July 16, 2024
Pea Protein Market

Pea Protein Market is Estimated To Witness High Growth Owing To Increasing Demand for Plant-based Proteins

The global Pea Protein Market is estimated to be valued at US$ 255.2 Mn in 2022 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Pea protein is a plant-based protein derived from peas, which offers various advantages such as high nutritional value, allergen-friendly nature, and sustainability. It is widely used as a protein source in a variety of applications such as dietary supplements, functional foods, bakery products, and meat alternatives. The rising awareness about the health benefits of plant-based proteins and increasing consumer inclination towards a vegetarian and vegan diet are driving the demand for pea protein products.

Market Key Trends:

One of the key trends in the pea protein market is the growing demand for vegan alternatives to animal-based proteins. With the increasing number of individuals adopting vegetarian and vegan lifestyles, there is a rising demand for plant-based protein sources. Pea protein, being a complete protein source and having a high nutritional profile, is gaining popularity as a vegan alternative to animal proteins. Additionally, the rising prevalence of food allergies and intolerances is also driving the demand for allergen-free protein sources, further boosting the market growth of pea protein.

PEST Analysis:

Political: The political factors influencing the pea protein market include government regulations and policies related to agriculture, food safety, and GMO crops. For example, regulations on labeling and safety standards can impact the production and sale of pea protein-based products.

Economic: The economic factors impacting the market include the growth of the plant-based protein industry, consumer purchasing power, and price competitiveness. As consumers become more health-conscious and demand for plant-based alternatives increases, the pea protein market is expected to witness high growth.

Social: Societal factors such as changing dietary preferences, increasing awareness about the environmental impact of animal agriculture, and the rise of vegan and vegetarian lifestyles are driving the demand for pea protein. People are increasingly choosing plant-based protein sources for their health benefits and sustainability.

Technological: Technological advancements in extraction and processing techniques, as well as innovations in product development and formulation, are crucial for the growth of the pea protein market. Improved technologies enable the production of high-quality pea protein with enhanced functional properties and taste, making it more appealing to consumers.

Key Takeaways:

The Global Pea Protein Market Growth is expected to witness high, exhibiting a Compound Annual Growth Rate (CAGR) of 9.1% over the forecast period from 2023 to 2030. This growth can be attributed to several factors, including the increasing consumer demand for plant-based protein alternatives, the rise of vegan and vegetarian lifestyles, and the health benefits associated with pea protein consumption.

In terms of regional analysis, North America is projected to be the fastest-growing and dominating region in the pea protein market. The region has a robust market for plant-based protein products, driven by the growing health and wellness trend, environmental concerns, and the presence of major players. Additionally, the adoption of pea protein by food manufacturers and the increasing availability of pea protein-based products in retail channels contribute to the market’s growth in North America.

Key players operating in the pea protein market include Burcon Nutrascience, Cosucra Groupe Warcoing, Nutri Pea Limited, Sotexpro, Roquette Freres, Glanbia Plc., Fenchem Biotek Ltd., Prinova Group LLC, and Yantai Shuangta Food Co. These companies are actively involved in research and development activities, strategic partnerships, and product launches to strengthen their market position and cater to the growing demand for pea protein.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it