by Market Overview:
Pea protein is extracted from yellow peas and has a neutral taste and highly digestible nature. It is a popular substitute for various animal and whey proteins in nutrition bars, dietary supplements, ready meals and meat alternatives. Pea protein contains all essential amino acids and has a high protein content of approximately 80%. It has various health benefits such as weight management, muscle building and maintenance of blood sugar levels.
Market Dynamics:
Rising health awareness among consumers regarding the benefits of plant-based protein is a major driver for the pea protein market growth. Pea protein is preferred by vegan and vegetarian populations as an alternative to dairy and meat proteins due to its several nutritional and functional properties. Moreover, pea protein contains soluble and insoluble fibers which helps promoting gut health and managing cholesterol levels. Increased usage of pea protein in sports nutrition and weight management supplements is also fueling the market expansion. However, high production costs and less consumer awareness in developing nations are some factors constraining the market growth.
Segment Analysis
The pea protein market is segmented on the basis of type, application and region. Based on type, dry pea protein accounted for the largest market share in 2023 on account of its easy storage and advantages such as better preservation properties than wet pea protein. By application, nutritional supplements is expected be the dominant segment during the forecast period. Pea protein is widely being utilized in supplements owing to its high protein content and nutritional profile.
PEST Analysis
Political: The governments across nations are supporting the production of plant-based proteins through various subsidy programs and schemes in order to reduce dependence on animal-based proteins. This is promoting the growth of pea protein market.
Economic: The rising disposable incomes and willingness to spend on healthy and plant-based foods is fueling the demand for pea protein products globally. Moreover, stable economic growth is encouraging food processing industries to invest in pea protein.
Social: Growing health consciousness among consumers and rising vegan and vegetarian population has increased the adoption of pea protein as an alternative to whey protein. The social media influence is also driving awareness about the nutritional benefits of pea protein.
Technological: Advancements in production technologies have enhanced the taste and texture of pea protein to match animal-based proteins. New technologies are enabling manufacturers to produce innovative product forms like bars, snacks and beverages containing pea protein.
Key Takeaways
The Global Pea Protein Market Demand is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing preference for plant-based and sustainable protein options. The market size for pea protein is estimated to reach US$ 522.91 Mn by 2030.
Regional analysis indicates that North America is expected to dominate the pea protein market during the forecast period. Growing vegan population and awareness about ethical food sourcing are driving demand for plant-based proteins including pea protein in the region. Europe is also anticipated to be a major market for pea protein supported by rising health consciousness and significant production capacities in countries like France and Germany.
Key players operating in the pea protein market are Burcon Nutrascience, Cosucra Groupe Warcoing, Nutri Pea Limited, Sotexpro, Roquette Freres, Glanbia Plc., Fenchem Biotek Ltd., Prinova Group LLC, and Yantai Shuangta Food Co. Strategic collaborations for new product development and expansion in emerging regions are the focus of these companies to strengthen their market position.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
