Pea Protein Market size worth over $285 million by 2026
Published Date: April 20, 2020 Authors: Kunal Ahuja, Kritika Mamtani
According to a new research report by Global Market Insights, Inc., the pea protein market size is set to surpass USD 285 million by 2026. Increasing awareness towards potential benefits of pea protein along with rising demand for easily digestible and natural protein solutions is likely to boost market demand.
Pea protein is extracted from various species of pea plants & is widely used in formulation of sports nutrition, food, and meat substitute products. Its high protein and amino acid concentration along with neutral odor and taste makes it compatible with various edible preparations. Industry players are rapidly adopting pea protein instead of other vegetarian protein solutions owing to its easy availability and economical nature. Furthermore, its regular consumption does not lead to spike in blood sugar, insulin, and cholesterol which makes it compatible for diabetic solutions which is likely to boost the pea protein market share.
The market for textured pea protein is likely to surpass USD 30 million by the end of 2026 owing to rapid demand for economical and sustainable protein solutions. It is widely used to make mass gaining protein powders owing to rich concentration of lysine, arginine, tyrosine, and proline. Also, its fiber like structure is formed by extruding vegetable proteins at a high pressure and temperature making it suitable for various food applications which is likely to propel the pea protein market demand.
Pea Protein isolates concentrates are widely as alternatives to eggs in various bakery and confectionary items such as cupcakes, pastas, waffles and pies to avoid egg-based allergies. Moreover, replacing meat and related products with pea protein helps in lowering costs along with improving texture in food applications. Rising awareness regarding beneficial usage of pea protein substituting non vegetarian ingredients is likely to augment the pea protein market.
Food & beverage industry is likely to witness restrain owing to impact of COVID 19. Stringent government lockdown in North America, Europe, and Asia along with restrictions on trade to reduce the risk of community outbreak is likely to hinder growth. However, pea protein market is likely to witness growth in the long run owing to rapid shift of consumers towards vegetarian alternatives and changing perceptions on nutrition.
Browse key industry insights spread across 180 pages with 175 market data tables and 41 figures & charts from the report, “Pea Protein Market By Product (Isolate, Concentrate, Textured), By Application (Meat Substitutes, Nutraceuticals, Sports Supplements), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020-2026” in detail along with the table of contents:
Increasing demand for natural ingredients in nutraceutical industry to boost market demand
Nutraceuticals application segment is likely to grow with CAGR of over 11.5% by the end of 2026 owing to rapid for natural formulations in nutraceutical industry. Pea protein is widely used in manufacturing energy and recovery supplements owing to its quick absorbing and high performance characteristics. Furthermore, it is easily digestible and its resonance with other natural ingredients makes it compatible with various pharmaceutical preparations which is likely to boost the pea protein market growth.
Industry players are rapidly investing in research to develop novel extracting techniques in an attempt to gain product differentiation in market. Additionally, manufactures are trying to marke pea protein for various common ailments such as weakness, muscle growth, digestive feasibility, and skin health which should augment product growth. Furthermore, increasing consumer inclination towards the use of natural products along with rising demand for low side effect nutraceuticals is likely to propel the pea protein market.
“As per industry forecasts, nutraceuticals application is likely to surpass USD 35 million by the end of 2026 owing to rapid adoption of natural ingredients and rising awareness on low side effects of pea protein consumption”
Rising geriatric population in Europe and increasing demand for easily digestible plant based meat alternatives to boost market demand
Europe is likely to surpass $70 million by the end of 2026 owing to increasing demand for plant based meat alternatives. Pea protein is widely used as a substitute for preparing chicken burger patties, seafood fillets, and bacon strips. Its neutral texture & odour along with easy binding properties makes it compatible with various European meat based dishes which is likely to augment pea protein market.
Rising geriatric population and increasing prevalence of gastric disorders is likely to boost product demand. Pea protein is easily digestible and reduces the risk of acid reflux. Additionally, its fiber rich characteristics & low fat nature does not trigger insulin and cholesterol levels. Rapid product penetration in market along with shift towards vegetarian diets is creating a niche market for specialized pea protein products in Europe which should boost regional market share.
“As per industry forecasts, Europe is likely to grow with CAGR of 9.5% by the end of 2026 owing to quick adoption of high quality, vegetarian, and economical meat substitute”.
Manufactures are rapidly investing in research in an attempt to develop novel extraction method that retains all nutritional characteristics of pea protein. The marke share is consolidated and there is low supplier power equilibrium which makes it easy to enter market sphere. New product development, setting new manufacturing facilities and expanding production remains key growth strategy in pea protein market.
Some key players include in pea protein industry report are Roquette Freres, Sotexpro, Cosucra Groupe Warcoing, Farbest Tallman Foods Corporation, Shandong Jianyuan Group, Burcon NutraScience Corporation, Fenchem Yantai Oriental Protein, Prinova Group LLC, and Glanbia PLC.