Protein Isolates to Emerge As Key Category Recording Over 47% Sales in Global Pea Protein Market: Future Market Insights
The pea protein market study by Future Market Insights (FMI) offers all-inclusive insights into key factors enabling growth across various segments in terms of product and nature. It underscores product launches as key strategy adopted by market players as they aim for expanding their footprint globally
DUBAI, UAE, Aug. 19, 2021 /PRNewswire/ -- The pea protein market will total US$ 3.2 Bn in 2021, as per the latest study by Future Market Insights (FMI). Exhibiting a CAGR of 14.2% between 2021 and 2031, the market is expected to reach US$ 12.31 Bn by the end of 2031.
Consumer preference for natural and plant-based products has encouraged extensive application of pea protein in the food and beverage industries. The market will continue showcasing steady growth, especially on account of impressive nutritional profile of pea protein, covering amino acids, vitamins, and minerals.
These properties of pea protein are highly sought-after as they help in minimizing cancer risk and body weight while enhancing cardiac health along with muscle growth.
Besides these, growing prevalence of chronic diseases such as diabetes, which is often caused by unhealthy lifestyle and obesity are pushing demand for vegan, non-GMO (genetically modified organism) and gluten-free products. This will continue offering lucrative opportunities for growth of the pea protein market.
Growth prospects for dry processed pea protein are likely to remain favourable because it offers easy digestion and enhanced shelf-life. As per FMI, it is estimated to account for over 69% of global market share in 2021. In terms of nature of pea protein, conventional pea protein is gaining significant traction, accounting for 90% of market value share in 2021.
Some of the leading market players are focusing on making deeper inroads in sports nutrition foods by introducing novel products made using wet and dry processed protein.
Regionally, North America will remain a highly lucrative market. Demand outlook for the U.S. and Canada markets remain optimistic, driven by increasing adoption of plant-based proteins for infant health along with rise in consumption of nutritional beverages. FMI has estimated that, the U.S. will account for over 82% of North America market in 2031.
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"Increasing preference for clean-label food products coupled with emerging veganism trend will drive sales of pea protein. Scope for product launches will improve, as consumers exhibit increasing demand for organic ingredient list for their favourite food and beverages items," said a FMI analyst.
Key Takeaways from Hearing Implant Market Survey
- Driven by consumer inclination towards clean label products, India market for pea protein is expected to account for over 42% of South Asia market sales in 2021.
- Backed by ease in availability of raw materials at economical prices, China is forecast to account for over 56% of East Asia market in 2021.
- Germany is the leading market for pea protein in Europe and is estimated to reach a valuation of US$ 221.9 Mn in 2021.
- The U.S. is the leading market for pea protein in North America and is expected to account for nearly 82% of North America market by the end of 2031.
- Brazil is forecast to account for more than 23% of pea protein consumption within Latin America.
Key Drivers
- Increasing demand for clean label and organic products is creating opportunities for pea protein sales across various sectors within the food industry.
- Rising health consciousness among consumers is accelerating pea protein inclusion in diverse food items.
- Positive growth outlook for sports nutrition products sales will give tailwinds to growth registered in the pea protein market.
Key Restraints
- Presence of substitute proteins to pea proteins is expected to limit the market.
- High cost associated with extraction and processing of pea proteins are forecast to hamper sales of the market.
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Competitive Landscape
Pea protein manufacturers are focusing on new product launches to keep a pace with changing consumer preferences. Several other players' key focus area is partnerships, collaborations and mergers & acquisitions to expand their footprint globally.
For instance, in 2020, Ingredion announced the launch of its first-ever protein isolate named VITESSENCE® Pulse 1803. With this launch, Ingredion has not only widened its range of plant-based ingredient solutions but also addressing consumer demand for protein rich products.
In 2021, Ingredion announced the acquisition of KaTech, a German food tech company. With a concentrated focus on plant-based solutions and dairy alternatives, this acquisition further expands Ingredion's specialty ingredient portfolio.
Some of the leading players operating in the pea protein market profiled by Fact.MR are:
- Cosucra Groupe Warcoing
- Nutri Pea Limited
- Sotexpro
- Roquette Freres
- Glanbia Plc
- Fenchem Biotek Ltd.
- Prinova Group LLC
- Yantai Shuangta Food Co.
- Burcon Nutrascience
- AGT Food & Ingredients, Inc.
- World Food Processing L.L.C.
- Others
More Valuable Insights on Market
FMI, in its new report, offers an unbiased analysis of the global pea protein market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in pea protein market with detailed segmentation:
By Nature:
- Organic
- Conventional
By Product Type:
- Protein Concentrates
- Protein Isolates
- Textured Protein
- Hydrolyzed Protein
By End Use:
- Food Processing
- Meat Alternatives
- Bakery Products
- Confectionery
- Snacks & Cereals
- Meat-Based Products
- Functional Beverages
- Others
- Animal Feed
- Livestock
- Cattle
- Swine
- Poultry
- Pet Food
- Aquafeed
- Nutraceuticals
- Sports Nutrition
- Infant Nutrition
- Cosmetic and Personal Care
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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Key Questions Covered in the Pea Protein Market Report
- The market survey also highlights projected sales growth for pea protein market between 2021 and 2031
- The report offers insight into pea protein demand outlook for forecast period 2021-2031.
- Pea protein market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Pea protein market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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