Pea Protein Trends and Forecast
The future of the global pea protein market looks promising with opportunities in the chickpea, yellow split pea, and lentil markets. The global pea protein market is expected to reach an estimated $2.1 billion by 2030 with a CAGR of 8.6% from 2024 to 2030. The major drivers for this market are growing consumer awareness about nutritional benefits offered by pea and pea-based products and rise in the popularity of plant-based foods globally.
• Lucintel forecasts that dry will remain the larger segment over the forecast period.
• Within this market, yellow split pea is expected to witness the highest growth.
• Europe is expected to witness highest growth over the forecast period.
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Emerging Trends in the Pea Protein Market
There are several emerging innovations which are changing the pea protein market. These trends are in line with more sustainable methods of food production and diets, as well as, more advances in the food technology.
• Emphasis on the Use of Plant Based Protein Sources: The increase in popularity of vegan diets and health food choices is contributing positively to the market of pea protein. It is being used in meat alternatives, dairy-free products, and nutritional powders due to its nutrition value and eco-friendly production.
• Development of New Product from Food and Beverages: Producers are concentrated on the enhancement of the taste, texture, and functional capability of the pea protein. Due to the advancement of food technology, the scope of pea protein product applications is being broadened including fast foods, pastries, and drinks increasing its attractiveness in the market.
• Growing Popularity of Pea Protein and its Health Benefits: Pea protein allows again a competitive edge in the market especially as consumers are more concerned about sustainability. It is becoming more prevalent in food applications as manufacturers regard it as a better substitute for animal protein when preparing food products.
• Rising Adoption of Functional Foods: The rising trend of functional foods which provide health benefits in addition to the basic nutrition is creating opportunities for pea protein. The nutritional content, particularly the amino acid content, is what makes it widely used in sports nutrition and health supplements.
• Extension of Geographical Reach: The pea protein market is making headway into developing economies such as India and China, where the increasing health consciousness as well as the purchasing power is fueling the demand. The increase in health consciousness and income is making local producers to increase production to satisfy these emerging markets.
These trends are significantly reshaping the pea protein market, driving innovation, and enhancing consumer appeal. As stakeholders adapt to these trends, the market is likely to see continued growth and diversification in product offerings.
Recent Developments in the Pea Protein Market
Several strategies were employed in order to seize them underlying opportunities in the pea protein market. These trends indicate the growing popularity of plant-based components and the improvements in the field of food engineering.
• Enhancement of Production Capacities: Many of the manufacturers of pea protein have come up with ways to help in enhancing their production capacities because of the increased demand worldwide. As a result, they have been able to tap into the growing markets in North America, Europe, and Asia/Pacific reducing costs and enhancing availability.
• Increased alliances with businesses and organizations: The pea protein manufacturer’s cooperation with the food industries has had an impact in regard to the innovative process. These companies are developing new products while taking advantage of the functional attributes of pea protein in applications of food.
• Research On Taste And Texture Enhancement: Researches on the taste and feel of pea protein have reportedly progressed greatly. The improvements have also contributed to the acceptance of pea protein products as a good option particularly for plant-based meat and dairy alternative products.
• Assured Product Approval: Most of the countries regulatory agencies are beginning to consider pea protein as a safe and useful component of food. Because of these approvals its use for other food and drink products has accelerated.
• Shifting Attitude Towards Pea Protein Has Increased: With sustainability becoming a core value to consumers, manufacturers are focusing on ensuring sustainability of the pea protein. This is making more companies to introduce pea protein as an important ingredient in their food products.
These developments are positively impacting the pea protein market, leading to increased product diversification, improved quality, and a stronger emphasis on sustainability. Stakeholders must continue to adapt to these changes to thrive in the evolving landscape.
Strategic Growth Opportunities for Pea Protein Market
The pea protein market will find several opportunities of growth in respect to the diverse applications since there is a growing demand for plant-based diets among the consumers and advancement in technology of food production.
