The global pea protein market size for is anticipated to rise during the projected period due to increasing demand for a high protein diet and rising vegan population. Fortune Business Insights™ publishes this information in an upcoming report titled, “Pea Protein Market, 2021-2028”. As per the report, the pea protein market size was USD 416.39 million in 2020. The market size is anticipated to grow from USD 464.60 million in 2021 to USD 1,026.12 million in 2028 at a CAGR of 12.0% during the projected period.
Pea is a leguminous plant wherein the pea seeds comprise a high amount of proteins which mainly exist as globulins in Pea’s Protein Isolate (PPI) products. Rising demand for high protein diet food and an increasing population of vegan food consumers are likely to propel market growth in the coming years. These factors are expected to boost the market during the forecast period.
Restricted Logistics to Hinder Market Growth
The outbreak of COVID-19 has imposed a global pandemic that affected various industries. The stringent restrictions imposed by the local and central governments in segmented regions have restricted the production and manufacturing units. Thus, the pandemic created a direct impact on production operations. However, people preferred healthy food to strengthen their immune system which increased product demand globally. The food and beverage industry remained unaffected during the pandemic as it lies under essential services.
Browse In-depth Summary of This Research Insight
The report provides factual information regarding market development and advancements in recent years. The key developments include strategies such as partnerships, mergers, acquisitions, and alliances. Furthermore, business development practices such as innovation, product development, and market segmentation are highlighted in the report. Drivers and restraints affecting the market growth are given further to assess market growth potential. The impact of the COVID-19 pandemic on market expansion is elaborated in the report further
By type, the market is trifurcated into isolates, concentrate, and textured.
Based on application, the market is segregated into meat substitutes, baked goods, dietary supplements, beverage, and others.
By region, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers & Restraints:
Increasing Healthy Food Consumption to Propel Market Growth
The market is expected to rise at a fast pace during the forecast period owing to rising awareness among people to consume high protein diet food to strengthen their immune system. Also, the growing vegan population in Europe is likely to propel market growth in the region. These factors are likely to ensure pea protein market growth during the forecast period. Furthermore, growing consumer awareness regarding health benefits offered by pea products is anticipated to fuel the market expansion scope. However, potential side effects caused by pea protein are likely to hamper market growth.
North America Leads Market Share Due to Rising Consumption of High Protein Food
North America dominates the global pea protein market share and is expected to grow at a fast pace owing to the rising consumption of cold cereals, energy bars, and snacks. Also, the key players present in the region focuses on introducing new products to propel market growth in the coming years.
Europe is expected to witness significant growth owing to the increasing adaption to healthy living and rising demand for plant-based protein ingredients. The vegan population is increasing in European countries, which is anticipated to increase the product demand in the region.
New Product Launch Allows Key Players to Maintain Market Position
The key players in the market focus on implementing competitive strategies to expand their business globally. Development strategies such as strategic alliances, mergers, acquisitions, and partnerships are formed by the companies to attract global customers. Also, implementing innovation strategies allow key players to improve their product range and ensure market growth.
- March 2020: Burcon Nutrascience Corp (Canada) received the “Letter of No Objection” issued by the U.S. FDA for its two novel pea protein products, Peazazz and Peazac. This would enable its acceptance in the global food and beverage companies.