 60062 -- (SBWire) -- 12/19/2023 --The global pea protein market, highlighted in the report "Pea Protein Market by Type, Form, Source, Application, and Region," is poised for substantial expansion. With an estimated value of USD 1.7 billion in 2022, the market is projected to witness a robust CAGR of 11.9%, reaching USD 2.9 billion by 2027. North America emerges as a key player, contributing significantly in terms of both volume and value. The market's growth is propelled by factors such as the increasing adoption of a vegan lifestyle, heightened awareness of nutritional benefits, and the versatile functionality of pea proteins.
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Market Dynamics:
Pea Protein Isolate Dominance:
The Pea Protein Isolate segment is projected to experience the highest growth in the market. This surge is attributed to the rising awareness of the benefits of Pea Protein Isolates, renowned for their high protein content. Applications in plant-based meats, snack bars, and vegan protein powder contribute significantly to the global expansion of this segment.
Key Application in Food Segment:
The food segment is anticipated to hold the largest market share, with a focus on meat substitutes, performance nutrition, functional foods, snacks, and bakery products. The demand for pea protein in meat substitutes, particularly in plant-based burger patties and sausages, has witnessed substantial growth. Athletes, seeking lactose-free alternatives, are increasingly turning to pea proteins in performance nutrition.
Yellow Split Pea as a Dominant Source:
Within the source segment, Yellow Split Pea is projected to claim the largest market share. Its popularity among product manufacturers is driven by functionality and adaptability to various product types, including plant-based meat, beverages, functional foods, and performance nutrition. The high protein content and amino acid profile position it as a versatile and sought-after source.
Preference for Dry Form:
The dry form of pea protein is estimated to dominate the market, outpacing its wet counterpart due to its broader range of applications. Dry textured pea proteins, known for replicating meaty textures, find significant demand in plant-based meat applications. Additionally, the dry form is commonly used in nutritional supplements, contributing to the popularity of products like fitness shakes and smoothies.
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Regional Outlook:
North America emerges as the largest market player, driven by factors such as a growing vegan population, increased demand for health and wellness products, rising awareness of sustainable lifestyles, and a surge in the consumption of processed meat products.
The key players in this market include Rouquette Freres (France), DuPont (US), Glanbia PLC (Ireland), Kerry (Ireland), Ingredion (US), Puris (US), Emsland Group (Germany), Yantai Shuangta Foods Co., Ltd (China), The Scoular Company (US), Burcon (Canada), Shandong Jianyuan Group (China), ET-Chem (China), AGT Food and Ingredients (Canada), The Green Labs LLC. (US), and Axiom Foods, Inc. (US). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.
Conclusion:
The pea protein market presents a compelling landscape for growth, underpinned by the increasing global shift towards plant-based lifestyles and a heightened focus on health and sustainability. With diverse applications, particularly in the food segment, and the dominance of key sources like Yellow Split Pea, the market is poised for dynamic expansion in the coming years.
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Pea Protein Market Latest Trends, Demands, Overview and Analysis by 2027
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