The global pea protein market size is expected to reach USD 313.5 million by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 17.4% over the forecast period. Increasing consumption of gluten-free products among those suffering from celiac disease is expected to boost product demand during the forecast period.
Rising concerns over non-celiac gluten sensitivity is expected to result in increasing consumption of gluten-free foods, positively impacting the industry growth. Furthermore, popularity of maintaining a gluten-free diet (GFD) owing to reduced carbohydrate intake and stimulation of weight loss is anticipated to propel the use of pea proteins over the forecast period.
Increasing importance of maintaining a GFD in treating innate immune response, joint pain, and numbness is foreseen to fuel product demand in future. Furthermore, this diet is gaining popularity as an effective treatment for curing symptoms of autism in children.
Plant-derived proteins are of immense importance and cater to growing demand for the same from non-meat sources. Over the past few years, peas have played a significant role in overcoming challenges associated with protein-energy malnutrition in developing and under-developed countries. Pioneers in this industry have laid their hands on creating products that have a close resemblance to what meat-based protein provides as well as imparting tastes that could benefit players in capturing a greater market share.
Significant prevalence of lactose intolerance among infants and children in developing regions, such as Central and South America, Asia Pacific, and Middle East and Africa, is projected to be another significant driver in the industry. The global fundamentals with respect to demand have witnessed a positive outlook over the past years. Countries such as India have witnessed economic growth, resulting in an increase in consumer disposable income, which has had a positive impact on in-house pulse snack consumption. On the other hand, demand for pea protein in China has witnessed an upward tick based on growing extensive and fractional operations.
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 study suggest:
In terms of volume, the bakery goods application segment is expected to expand at a CAGR of 13.4% from 2019 to 2025, owing to utilization of pea protein as a fibrous and gluten-free product
Growth of the food and beverage industry in Brazil, India, China, and Mexico as a consequence of increasing domestic consumption and adoption of modern farming technology, is expected to drive the pea protein market in the near future
Companies are focusing on enhancement of their business growth through significantly investing in research and development, new product launches, and forward integration. Farbest and Roquette America have forward integrated business operations as they are engaged in production as well as supply operations
On the basis of product, concentrates are likely to account for a 26.8% share in the overall revenue by 2025. These products comprise 70-80% of protein content and are mostly used in energy drinks and fruit mixes
In January 2019, Magnum, an ice cream brand, announced its release of vegan ice creams. Cocoa beans are procured from Rainforest Alliance Certified Farms, wherein, ice creams are purely made from pea proteins, which are an alternative to dairy products
Safe Fair Foods C.o, launched its allergy-free product line under pea protein chips in January 2019. The gluten-free protein packed chips are free from five of the top seven allergens. New product development and establishment of partnership between manufacturers and buyers are anticipated to remain critical success factors for manufacturers over the next few 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 Thousand, 2014 - 2025)
Pea Protein Form Outlook (Volume, Tons; Revenue, USD Thousand, 2014 - 2025)
Pea Protein Application Outlook (Volume, Tons; Revenue, USD Thousand, 2014 - 2025)
Pea Protein Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2014 - 2025)
Central & South America
Middle East & Africa
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