Increasing consumer interest in dietary protein has bolstered demand for pea protein globally. According to a Future Market Insights (FMI) report, the market is set to reach a valuation of US$ 3.2 Bn in 2021, growing at an exponential rate of over 14.2% through the end of 2031.
Consumers are focusing on plant-based proteins sources due growing interest in vegetarian and vegan diets, clean label trends, and the need to minimize allergens from animal-based products.
Millennial consumers are increasingly concerned about their health and nutrition, which has led to increased adoption of organic and natural food, free of additives, with non-GMO certifications. This trend is expected to increase demand for pea protein in the global market.
A growing millennial population is likely to create opportunities for food and beverage manufacturers. North America and Europe will continue to exhibit high demand for pea protein, while South Asia will emerge as a lucrative region for market players.
The global rise in obesity and diabetes rate is also influencing consumers to change their dietary habits, creating a conducive environment for pea protein sales.
Companies are therefore focusing on labelling their products appropriately in accordance to strict regulatory guidelines. Organic food products, for example, are identified through their labels, which often certify their 100 purity.
Furthermore, the growing number of private label brands and increasing investments in promotional campaigns and marketing strategies for organic products evoke a sense of authenticity for product purchases.
The pea protein industry is influenced by growth in premium protein lines. Premium product sales are currently mainstream in Japan, and are increasingly distinguishing themselves from private label options. Premium ‘selected’ product versions are aimed at consumers who are willing to pay a higher price for high-quality ingredients.
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Key Takeaways from the Pea Protein Market Study:
- The U.S. pea protein market leads in North America and accounts for 82% in 2021. Rising awareness towards personal health from millennials aids growth.
- Germany leads the Europe market, supported by the presence of key food processing units, accounting for nearly US$ 222 Mn in 2021.
- Japan is emerging as a high potential market in East Asia, reflecting a 18% CAGR through 2031, driven by demand in the cosmetic and personal care sector.
- Conventional pea protein holds a share of 90.8% of the global pea protein market in 2021, supported by easier access to raw materials.
- Protein isolates, driven by high protein content accounted for a market share of 46.3% in 2021 of the global market.
“The number of vegans and vegetarians on a global scale has risen dramatically in recent years as consumers actively pursue sustainable lifestyles. Following this trend, there has been an increase in demand for vegan and natural products, creating a favorable environment for growth of the market through the coming decade,” says a lead analyst at FMI.
Who is Winning?
Pea protein manufacturers are largely focusing on offering products through various online retailers to meet the needs of the vast global consumer base. Efforts towards complying with quality expectations for pea protein products are gaining traction in the industry.
Some of the leading companies offering pea protein products include Glanbia Plc., Roquette Frères, Cargill Inc., Kerry Group PLC, DuPont De Nemours Inc., The Scoular Company, Puris Proteins LLC, Burcon NutraScience Corporation, Cosucra Groupe Warcoing S.A., Bata Food, Shandong Jianyuan Group, Axiom Foods, Inc., The Green Lab LLC and others.
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Get Valuable Insights into Pea Protein Market
Future Market Insights, in its new offering, provides an unbiased analysis of the Pea Protein market presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the pea protein market based on product type (protein concentrates, protein isolates, textured protein, and hydrolysed protein), by end use (food processing, animal feed, nutraceuticals, sports nutrition, infant nutrition, cosmetics & personal care), by processing type (dry processing and wet processing) and by nature (organic and conventional) across seven major regions.
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