Pea protein demand around the world is being driven by the booming supplement sector and desire for naturally sourced healthcare products. Organic product consumption is increasing, which is expected to drive sales of pea protein at a CAGR of 6.5% over the decade. As per Persistence Market Research analysis, the global pea protein market is slated to top a valuation of US$ 1.9 Bn by 2031. Urbanization across the globe has resulted in higher economic standards, increased purchasing power, and shift in customer preference for healthy food products. In metropolitan areas, consumers are choosing healthy food options such as natural and organic foods. Increased knowledge of non-GMO and chemical-free foods are factors influencing demand growth of naturally sourced protein powder in the market.
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Veganism is becoming more popular in established markets such as North America and Europe. Vegan consumers avoid eating or drinking anything sourced from animals, and, as a result, they rely solely on plant-based supplements for their nutritional needs. Veganism is also gaining popularity in emerging countries, which will provide promising opportunities to key manufacturers of pea protein.
Consumers in North America and Europe are much inclined toward a healthy lifestyle and are following strict fitness regime. On the other hand, in emerging countries of South Asia and East Asia, the younger generation is demanding functional supplement products such as pea protein, as they are becoming more aware of maintaining a healthy lifestyle. All of these factors are set to propel demand for textured protein products such as pea protein.
Key Takeaways from Market Study
- The pea protein market in countries of East Asia and Oceania is anticipated to grow at CAGRs of 10.4% and 9.5%, respectively, during the forecast period of 2021-2031.
- North America and Europe hold the largest market shares globally for pea protein – 37% and 26.1%, respectively.
- The market for pea protein in dietary supplements is valued at US$ 392 Mn, and is projected to reach US$ 750 Mn by 2031.
- On the basis of form, concentrates are anticipated to increase at a CAGR of 6.8%.
- China and Germany hold significant market shares for pea protein in East Asia and Europe, respectively.
- The U.K. market is expected to reach US$ 68.9 Mn by 2031.
- The COVID-19 pandemic has had a significant impact on the market for vegan protein powder. However, growing demand for healthy, natural, and nutritious food products is expected to drive market expansion.
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Competitive Landscape
Pea protein manufacturers are focusing on expanding their protein powder portfolios to dominate the market by introducing innovative products with superior quality and standards. Key market players are anticipated to expand their product range.
- In February 2018, Ingredion Incorporated invested in a soy processing facility, which helps produce protein isolates that enhance the company’s current pea protein isolate line. The company invested US$ 140 Mn to expand its plant-based protein solutions to support increasing global demand.
- In 2017, Vegotein MA, a non-GMO pea protein analogue, was launched in Las Vegas as a meat replacement and also as a meat extender. This new product not only increases protein content but also acts as an alternative to soy and wheat gluten.
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