Global Pea Protein Market Size Will Cross the Billion-dollar Mark Before 2025

November 2020

Escalating inclusion of plant-based protein in routine diet is giving a primary push to the global pea protein ingredient market. With an expanding vegan population that has a keen nose for clean label products, the market is all set for a strong rise at 8.4% CAGR during 2021 – 2025. A recent study of Fairfield Market Research forecasts the market to reach the valuation of US$1,374.3 Mn by the end of 2025. The heightening consumer demand for sustainable and plant-based protein alternatives primarily drives the pea protein ingredient market revenue. Growing prevalence of lactose intolerance, and allergies further provides the market with a significant impetus.

Pea protein has emerged as a popular ingredient for dietary supplements, and functional food and beverage products. In line with rising technological advancements in pea protein extraction and production, the pea protein ingredient market is poised for robust growth in the years of forecast.

Thriving Trend of Veganism Underpins Strong Uptake of Pea Protein Ingredients

Growing health awareness, and rising concerns around environmental and animal welfare have largely uplifted the veganism trend. A measurable consumer population today is showing preference for plant-based dietary products, thereby creating a confident space for meat-free products, and other vegan food products on retail shelves. Pea protein, being a plant-based protein and extracted from a variety of peas (green, dry, and chickpea), thus fits well in consumer preferences. In addition, it is extensively available in isolated, concentrated, and textured forms that suit for usage in a variety of recipes.

Moreover, social media influencers have been recently playing a critically important role in fortifying the boom around plant-based protein, including pea protein ingredients. Growing promotion of veganism, and a developing perception about how a vegan lifestyle can benefit in terms of personal and environmental health will also act as a push factor for the market.

Conventional Ingredient Remains Favoured

Market analysis by the nature of ingredients shows that the pea protein ingredient can be classified into two categories, viz., organic, and conventional. Among these, the conventional pea protein ingredient holds a lion's share of the market value, i.e., more than 83%. This preference can be attributed to numerous factors such as the favourable nutritional profile of the conventional pea protein ingredients, widespread availability, functional attributes, sustained consumer demand, and reasonable price point.

Additionally, conventional pea protein is highly versatile, and can be utilized for various food and beverage applications like baked goods, protein powders, and meat substitutes. The conventional variant can thus present manufacturers a flexible ingredient that caters to a diverse product formulations range, which widens the scope of growth for the pea protein ingredient market.

North America, and Europe in the Bandwagon

The global pea protein ingredient market continues to be led by North America, and Europe, collectively registering the revenue share of around 65.1% of the global pea protein ingredient market in 2020. Expanding vegan population, and the increasing demand for allergen-free food are expected to boost market growth in the years to come.

On the other side, Asia Pacific’s pea protein ingredient market is expected to witness the fastest growth during the period of projection. The regional market expansion is majorly attributed to the continuous launch of new pea protein-based products by processed food manufacturers. Major economies such as China, Australia, and Japan are projected to be the key contributors to the overall revenue of the region’s pea protein ingredient market space. Moreover, the boom around quick-service restaurants has been growing denser recently, which in turn determines Asia Pacific’s significant role in global market expansion.

Leading Companies in Pea Protein Ingredient Market

Some of the key players operating in the global pea protein market Roquette Group, Ingredion Incorporated, PURIS, Emsland Group, Cosucra Groupe Warcoing SA, Axiom Foods, DuPont de Nemours, Inc, The Scoular Company, Burcon NutraScience Corporation, and Glanbia plc.

Companies are investing in research and development activities to expand and improvise their product portfolio. This will create dominance and increase competition in the market. They are actively investing in research and development activities along with focusing on mergers and acquisitions to stay ahead in the competition.