The new report by Expert Market Research titled, ‘Global Pea Protein Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global pea protein market size, assessing the market based on its segments like types, forms, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 1,683.0 Million
- Forecast CAGR (2023-2028): 19.6%
- Forecast Market Size (2028): USD 5,086.9 Million
The pea powder industry has been witnessing considerable growth owing to the rising demand of vegetarian products, increasing concerns regarding heart related diseases caused by red meat consumption and increasing awareness among consumer regarding the consumption of a healthy diet.
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Rising lifestyle related health problems, such as diabetes, allergies and obesity, have led to a shift towards vegan dietary habits. Moreover, it is dairy and gluten free owing to which it serves as a suitable choice for people who suffer from gluten allergy or lactose intolerance. Pea protein powder is likely to witness a rise in demand due to its wide applications in the meat substitutes industry.
Pea Protein Industry Definition and Major Segments
Pea protein is made by segregating the protein from ground yellow peas. It is a healthy source of iron, and can be easily digested by our body. Pea protein is a healthy vegetarian food source due to its nutritional value and low allergenicity. It can also help increase muscle mass, losing weight, and provide essential nutrients such as arginine and branched chain amino acids.
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On the basis of type, the industry can be divided into:
The form of the product can be categorised as follows:
On the basis of application, the industry can be divided into:
- Functional Food
- Sports Nutrition
- Meat Additives
- Bakery and Confectionery
The regional markets for pea protein industry include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Pea Protein Market Trends
The key market trends driving the growth of the pea protein industry include the growing demand for meat substitutes and allergen friendly sports and fitness supplements. Rising awareness regarding healthy protein intake in everyday life along with its functional benefits such as it reduces appetite resulting in weight loss, increases muscle mass and strength, and maintains bone health, and bolsters immune health will augment the product demand. According to recent research and studies excessive consumption of meat and meat products has resulted in increasing risk of heart diseases, cancer, and obesity. All these factors are expected to significantly contribute to the demand for robotic technology in the forecast period.
Key Market Players
The major players in the market are Roquette Frères S.A, Burcon NutraScience Corporation, Axiom Foods Inc, Farbest-Tallman Foods Corporation, Cosucra Groupe Warcoing SA, and Shandong Jianyuan Group, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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