Pea Protein Market size to exceed $325mn by 2027
Published Date: May 26, 2021 Authors: Kunal Ahuja, Kritika Mamtani
Pea Protein Market size is set to surpass USD 325 million by 2027, according to a new research report by Global Market Insights Inc.
Increasing vegan population coupled with rising popularity of plant-based products among health-conscious customers across the globe are among the major factors propelling the pea protein industry growth. Also, growing consumer awareness regarding the consumption of a healthy food and leading an active lifestyle is projected to boost pea protein demand in various products such as nutraceuticals and sports supplements. Furthermore, increasing awareness regarding the adverse effects of foods containing lactose and gluten is expected to play a major role in promoting pea protein requirement in the projected period.
Pea protein market from concentrate is set to achieve over 10% CAGR between 2021 and 2027 owing to increasing application in human and animal nutrition products.
The pea protein concentrates are available as fine powder made from milling of dehulled peas. It provides various nutritional advantages such as low-calorie formulation, yield improvement and protein fortification in formulated pet foods. The concentrate offers non-GMO solution along with high amino acid content and makes it suitable for various pet food formulations. These concentrates are highly used for pet food and aquafeeds. Therefore, this high utilization of pea protein concentrate in the animal feed industry is projected to accelerate its growth in the coming timeframe. Factors such as rapid industrialization of livestock farming and increase focus on health of animals and pets should propel animal feed industry, this in turn, resulting in high demand for pea protein.
Pea protein market demand from sports supplements application is set to register over 12.5% CAGR through 2027 pertaining to increasing demand for protein rich supplements from athletes and bodybuilders globally.
Sports supplements application segment exceeded USD 45 Million in 2020. Increasing demand for numerous types of dietary supplements among athletes and bodybuilders is propelling the product demand. Pea protein is used in dietary supplements as it enhances muscle repair and allows weight loss. Thus, these beneficial characteristics of pea protein will fuel the segmental growth of the industry.
Rising number of gyms and health & fitness centers endorsing sports nutrition products such as sports supplements along with growing awareness about importance of protein rich supplements among young athletes is supporting the sports supplements industry expansion across the globe. Therefore, well-established sports supplement industry is driving pea protein demand over the projected timeframe.
Browse key industry insights spread across 180 pages 167 market data tables and 39 figures & charts from the report “Pea Protein Market Statistics by Products (Isolate, Concentrate, Textured), Application (Meat Substitutes, Nutraceuticals, Sports Supplements), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market 2021- 2027” in detail along with the table of contents:
Growing demand of healthy food products in Europe should propel the product demand
European pea protein market surpassed USD 40 million in 2020. Consumers in Europe are more health conscious and prefer food products with high health benefits. Therefore, multiple health benefits of the product such as maintaining blood sugar level, muscles building, and high amino acid content is likely to augment regional market outlook.
Key players operating in the pea protein market are adopting different strategies such as expansion of production capacity, acquisitions & partnership and focusing on investing on product innovation and portfolio expansion to sustain their position in the market. The major players include Scoular Company, Roquette Frerers, Glanbia Plc, Cosucra, Glanbia Nutritionals, and Shandong Jianyuan Group.