Pune, India, Aug. 28, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Pea Protein Market Size Report, Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type, Form, Application, and Geography,” the pea protein market is expected to grow from $ 363.1 million in 2018 to $ 1,112.2 million by 2027; it is estimated to grow at a CAGR of 13.9% from 2019 to 2027.
Pea Protein Market: Competitive Landscape
A&B Ingredients And Axiom Foods, Inc., Burcon Nutrascience Corporation, Cosucra Groupe Warcoing SA, Gemef Industries, Glanbia Nutritionals, Puris, Roquette Frères, The Green Labs LLC, Yantai Shuangta Food Co., Ltd. are among the players operating in the pea protein market. These players are focusing on new product launches and geographic expansions to meet the growing consumer demand worldwide. The widespread presence of these companies in the world helps them serve a large range of customers, subsequently allowing them to increase their market share. These market players are highly focused on launching new products and expanding their product range in specialty portfolios, further surging the pea protein market growth.
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Pea protein is obtained from green and yellow split peas and is mostly used to make protein powder. It often serves as a base in packaged foods like veggie burgers, vegan mayo, and even replaces dairy in some ice creams and milk. Pea protein is an excellent source of iron. It is added in food products such as smoothies and shakes to increase the protein content and is also a great fit for almost any diet since it's naturally vegan and hypoallergenic. Pea protein contains nine essential amino acids that the human body cannot create.
The pea protein market is growing at a significant rate owing to factors such as enhanced health consciousness, multiple health benefits, and increased demand for meat protein alternatives. In addition, factors, such as the trend of living using pea protein in various products, consistent increase in food & beverages industries, raised demand for organic-based foods, and innovations in protein-based products, have supplemented the global pea protein market growth. The growing number of consumers searching for simpler labels, great taste, and alternative protein sources to solve personalized nutrition choices which in turn may accelerate pea protein market growth. However, the availability of substitute proteins and low consumer awareness about the pea protein-based products may restrict the growth of the market over the forecast period.
Growing Demand for Pea Protein-Based Sports Nutrition and Other Wellness Products to Provide Lucrative Growth Opportunities to Pea Protein Market Players
Pea protein is viewed as a remarkable source of post-workout sports nutrition for athletes as well as fitness enthusiasts who have issues with using other protein supplements. It is a rich source of glutamine, lysine, arginine, and branched-chain amino acids which are beneficial in muscle development. The lysine in pea protein is useful in supporting growth and bone health, while the arginine is involved in promoting lean and muscular body, growth and cell division, and nitrogen metabolism. The BCAA, which includes leucine, isoleucine, and valine, are necessary for the maintenance of muscle protein. The abundance of essential amino acids in pea proteins has rendered its uses in manufacturing a number of health promoting protein supplements and created significant opportunities for pea protein manufacturers in the sports nutrition segment. In order to tap into the health and wellness segment, a number of manufacturers are already offering sports nutrition pea protein powders under clean labels as well as in exciting flavors including vanilla, chocolate, and vanilla toffee to attract consumers. The growing demand for pea protein used in formulating sports nutrition products to improve strength, optimize recovery through delivering a higher amount of essential amino acids, fuel athletic performance, and increase lean muscle mass is expected to create lucrative business opportunities for pea protein manufacturers in the forecast period.
Pea Protein Market: Segmental Overview
Based on type, the pea protein market is categorized into pea protein isolates, pea protein concentrates, and textured pea protein. The pea protein isolate segment held the largest share of the market in 2018. Pea Protein Isolate is extracted from yellow peas, which is processed by means of a cold-water filtration method to decrease or eliminate much of the added fiber and starch content that is naturally-occurring within the pea. The resulting powder preserves a nutritional profile containing over 80% protein by volume that is equivalent to a standard whey protein concentrate.
Based on form, the pea protein market is categorized into dry, and liquid. Dry is the largest segment of pea protein market in terms of revenue. In the dry process, the dehulling and subsequent fine grinding of peas formulates pea flour with particles of various sizes and densities. It is the easiest and convenient method for manufacturers operating in pea protein market. Pea protein powder is widely used in food and beverages and confectionery products as it easily blends with other ingredients that to be used in these products.
Based on application, the pea protein market is categorized into dietary supplements, bakery and confectionery goods, meat alternatives, beverages, others. Dietary supplements is the largest segment of pea protein market in terms of revenue. Pea protein is used in nutraceuticals such as dietary and health supplements, and for digestive health. A dietary supplement is consumed orally either as a tablet, capsule, pill, or a liquid. Dietary supplements are food products that contain mineral, vitamin, herb or other botanicals, or amino acids. Pea proteins are induced in dietary supplements so that they can provide an external source of vitamins, minerals, fibers and other essential ingredients to the consumer.
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Impact of COVID-19 Pandemic on Pea Protein Market
Covid-19 first began in Wuhan (China) during December 2019, and since then it has spread across the globe at a fast pace. China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the most affected countries in terms of confirmed cases and reported deaths as of April 2020. According to the latest WHO figures, there are ~4,494,873 confirmed cases and 301,778 total deaths globally. Covid-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global food and beverages industry is one of the major industries suffering serious disruptions such as supply chain breaks, disruptions in manufacturing due to lockdown and office shutdowns as a result of this outbreak. For instance, China is the global hub of manufacturing and the largest raw material supplier for various industries. The lockdown of various plants and factories in leading regions such as Asia Pacific and Europe is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various goods. All these factors have greatly affected the global pea protein market.
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