Introduction:
The market for pea protein is expected to expand at a value-based Compound Annual Growth Rate (CAGR) of 6.0%, with an increase in revenue from US$ 1,181.7 million in 2023 to an expected US$ 2,125.4 million by 2033.
The global pea protein market witnessed significant growth in the historical period, registering a CAGR of 5.3% and was valued at US$ 1,181.7 million in 2023. The major factors driving market demand for pea protein include the increasing consumer demand for naturally sourced supplements and health & wellness products.
There is also a rising demand for textured protein in convenient food items and ready-to-eat food products, contributing to the growth of the global pea protein market.
Pea protein demand worldwide is being propelled by the booming supplement sector and the desire for naturally sourced healthcare products. The consumption of organic products is increasing in the global market, and consumers are becoming more aware of organic products, which is expected to drive the sales of pea protein.
Urbanization across the globe has resulted in higher economic standards, increased purchasing power, and a shift in customer preference for healthy food products. In metropolitan areas, consumers are choosing healthy food options such as natural and organic foods. Increased awareness of non-GMO and chemical-free foods is influencing the growth of naturally sourced protein powder in the global market.
The global market for pea protein is estimated to reach an approximate valuation of US$ 2,125.4 million in the forecast period, i.e., 2033.
Key Market Growth Factors and Dynamics Pea Protein Market:
Increasing Demand for Naturally Sourced Supplements and Health & Wellness Products: Consumer preferences are shifting towards naturally sourced supplements and health-conscious products, driving the demand for pea protein as a plant-based, clean, and sustainable protein source.
Rising Popularity of Plant-Based Diets: The growing awareness of the environmental impact of animal agriculture and health concerns associated with meat consumption has led to an increased adoption of plant-based diets. Pea protein serves as a vital ingredient in plant-based diets, contributing to its market growth.
Booming Supplement Sector: The expanding market for dietary supplements, especially in the form of protein powders, is a significant driver for pea protein. Consumers, including fitness enthusiasts and those seeking protein supplements, are increasingly turning to plant-based options.
Demand for Textured Protein in Convenient and Ready-to-Eat Foods: The convenience factor in food consumption is driving the demand for textured protein, and pea protein is finding applications in various convenient and ready-to-eat food products. This trend is contributing to the overall growth of the pea protein market.
Increasing Awareness of Organic and Non-GMO Products: Consumers are becoming more conscious of the quality of food they consume, leading to a higher demand for organic and non-genetically modified organism (GMO) products. Pea protein, being a natural and non-GMO protein source, aligns with this consumer preference.
Global Urbanization and Economic Growth: Urbanization has led to higher economic standards and increased purchasing power, especially in metropolitan areas. Consumers in these regions are inclined towards healthier food options, and pea protein fits into the trend of natural and organic choices.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2032 – By Product Type, Application, End-user, and Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa): https://www.persistencemarketresearch.com/market-research/pea-protein-market.asp
Market Restraints and Challenges Pea Protein Market:
Price Sensitivity: Pea protein products can sometimes be perceived as more expensive compared to conventional protein sources, which may hinder widespread adoption, especially in price-sensitive markets.
Allergen Concerns: Pea protein allergies are rare but can occur. Some individuals may be allergic to peas or legumes, limiting the market appeal of pea protein products, particularly in cases where allergies are a significant concern.
Flavor and Texture Challenges: Pea protein may have a distinct taste and texture that is not universally appealing. Formulating products to mask or complement these characteristics can be challenging for food manufacturers.
Competition from Other Plant-Based Proteins: The plant-based protein market is diverse, with alternatives such as soy, rice, and hemp proteins. Pea protein faces competition from these sources, and consumer preferences may vary, affecting market share.
Limited Awareness in Developing Regions: In some developing regions, there may be limited awareness of pea protein and its benefits. Lack of education and understanding about plant-based protein sources can slow market penetration in these areas.
Supply Chain Disruptions: Factors such as climate conditions, crop diseases, or transportation issues can impact the supply chain of peas, leading to fluctuations in pea protein availability and potential price volatility.
