by Pea protein has properties such as neutral taste, bland flavor, easy digestibility and high protein content which makes it an ideal ingredient for use in various applications in food and beverage industry. Pea protein isolate is used as a dairy alternative in production of vegan cheeses, yogurts, milk and other plant-based dairy products. Growing health consciousness among consumers regarding harmful effects of animal protein and lactose intolerance have increased demand for plant-based products. This has propelled pea protein market growth. Pea protein is used in manufacturing of nutrition bars, snacks, meat analogs and other products. Easy digestion and complete profile of essential amino acids in pea protein makes it preferable over other plant proteins such as soy, wheat and rice proteins.
The global pea protein market is estimated to be valued at US$ 278.42 Mn in 2023 and is expected to exhibit a CAGR of 19.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing demand for plant-based products as mentioned in the heading is one of the key drivers propelling pea protein market growth. Rising health consciousness and concerns regarding animal welfare have increased preference for vegan and vegetarian diets among consumers globally. This growing trend has accelerated demand for plant-based meat and dairy alternatives incorporated with pea protein. Additionally, pea protein is easily digestible and hypoallergenic making it ideal for consumption by people with lactose intolerance or food allergies. Its neutral taste and color allow usage across varied food applications without significantly altering the original product. These inherent properties of pea protein have enabled wider market penetration.
Segment Analysis
The global pea protein market is dominated by the pea protein isolates sub-segment which holds around 60% of the market share. Pea protein isolates have high protein purity levels of around 80% to 85% and thus find widespread applications in nutritional supplements and sports nutrition products where high protein content is required. Their ease of formulation and neutral taste also contribute to their popularity. The pea protein concentrates sub-segment holds around 35% share and offers a slightly lower protein concentration of around 70%. They are preferred for applications in baked goods, cereals, and meat alternatives.
Pest Analysis
Political: The growing emphasis on sustainable sources of plant-based proteins by governments and regulatory bodies is boosting the adoption of pea proteins. Several countries provide subsidies and tax incentives for pea cultivation.
Economic: High disposable incomes and growing health consciousness are driving demand for natural and clean label products containing pea protein. However, pea prices fluctuate due to unstable crop production which affects the input costs.
Social: Rising vegan and flexitarian trends are increasing the mainstream acceptance of plant-based diets and vegan foods containing pea protein. Online communities promote the nutritional and environmental benefits of pea proteins.
Technological: Several manufacturers are focusing on developing value-added pea protein ingredients with optimized functionalities for specific applications through processes like fractionation, enzymatic treatment, and hydrolysis. This is expanding their usage.
Key Takeaways
The Global Pea Protein Market Size is expected to witness high growth at a CAGR of 19% during the forecast period of 2023 to 2030.
Regionally, North America holds the largest market share currently owing to high health awareness and demand for natural and sustainable ingredients. Europe follows in terms of consumption and is witnessing significant demand growth on account of increasing vegan populations in countries like Germany and the UK.
Key players operating in the pea protein market are JX Nippon Mining, Mitsui Mining & Smelting Co. Ltd., Ultimo Technology Co. Ltd., ULVAC Technologies, Inc., KFMI Corporation, Plasmaterials Inc., Tosoh SMD Inc., Kurt J Lesker Company, Testbourne Ltd, Praxair S.T Technology, Inc. These companies are focusing on new product innovations, capacity expansions, and strategic partnerships to strengthen their positions in the lucrative pea protein market space.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
