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Pea Protein Ingredients Market Size, Trends, Growth Drivers, Forecast To 2033
Pea Protein Ingredients Market Size
As per the report, 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 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%.
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The Surge In Vegetarian And Vegan Diets Fuels Growth Of The Pea Protein Ingredient Market
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.
Textured Vegetable Protein Enhances Market Offerings
Major companies operating in the market are developing textured vegetable protein products, such as Vertis, to gain a competitive advantage and enhance their product offerings. Vertis is an innovative textured pea canola protein product offering a complete plant-based protein source with unique textural properties, ideal for meat alternatives and plant-based applications. For instance, in 2022, DSM, a Netherlands-based company focused on delivering innovative solutions in nutrition, health, and sustainable living, launched Vertis Textured Pea Canola Protein. It is the world's first textured vegetable protein to provide all nine essential amino acids, establishing it as a complete protein source. This innovative solution is also free from soy, gluten, and dairy, making it highly versatile. Vertis Textured Pea Canola Protein offers distinct textural advantages and is designed to empower food producers in the creation of more authentic and nutritionally appealing meat alternatives and plant-based applications. Notably, it boasts rapid hydration, excellent processing capabilities, and supports low-fat and low-salt formulations while delivering a firm and resilient texture reminiscent of traditional meat products.
The pea protein ingredients market covered in this report is segmented -
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
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Major companies operating in the pea protein ingredients market include 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.
Contents of the report:
1. Executive Summary
2. Pea Protein Ingredients Market Report Structure
3. Pea Protein Ingredients Market Trends And Strategies
4. Pea Protein Ingredients Market - Macro Economic Scenario
5. Pea Protein Ingredients Market Size And Growth
…..
27. Pea Protein Ingredients Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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