Pea Protein Market reached USD 752 million in 2020 and will increase at 13.8% CAGR during 2021-2028 | Size, Share & Forecast

Pea Protein Market

The Pea Protein Market was estimated to reach USD 752 million in 2020 and is predicted to expand at a CAGR of 13.8% over the forecast period (2021-2028).

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The factors driving the growth of Pea Protein Market includes rising consumers inclination towards adopting healthy lifestyles, growing demand for fortified functional food products, and increasing popularity of plant-based and gluten-free products around the world. According to the report published by Bloomberg, the Global Plant-Based Food Market was calculated around USD 10 billion in 2021 and is expected to reach USD 34 billion by the end of 2030, growing at a CAGR of 12% over the forecast period (2021-2030), which will accelerate the Global Pea Protein Market in the approaching years. Moreover, growing trend of veganism, increasing application of pea protein in meat substitutes, dietary supplements, and bakery products and rise in the launch of innovative food products, are some of the additional factors supplementing the Pea Protein Market size. In addition, the increasing investments by major players on research and development, growing population growth rates, improvements in the living standards, rapid urbanization and rising disposable incomes, are further contributing towards the market growth.

However, growth of the Pea Protein Market is hindered attributed to easy availability of substitutes such as hemp and soy.

The prominent players operating in the Pea Protein Market are A&B Ingredients, Glanbia PLC, The Scoular Company, Roquette Frères, Ingredion, PURIS, Axiom Foods, Emsland Group, FENCHEM and DuPont, among others. 

Based on Type, the Isolates segment is expected to grow at a significant CAGR during the forecast period

Rising application of isolates in confectioneries, cereals, plant-based meat and increase in the vegan population across the globe, are some of the factors responsible for the segment's growth.

Based on Form, the Dry textured pea protein segment is projected to capture the largest market share over the forecast period

Growing demand for plant-based meat products and increasing awareness amongst consumers about the benefits of dry pea protein, are propelling growth of the segment.

Based on Region, the European region is anticipated to expand at a remarkable CAGR during the forecast period

Presence of the leafing players such as Roquette Frères and Emsland Group, growing demand for gluten-free products across Europe, rising consumers inclination towards adopting healthy lifestyles, increasing population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in European region. 

Key Developments

In 2019, Emsland Group launched two pea protein ingredients, which will be integrated into functional foods and healthy food products.
In 2019, Roquette Frères partnered with Beyond Meat to supply its pea protein for Beyond Meat's line of plant-based meat products, this partnership will enhance the supply amount of pea proteins to the partner company.

Market Segmentation

Segmentation by Type

Isolates
Concentrates
Textured

Segmentation by Form

Dry textured pea protein
Wet textured pea protein

Segmentation by Application

Meat Substitutes
Performance Nutrition
Functional Foods
Snacks
Beverages
Bakery Products
Confectionery

Segmentation by Source

Yellow Split Peas
Chickpeas

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.