Functional Limitations in Some Applications: Pea protein may not be suitable for all food and beverage applications due to its functional limitations, such as solubility and gelation properties. This can restrict its use in certain formulations.
Processing Challenges: The extraction and processing of pea protein can be complex and may involve the use of specific technologies. Challenges in processing may affect the overall cost and quality of pea protein.
Regulatory Compliance and Labeling Issues: Meeting regulatory standards and ensuring accurate product labeling can be a challenge for pea protein manufacturers. Adherence to regional and international regulations is crucial for market acceptance.
Market Mergers & Acquisitions:
Diversification of Product Offerings: Companies may acquire or merge with others to diversify their product offerings. This could involve combining pea protein with other plant-based proteins or integrating it into a broader range of food products.
Market Expansion: Mergers and acquisitions can facilitate market expansion by allowing companies to enter new geographic regions or target different consumer segments. This can lead to increased sales and market share.
Technology and Innovation Integration: Acquiring companies with advanced extraction or processing technologies can enhance a companys capabilities in producing pea protein. This may result in improved product quality and cost-effectiveness.
Vertical Integration: Companies may pursue vertical integration by acquiring businesses involved in different stages of the supply chain, from pea cultivation to protein extraction. This can provide greater control over quality and supply.
Strengthening Competitive Position: Mergers and acquisitions can be strategic moves to strengthen a companys competitive position in the market. By acquiring key players or competitors, a company can consolidate its market presence.
Access to Distribution Networks: Acquiring a company with an established distribution network can be beneficial in expanding the reach of pea protein products. This helps in getting products to market more efficiently.
Future outlook Development:
Continued Growth in Plant-Based Diets: The trend toward plant-based diets is expected to continue, driven by factors such as health consciousness, environmental sustainability, and ethical considerations. Pea protein, being a versatile plant-based protein source, is likely to benefit from this trend.
Increased Product Innovation: The pea protein market is likely to witness increased product innovation as manufacturers strive to meet consumer demands for taste, texture, and nutritional profiles. New formulations and applications in various food and beverage products are anticipated.
Expansion of Application in Food Industry: The use of pea protein in the food industry is expected to expand beyond traditional applications. Continued research and development may lead to the incorporation of pea protein into a wider range of products, including snacks, dairy alternatives, and meat analogs.
Technological Advancements in Processing: Ongoing advancements in extraction and processing technologies are expected to improve the functional properties of pea protein. This could result in products with enhanced solubility, improved texture, and better overall performance in various applications.
Growing Demand for Clean Label and Organic Products: Consumers are increasingly seeking clean label and organic products. The demand for naturally sourced and minimally processed ingredients aligns with the characteristics of pea protein, and this trend is likely to support its growth.
Key Players: Ingredion Incorporated, Cargill Incorporated, DuPont de Nemours Inc., AGT Food and Ingredients, Glanbia Plc, Axiom Foods Inc., Roquette Freres, The Green Labs LLC, Bioway (Xian), Organic Ingredients Co. Ltd, The Scoular Company, NOW Health Group Inc., Aminola, A&B Ingredients
Pea Protein Market Segmentation:
By Nature:
Organic
Conventional
By Form:
Isolates
Concentrates
Hydrolysate
By End Use:
Food & Beverage Industry
Bakery & Confectionery
Snacks & Cereals
Meat Additives
Beverages
Dietary Supplements
Animal Feed Industry
Cosmetics & personal Care Industry
Pharmaceuticals
By Region:
North America
Latin America
Europe
South Asia & Pacific
East Asia
Middle East & Africa
FAQ’s Answered In our Report:
What is the current market size of the global pea protein market, and what is the expected growth rate in the coming years?
What are the key factors driving the demand for pea protein in the food and beverage industry?
How is the competitive landscape in the pea protein market? Are there any notable mergers, acquisitions, or partnerships among key players?
What are the major challenges faced by the pea protein market, and how are companies addressing these challenges?
Which applications in the food industry show the highest demand for pea protein, and what innovations are being made in product formulations?
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This press release first seen on Brilad
COMTEX_444576946/2840/2023-12-07T01:08:39
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