The market for pea protein ingredients is anticipated to be worth USD 1.6 billion in 2023 and USD 3.4 billion by 2033. During the predicted period, pea protein ingredient sales expand at a CAGR of 7.9%.
The rising popularity of veganism in countries like the U.S., India, the U.K., and Germany has led to a significant increase in the consumption of plant-based protein products. As a result, the pea protein ingredients market is projected to exceed USD 2.5 billion by the end of 2031.
From 2016 to 2020, the market experienced a robust CAGR of 6.4%. Growing awareness of the health benefits of pea protein, which is rich in lysine and iron, has contributed to this trend, with consumers increasingly opting for pea protein to mitigate the risk of bone-related diseases such as arthritis.
In addition to health benefits, the demand for pea protein ingredients is on the rise among vegans. The escalating rates of cardiovascular diseases are also pushing consumers toward healthier dietary choices, further bolstering the market for pea protein. Moreover, the demand for plant-based proteins in sports nutrition is expected to enhance sales in this segment.
The high incidence of food allergies linked to meat products is another factor driving the demand for pea protein ingredients. According to the National Institute of Allergy and Infectious Diseases, approximately 12.2 million people suffer from food allergies, with around 8% of children and 2% of adults allergic to seafood and meat.
In response to these trends, manufacturers are ramping up their research and development efforts to innovate new product lines centered around pea protein. Given these dynamics, the pea protein ingredients market is anticipated to grow at a CAGR of 7.2% from 2021 to 2031.
“Growing consumer preference for natural and organic food products and increasing concerns pertaining to animal welfare are expected to boost the market. In order to cater to surging requirements, manufacturers are introducing new products, which augmenting sales in the market,” says a FMI analyst.
Key Takeaways from Pea Protein Ingredients Market Study
- North America is expected to account for over 79.2% of pea protein ingredients sales, with the U.S. dominating the market on the back of rising consumption of clean label food products
- The U.K. pea protein ingredients market will account for 14% of market share in 2021
- China’s pea protein market will surpass US$ 64.3 Mn in 2021 on the back of growing demand for sustainable and affordable vegan protein products
- In terms of product, isolate pea proteins are expected to hold the lion’s share owing to their high-quality nutrition and growing adoption among lactose-intolerant people
- Sales of pea protein ingredients in bakery sector are expected to surge at 9.9% CAGR through 2021.
Key Drivers
- Growing demand for plant-based products and increasing trend for vegan lifestyle will accelerate the growth in the market.
- Absence of allergen properties in pea-protein ingredients as compared to other conventional plant-based proteins is expected to improve the adoption
- Declining consumption of meat products due to intolerance of animal protein is likely to boost the market
Key Restraints
- High cost of extraction and processing pea protein ingredients is anticipated to create the challenge for market players
- Lack of processing outputs in emerging and low-income economies resulting in limited supply to hamper the sales.
Competitive Landscape
Leading players in the pea protein ingredients market are focusing on introducing new product lines in response to surging demand for clean label and non-GMO plant-based ingredients.
Also, some of the players are extensively investing in research and development activities to introduce new products in the market. Meanwhile, other players are collaborating with food manufacturers and end-users to expand their customer base. For instance:
- In October 2021, Ingredion Inc., unveiled its Prista Line of pulse-based ingredient solutions. The line includes Homecraft Prista P 101 pea flour, Vitessence® Prista P 155 pea protein concentrate, and Vitessence Prista P 360 faba bean protein concentrate for plant-protein-based applications including instant and ready-to-eat (RTE) products.
- In 2021, Ulrick & Shirt launched a new range of clean label, organic functional starches, and proteins.
- In January 2020, Beyond Meat, a leader in plant-based meat, announced a multi-year pea protein supply agreement with Roquette, a leader in plant-based ingredients and a pioneer of plant proteins.
Some of the key players operating in the market profiled by FMI are:
- A&B Ingredients Inc.
- Nutri Pea Ltd.
- Archer Daniels Midland Company
- Kerry Group PLC.
- Cargill Incorporated
- The Scoular Company
- Axiom Foods, Inc.
- Batory Foods
- PLT Health Solutions
- Prinova Group LLC
- Burcon Nutrascience
- Cosucra Groupe Warcoing
- Glanbia Plc.
- Roquette Frerès SA
- AGT 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.
More Valuable Insights on Pea Protein Ingredients Market
FMI, in its new report, offers an in-depth study of the global pea protein ingredients market, highlighting the growth prospects of the market through 2021 and beyond. The survey reveals demand outlook of pea protein ingredients market with detailed segmentation:
By Product Type:
- Isolates
- Concentrates
- Textured
By Application:
- Bakery & Snacks
- Dietary Supplements
- Beverages
- Meat Analogs/Substitutes
- Others
By Form:
- Powder
- Liquid
- Others
Buy now and gain access to detailed segment information!
Frequently Asked Questions
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- What is the Future Scope of Growth for the Pea Protein Ingredients Market?
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- Which Country Leads the Pea Protein Ingredients Market?
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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