GVR Report cover Pea Protein Market Size, Share & Trends Report

Pea Protein Market Size, Share & Trends Analysis Report By Product (Hydrolysate, Isolates, Concentrates, Textured), By Application (Meat Substitutes, Dietary Supplement, Bakery Goods), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Feb, 2021
  • Base Year for Estimate: 2020
  • Report ID: 978-1-68038-458-1
  • Format: Electronic (PDF)
  • Historical Data: 2017 - 2019
  • Number of Pages: 130

Report Overview

The global pea protein market size was valued at USD 213.1 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 12.7% over the forecast period. The growth is driven by the rising product demand owing to increasing consumer awareness regarding the consumption of a healthy diet and leading an active lifestyle. In addition, increasing product innovation, in terms of manufacturing, that perform specific functions, including energy balance, weight loss, muscle repair, and satiety, is expected to create immense market potential. The protein is extracted from various types of pea varieties, including dry, green, and chickpeas, available in concentrates, textured, and isolates form.

The U.S. pea protein market size, by application, 2017 - 2028 (USD Million)

These products are derived from plant-based sources, making them ideal for consumers opting for vegan diets. In addition, they are non-toxic, non-allergic, and easily digestible with vast application potential in beverages, meat substitutes, dietary supplements, and bakery products. The rising importance of a flexitarian diet on account of increasing concerns about cardiological impacts associated with red meat consumption is expected to remain a favorable factor for market growth. Moreover, increasing awareness regarding the adverse effects of foods comprising gluten as well as lactose is expected to play a crucial role in promoting the product demand over the forecast years.

Furthermore, the growing consumption of protein fortified functional foods is anticipated to augment the product demand. Increasing demand for protein supplementation in food products has resulted in new product launches by the food & beverage companies, which is foreseen to have a positive impact on the market growth. The growing awareness about protein powder consumption for promoting bone health and muscle growth is also anticipated to augment market growth over the forecast period.

Pea protein faces a threat of substitution from alternate ingredients, such as hemp, soy, and whey. Rice protein is another ingredient that has been gaining prominence across the globe. When compared nutritionally, both pea and rice proteins contain similar protein content (typically 15-22 grams per 100-calorie serving) and are gluten-free, and allergy-friendly. Rising consumption of whey protein owing to various benefits, such as muscle growth stimulation and easy digestibility, has limited the usage of pea protein, thereby hindering the market growth.

Application Insights

Dietary supplements led the market and accounted for more than 38% of the global revenue share in 2020. Pea protein is added in nutritional syrups, tablets, energy powders, cereal bars, and soups on account of various health benefits, such as muscle growth, bone health improvement, and regulated blood sugar levels. Rising demand for sports nutrition products on account of increasing awareness about bone health and muscle improvement is expected to fuel the segment growth.

The meat substitutes segment is estimated to register the fastest CAGR from 2021 to 2028. Rising health problems, such as obesity and diabetes, have led to a shift towards vegan dietary habits. Animal rearing has a notable impact on the natural resources of the planet and is responsible for global warming to some extent. Though this factor has not been quantified, awareness regarding this factor is presumed to shift global food habits towards a more vegan diet, thereby aiding the meat substitutes market growth. This trend is expected to promote the incorporation of pea protein as meat analogs.

Pea protein offers good texturing properties that are expected to promote its application in the production of meat products, including mutton, chicken, lamb, and beef. However, predominant consumption of wheat, soy, tempeh, tofu, and textured vegetable protein as meat substitutes will pose a substitution threat to the market over the next few years.

Product Insights

The isolates product segment led the market and accounted for more than 47% share of the global revenue in 2020. Isolates are widely used as nutritional supplements in meat products, energy drinks, fruit mixes, and bakery items as they have good emulsification and non-allergic characteristics. Expansion of the sports nutrition industry in the developed countries, including the U.S., Germany, and the U.K., in light of new product launches by Cadbury and Amway in the energy mix segment, is expected to increase the product demand.

The concentrates segment is estimated to register a significant CAGR from 2021 to 2028. Pea protein concentrates have several attributes, such as good emulsification and high digestibility, which drive their utilization in weight control and dietary supplement applications.

