Pea Derivatives Market Size, Share & Trends Analysis Report By Type (Pea Protein, Pea Starch, Pea Fiber), By Protein Type (Isolates, Concentrates), By Application (Meat Substitutes, Bakery Goods), By Region, And Segment Forecasts, 2023 - 2030

Pea Derivatives Market Size, Share & Trends Analysis Report By Type (Pea Protein, Pea Starch, Pea Fiber), By Protein Type (Isolates, Concentrates), By Application (Meat Substitutes, Bakery Goods), By Region, And Segment Forecasts, 2023 - 2030

Pea Derivatives Market Growth & Trends

The global pea derivatives market size is expected to reach USD 6.8 billion by 2030, registering a compound annual growth rate (CAGR) of 11.5% over the forecast period, according to a new report by Grand View Research, Inc.The global trend of health consciousness has led to a significant rise in the consumption of protein-rich foods in recent years. Due to the hectic nature of modern lifestyles, individuals often struggle to maintain a nutritionally balanced diet and turn to packaged food products for sustenance. Consequently, food manufacturers are increasingly fortifying their products with essential nutrients, including protein, to cater to this growing demand.

Several packaged food companies, including Nestlé, are adding plant-based ingredients to their products owing to the rising demand for clean-label products. In addition, food & beverage companies are increasingly participating in Protein Challenge 2040, an initiative started by Forum for the Future, which brings together a group of companies and civil society organizations to promote a more balanced approach to how protein is derived. Such initiatives are likely to increase the use of plant-based protein ingredients by food companies in the coming years.

In addition, the current method of producing protein through livestock has an adverse impact on the environment. The growing demand for protein increases livestock production, resulting in a significant rise in greenhouse gas emissions. As a result, there is a growing emphasis on finding alternative protein sources to reduce greenhouse gas emissions and promote sustainability. This trend is anticipated to fuel market growth in the foreseeable future.

Furthermore, in November 2020, Sweden-based IKEA announced that 50% of its restaurant meals and 80% of its packaged food would be plant-based by 2025. Nestlé’s sales of plant-based foods witnessed a 40% increase in the first half of 2020. In addition, in September 2020, Nestlé improved its flagship plant-based ‘Garden Gourmet Sensational Burger’ which is meatier in taste and texture. The growing demand for plant-based foods is mainly attributed to the growing popularity of alternative and clean sources of protein amid the pandemic.

Asia Pacific is anticipated to grow at a substantial CAGR from 2022-2030 due to an increase in the consumption of healthy food products. The demand for healthy and functional foods in India has been on the rise, driven by increased health awareness among consumers and an expanding food & beverage industry. Pea derivatives, which are rich in protein and fiber, are gaining popularity as key ingredient in various food and beverage products. This trend is expected to continue over the next few years, thus boosting the growth of the market. Additionally, the increasing purchasing power of consumers in India is likely to contribute to the growth of the pea derivatives market in the country.

The popularity of meat alternatives is significantly increasing in India with a steady rise in the vegan population due to environmental and health concerns. The entry of meat alternative companies, including Ahimsa Food, The Vegan Eatery, Vegeta Gold, Imagine Meats, and Vezlay in recent years, validates the growing popularity and shifting consumer trends. The growing awareness of the health benefits of plant-based proteins is likely to provide lucrative opportunities for pea protein companies in the coming years.

Pea Derivatives Market Report Highlights

• Pea protein held the largest market share in 2021 owing to its wide application usage in the sports supplement industry
• Meat substitute emerged as the largest application segment with the highest revenue share in 2021 owing to rising demand for plant-based ingredients among consumers
• Bakery goods in the application segment are expected to expand at a significant CAGR from 2022-2030. The growth can be attributed to rising consumer demand for gluten-free based baked goods
• Asia Pacific is estimated to grow significantly over the forecast period owing to the growing demand for plant-based foods in the region

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