The global pea protein market is anticipated to rise during the projected period due to increasing demand for a high protein diet and rising vegan population. Fortune Business Insights™ publishes this information in an upcoming report titled, "Pea Protein Market, 2024-2032". As per the report, the pea protein market size was USD 580.61 million in 2023. The market size is anticipated to grow from USD 649.36 million in 2024 to USD 1,644.67 million by 2032 at a CAGR of 12.32% during the projected period.
Pea protein is becoming more popular as consumer priorities shift to health and wellness because of its links to a number of health advantages, including weight loss, muscular growth, and satiety support. This conformity to current health trends fuels demand from people looking for wholesome and useful dietary options. The natural source and little processing of pea protein satisfy consumers' need for clean label goods. By incorporating it into food formulas, businesses may satisfy the need from discriminating consumers for transparent ingredient lists, which in turn builds confidence and loyalty.
Information Source: https://www.fortunebusinessinsights.com/pea-protein-market-106053
Segments:
By type, the market is trifurcated into isolates, concentrate, and textured.
Based on application, the market is segregated into meat substitutes, baked goods, dietary supplements, beverage, and others.
By region, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The research offers accurate data about the growth and developments of the market in the last few years. Strategies like alliances, mergers, acquisitions, and partnerships are among the major advancements. In addition, the research emphasizes market segmentation, product development, and innovation as corporate development strategies. To evaluate the potential for market expansion, additional drivers and constraints affecting the growth of the market are provided. The research goes into more detail on the COVID-19 pandemic's effects on market growth.
Drivers & Restraints:
Increasing the Consumption of Healthful Foods to Drive Market Expansion
The market is anticipated to grow quickly during the projected period as more individuals become aware of the need of eating a high-protein diet to boost immunity. Furthermore, the increasing number of vegans in Europe is probably going to fuel market expansion in that area. Pea protein market growth is probably guaranteed by these variables for the duration of the projection. Additionally, it is projected that rising consumer awareness of the health advantages provided by pea products will support market expansion. Pea protein's possible negative consequences, however, could impede market expansion.
Regional Insights:
North America Holds the Largest Market Share Owing to Increasing High-Protein Food Consumption
Due to the growing popularity of energy bars, cold cereals, and snacks, North America now holds the largest share of the worldwide pea protein market and is predicted to increase at a rapid rate. The major companies operating in the area are also concentrating on launching new goods to spur market expansion in the upcoming years.
Due to the growing demand for plant-based protein components and the increasing adaptation to healthy living, Europe is predicted to experience significant growth. The demand for products in the European Union is expected to rise due to the growing number of vegans in the region.
Competitive Landscape:
Key Players Can Maintain Market Position with the Launch of New Products
The market's major players concentrate on putting competitive strategies into practice in order to grow their companies internationally. Companies create development plans including partnerships, mergers, acquisitions, and strategic alliances in order to draw in clients from around the world. Additionally, by putting innovation plans into practice, major firms can expand their product offerings and guarantee market expansion.
- March 2020: Burcon Nutrascience Corp (Canada) received the "Letter of No Objection" issued by the U.S. FDA for its two novel pea protein products, Peazazz and Peazac. This would enable its acceptance in the global food and beverage companies.
List of Key Players Profiled in Market:
- RouquetteFreres (France)
- BurconNutrascience Corp (Canada)
- The Scoular Company (U.S.)
- DuPont (U.S.)
- CosucraGroupeWarcoing (Belgium)
- Nutri-Pea Limited (Canada)
- Shandong Jianyuan Group (China)
- Kerry Inc (Ireland)
- Sotexpro SA (France)
- Puris Protein LLC (U.S.)
