Pea Protein Market Size, Share & Trends Analysis By Type, By Form, By Source, By Application, Regional Outlook, Competitive Strategies and Segment Forecasts to 2030

Pea Protein Market Size, Share & Trends Analysis By Type, By Form, By Source, By Application, Regional Outlook, Competitive Strategies and Segment Forecasts to 2030

Global pea protein devices market is projected to be worth USD 2788 million by 2030

According to SPER Market Research, the pea protein market is estimated to reach USD 2788 million by 2030 with a CAGR of 14.2%. Consumers from developed countries are moving towards plant-based diet due to health awareness. To substitute protein consumption from meat, vegan sources are gaining popularity.

Impact of COVID-19 on the Pea Protein Market

COVID-19 has both positive and negative impact on pea protein market. Production of pea protein is restricted due to shortage of labor and restrictions in exports and transports. However, increase in demand has also been observed among the consumers. The rising trend of veganism in western countries promote the consumption of pea protein to fulfil daily protein intake. With upliftment of restrictions, the supply chain is slowly getting restored to meet the production requirement.

Scope of the report:

Market size available for years

2019-2030

Base year considered

2021

Forecast period

2022-2030

Segments covered

By Type, By Form, By Source, By Application

Geographies covered

North America, Europe, APAC, Latin America, and the Middle East & Africa

Companies Covered

Axiom Foods, Inc, Burcon Nutrascience, Coscura Groupe Warcoing SA, DuPont, Emsland Group, Fenchem Inc., Ingredeion Inc., Martin & Pleasance, Nutri-Pea Ltd, Puris Foods, Rouquette Freres, Shandong Jianyuan Group, Sotexpro SA, The Green Labs LLC, The Scoular Company

Driver: Rising trend for veganism and plant-based products

Diet preferences are rapidly changing in western countries such as UK, US, France, Germany. The consumers are adopting veganism due to which animal-based products are not promoted included milk and milk products. In order to achieve daily protein intake, vegan sources are preferred. Rising health awareness for meat related allergies, lactose intolerance, plant-based products with non-allergen properties are consumed.

Restraints: High production cost

The process of pea protein production is high costly and requires heavy equipment. On the other hand, consumers are more aware about soy protein which is also easy to produce in large volumes to meet the high demand. Therefore, companies restraint from producing pea protein alone.

Opportunity: New applications of pea protein

Pea protein was earlier used as a meat substitute but now it is explored for various new applications. Pea protein is also used as an important ingredient in nutrition bars, beverages, snacks, bakery and confectionary to name a few.

Challenge: Supply constraints for pea protein sources

Pea protein is extracted from chickpeas, yellow peas, peas and lentils. The extracted protein is nearly about 15 to 20% of total peas. Thus, huge amount of peas are required to meet the demand for pea protein. Any disruption in the supply of peas can restrict the large production affecting the growth of this market.

Pea Protein Market by Type:

Based on type, market has been segmented into isolates, concentrates and textured

Pea Protein Market by Form:

Based on form, market has been segmented into Dry and Wet

Pea Protein Market by Sources:

Based on sources, market has been segmented into split yellow peas, lentils and chickpeas

Pea Protein Market by Application:

Based on application, the market is segmented into meat substitutes, performance nutrition, functional foods, snacks, beverages, bakery products and confectionary. Meat substitute is a fastest growing segment by application for pea protein market. Textured pea protein is used as a key ingredient in the manufacturing of vegan meat for burgers, sausages.

Pea Protein Market by Region:

North America owns the largest share of this market owing to rising demand for gluten-free diet, increasing health awareness around consumption of red meat, shift towards veganism and presence of leading players. Asia Pacific is expected to show the fastest growth in this market due to rising awareness for nutrient rich diet, favorable regulatory framework and rising demand for sports nutrition/supplements.