Global Pea Protein Market by Application
The Global Pea Protein market is segmented by Application into meat substitutes, functional foods, bakery products, beverage, dietary supplements, Others.
The meat substitutes segment held the largest market share in 2021, due to an increase in demand for plant-based food products will raise demand for meat alternatives.
The product has been utilized more frequently in recent years to create meat substitutes including burger patties and minced beef due to inexpensive processing costs and practical storage options. These factors are driving the demand for the product in the meat substitute application.
Global Pea Protein Market by Geography
The Global Pea Protein Market is segmented by Geography into North America, Europe, Asia Pacific, and LAMEA
North America accounted for the largest market share in 2021 of the global pea protein market, the main factors driving the global market are the rising vegan population, the rising demand for health & wellness products, and the rising consumption of processed meat products.
The presence of significant meat producers like JBF, Tyson, National Foods, and Cargill in the United States is also anticipated to increase demand for pea protein as a texturizing agent in meat production. Furthermore, it is anticipated that the availability of grains as sources of protein will decline due to growing grain consumption for bio-based compounds like canola and soy. As a result, pea protein is anticipated to become essential.
Competition Scenario in Global Pea Protein Market
The Global Pea Protein Market is highly competitive with ~200 players which include globally diversified players, regional players as well as a large number of country-niche players each with their niche in the protein market.
Large global players control about ~15% of the market, some of the major players in the market include Roquette, Dupont, Glanbia Nutritionals, Ingredion, Scoular, Burcon, Shandong, Axiom, Cosucra, Sotexpro.
Corporation, Silicon Laboratories, Texas Instruments Incorporated among others.
What Is the Expected Future Outlook for The Overall Global Pea Protein Market Across the Globe?
The Global Pea Protein market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Pea Protein market is driven by growing awareness among masses for their health, consumption of a diet high in protein content, replacement of traditional meat products like sausages and patties with plant-based alternatives, food replacement or dietary supplement to boost a person’s consumption of protein or other nutrients
- In September 2021, Roquette Fréres established a brand-new center of competence. By concentrating just on plant protein, this center will broaden the range of opportunities in terms of food innovation, the discovery of novel proteins, and new manufacturing techniques.
- In September 2020, Roquette Fréres planned to build the biggest pea protein plant in the world in Portage la Prairie, Manitoba, Canada, which is a suburb of Winnipeg. The development of this new facility seeks to satisfy the rising demand for pea protein on a global scale.
The Global Pea Protein Market is forecasted to continue the exponential growth that is witnessed since 2019, due to expanding consumer awareness about the importance of eating a healthy diet and maintaining an active lifestyle. Though the market is highly competitive with ~200 players, few global players control the dominant market share and regional players also hold a significant market share.
- Yellow Spit Pea
- Meat Substitutes
- Functional Foods
- Bakery Products
- Dietary Supplements
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, Italy, France, Spain, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Indonesia, Rest of Asia Pacific)
- LAMEA (Latin America, Middle East, Africa)
- Glanbia Nutritionals
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