Pea Protein Market Grows Green: Set to Flourish Beyond USD 1.54 Billion in 2023, and is predicted to reach USD 3.43 billion by 2030, with a CAGR of 12.20%.

According to Next Move Strategy Consulting, the global Pea Protein Market is experiencing a robust surge as plant-based protein is in high demand. Projections indicate that the market is poised to surpass, driven by rising demand for plant-based diet making pea protein a pivotal player in the evolving landscape of the global protein market.

Market Overview:

The pea protein market refers to the economic space or industry segment that involves the production, distribution, and consumption of pea protein, a plant-based protein derived from yellow peas. This market encompasses various stakeholders, including manufacturers, suppliers, distributors, and consumers, who are engaged in activities related to pea protein products. Pea protein is known for its nutritional benefits, hypoallergenic properties, and suitability for various dietary preferences, such as vegan and vegetarian diets.

The market dynamics involve factors such as demand and supply, technological advancements, competition among industry players, and the development of new pea protein-based products.

Overall, the pea protein market is part of the broader food and nutrition industry, responding to the increasing consumer interest in plant-based protein sources and healthier dietary choices.

Key Drivers:

Rising Demand for plant-based diets among consumers is propelling the market:

A surge in the demand for gluten-free food products, spurred by the prevalence of celiac disease and gluten sensitivity among consumers, is propelling the widespread adoption of pea protein.

Capitalizing on its innate gluten-free properties, pea protein aligns seamlessly with the preferences of individuals actively seeking alternatives to gluten-laden ingredients. This heightened adoption reflects a growing market trend as consumers increasingly prioritize health-conscious choices. As a result, the pea protein market is experiencing substantial growth, propelled by its appeal to those embracing gluten-free diets, showcasing the pivotal role pea protein plays in catering to evolving dietary needs and preferences.

Rise in sports and fitness pursuits, fuelling the growth of pea protein market:

The keen rise in sports and fitness pursuits is catapulting the demand for pea protein, particularly among athletes and fitness aficionados. Renowned for its efficacy in fostering muscle development and hastening recovery, pea protein has become a staple in the sports nutrition industry.

A 2023 report by the Sports & Fitness Industry Association (SFIA) reveals notable surge, with 77.6% of the U.S. population engaging in sports activities in 2022-a substantial 9.2% spike from 2017. This robust participation surge underscores the pivotal role pea protein plays in meeting the evolving nutritional needs of a growing athletic and fitness community, thereby boosting the market to grow.

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Expanding awareness about pea protein's health benefits driving the market growth:

The global demand for pea protein is experiencing a significant rise, propelled by a heightened awareness of its nutritional benefits. Consumers worldwide are increasingly acknowledging the health advantages embedded in pea and pea-based products. The recognition of pea protein's health-benefiting qualities, including its high-quality plant-based protein content and hypoallergenic properties, is driving its widespread adoption.

This surge is particularly evident among diverse consumer segments, encompassing vegans, vegetarians, and individuals with specific dietary restrictions. The growing consciousness of pea protein's nutritional prowess is reshaping dietary choices across the globe, underscoring a paradigm shift towards healthier and plant-centric lifestyles.

Challenges:

The growth of the pea protein market faces impediments due to a constrained supply of raw materials. Limitations in sourcing key components for pea protein production, such as peas, create bottlenecks in meeting the escalating demand. Factors as adverse weather conditions impacting harvests and fluctuations in agricultural yields contribute to this supply shortage.

Consequently, manufacturers encounter challenges in maintaining consistent production levels, hindering market expansion. The industry's potential growth is hampered by the imperative need for a stable and abundant supply chain of raw materials to overcome these persistent challenges and sustain the momentum in the dynamic pea protein market.

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Future Outlook:

Anticipated growth in the pea protein market is poised to benefit from technological advancements in protein extraction methods. Techniques as dry milling, involving particle-on-particle contact for material size reduction, and wet milling, where peas are ground after soaking in liquid, present promising opportunities for market players. These cutting-edge extraction processes enhance efficiency and yield higher-quality pea protein products.

As the industry embraces these innovations, future prospects become increasingly lucrative, unlocking new avenues for market expansion. The evolution of extraction technologies underscores a dynamic landscape, emphasizing the crucial role of advancements in shaping the trajectory of the pea protein market.

Market Segmentation:

The global pea protein market share is segmented on the basis of nature, product, source, form, application, and geography. Based on nature, the market is divided into conventional and organic. Based on product, the market is classified into isolates, concentrates, textured pea protein, hydrolysed protein, and others. Based on the source, the market is categorized into yellow split peas, lentils, and chickpeas.

Based on form, the market is divided into dry and liquid. Based on application, the market is segmented into animal feed, food processing, nutraceuticals, sports nutrition, infant nutrition, personal care and cosmetics, food and beverages, and supplements. The geographical breakdown and analysis of each of the aforesaid segments includes regions, such as North America, Europe, Asia-Pacific, and the rest of the world (RoW).

Regional Dominance:

North America continues to assert its dominance in the global pea protein market, a position expected to endure. The region's leadership is fuelled by the increasing adoption of vegan lifestyles and a growing demand for health and wellness products.

Conversely, Asia-Pacific emerges as a robust contender, experiencing substantial growth in the global pea protein market. Notably, countries such as China and India are driving this surge, boasting a considerable population of vegetarians and flexitarians. The embrace of pea protein in these nations is propelled by its recognized nutritional benefits and sustainability, indicating a dynamic shift in dietary preferences within the Asia-Pacific region.

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Competitive Landscape:

The pea protein industry includes prominent market players, including Roquette Frères, Ingredion, Inc., Kerry Group Plc., NOW Foods, Axiom Foods, Inc., Burcon NutraScience Corporation, Dupont de Nemours and Company, Archer Daniels Midland Company, Cargill, Inc., and Shandong Jianyuan Foods Co., Ltd. These industry leaders employ diverse strategies, such as product launches and partnerships, to sustain their dominance in the global pea protein market.

An illustrative example is the exclusive commercial distribution partnership forged in November 2022 between Ingredion and InnovoPro. This strategic collaboration aims to introduce chickpea protein concentrate to the U.S. and Canada, catering to the escalating demand for plant-based products that seamlessly integrate sustainability, nutrition, flavor, texture, and functionality in the North American market.

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Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider committed to delivering high-quality market research reports. We assist multinational companies in gaining a competitive edge and expanding their industry presence by capturing a larger market share. Our research methodology combines primary research, secondary research, data mining, and data analytics to deliver reliable insights.

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This release was published on openPR.