New York, Dec. 17, 2021 (GLOBE NEWSWIRE) — According to the new market research report “Pea Protein Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Type (Pea Protein Isolates, Pea Protein Concentrates, Textured Pea Protein); Form (Dry, Liquid); Application (Dietary Supplements, Bakery and Confectionery Goods, Meat Alternatives, Beverages, Others), and Geography”, published by The Insight Partners.
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|Market Size Value in||US$ 363.1 Million in 2018|
|Market Size Value by||US$ 1,112.2 Million by 2027|
|Growth rate||CAGR of 13.9% from 2019-2027|
|No. of Pages||164|
|No. of Charts & Figures||81|
|Historical data available||Yes|
|Segments covered||Type ; Form ; Application , and Geography|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Pea Protein Market: Competition Landscape and Key Developments
The key players operating in global pea protein market are A&B Ingredients And Axiom Foods, Inc.; Burcon Nutrascience Corporation; Cosucra Groupe Warcoing SA; Gemef Industries; Glanbia Nutritionals; Puris; Roquette Frères; The Green Labs Llc; and Yantai Shuangta Food Co., Ltd. Companies in this market have been continuously focusing on strategies such as product developments, plant expansions, and mergers and acquisitions to expand their footprint worldwide and fulfill the mounting demands.
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The pea protein market is growing at a significant rate owing to factors such as increased health consciousness among people, multiple health benefits of pea protein, and increased demand for meat protein alternatives. In addition, factors such as the trend of using pea protein in various products, continuous increase in food & beverages industries, raised demand for foods containing organic ingredients, and innovations in protein-based products also support the global Pea Protein Market growth. The growing number of consumers looking for simpler labels, enhanced taste, and alternative protein sources based on personalized nutrition choices may accelerate pea protein market growth. However, the availability of substitute proteins and low consumer awareness about the pea protein-based products restrict the growth of the market.
In 2018, North America accounted for the largest share in the global pea protein market. The elevating interest of consumers in non-meat alternatives as a result of growing inclination toward a healthy lifestyle has enabled manufacturers in North America to incorporate high-quality, plant-based ingredients in food. The rise in concerns regarding environment and an upsurge in awareness about animal welfare further drives the consumer focus toward alternative proteins derived from plant-based sources. The multifunctional aspects of texturizing pea protein have augmented their demand in the meat processing industries in North America.
Soaring Demand for Pea Proteins in the Food and Beverage Industry to Boost Market Growth:
Pea protein is becoming a crucial ingredient in the food and beverage industry, and is incorporated in a number of food products and beverages to improve their nutritional and functional profile. As consumer interest in non-meat-based protein alternatives grows, the pea protein market players are striving to launch new pea protein products. In addition to the growing environmental concerns, the rising vegan culture and demand for plant-based protein beverages and protein snacks, the food & beverages industry leaders are developing product lines featuring pea proteins. The increasing demand for clean label and animal cruelty-free convenience foods has generated significant demand for pea proteins in this industry.
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Pea Protein Market: Segmental Overview
By type, the global pea protein market is segmented into pea protein isolates, pea protein concentrates, and textured pea protein. In 2018, the pea protein isolate segment accounted for the largest revenue share.
By form, the global pea protein market is bifurcated into dry and liquid. In 2018, the dry segment accounted for a larger revenue share.
Based on application, the pea protein market is segmented into dietary supplements, bakery and confectionery goods, meat alternatives, beverages, and others. The dietary supplement segment dominated the market in 2018 and is expected to maintain its dominance during the forecast period.
Impact of COVID-19 Pandemic on Pea Protein Market:
The global food & beverages industry is suffering serious consequences of the COVID-19 pandemic such as disruptions in supply chain and disturbances in manufacturing due to lockdown and office shutdowns. China is the global hub of manufacturing and the largest raw material supplier for various industries. The lockdown of various plants and factories in leading regions such as Asia Pacific and Europe is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and goods sales. All these factors have adversely affected the global pea protein market performance.
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