Global pea protein market share, by product, 2020 (%)

Moreover, these concentrates are gradually incorporated in bakery products, such as cakes & pastries, for good flavoring and dry-texture. A robust manufacturing base of bakery products in countries, such as Germany and France, due to proximity with equipment producers and easy access to wheat and rice as raw materials, is expected to increase the application of concentrates over the forecast years.

Textured pea protein is used as a texturing agent in meat products, baked goods, and confectionery items. Moreover, the presence of fibrous content in textured pea protein is expected to promote their incorporation in energy powders and fruit juice mixes. Rising beef production capacity in China, India, and Australia on account of growing domestic demand is expected to boost the usage of textured pea protein over the forecast years.

Regional Insights

North America dominated the global pea protein market and accounted for over 44% share of the global revenue in 2020. Growing demand for gluten-free products, increasing concerns regarding Cardiovascular Diseases (CVDs) caused by red meat consumption, and robust growth of the sports nutrition industry in North America are expected to drive the regional market over the forecast years.

Moreover, the presence of major meat product manufacturers including JBF, Tyson, National Foods, and Cargill in the U.S. is projected to boost the product demand as a texturizing agent in meat production. Moreover, growing consumption of grains, including canola and soy, for bio-based chemicals, is expected to diminish their availability as protein ingredients. As a result, pea protein is likely to emerge as a vital ingredient.

Asia Pacific is anticipated to be the fastest-growing regional market over the forecast years on account of the rising consumption of nutrient fortified functional food products. Growing demand for meat substitutes and allergen-friendly sports & fitness supplements is also expected to augment market growth. Favorable regulatory inclinations in India and China aimed at the development of the agricultural industry will result in ample raw material supply for the manufacturers.

The robust production base of the food & beverage industry in China on account of raw material access and increasing domestic consumption is expected to fuel regional market growth. In addition, the growing hotel and restaurant industry and the rising number of retail chains, mainly supermarkets, are likely to play an essential role in promoting the food & beverage industry growth, thereby augmenting product demand.

Key Companies & Market Share Insights

The market is highly consolidated. Most of the key players focus on the R&D of indigenous technology to extract high-quality powders. In addition, the manufacturers are likely to establish partnerships with e-commerce portals to ensure a continuous supply of their products. However, the high market visibility for soy and dairy protein ingredients is expected to force pea counterpart suppliers to develop new strategies to increase their market visibility. Some prominent players in the global pea protein market include:

  • Burcon Nutrascience

  • Roquette Freres

  • The Scoular Company

  • DuPont

  • Cosucra Groupe Warcoing SA

  • Nutri-Pea Ltd.

  • Shandong Jianyuan Group

  • Sotexpro SA

  • Ingredion, Inc.

  • Axiom Foods, Inc.

  • Fenchem Inc.

  • Martin & Pleasance

  • The Green Labs LLC

Pea Protein Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 240.0 million

Market volume size in 2021

46,062.0 tons

Revenue forecast in 2028

USD 554.9 million

Volume forecast in 2028

93,126.7 tons

Growth Rate

CAGR of 12.7% from 2021 to 2028 (Revenue-based)

Base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Volume in tons, revenue in USD thousands/million, and CAGR from 2021 to 2028

Report coverage

Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; U.K.; France; Italy; China; India; Japan; South Korea; Brazil; Argentina; South Africa

Key companies profiled

Burcon Nutrascience; Roquette Freres; The Scoular Company; DuPont; Cosucra Groupe Warcoing SA; Nutri-Pea Ltd.; Shandong Jianyuan Group; Sotexpro SA; Ingredion, Inc.; Axiom Foods, Inc.; Fenchem, Inc.; Martin & Pleasance; The Green Labs LLC

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global pea protein market report on the basis of product, application, and region:

  • Product Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)

    • Isolates

    • Concentrates

    • Textured

    • Hydrolysate

  • Application Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)

    • Meat Substitutes

    • Bakery Goods

    • Dietary Supplements

    • Beverage

    • Others

  • Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

    • Central & South America

      • Brazil

      • Argentina

    • Middle East & Africa

      • South Africa

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