February 22, 2024
Pea Protein Market

Global Pea Protein Market Is Estimated To Witness High Growth Owing To Rising Vegan Population And Increasing Demand For Plant-Based Protein Alternatives

The Global Pea Protein Market is estimated to be valued at US$ 255.2 Mn in 2022 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Pea protein is derived from yellow peas and is a popular plant-based protein alternative. It is gaining significant traction in the food and beverage industry due to its high nutritional value and various health benefits. Pea protein is widely used in various applications, including dietary supplements, bakery products, snacks, meat substitutes, and sports nutrition products. The increasing adoption of vegan and vegetarian diets, along with the growing demand for clean label and natural ingredients, is driving the growth of the global pea protein market. Moreover, the rise in consumer awareness regarding the health benefits associated with plant-based proteins is further fueling market growth.

Market Dynamics:

The market for pea protein is driven by two key factors. Firstly, the rising vegan population is a major driver, as more individuals are opting for plant-based protein sources due to ethical and health concerns. Pea protein offers a sustainable and cruelty-free protein alternative for vegans. Secondly, the increasing demand for plant-based protein alternatives is another driver, as pea protein is known for its high nutritional content and amino acid profile. It is a rich source of essential amino acids, easily digestible, and has low allergenicity compared to other plant-based proteins. These factors are attracting consumers seeking healthier and sustainable protein options, thus driving the growth of the global pea protein market.

SWOT Analysis:

Strength: Pea protein market is witnessing high growth and is expected to continue growing at a CAGR of 9.1% over the forecast period. This growth is driven by the increasing demand for plant-based proteins due to rising health consciousness and the growing trend of vegan and vegetarian diets. Pea protein offers numerous health benefits and is a sustainable source of protein, making it popular among consumers.

Weaknesses: One weakness of the pea protein market is the higher cost compared to other protein sources such as soy or whey protein. This can be a barrier for price-sensitive consumers. Another weakness is the limited availability of pea protein ingredients, which can affect the supply chain and hinder market growth.

Opportunities: There are two key opportunities in the pea protein market. Firstly, the increasing adoption of pea protein in food and beverage products as a substitute for animal-based proteins opens up a vast market potential. Secondly, the rising demand for clean-label and natural food ingredients presents an opportunity for pea protein manufacturers to cater to this demand by offering clean and sustainable protein solutions.

Threats: The pea protein market faces two threats. Firstly, competition from other plant-based protein sources such as soy, rice, and hemp proteins can pose a challenge to market growth. These alternatives offer similar benefits and may attract consumers away from pea protein. Secondly, the fluctuating prices and availability of pea crops can impact the supply and pricing of pea protein products, which may affect market stability.

Key Takeaways:

The Global Pea Protein Market Growth is expected to witness high, exhibiting a CAGR of 9.1% over the forecast period, driven by increasing health consciousness and the rising popularity of vegan and vegetarian diets. North America is the fastest growing and dominating region in the market, owing to the growing demand for plant-based protein products in the region. Key players operating in the pea protein market include Burcon Nutrascience, Cosucra Groupe Warcoing, Nutri Pea Limited, Sotexpro, Roquette Freres, Glanbia Plc., Fenchem Biotek Ltd., Prinova Group LLC, and Yantai Shuangta Food Co. These players are focusing on product innovation, partnerships, and expanding their production capacities to gain a competitive edge in the market.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it