The global pea protein market size is anticipated to reach USD 385.7 million by 2027, according to a new report published by Grand View Research, Inc. It is projected to expand at a 7.6% during the forecast period. Rising consumption of gluten free foods for the treatment of a celiac disease is likely to boost the growth. Substantial prevalence of lactose intolerance among infants and children in developing economies including Central and South America, Asia Pacific, and Middle East and Africa is anticipated to further drive the growth.
Rising anxieties regarding non-celiac gluten sensitivity is anticipated to result in rising consumption of gluten-free food products, which is likely to positively impact the demand for pea protein. In addition, Gluten-free Diet (GFD) is gaining traction owing to low carbohydrate intake and weight loss stimulation. This factor is expected to propel the product demand over the forecast period.
Increasing significance of maintaining a gluten-free diet for the treatment of joint pain, innate immune response, and numbness is predicted to positively influence the market growth in the forthcoming years. Moreover, this diet is gaining global acceptance as an effective solution for curing symptoms of autism in children. Such factors are likely to drive the demand for pea protein in near future.
Pea protein is one of the most significant sources capturing a significant interest due to its ability to meet growing demand for proteins from non-meat sources. In the recent past, peas have played an important role in overcoming challenges related to protein-energy malnutrition in under-developed and developing countries. Pioneers in this market, have developed products that resembles what meat-based protein offers as well as delivering tastes that could aid them capture greater market share over the forecast period.
Pea protein is one of the highly preferred non-dairy substitutes, as it is characterized by good amino acid profile and is easily digestible. These attributes make the product favorable for use in various food and beverage products such as protein fortified health drinks and sports nutritional foods.
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Further key findings from the report suggest:
In terms of revenue, the dietary supplements application is expected to expand at a significant CAGR of 7.7% from 2020 to 2027, owing to the growing utilization of plant-based sources in supplement formulations
Pea protein concentrates is likely to account for a revenue share of nearly 20% by 2027. These products comprise 70% to 80% protein content and are favorably used in energy drinks and fruit mixes
The growth of the food and beverage industry in economies, such as Brazil, India, China, and Mexico, as a consequence of increasing domestic consumption and the adoption of modern farming technologies, is expected to drive the pea protein market growth over the forecast period
Among product forms, the liquid segment is projected to expand at a higher CAGR of 8.1% in terms of revenue during the forecast period
Companies are focusing on enhancing business growth through significant R&D investments, new product launches, and forward integration. Farbest and Roquette America have forward integrated business operations as they are engaged in the production as well as supply operations
In January 2019, Ice Cream brand Magnum announced its release of vegan-based ice cream. The Cocoa beans are procured from Rainforest Alliance Certified Farms, wherein, ice creams are purely made from pea proteins, an alternative to dairy
In January 2019, Safe + Fair Foods Company launched its allergy free product line of pea protein chips. The gluten free, protein packed chips are free from five of the top seven allergens and are made of pea protein and lentil flours. New product development and establishment of partnership between manufacturers and buyers are anticipated to remain critical success factors for textured pea protein manufacturers over the next seven years
Grand View Research has segmented the global pea protein market on the basis of product, form, application, and region:
Pea Protein Product Outlook (Volume, Tons; Revenue, USD Thousands, 2016 - 2027)
Pea Protein Form Outlook (Volume, Tons; Revenue, USD Thousands, 2016 - 2027)
Pea Protein Application Outlook (Volume, Tons; Revenue, USD Thousands, 2016 - 2027)
Pea Protein Regional Outlook (Volume, Tons; Revenue, USD Thousands, 2016 - 2027)
Central & South America
Middle East & Africa
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