Redding, California, July 07, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Pea Protein Isolate Market by Source (Yellow Pea, Green Pea), Source Process (Conventional, Organic), Processing Method (Dry, Wet), Application (Nutritional Supplements, Meat Alternatives, Dairy Alternatives, Bakery, Snacks, Beverages) - Forecast to 2029,” based on value, the global pea protein isolate market is expected to grow at a CAGR of 16.4% from 2022 to 2029 to reach $542.9 million by 2029. In terms of volume, the global pea protein isolate market is expected to grow at a CAGR of 13.8% from 2022 to 2029 to reach 135.2 thousand MT by 2029.
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Pea protein isolate is a vegetable protein derived from peas. It is considered one of the best protein sources for vegans and vegetarians due to its balanced amino acid spread and high protein concentration. These isolates are allergen-friendly for those suffering from common food allergens such as dairy, wheat, soy, and egg. They are also suitable for vegans and those following a plant-based or vegetarian diet. It is a high-quality plant-based protein that emerges as the best for its nutritional profile and increases the protein content of food products and health supplements.
The growth of pea protein isolates is mainly attributed to increased interest in varying protein options. Pea protein isolates and other plant-based protein substitutes have been growing for several years as consumers across the globe become more health-conscious.
The global pea protein isolate market study presents historical market data in terms of value (2020 and 2021), estimated current data (2022), and forecasts for 2029. The market is segmented based on source, source process, processing method, form, application, and geography. The study also evaluates industry competitors and analyses the market at a country level.
Pea protein isolate industry predictions in light of COVID-19
The COVID-19 crisis made people re-evaluate their diets as consumers started transitioning to healthier eating habits to build immunity. The demand for products with pea protein increased significantly amidst the pandemic, boosting the pea protein market. The growing demand for pea protein is largely driven by the shortage of meat and processed meat products in various regions, the growing uncertainty amongst consumers regarding meat consumption amidst the pandemic, and the growing inclination toward a healthier lifestyle.
At the beginning of the COVID-19 pandemic, manufacturers faced challenges in sourcing peas for further processing and supplying their products to food & beverage companies. In addition, consumers purchased only essential products, such as groceries, medicines, and fruits and vegetables. Thus, the supply chain for pea protein was disrupted.
However, in recent months, companies gradually started reopening to fulfill the demand for pea-based protein as many government bodies included the food and agro sector as an essential. For instance, despite the increasing COVID-19 cases, the U.S. pea industry operated near full capacity.
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The U.S. Department of Homeland Security (DHS) had classified the food and agriculture sectors as essential infrastructure, and the U.S. Department of Agriculture (USDA) continued working to ensure access, resources, and safety. U.S. railroads, barge operations, trucking companies, and other necessary infrastructure and logistical support remained functioning at full capacity to support the ongoing efforts by pea processors, agricultural export facilities, grain inspectors, and U.S. pea farmers. Hence, government support to promote protein ingredients is expected to boost the pea protein isolate market.
Key Findings in the Global Pea Protein Isolate Market Study:
Based on source, the global pea protein isolate market is mainly segmented into yellow peas and green peas. The yellow peas segment is estimated to account for the largest share of the overall pea protein isolate market in 2022. The leading position of this segment is mainly attributed to its high protein content and benefits such as digestive system regulation, cholesterol control, blood sugar control, better maintenance of healthy body weight, and promote gut health. This segment is also expected to grow at the highest CAGR during the forecast period due to its versatility in various applications in the food & beverage industry, especially as alternative meat products.
Based on source process, the global pea protein isolate market is mainly segmented into conventional pea protein isolate and organic pea protein isolate. The conventional pea protein isolate segment is estimated to account for the largest share of the overall pea protein isolate market in 2022. However, the organic pea protein isolate segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to growing organic product sales statistics, the rising trend of clean label products, and the increasing number of certified organic pea-producing farms.
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Based on processing method, the global pea protein isolate market is mainly segmented into dry processing and wet processing. The dry processing segment is estimated to account for the largest share of the overall pea protein isolate market in 2022. The large share of this segment is mainly attributed to low capital requirement, reduced water & energy consumption compared to wet extraction, and the high demand from food & beverage manufacturers.
Based on form, the global pea protein isolate market is mainly segmented into powder and liquid. The powder segment is estimated to account for the largest share of the overall pea protein isolate market in 2022. The leading position of this segment is mainly attributed to the higher demand for solid protein ingredients due to the ease of handling & transportation, cost-effectiveness, and the ability to avoid costly formulation errors and maintain the stability of the ingredients. However, the liquid segment is expected to grow at the highest CAGR during the forecast period.
Based on application, the global pea protein isolate market is mainly segmented into nutrition & health supplements, meat & alternative meat products, bakery products, dairy & dairy alternatives, cereals & snacks, beverages, and others. The nutrition and health supplements segment is estimated to account for the largest share of the overall pea protein isolate market in 2022. However, the meat and alternative meat products segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to growing veganism, the increasing launches of new products, and the rising incidences of meat-borne diseases.
Geographically, North America is estimated to account for the largest share of the overall pea protein isolate market in 2022. The large share of this region is primarily attributed to the well-established food & beverage industry, the rising concerns over animal products and protein, the increasing vegan population, the growing preference for meat alternatives, the increasing demand for healthy & nutritional products, and the large presence of pea protein manufacturers in North America. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
Some of the key players operating in the global pea protein isolate market are Roquette Frères Le Romain (France), AGT Food and Ingredients Inc. (Canada), Cargill, Incorporated (U.S.), Ingredion Incorporated (U.S.), Archer-Daniels-Midland Company (U.S.), E.I. Dupont De Nemours and Company (U.S.), Glanbia Plc. (Ireland), Cosucra Groupe Warcoing SA (Belgium), Farbest Brands (U.S.), Shandong Jianyuan Foods Co., Ltd. (China), The Emsland Group (Germany), and Nutri-Pea Ltd. (Canada).
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Scope of the report
Pea Protein Isolate Market, by Source
- Yellow Peas
- Green Peas
Pea Protein Isolate Market, by Source Process
- Conventional Pea Protein
- Organic Pea Protein
Pea Protein Isolate Market, by Processing Method
- Dry
- Wet
Pea Protein Isolate Market, by Form
- Powder
- Liquid
Pea Protein Isolate Market, by Application
- Nutrition & Health Supplements
- Meat & Alternative Meat Products
- Bakery Products
- Dairy & Dairy Alternatives
- Cereals & Snacks
- Beverages
- Others
Pea Protein Isolate Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- Latin America
- Middle East and Africa
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