Pea Protein Market Size, Share & Trends Analysis Report 2020-2027
Pea Protein Market Growth & Trends
The global pea protein market was estimated at $ 213.5 million by the end of 2019 and is anticipated to grow at a CAGR of 7.9% over the upcoming period. The growing awareness of health and hygiene and increased consumption of dietary supplements are the prime drivers for this market.
GO-Vegan movement is gaining momentum across the globe and people are searching for best alternatives for meat protein, growing concerns for lactose intolerance for a large number of people have risen the demand of gluten-free products which can be a good substitute for meat and milk products is one of the major reasons to thrive this market. Growing awareness of nutrition supplements for vegetarians and the increased intake of protein powder with no meat content is expected to increase the demand for pea protein powder which not only provides protein supplement but also have a hygienic background. Since some of the dairy and meat products carry along with allergies and micro bacteria, pea protein makes it the best alternative and its consumption is expected to grow in the upcoming period.
Rising concerns for cardiovascular diseases by consuming red meat and the increasing importance of Flexi-dieting amongst the Americans are anticipated to rise the demand of a health-friendly alternative which is an important factor for pea protein market to grow. The pea protein can also be used as a texture improving agent in meat processing and is widely used in the USA due to presence of a large number of meat processing units like National foods, Cargill, JBF and Tyson, these brands use pea protein for improving the texture of meat and therefore is expected to grow its demand in the US. The market is expected to grow at a CAGR of 8% in the US.
Two of the important reasons for pea protein market to develop in the US are the strategic partnerships and extremely efficient supply chain to transport this product to market. Pea protein manufactures have developed a strategic partnership to grow grains such as yellow peas and have focused extensively in an efficient supply chain planning to ensure the grown products reach consumers in less amount of time. A good example is a strategic partnership between World food processing and Roquette America which is enhancing the scope of cultivation and consumption of pea protein the North American region.
Pea protein concentrates which are manufactured by separating protein of pea seeds from fibre through various processes. In 2019 itself, the revenue figure for pea protein concentrates segment was around USD 46 million which is anticipated to grow at a CAGR of 7% over the upcoming period. These have good emulsification properties are also high digestibility which aids their usage in the sports diet supplementation. It also has dry textures and good flavouring properties which also finds a way in the bakery making like on cakes and pastries. Similarly, pea protein isolates contributed to around 49% of the revenue share of the pea protein market in 2019 and became the largest segment. Pea protein isolates have excellent emulsification, high solubility and high amino acids content are used extensively as texturing agents on meat products. Rising expenditure on research and developments on human health in developed countries of the USA and Europe are expected to rise the isolates’ demand in upcoming years.
On the basis of ‘form insights’, pea protein market can be classified as dry based segment and liquid-based segment. The dry based segment accounted for around 68% of the overall market share (in terms of revenue) of pea proteins in 2019. The dry based form is predominantly used in meat products, bakery products and a wide range of health supplements and is available readily in powdered form in the market. Similarly, the liquid form is anticipated to grow at a CAGR of 8% in the upcoming years and is expected to be the fastest-growing segment. It has the property to get easily blended in a number of food components due to its liquid form and is widely used in sports drinks and nutritional drinks. The European countries like the UK, France and Germany are expected to provide ample growth opportunities for liquid form pea proteins.
Pea proteins are used in a wide scope of applications and the largest application of pea protein is with the nutritional supplements and dietary supplements at a domestic level. Additionally, with the great boom of the nutraceuticals industry in Asian counties like India, China and Japan are expected to boost its growth in the upcoming years. Pea protein is also extensively used in cereal bars, energy powders, syrups and soups to enhance muscle growth and provide good health supplements are also expected to increase the consumption of pea proteins and contribute to its growth.
Growing population and growth of the food and beverage industry is expected to boost demands for dietary supplements and energy drinks. Similarly rising consumer awareness for healthy and nutritious products are expected to fuel this market. Bakery products were the second largest consumer as per the study of 2019 and are expected to be in the upcoming years. Growing concerns for meat and dairy products which are substituted by pea protein products are expected to further grow this market.
As per the study conducted by UpGraph market research and consultancy, the North American market was the largest consumer of pea protein accounting for around 48%. This was an outcome for preferring gluten-free items and rise in the sports nutrition industry in the United States. Similarly, the emerging food processing sector of Mexico is expected to promote the food and beverage and meat industry thereby increasing the demands for pea proteins which acts as texturing agent on baked products and meat products.
Europe was studied as the second-largest consumer in 2019 for pea proteins, looking for the best alternative for lactose intolerances and shifting consumer choices for plant-based protein products is expected to boost the demand for pea proteins market in the upcoming years too. Looking at the growth parameter, the Asia-Pacific region is anticipated to be the fastest-growing region in terms of volume. Increasing demand for functional foods in the south-east Asian countries like China & Japan is expected to boost the market growth in the upcoming years. India being the habitat of consumption of natural food ingredients and spices and the preference of natural food supplements over meat products, the demand for pea protein market is expected to boost in the upcoming years. Similarly, growing nutritional awareness and increasing demand for sports supplements, the pea protein market is gaining momentum in the Latin American countries and the middle eastern region.
The report for pea protein market focuses on forecasts in terms of volume and revenue growth at a local, regional and global level and provides a detailed analysis of the latest industry trends from the forecast year 2020 to 2027. UpGraph Research has segmented the pea protein market report on the basis of form, product, application and region, detailed as below.
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