“High nutritional value in pea proteins is benefiting the population, which is projected to drive the market growth.”
The global pea protein market size is projected to grow from USD 745 million in 2020 to USD 1,400 million by 2025, in terms of value, recording a compound annual growth rate (CAGR) of 13.5%. In terms of volume, it is projected to grow from 237,363.6 tons in 2020 to 423,948.4 tons by 2025, recording a compound annual growth rate (CAGR) of 12.3% during the forecast period. The rising vegan population and increasing consumer awareness regarding nutritional benefits offered by pea and pea proteins are the key factors that are projected to drive the growth of the pea protein market. Furthermore, consumer preferences are shifting toward plant-based proteins and healthier lifestyles, which are also projected to drive the market growth. However, the cost of extraction and processing of pea proteins remains high, whereas the processed outputs are lower, which is a major restraint for the market growth.
“The meat substitute segment dominated the pea protein market throughout the forecasted period.”
Pea protein is primarily used in plant-based meat products or as an alternative to red meat and meat-based proteins. It witnesses high use in plant-based meat products due to its functionalities. The textured pea protein is utilized in these products to give consumers meatier mouthfeel, taste, and texture. The major benefit of using pea protein in plant-based meat products include its protein content and texturizing properties. Furthermore, a majority of the population is shifting from meat-based proteins to plant-based proteins due to various health and environmental concerns. Due to these factors, the meat substitute segment is projected to dominate the market during the forecast period.
“The isolates segment is projected to grow at a higher growth rate during the forecast period.”
The isolates segment is projected to grow at the highest CAGR between 2020 and 2025. Isolate pea protein has the highest percentage of protein content. It has around 88%–95% of protein content and offers high-quality and high-protein alternatives for vegans and vegetarians who are lactose intolerant and allergic to dairy or other sources of proteins. Pea protein isolates are well absorbed by the body and is highly digestible (98%). This isolate is rich in Leucine, Arginine, Glutamine, and all the remaining branch chains and essential amino acids. Isolates have an array of applications that include protein shakes & beverages, soluble protein powders, performance nutrition foods, and functional foods. Due to these factors, the isolates segment is projected to dominate the market during the forecast period.
“The yellow split pea segment is projected to be the fastest-growing market during the forecast period.”
The yellow split peas segment is projected to grow at the highest CAGR between 2020 and 2025. The high protein content and ideal amino-acid profiles make yellow split peas an ideal source of pea protein in the industry. Yellow split peas have the highest protein content in the legume family and are adopted by a wide array of applications in the food & beverage industry. Yellow split peas are also among the key constituents for pea protein isolates. They are adopted for use in multiple food formats, including plant-based burgers and pea milk. Due to these factors, the yellow split pea segment is projected to be the fastest-growing market during the forecast period.
In-depth interviews were conducted with CXOs, managers, and key executives from various key organizations operating in the pea protein and plant-based protein segments.
- By Company Type: Tire 1: 30%, Tire 2: 45%, and Tire 3: 25%
- By Designation: Managers: 55%, CXOs: 30%, and Executives: 15%
- By Region: Asia Pacific: 42%, Europe: 25%, North America: 17%, South America: 8%, and RoW: 8%
The pea protein market comprises major players, such as Roquette Freres (France), Puris Foods (US), Ingredion (US), Emsland Group (Germany), Fenchem Inc (China), DuPont (US), A&B Ingredients (US), Glanbia PLC (Ireland), The Scoular Company (US), Axiom Foods Inc (US), Burcon Nutrascience Corp (Canada), AGT Foods (Canada), Shandong Jianyuan Foods Co., Ltd. (China), Yan Tai Shuang Ta Food Co., Ltd. (China), and Kerry Inc (Ireland). The study includes an in-depth competitive analysis of these players in the pea protein market, with their company profiles, recent developments, and the key market strategies.
The study covers the pea protein market across segments. It aims at estimating the market size and its growth potential across different segments, such as application, form, source, type, and region. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall pea protein market and subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report will also help stakeholders to understand the pulse of the market and will provide them with information on key market drivers, restraints, challenges, and opportunities.