Pea Protein Market is Expected to Reach $1,588 million by 2026

The market for pea protein is estimated at USD 844 million in 2021; it is projected to grow at a CAGR of 13.5% to reach USD 1,588 million by 2026.

The increasing trend of spending on convenience food products in developing countries and multifunctional properties of pea protein are key factors that are projected to drive the growth of the pea protein market during the forecast period.

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The isolates segment is estimated to account for the largest market share in the pea protein market.

The isolate segment is estimated to dominate the pea protein market, on the basis of type, in terms of value. This is majorly because pea protein Isolate is well absorbed by the body and has a very high digestibility (98%). This isolate is rich in leucine, arginine, glutamine, and all remaining branch chain and essential amino acids. Pea protein isolates contain a purer form of protein (88% to 95%) than pea protein concentrates. All of these characters of pea protein make them an attractive alternative to the consumers.

The meat substitutes subsegment in the application segment is projected to account for the fastest growth during the forecast period.

Pea protein has emerged as a key ingredient in the manufacturing of 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.

The dry segment is estimated to account for the largest market share in the pea protein market during the forecast period.

Pea protein is extracted in the form of pea flour from sources, such as yellow split peas, peas, chickpeas, and lentils, with no chemical solvents, enabling it to maintain its functional and nutritional properties. Pea flour extracted from the process in the form of powder is dry pea protein. Textured dry pea protein is comparatively sustainable as against conventional protein sources and provides greater functionality, thereby resulting in its use in a wider array of applications.

The yellow split peas segment is estimated to account for the fastest market growth in the pea protein market during the forecast period.

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 isolate and are also regarded for their amino acid profile due to which it is classified as a “whole protein” in comparison with dairy and meat-based alternatives.

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Europe is estimated to be the largest market.

The rising vegan population in Europe is a key driver for the increased consumption of pea protein. The region also has major industry participants in the pea protein market, including Rouquette Freres (France) and the Cosucra Group (Belgium). Once considered a fringe of the overall population, veganism has grown exponentially in the country and now represents a considerable share of the population. Key factors encouraging this change include increasing concerns over sustainability and a high prospect of good health practices.

Key Market Players

Key players in this market include Rouquette Freres (France), Ingredion (US), Puris Foods (US), Emsland Group (Germany), Fenchem Inc (China), DuPont (US), The Green Labs LLC (US), A&B Ingredients (US), Glanbia PLC (Ireland), The Scoular Company (US), Axiom Foods Inc (US). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.

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This release was published on openPR.