Press release
Pea Protein Market Projected to Reach $1.14 Billion by 2029
Meticulous Research®, a premier global market research company, has released its latest report titled "Pea Protein Market Worth $1.14 Billion By 2029." According to this comprehensive analysis, the pea protein market is projected to exhibit a remarkable CAGR of 15.7% from 2022 to 2029, reaching a valuation of $1.14 billion by the end of the forecast period. Additionally, in terms of volume, the global pea protein market is expected to reach 4.68 million tons by 2029, growing at a CAGR of 12.7% during the same period.
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The significant growth of the pea protein market can be attributed to several key factors, including the rising interest in plant-based nutrition, the surge in health and wellness trends, and the increasing demand for plant-based food products. Furthermore, heightened consumer awareness regarding the nutritional benefits offered by pea protein and its derivatives, coupled with the focus of key industry players on developing innovative pea protein ingredients, are driving market expansion.
Despite these favorable conditions, challenges such as the preference for animal-based protein sources and consumer inclination towards other plant protein alternatives present obstacles to market growth. Nonetheless, the report highlights substantial growth opportunities in emerging markets and the increasing introduction of pea protein-based products as key drivers for manufacturers in this sector.
To gain more insights into the market with a detailed table of content and figures, click here:
https://www.meticulousresearch.com/product/pea-protein-market-5054
The study provides a comprehensive analysis of the global pea protein market, presenting historical market data for the years 2020 and 2021, estimated current data for 2022, and forecasts up to 2029. Market segmentation is conducted based on various parameters, including type, source, source process, processing method, form, application, and geography. Moreover, the report offers insights into industry competitors and conducts in-depth analyses at both the regional and country levels.
Key Highlights from the Report:
• Type Segmentation: The market is segmented into pea protein isolates, concentrates, textured pea protein, hydrolysates, pea flour, and other derivatives. Pea protein isolates are anticipated to dominate the market in 2022, attributed to their high protein content and versatility in various applications.
• Source and Source Process: The yellow pea protein segment holds the largest market share in 2022 and is expected to exhibit rapid growth, driven by its diverse applications in the food and beverage industry, particularly in alternative meat products.
• Processing Method: Dry processing currently commands the largest market share due to its cost-effectiveness and high demand from food and beverage manufacturers. However, wet processing is projected to witness the highest CAGR during the forecast period.
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• Form and Application: Dry pea protein holds a significant share of the market, driven by ease of handling and transportation. The nutrition and health supplements segment leads in terms of application, owing to increased consumer focus on wellness and sports performance.
• Geographical Analysis: North America dominates the global market, supported by a well-established food and beverage industry and increasing demand for plant-based alternatives. Nevertheless, the Asia-Pacific region is forecasted to exhibit the highest CAGR, driven by rising health consciousness and expanding food and beverage sectors.
The report also profiles key players in the market, including Roquette Freres Le Romarin, AGT Food and Ingredients Inc., Cargill, Incorporated, Ingredion Inc., Archer Daniels Midland Company, and others.
For more insights and to download a sample copy of the report, visit: https://www.meticulousresearch.com/download-sample-report/cp_id=5054
With comprehensive coverage and detailed insights, Meticulous Research® continues to provide valuable market intelligence to industry stakeholders, enabling informed decision-making and strategic planning in the dynamic landscape of the pea protein market.
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