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Pea Protein Ingredients Market Share, Business Opportunities, Trends Analysis, And Forecast To 2033
Pea Protein Ingredients Market Analysis
The Business Research Company presents an extensive market research report on the Pea Protein Ingredients Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The pea protein ingredients market size has grown strongly in recent years. It will grow from $1.83 billion in 2023 to $1.96 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to growing preference for plant-based protein sources, increased demand for meat alternatives, rise demand for protein-rich foods, rising health consciousness among consumers, growing demand for functional foods.
The pea protein ingredients market size is expected to see strong growth in the next few years. It will grow to $2.67 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to rising vegan and vegetarian populations, allergen-free and gluten-free appeal, increasing demand for vegan and vegetarian food products, greater adoption in emerging markets, increased focus on sustainable sourcing. Major trends in the forecast period include innovation in product development, plant-based meat alternatives, customized protein blends, clean-label packaging and marketing, sports nutrition and supplements.
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Key Market Players:
Cargill Incorporated, Agridient Inc., Axiom Foods Ltd., Norben Company Inc., Nutri Pea Ltd., Burcon NutraScience Corporation, Cosucra Groupe Warcoing SA, A & B Ingredients Inc., Shandong Jianyuan Foods Co. Ltd., Archer Daniels Midland Company, Fenchem SA, Kerry Group plc, Prinova Group LLC, Batory Foods Inc., PLT Health Solutions, Glanbia plc, AGT Food & Ingredients Inc., World Food Processing LLC, Yantai T. Full Biotech Co. Ltd., Suzhou Wanshen Flour Products Co. Ltd., Ingredion Incorporated, Cambridge Commodities Inc., Consucra-Groupe Warcoing SA, Roquette Freres Le Romarin SA, Green Labs LLC, GEMEF Industries, Puris Proteins LLC., Tate & Lyle Inc., Emsland-Starke Gmbh, DuPont de Nemours Inc. are prominent players in the industry.
Market Drivers:
The growing popularity of vegetarian and vegan diets is expected to propel the growth of the pea protein ingredient market going forward. Vegetarian and vegan diets refer to different variations of vegetarianism in which no food of animal origin is consumed. Pea protein ingredients, being derived from plant sources, serve as a versatile and sustainable option for meeting the protein needs of vegetarian and vegan consumers. For instance, in April 2023, according to a report published by The Plant-Based Foods Association, a US-based trade association representing the plant-based food industry, plant-based foods accounted for $8 billion in U.S. retail sales in 2022, representing an increase of approximately 6.67% from $7.5 billion in 2021. , Therefore, the growing popularity of vegetarian and vegan diets is driving the growth of the pea protein ingredient market.
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Market Segments Include:
1) By Type: Isolates, Concentrates, Other Types
2) By Source: Yellow split peas, Chickpeas, Lentils
3) By Application: Bakery and Snacks, Dietary Supplements, Beverages, Meat Substitutes, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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