Pea Protein Market Will Hit Big Revenues In Future

The report "Pea Protein Market by Type (Isolates, Concentrates, and Textured), Form (Dry and Wet), Source (Yellow split peas, Lentils, and Chickpeas), Application, and Region (North America, Europe, Asia Pacific, South America, and Rest of the World) - Global Forecast to 2025" The pea protein market is projected to grow from USD 745 million in 2020 to USD 1,400 million by 2025, recording a compound annual growth rate (CAGR) of 13.5% during the forecast period. Key factors driving the growth of the pea protein market include the growing vegan population and the functional benefits and allergen-friendly nature of pea protein in food and beverage products.

The textured subsegment, on the basis of type, is projected to be the fastest-growing segment in the pea protein market during the forecast period.

Textured pea protein contains a high amount of amino acids and has better levels of lysine and glutamine than other plant-based proteins. Textured pea protein is a healthy alternative to textured soy protein, as it caters to allergen issues, sustainability issues, estrogen issues, and concerns over GMO (Genetically Modified) soybean. It also contains both soluble and insoluble fiber, mostly constituted by pectic substances and hemicellulose. The fiber provides not only healthy nutritional benefits but also many functional attributes to food systems.

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The meat substitutes subsegment is projected to account for the largest share in the pea protein market during the forecast period.

Pea protein is used as a key ingredient in the manufacturing of meat substitute products, such as burgers, sausages, and other product types. Companies such as Impossible Foods (US) and Beyond Meat (US) are among the key industry participants in the meat substitutes market and utilize textured pea protein as the key ingredient in the manufacturing process. The taste of meat and meat-like texture of textured pea proteins are the key factors driving the market growth. Dry textured pea protein, when hydrated, resembles meat, and hence, can be used in meat substitute products.

Europe is projected to account for the largest share in the market during the forecast period.

The European market is projected to account for the largest share in 2025. The dominance of the market in this region is attributed to factors such as the large-scale production and consumption of plant-based products, as well as high raw material costs. Companies, such as Rouquette Freres (France), Emsland Group (Germany), and Cosucra Group (Belgium), are the key players operating in this market and focus on catering to the demands for pea protein in Europe. The rising awareness regarding the benefits of pea protein among consumers has led to increased inclination of manufacturers to comply with standards introduced by the EU regarding non-GMO products, thereby encouraging the growth of the market in Europe.

Key Market Players

Key vendors in the global market include Rouquette Freres (France), Ingredion (US), Puris Foods (US), Emsland Group (Germany), Fenchem Inc (China), DuPont (US), The Green Labs LLC (US), A&B Ingredients (US), Glanbia PLC (Ireland), The Scoular Company (US), Axiom Foods Inc (US), Burcon Nutrascience Corp (Canada), Cosucra Groupe Warcoing (Belgium), SotexPro (France), AGT Foods (Canada), Shandong Jianyuan Foods Co., Ltd. (China), Yan Tai Shuang Ta Food Co., Ltd. (China), Kerry Inc (Ireland), ET-Chem (China), and Batory Foods (US). These players have broad industry coverage and high operational and financial strength.

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Roquette Freres (France) is a leading company and manufactures pea protein products. It manufactures and develops an array of pea protein products, which increases the production of other industrial products, such as meat substitutes, bakery, nutritional foods, and functional foods. It serves its products through different segments, including biopharma, pharma and nutraceuticals, cosmetics, food & nutrition, animal nutrition, and industrial markets. The company offers its line of pea protein products through its food & nutrition segment. The company is a global player, as it has an active presence in more than 100 countries. It is growing its pea protein product portfolio and reach globally through partnerships. For instance, in January 2020, it signed a multi-year partnership deed with Beyond Meat (US) to supply its pea protein products to Beyond Meat’s line of plant-based meat products, resulting in an increase in the supply of Roquette Frere’s pea proteins.

Puris Foods (US), formerly known as World Food Processing, is involved in the production and supply of non-GMO, plant-based ingredients made from soy, pulses, lentils, and corn to food and beverage manufacturers. It launched its first-ever pea protein product in 2014, known as PurisPea. It offers pea protein products through its long-term partner Cargill (US), which has its presence in over 125 countries. It is focusing on increasing its production capabilities to cater to the rising demands for pea protein among food and beverage manufacturers. For instance, in August 2019, it invested an amount of USD 75 million, resulting in an increase in the production of pea protein, fiber, and starch products, which bridges the demand-supply gap.