• Meat Substitutes: Pea protein has become one of the most beneficial ingredients in such segments since the ongoing demand for making meat alternatives from plants increases. The reasons for this include its ability to provide similar mouth-select and protein content which consumers seek while making plant proteins.
• Dairy Alternatives: The above substitution market offers opportunities for incorporation of pea protein overtime such as in almond milk, vegan yogurt and vegan cheese. Its functional properties and its ability to combine with different components makes it suitable for these uses.
• Nutritional Supplements: Pea protein is increasingly being adopted by the nutritional supplement market because of its rich protein and wonderful amino acid composition. It finds applications in protein essential supplies such as protein powders, protein bars and other health supplies for sports persons and health consciousness market.
• Baked Goods and Snacks: In recent years, there has been a growing trend to incorporate pea protein into baked and snack foods to enhance their nutritional profiles. It is relatively easy to include it in many forms of products from protein bars to cookies to chips.
• Functional Beverages: There is good market opportunity for pea protein in the functional beverage market. Its usage in protein beverages enriched by ingredients such as shakes and smoothies is increasing owing to health-conscious consumers looking for more healthy and functional beverages.
These growth opportunities across various applications are set to significantly impact the pea protein market. As stakeholders explore these avenues, the market is likely to see increased innovation, product diversification, and heightened consumer engagement.
Pea Protein Market Driver and Challenges
Multiple drivers and challenges have shaped the growth of the pea protein market and its penetration across several regions.
The factors responsible for driving the pea protein market include:
1. Rising Health Consciousness: Increased understanding of the nutritional accessibility of a plant-based diet has uplifted the growth potential of pea protein. Given its favorable ratio of protein and nutrients, it appeals to the health-conscious consumers.
2. Growing Vegan and Vegetarian Population: With more and more people becoming vegetarian and vegan, the interest in pea protein as a substitute for animal protein is increasing. This trend is most pronounced in developed markets, like the US and Europe.
3. Environmental Sustainability: Pea protein is viewed as a healthier and environmentally friendly replacement for meat products. The product entails minimal carbon footprint hence desirable to both manufactures and consumers, which contributes to the growth of the market.
4. Innovation in Food Technology: Development in food technology has expanded the application of pea protein to more structures. It is improving in taste, texture and functionality rendering the material attractive to a wider target market.
5. Regulatory Support: Proactive approaches from regulators, regarding the inclusion of pea protein due to its increased safety and nutrition, are increasing its use across food and beverages. This backing is assisting in increasing its market presence.
Challenges in the pea protein market are:
1. Cost of Production: High pricing of pea protein compared to other plant- based proteins is a limiting factor pertaining to its widespread adoption. Efforts to reduce industrial implementation costs are being made by companies.
2. Limited Consumer Awareness: Even though there are many benefits associated with the consumption of pea protein, its growth may be restricted by scanty consumer awareness. The need to teach people the health benefits of this product as well as the environmental benefits is important in increasing the market.
3. Taste and Texture Issues: However, it seems, although there have been changes, some consumers are still not happy with the tastes and textures of these products relative to those of other protein sources. More development of the product is required for this situation to be addressed.
given the market trends operating in the pea protein market, the likelihood for remarkable transformation is high owing to the rising popularity for plant-based foods, food tech revolution on the sourcing of ingredients and a strategy towards being environmentally friendly. Nonetheless, all factors such as cost and consumer awareness have to be worked on in order for the market to be fully exploited.
List of Pea Protein Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies pea protein companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the pea protein companies profiled in this report include-
• Roquette Frères
• Cargill
• Glanbia
• Kerry
• Ingredion
• Emsland
• Yantai Shuangta Foods
• The Scoular Company
• Burcan Nutrascience
• Shandong Jianyuan
Pea Protein by Segment
The study includes a forecast for the global pea protein by form, type, source, application, and region.
