The Global Pea Protein Market size is estimated to be USD 87.0 million in 2019 and is predicted to reach USD 288.1 million by 2030 with a CAGR of 11.5% from 2020-2030. Pea Protein is a supplement which is made from the protein derived from green and yellow peas and it is used for the manufacturing of protein rich food products. Pea protein is rich in various amino acids which are important for various body activities. Pea protein is the best option for vegetarians and it is also preferred by highly sensitive people allergic to dairy products.
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Over the period of time there has been tremendous increase in the public awareness about healthcare and there has also been increase in the demand of dietary supplements. The changing lifestyle among people and changing food habits and increasing prevalence of various lifestyle disorders has increased the healthcare concern among people.
There are various factors accelerating the growth of pea protein market include increasing Nutraceuticals industry and increase in various allergies from dairy products such as lactose intolerance and others. However, high cost of pea protein and low consumer awareness are expected to hamper the growth of pea protein market over the forecast period. On the other hand, technological advancement in protein extraction may create lucrative opportunities in the near future.
Market Segmentations and Scope of the Study:
The global pea protein market share is analyzed on the basis of product, application, form and geography. On the basis of product, the market is segmented into isolates, concentrates, and textured pea protein. On the basis of application, the market is divided into meat substitutes, nutraceuticals, and sports supplements. On the basis of form, the market is divided into dry and liquid. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
North America represents the higher adoption of pea protein and expected to contribute the major market share over the forecast period. Due to the increase in healthcare concern and increased adoption of vegetarian protein coupled with changing lifestyle are expected to fuel the growth of pea protein market.
Asia Pacific is expected to develop significantly and maintain its dominance over the forecast period owing to the presence of developing economies such as India, China and others. Furthermore, increase in healthcare concern and increased used of dietary supplements coupled with increased use of Nutraceuticals on a large scale are further expected to contribute the growth of pea protein market in the near future.
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The pea protein market is competitive in nature and consist of various market players some of the key players include Cargill, Incorporated, Kerry Inc., The Scoular Company, Growing Naturals, LLC, DuPont, Avebe, Glanbia plc, A&B Ingredients, Nutri-Pea Ltd., and Roquette Freres among others.
The various market players working towards the development of different pea protein and these developments helps in the growth of pea protein market. For instance, In October 2018, DuPont Nutrition & Health announces an expansion of its plant-based protein product range with TRUPRO 2000 Pea Protein from the DuPont Danisco range of ingredients. It can be sampled in a unique beverage demo at SupplySide West in Las Vegas in November.