The pea protein ingredients market is estimated to be valued at US$ 1.6 Billion in 2023 and is rising to US$ 3.4 Billion by 2033. The sales of pea protein ingredients grow at a CAGR of 7.9% during the forecast period.
Market Dynamics and Opportunities:
- Health-Conscious Shift: The rising adoption of pea protein ingredients reflects a consumer shift toward healthier lifestyles, with pea protein being embraced as a better substitute.
- End-Use Sector Impact: The growing demand for pea protein ingredients in dietary supplements, bakery, and snacks sectors is a key driver, enhancing food quality and addressing health concerns.
- Sports and Fitness Industry: The demand for pea protein ingredients is rising in the sports and fitness industry, driven by the need for healthy nutrients, muscle mass development, and protein supplements for improved blood circulation and weight management.
- Clean-Label and Organic Trend: Increasing consumer awareness of clean-label products and organic food is further contributing to the expansion of the pea protein ingredients market.
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Why are Consumers Shifting Demand Towards Pea Protein Ingredients?
Consumer Shift Reasons:
- Adoption for a Wholesome Lifestyle: Consumers are incorporating pea protein ingredients into their meals as a wholesome and nutrient-rich solution.
- Allergen-Free Alternatives: Rising allergies to animal-based products drive consumers to shift towards pea protein ingredients in various food items like pasta, cookies, and cakes.
- Hypoallergenic Food Trends: The introduction of hypoallergenic food items, rich in pea protein ingredients, is creating new market opportunities.
- Natural Property Attraction: The natural properties of pea protein, combined with the growing awareness of a healthy heart, are boosting consumer demand.
Key Market Insights:
- Valuation: The pea protein ingredients market is expected to reach US$ 3.4 Billion by 2033.
- Global Growth: With a Compound Annual Growth Rate (CAGR) of 7.9%, the global market is on a consistent rise during the forecast period.
- Regional Dynamics:
- United States: Anticipated to grow at a CAGR of 7.7% through 2033.
- United Kingdom: A significant uplift with a CAGR of 7.2% during the forecast period.
- China: Expected to grow at a CAGR of 7.3% over the forecast period.
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Who is Winning?
The key manufacturers and prominent vendors are driving the market expansion by launching excellent products as per consumers’ requirements. These players focus on consumer expectations and develop better substitute products that complete their satisfaction.
Therefore, these players are making various marketing tactics to uplift market growth. These marketing tactics are mergers, agreements, partnerships, and collaborations.
Some of the prominent players in the pea protein ingredients market are:
- A&B Ingredients Inc.
- Nutri Pea Ltd.
- Archer Daniels Midland Company
- Kerry Group P.L.C.
- Cargill Incorporated
- The Scoular Company
- Axiom Foods, Inc.
- Batory Foods
- L.T. Health Solutions
- Prinova Group L.L.C.
- Burcon Nutrascience
- Cosucra Groupe Warcoing
- Glanbia Plc.
- Roquette Frerès SA
- A.G.T. Food & Ingredients, Inc.
- World Food Processing L.L.C.
- Yantai T. Full Biotech Co. Ltd.
- Suzhou Wanshen Flour Products Co. Ltd.
- Shandong Jindu Talin Foods Co. Ltd.
- Others
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Recent Development in the Global Pea Protein Ingredients Market:
In 2020, Beyond Meat announced its partnership with fast food company Starbucks to introduce a new menu in China. Beyond Meat spreads its new food products across all Starbucks locations in China. Their main menus are Beyond Beef Spicy & Sour Wrap, Classic Lasagna and others.
Pea Protein Ingredients Market by Category
By Product Type:
- Isolates
- Concentrates
- Textured
By Application:
- Bakery and Snacks
- Dietary Supplements
- Beverages
- Meat Analog/Substitutes
- Others
By Foam:
- Powder
- Liquid
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
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