Lack of Allergen Properties and Increasing Focus on Innovation and Developments in the Pea Protein Extraction are the Key Enablers Translating Growing Adoption of Pea Protein Products Globally
CHICAGO, Aug. 1, 2022 /PRNewswire/ -- Pea Protein Market is estimated at USD 1.7 Billion in 2022 and it is expected to grow at a CAGR of 11.9% to reach USD 2.9 Billion by 2027, according to a new report by MarketsandMarkets™. Pea protein is a taste-neutral vegetable protein derived from different pea types, such as chickpeas, yellow peas, lentils, and beans. It is produced as isolates, concentrated, and textured proteins and is considered highly nutritive. Pea protein is considered vegan and is not classified as a major allergen, making it suitable for consumption to a wider consumer base. Pea protein also has a well-maintained amino-acid profile and features high solubility and low viscosity, adding its nutritional value. The global pea protein market size was valued at USD 1.51 billion in 2021.
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Food is the major application area for pea protein globally. Food segment includes meat substitutes, performance nutrition, functional foods, snacks, bakery products, and confectionery. As per the information from the Good Food Institute, food manufacturers ranging from startups to leading CPG companies to the world's largest meat companies are innovating rapidly in the plant-based market as the market is among one on of the most promising global market.
Next-generation plant-based meat products are increasingly becoming competitive with animal products on taste, price, and accessibility. Distribution is expanding, and a growing number of mainstream consumers are buying plant-based options. 98% of people who buy plant-based meat also purchase conventional meat. Pea protein has emerged as a key ingredient in manufacturing 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 industry and utilize textured pea protein as the key ingredient in the manufacturing process.
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North America estimated to be the fastest growing market during the forecast period due to the increasing demand for healthy meat and dairy substitute products. The growing trend of veganism has pushed the growth of the North American pea protein industry. Consumers are gradually shifting their diet preferences and are going vegan due to the health and wellness benefits associated with it. This paradigm shift in food culture is being supported by health & fitness industries, medical communities, celebrities, and athletes, which has bolstered the demand for pea protein. Rising cases of cardiovascular diseases, obesity and diabetes among the regional population has also boosted the demand of protein alternative food which in turn impact the market of pea proteins.
Lack of allergen properties helping acceptability against conventional plant-based proteins is one of the major opportunity for pea protein market. According to the data from World Allergy Organization, approximately 2.5% of the general population is affected from food allergy. Thus, the importance of allergen-free ingredients has increased highly in the global food markets. Pea proteins that are derived from yellow split peas are free from the top eight allergens, gluten, and more. Pea protein powder is suitable for almost any user. It is also naturally and tested gluten-free for those who may have intolerance or sensitivity to gluten. In addition to this, increasing focus on innovation in the pea protein market will also boost the market during the forecast period. Companies such as Merit Functional Foods (Canada) uses their proprietary manufacturing process to improve the taste and the texture of pea protein products which will increase the acceptability of pea-based products among consumers globally.
Some of the Key Market Players mentioned in this Report
The key players in pea protein market include Axiom Foods Inc. (US), Batory Foods (US), Roquette Frères (France), Puris Foods (US), Emsland Group (Germany), and DuPont (US), FenChem Inc. (China), Burcon NutraScience Corp. (Canada), SotexPro (France), Cosucra Group (Belgium), and Kerry Group Plc. (Ireland).
Pea Processed Ingredients Market by Type (Pea protein (Isolates, Concentrates and Textured), Pea starch, Pea fiber, Pea Flour), Application (Food & Beverages), Source (Yellow split peas, chickpeas and lentils), and Region - Global Forecast to 2026 https://www.marketsandmarkets.com/Market-Reports/pea-processed-ingredient-market-22233721.html
Plant-based Protein Market by Source (Soy, Wheat, and Pea), Type (Isolates, Concentrates, and Textured), Form, Application (Food(Dairy Alternatives, Meat Alternatives, and Performance Nutrition) and Feed), and Region - Global Forecast to 2026 https://www.marketsandmarkets.com/Market-Reports/plant-based-protein-market-14715651.html
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