SAN FRANCISCO, May 12, 2020 /PRNewswire/ -- The global pea protein market size is anticipated to reach USD 385.7 million by 2027, according to a new report published by Grand View Research, Inc. It is projected to expand at a 7.6% CAGR during the forecast period. Rising consumption of gluten free foods for the treatment of a celiac disease is likely to boost the growth. Substantial prevalence of lactose intolerance among infants and children in developing economies including Central and South America, Asia Pacific, and Middle East and Africa is anticipated to further drive the growth.
Key suggestions from the report:
- In terms of revenue, the dietary supplements application is expected to expand at a significant CAGR of 7.7% from 2020 to 2027, owing to the growing utilization of plant-based sources in supplement formulations
- Pea protein concentrates is likely to account for a revenue share of nearly 20% by 2027. These products comprise 70% to 80% protein content and are favorably used in energy drinks and fruit mixes
- The growth of the food and beverage industry in economies, such as Brazil, India, China, and Mexico, as a consequence of increasing domestic consumption and the adoption of modern farming technologies, is expected to drive the pea protein market growth over the forecast period
- Among product forms, the liquid segment is projected to expand at a higher CAGR of 8.1% in terms of revenue during the forecast period
- Companies are focusing on enhancing business growth through significant R&D investments, new product launches, and forward integration. Farbest and Roquette America have forward integrated business operations as they are engaged in the production as well as supply operations
- In January 2019, Ice Cream brand Magnum announced its release of vegan-based ice cream. The Cocoa beans are procured from Rainforest Alliance Certified Farms, wherein, ice creams are purely made from pea proteins, an alternative to dairy
- In January 2019, Safe + Fair Foods Company launched its allergy free product line of pea protein chips. The gluten free, protein packed chips are free from five of the top seven allergens and are made of pea protein and lentil flours. New product development and establishment of partnership between manufacturers and buyers are anticipated to remain critical success factors for textured pea protein manufacturers over the next seven years
Read 150 page research report with ToC on "Pea Protein Market Size, Share & Trends Analysis Report By Product (Concentrates, Isolates, Textured, Hydrolyzed, HMEC/HMMA), By Form, By Application, By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/pea-protein-market
Rising anxieties regarding non-celiac gluten sensitivity is anticipated to result in rising consumption of gluten-free food products, which is likely to positively impact the demand for pea protein. In addition, Gluten-free Diet (GFD) is gaining traction owing to low carbohydrate intake and weight loss stimulation. This factor is expected to propel the product demand over the forecast period.
Increasing significance of maintaining a gluten-free diet for the treatment of joint pain, innate immune response, and numbness is predicted to positively influence the market growth in the forthcoming years. Moreover, this diet is gaining global acceptance as an effective solution for curing symptoms of autism in children. Such factors are likely to drive the demand for pea protein in near future.
Pea protein is one of the most significant sources capturing a significant interest due to its ability to meet growing demand for proteins from non-meat sources. In the recent past, peas have played an important role in overcoming challenges related to protein-energy malnutrition in under-developed and developing countries. Pioneers in this market, have developed products that resembles what meat-based protein offers as well as delivering tastes that could aid them capture greater market share over the forecast period.
Pea protein is one of the highly preferred non-dairy substitutes, as it is characterized by good amino acid profile and is easily digestible. These attributes make the product favorable for use in various food and beverage products such as protein fortified health drinks and sports nutritional foods.
Grand View Research has segmented the global pea protein market based on product, form, application, and region:
- Pea Protein Product Outlook (Volume, Tons; Revenue, USD Thousands, 2016 - 2027)
- Pea Protein Form Outlook (Volume, Tons; Revenue, USD Thousands, 2016 - 2027)
- Pea Protein Application Outlook (Volume, Tons; Revenue, USD Thousands, 2016 - 2027)
- Meat Substitutes
- Bakery Goods
- Dietary Supplements
- Pea Protein Regional Outlook (Volume, Tons; Revenue, USD Thousands, 2016 - 2027)
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
Find more research reports on Nutraceuticals & Functional Foods Industry, by Grand View Research:
- Algae Protein Market – The global algae protein market size was estimated at USD 690.8 million in 2018 and is expected to expand at a CAGR of 6.6% during the forecast period.
- Almond Protein Market – The global almond protein market size was value at USD 332.0 million in 2018 and is expected to register a CAGR of 5.8% from 2019 to 2025.
- Functional Protein Market – The global functional protein market was estimated at 823.9 kilo tons in 2016. Rising demand for nutraceuticals on account of growing awareness towards maintaining a healthy diet and enhancing the nutritional value of human body is expected to remain a key driving force in the near future.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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