Pea Protein Market: Opportunities And Challenges

The report "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", The market for Pea Protein is estimated at USD 1.7 billion in 2022; it is projected to grow at a CAGR of 11.9% to reach USD 2.9 billion by 2027.

North America accounted for the largest share; during the forecast period, in terms of volume and value, respectively. Increasing population adopting vegan lifestyle and rising awareness about nutritional factor and functionality of Pea Proteins are expected to provide more scope for market expansion.

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Growth of population following vegan lifestyle, popularity of plant-based foods and gluten-free products, high demand of healthier functional and sustainable food options and nutritional benefits of pea-based products are key factors that are projected to drive the growth of the Pea Protein market during the forecast period.

The Pea Proteins market consists of a few globally established players such as 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). Strategic partnerships were the dominant strategy adopted by the key players, followed by expansions and new product launches. These strategies have helped them to increase their presence in different regions and industrial segments

Food application is projected to see a huge jump in the market during the forecast period.

The growing demand for meat alternatives has helped drive the growth of pea protein, which is currently being used in the manufacturing of plant-based burger patties and sausages. The use in performance nutrition has also witnessed strong growth as factors such as lactose intolerance have witnessed athletes substituting whey protein with vegan protein alternatives such as pea proteins. The food segment includes meat substitutes, performance nutrition, functional foods, snacks, bakery products, confectionery, protein powders, sports/protein drinks, and protein bars/meal replacement bars. The meat substitutes segment dominated the food application segment due to the rising application of pea proteins, making it healthier and more popular among customers.

North America is projected to be the largest market.

North America accounted for the largest share; during the forecast period, in terms of volume and value, respectively. The increasing vegan population, increasing demand for health & wellness products, increasing awareness about sustainable lifestyle and increasing consumption of processed meat products are the key drivers of the global pea protein market.

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