Pea Protein Market by Form [Analysis by Value from 2018 to 2030]:
• Dry
• Wet
Pea Protein Market by Type [Analysis by Value from 2018 to 2030]:
• Isolate
• Concentrate
• Textured
Pea Protein Market by Source [Analysis by Value from 2018 to 2030]:
• Chickpea
• Yellow Split Pea
• Lentil
Pea Protein Market by Application [Analysis by Value from 2018 to 2030]:
• Food
• Beverage
• Others
Pea Protein Market by Region [Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Country Wise Outlook for the Pea Protein Market
The factors which have resulted in this pessimistic growth of the pea protein market include, among others, structural globalization and urbanization that has led to changes in dietary preferences. The developed and rapidly growing regions like the United States, China, Germany, India and Japan would be consistent growth in product creation, production capacity, and usage in various food and beverages. This trend is also driven by increasing preference for veganism and increasing activities around ethical food.
• United States: However, in the U.S market, PEA protein has found its application mostly in meat and protein substitutes. Some key trends are increasing production facility and more focus on R&D to enhance its quality features such as appearance and mouth-feel. Also, the increasing application of regulatory approval for food incorporation of pea proteins has boosted the consumption of this protein in the sports nutrition, dairy alternatives, and functional food markets.
• China: The pea protein market in China is witnessing rapid marketplace growth with the aid of a growing middle income group and the increasing knowledge on plant based foods. Local factories are increasing their manufacturing and working with foreign companies to satisfy the needs. One more factor that helps to expand the market is the government’s concern regarding more healthy alternative food products, which is the reason why pea protein is incorporated in snacks, drinks and meat substitutes.
• Germany: In Germany there is increasing demand for pea protein since it is lentils because consumers are leaning towards plant-based products. The advancement in food technology has also brought better formulations in vegan and vegetarian foods which has made pea protein even more palatable. In addition, sustainability measures are pushing few manufacturers to switch to pea protein which is considered as a more sustainable option than their animal derived protein products.
• India: India’s pea protein market is emerging as the demand for high-protein, vegetarian food products increases. With the country’s strong vegetarian population, pea protein is becoming a popular ingredient in food and beverages. Local companies are focusing on cost-effective production methods and product innovations that cater to regional tastes, while the growing awareness of fitness and health fuels the demand.
• Japan: In Japan, about a few years ago, the pea protein market started to grow within the scope of the trend towards plant-based foods. Japanese are increasingly craving these types of products and today many snacks, beverages and even meat substitutes contain pea proteins. There are growing investments in the area of research and development on the side of local business enterprises to enhance the quality, taste and acceptability of pea protein products.
Features of the Global Pea Protein Market
Market Size Estimates: Pea protein market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Pea protein market size by various segments, such as by form, type, source, application, and region in terms of value ($B).
Regional Analysis: Pea protein market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different form, type, source, application, and regions for the pea protein market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the pea protein market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q1. What is the pea protein market size?
Answer: The global pea protein market is expected to reach an estimated $2.1 billion by 2030.
Q2. What is the growth forecast for pea protein market?
Answer: The global pea protein market is expected to grow with a CAGR of 8.6% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the pea protein market?
Answer: The major drivers for this market are growing consumer awareness about nutritional benefits offered by pea and pea-based products and rise in the popularity of plant-based foods globally.
Q4. What are the major segments for pea protein market?
Answer: The future of the pea protein market looks promising with opportunities in the chickpea, yellow split pea, and lentil markets.
Q5. Who are the key pea protein market companies?
Answer: Some of the key pea protein companies are as follows:
• Roquette Frères
• Cargill
• Glanbia
• Kerry
• Ingredion
• Emsland
• Yantai Shuangta Foods
• The Scoular Company
• Burcan Nutrascience
• Shandong Jianyuan
Q6. Which pea protein market segment will be the largest in future?
Answer: Lucintel forecasts that dry will remain the larger segment over the forecast period.
Q7. In pea protein market, which region is expected to be the largest in next 5 years?
Answer: Europe is expected to witness highest growth over the forecast period.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the pea protein market by form (dry and wet), type (isolate, concentrate, and textured), source (chickpea, yellow split pea, and lentil), application (food, beverage, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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