The global pea protein market size is estimated to grow by USD 203.32 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 12.24%, however, the growth momentum will progress during the forecast period.
North America is estimated to account for 38% of the global market growth during the forecast period. The regional market is expected to grow significantly during the forecast period due to increasing demand for plant-based foods containing pea protein in several North American countries. Consumers increasingly shift to consuming plant-based proteins because of their superior nutritional value and various health benefits. The rising awareness of the benefits of the above, and an increasing number of new product launches, are some of the factors driving the adoption of plant-based proteins, including pea protein, in North America.
Pea protein market – Segmentation assessment segment overview
Technavio has segmented the market based on product (isolates, hydrolysate, concentrates, and textured), application (dietary supplement, meat substitutes, bakery goods, beverages, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). The market share growth by the isolates segment will be significant for overall market growth during the forecast period. Pea protein isolate retains the natural flavor of peas. It is also safe to use in a variety of foods such as pancakes and bread. As a result of their high binding properties, the isolates can be easily incorporated into meat substitutes. It can be textured to produce products with a meaty consistency and appearance. Additionally, pea protein isolate is widely used in the processed food industry due to it is cleanly labeled, allergen-free, and inexpensive compared to other proteins. Hence, such factors drive segment growth in the market during the forecast period.
- The high nutrient profile of pea protein and rapid product expansion notably drives the market growth.
- Pea protein isolate is approximately 85% protein, 7% fat, 3% carbohydrates, and 5% vitamins and minerals.
- In terms of revenue, pea protein is considered the third largest segment in the global vegetable protein market, after soy protein and wheat protein.
- Pea protein contains all essential amino acids, which includes the nine essential amino acids that cannot be synthesized by the body except methionine.
- There is an increase in the applications of pea protein in various food and beverage products will help in the growth of the market in focus during the forecast period.
- Hence, product expansion and extension are expected to play a significant role in driving the revenue of the market in focus during the forecast period.
Leading trends influencing the market
Rising demand for hydrolyzed pea protein is the key trend influencing the pea protein market. The usage of hydrolyzed pea proteins in food and beverages has expanded as a result of a variety of functional qualities. Pea proteins that have been hydrolyzed contain a lot of protein and a lot of complex carbs. These products are more capable of retaining water than other hydrolyzed plant proteins and have emulsifying and gelling capabilities. Because of these properties, hydrolyzed pea proteins are helpful in various food and nutritional application needs. Hence, the health benefits and functional benefits of hydrolyzed pea proteins have increased their application in various industries, which is expected to drive the growth of the market during the forecast period.
Major challenges hindering the market growth
The growing competition among vendors is the major challenge that may impede market growth. The market is fragmented due to the existence of numerous regional and international sellers. The high competition among the existing vendors will reduce the customer base for new vendors. Additionally, the market is dynamic and the major players operating in the market face intense competition. Hence, such high competition in the market is a challenge for new vendors entering the market.