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Pea Protein Market is Projected to Reach $3.7 billion by 2029

03-01-2024 01:49 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Markets and Markets

Pea Protein Market is Projected to Reach $3.7 billion by 2029

The pea protein market is experiencing significant growth, projected to reach USD 3.7 billion by 2029, with a compound annual growth rate (CAGR) of 12.0% from 2024. This remarkable expansion is fueled by several factors.

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Exceptional Nutritional Profile and Allergen-Free Nature: Pea protein stands out for its rich nutritional content, boasting essential amino acids like lysine, which are often deficient in other plant-based sources. Moreover, its allergen-free properties cater to individuals with dietary restrictions, as it excludes common allergens such as soy and dairy.

Environmental Sustainability: Heightened awareness of the environmental impact of animal agriculture is driving the demand for sustainable protein sources. Pea protein production consumes fewer resources and emits fewer greenhouse gases compared to animal-based proteins, aligning with eco-conscious consumer preferences.

Versatility in Applications: Pea protein's versatility appeals to food manufacturers, seamlessly integrating into various products like plant-based meats, dairy alternatives, snacks, and supplements. Importantly, it does so without compromising taste or texture, thus broadening its appeal and accessibility to a wider consumer base.

Market Dynamics: Isolates account for the largest share in the pea protein market, owing to their neutral flavor and smooth texture, making them suitable for a wide variety of food and beverage products. Among applications, bakery products are projected to witness higher growth rates due to pea protein's ability to enhance structural integrity and texture, thereby improving overall product quality.

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Regional Trends: Europe leads the pea protein market, driven by economic stability and a growing emphasis on health and wellness. The region's preference for plant-based and clean-label products aligns seamlessly with the properties of pea protein, driving manufacturers to incorporate it into a diverse range of products.

Key Players: Major players in the pea protein market include Roquette Frères, ADM, Ingredion, Kerry Group Plc., Glanbia PLC, Cargill Incorporated, International Flavors and Fragrances Inc., Puris, Emsland Group, and Yantai Shuangta Foods Co., Ltd. These companies are focusing on expanding their presence through strategic collaborations and expansions, leveraging their strong foothold in key regions like North America, Asia Pacific, and Europe.

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