Pea protein is a plant-based protein derived from yellow peas. It is a high-quality protein source that is rich in essential amino acids, iron, and other nutrients. The global pea protein market has been growing in recent years due to the increasing demand for plant-based proteins and the health benefits associated with pea protein consumption.
Market Size:
The market for pea protein can be expected to expand at a value-based CAGR of 6.0% and show an increase in revenue from US$ 1,181.7 Mn in 2023 and expected to reach US$ 2,125.4 Mn by 2033. The growth of the market can be attributed to several factors, including the increasing demand for plant-based proteins, growing health consciousness among consumers, and the increasing prevalence of lactose intolerance and other food allergies.
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Market Segmentation:
Based on type, the market can be segmented into isolate, concentrate, and textured. Among these, the isolate segment is expected to grow at the highest CAGR during the forecast period, owing to its high protein content and low allergenicity.
Based on application, the market can be segmented into dietary supplements, bakery and confectionery, meat substitutes, and others. Among these, the meat substitutes segment is expected to grow at the highest CAGR during the forecast period, owing to the increasing demand for plant-based meat alternatives.
Based on geography, the market can be segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Among these, North America is expected to hold the largest share of the market during the forecast period, owing to the high demand for plant-based proteins and the increasing prevalence of lactose intolerance and other food allergies in the region.
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Drivers and Restraints:
Drivers:
- Growing demand for plant-based proteins: The increasing popularity of plant-based diets and the rising awareness of the health benefits associated with plant-based proteins are driving the demand for pea protein.
- Health benefits of pea protein: Pea protein is a high-quality protein source that is rich in essential amino acids, iron, and other nutrients. It is also free from allergens such as gluten and lactose, making it an attractive alternative to animal-based proteins.
- Increasing prevalence of lactose intolerance and other food allergies: The increasing prevalence of lactose intolerance and other food allergies is driving the demand for alternative protein sources such as pea protein.
Restraints:
- Limited availability of raw materials: The availability of high-quality pea protein raw materials is limited, which can limit the production of pea protein.
- High cost compared to other protein sources: Pea protein is generally more expensive than other protein sources such as soy and whey, which can limit its adoption in certain markets.
- Taste and texture challenges: Pea protein has a distinct taste and texture, which can be challenging to incorporate into certain food products without affecting their taste and texture.
Key Players:
The key players operating in the pea protein market include Ingredion Incorporated, Cargill Incorporated, DuPont de Nemours Inc., AGT Food and Ingredients, Glanbia Plc, Axiom Foods Inc., Roquette Frères, The Green Labs LLC, Bioway (Xi’an) Organic Ingredients Co. Ltd, The Scoular Company, NOW Health Group Inc., Aminola.
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Conclusion:
The pea protein market is growing rapidly due to the increasing demand for plant-based proteins and the health benefits associated with pea protein consumption. The market is expected to continue its growth trajectory during the forecast period, driven by factors such as the increasing prevalence of food allergies and the growing demand for meat substitutes. The key players in the market are investing in product innovation and marketing strategies to gain a competitive edge.
Read More Trending “PMR Exclusive Article”- https://www.globenewswire.com/en/news-release/2022/03/03/2396561/0/en/Organic-Pea-Protein-Market-is-estimated-to-rise-at-a-steady-CAGR-of-more-than-6-over-the-next-ten-years.html
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