Pea Protein Market: Isolates Product Segment Led And Accounted For Share
Pea Protein Industry Overview
The global pea protein market size is projected to reach USD 554.9 million by 2028 registering a CAGR of 12.7% over the forecast period, according to a new report by Grand View Research, Inc. The market is majorly driven by rising health consciousness among consumers coupled with increasing product demand from the nutraceutical industry.
The nutraceutical supplements industry is evolving and has a dynamic space that offers lucrative opportunities to merge rising consumer interest and scientific discovery to enhance human health. As this industry tracks consumer trends, nutraceutical products directly respond to consumer buying behavior/habits, thereby encouraging prominent companies in the industry to market their products to their target audiences in an effective manner. Such factors have driven the product demand across the globe.
Pea Protein Market Segmentation
Grand View Research has segmented the global pea protein market on the basis of product, application, and region:
Based on the Product Insights, the market is segmented into Isolates, Concentrates, Textured, and Hydrolysate.
- The isolates product segment led the market and accounted for more than 47% share of the global revenue in 2020. Isolates are widely used as nutritional supplements in meat products, energy drinks, fruit mixes, and bakery items as they have good emulsification and non-allergic characteristics.
- Textured pea protein is used as a texturing agent in meat products, baked goods, and confectionery items. Moreover, the presence of fibrous content in textured pea protein is expected to promote their incorporation in energy powders and fruit juice mixes. Rising beef production capacity in China, India, and Australia on account of growing domestic demand is expected to boost the usage of textured pea protein over the forecast years.
- The concentrates segment is estimated to register a significant CAGR from 2021 to 2028. Pea protein concentrates have several attributes, such as good emulsification and high digestibility, which drive their utilization in weight control and dietary supplement applications.
- Expansion of the sports nutritionindustry in the developed countries, including the U.S., Germany, and the U.K., in light of new product launches by Cadbury and Amway in the energy mix segment, is expected to increase the product demand.
Based on the Application Insights, the market is segmented into Meat Substitutes, Bakery Goods, Dietary Supplements, Beverage, and Others.
- Dietary supplements led the market and accounted for more than 38% of the global revenue share in 2020. Pea protein is added in nutritional syrups, tablets, energy powders, cereal bars, and soups on account of various health benefits, such as muscle growth, bone health improvement, and regulated blood sugar levels. Rising demand for sports nutrition products on account of increasing awareness about bone health and muscle improvement is expected to fuel the segment growth.
- The meat substitutes segment is estimated to register the fastest CAGR from 2021 to 2028. Rising health problems, such as obesity and diabetes, have led to a shift towards vegan dietary habits. Animal rearing has a notable impact on the natural resources of the planet and is responsible for global warming to some extent. Though this factor has not been quantified, awareness regarding this factor is presumed to shift global food habits towards a more vegan diet, thereby aiding the meat substitutes market growth.
Pea Protein Network Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is highly consolidated. Most of the key players focus on the R&D of indigenous technology to extract high-quality powders. In addition, the manufacturers are likely to establish partnerships with e-commerce portals to ensure a continuous supply of their products. However, the high market visibility for soy and dairy protein ingredients is expected to force pea counterpart suppliers to develop new strategies to increase their market visibility. Some prominent players in the global pea protein market include:
- Burcon Nutrascience
- Roquette Freres
- The Scoular Company
- DuPont
- Cosucra Groupe Warcoing SA
- Nutri-Pea Ltd.
- Shandong Jianyuan Group
- Sotexpro SA
- Ingredion, Inc.
- Axiom Foods, Inc.
- Fenchem Inc.
- Martin & Pleasance
- The Green Labs LLC
Order a free sample PDF of the Pea Protein Market Intelligence Study, published by Grand View Research.
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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