Pea Protein Market Size - By Product (Isolate, Concentrate, Textured), By Application (Meat Substitutes, Nutraceuticals, Sports Supplements), Industry Analysis Report & Forecast, 2024 – 2032
Report ID: GMI362
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Published Date: March 2023
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Report Format: PDF
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Base Year: 2023
Companies covered: 12
Tables & Figures: 204
Countries covered: 21
Pages: 215
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Pea Protein Market
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Pea Protein Market Size
Pea Protein Market size reached USD 200.5 million in 2023 and is poised to depict a 10.1% CAGR from 2024 to 2032, on account of the growing burden of celiac disease.
Consumers are shifting increasingly toward gluten-free diets to reduce weight and control the symptoms of celiac disease, which is highly prevalent in several developed economies such as America. Based on statistics from a Beyond Celiac report, approximately 3.2 million Americans are diagnosed with celiac disease. This high disease burden will promote the consumption of pea protein as a gluten-free protein source.
Growing demand for pea protein in various applications including meat substitutes, sports supplements, nutraceuticals, bakery products, and beverages is expected to drive the pea protein market growth. With the growing preference for meat alternatives, the plant-based protein industry has been thriving worldwide. As per survey data from Kerry, in 2021, 61% of consumers preferred plants as a protein source over animal-based proteins, further contributing to pea protein production. Despite the favorable business landscape, however, the availability of substitutes such as soy protein may limit industry development.
Pea Protein Market Analysis
Pea protein market value from the isolates product segment will register over 10% CAGR through 2032. Excellent emulsification, high amino acid content, and enhanced water-binding properties are among the key attributes bolstering the usage of pea protein isolates. Due to good solubility, varied isolate pea proteins have also been developed for wet applications, including plant-based milk beverages, clinical nutrition products, and egg-free glazing.
Pea protein are widely used as meat substitutes due to growing vegetarian population. Vegetarian population is still struggling for fulfill their daily protein intake, as most protein sources are derived from animals. Moreover, eating a vegetarian diet can be very healthful and rewarding. Considering it’s a plant-based protein, the amino acid profile of pea protein is impressive. Also, the positive outlook on meat substitutes as a result of rising vegetarian population is set to have a positive impact on the industry growth. These attributes will amplify the usage of pea protein products in meat substitute for food. The pea protein for meat substitutes application in North America market is set to witness 11.6% CAGR during the forecast period.
Europe pea protein market share is estimated to exhibit an 8.5% CAGR during the forecast period, given the rising consumption of healthy foods. Consumer demand for bread and other baked goods has also accelerated. Growing demand of ready to eat food due to high convenience, spiked in the demand for functional foods and health-conscious population contributes high demand for protein-rich foods, especially pea protein and related ingredients in Europe. These factors will escalate the use of ingredients such as pea protein in baked foods as a part of high-protein formulations and consequently.
Pea Protein Market Share
The competitive landscape of the pea protein market consists of companies such as :
These firms are focusing on product launches and business expansions to boost their footprint in the global market. For instance, In August 2020, Cosucra Inc, a subsidiary of Cosucra Groupe Warcoing SA, Warcoing, Belgium introduced a range of pea-based ingredients in the North America region. The products included Pisane M9 pea protein, Swelite C pea cell-wall fiber, Pisane C9, and Pisane B9.
Impact of COVID-19 Pandemic
The COVID-19 outbreak has emphasized the need for healthy eating and a strong immune system. The rising awareness of the importance of nutrient-rich diets during the pandemic will stimulate the intake of high-protein foods, including pea-based products. These ingredients are gaining rapid momentum as a solution to aid in tissue repair and growth and improve immunity. Corporate and investor interest in meat alternatives or plant-based proteins has also grown amid the pandemic.
This pea protein market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Million Square Meter and revenue in USD Million from 2018 to 2032 for the following segments:
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Market, By Product
Market, By Application
The above information has been provided for the following regions and countries: