According to the latest report by IMARC Group, titled “Pea Protein Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global pea protein market size reached US$ 640 Million by 2019. Pea protein is a plant-based high-quality source of protein that is primarily extracted from dried yellow split peas. Characterized by a neutral taste, it is widely used as a food additive and dietary supplement. It is not only a rich source of iron, magnesium, arginine and branched-chain amino acids but is also free from the common food allergens, cholesterol and saturated fats. As a result, its consumption is associated with regulating blood sugar levels, improving muscle-building properties, maintaining heart health and reducing the chances of developing kidney-related disorders.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
Global Pea Protein Market Trends:
The global market is primarily driven by the growing health-consciousness among the masses. Changing dietary patterns and the increasing adoption of healthy lifestyle practices by individuals have led to the shifting preference from dairy and animal-based proteins to plant-based alternatives, which has, in turn, facilitated the uptake of pea protein on the global level. The market is also driven by the rising popularity of vegan and vegetarian diets among consumers. Supported by the growing concerns regarding several health conditions associated with excessive meat consumption, there has been an increasing demand for plant-based meat substitutes, which is contributing to the growing demand for pea protein. Along with this, the sales of these proteins are also boosting as they are dairy- and gluten-free in nature. The growing awareness regarding lactose intolerance and gluten allergy among the majority of the population is creating a positive outlook for the market. In addition to this, several key players are entering joint ventures and planning strategic acquisitions and mergers to expand their production capacity. This, along with the rising adoption of nutraceuticals, extensive utilization of pea protein in sports nutrition products and the rising demand for weight management solutions, is providing a further impetus to the market growth. On account of the aforementioned factors, the market is expected to reach a value of US$ 1340 Million by 2025, growing at a CAGR of 12.8% during the forecast period (2020-2025).
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Key Market Segmentation:
The competitive landscape of the market has been examined in the report with the detailed profiles of the key players operating in the market. Some of these players include Axiom Foods, Inc., COSUCRA – Groupe Warcoing, Nutri-Pea Limited, Roquette Frères, Shandong Jianyuan group, SOTEXPRO, The Scoular Company, Naturz Organics, Fenchem, and Glanbia Plc.
Market Breakup by Application:
1. Dietary Supplements
2. Bakery Products
3. Meat Substitutes
Based on the application, the market has been classified into dietary supplements, bakery products, meat substitutes, beverages and others.
Market Breakup by End-User:
On the basis of the end user, the market has been bifurcated into retail and institutional segments.
Market Breakup by Product Type:
On the basis of the type, the market has been divided into isolates, concentrates and textured products.
Market Breakup by Region:
1. North America
2. Asia Pacific
4. Latin America
5. Middle East and Africa
Region-wise, the market has been classified into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Latin America (Brazil, Mexico and others); and Middle East and Africa.
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