Global Market Study on Pea Protein: Meat’s Loss is Pea’s Gain


Pea Protein  Market
  • Published On : Jun-2019 |
  • Pages : 308 Pages |
  • Format : Pea Protein  Market Pea Protein  Market Pea Protein  Market Pea Protein  Market

Pea Protein – Green for Environment, Clean for Consumers

As modern consumers conform to the ‘health above everything else’ ideology, milk protein and animal protein tend to lose their sheen to plant-based protein, owing to their high risks associated with celiac and cardiovascular diseases. Sensing abundant opportunities in the plant-based protein market, businessmen are prioritizing their efforts in R&D activities to venture out into the untrodden meadows and broaden their product portfolios. 

Pea protein is one such innovation brought into the plant-based protein category to cater to niche demands ascending from the health-enthusiast consumer base. Manufacturers have been capitalizing on the opportunities surfacing from the growing trends of veganism and vegetarianism, which makes the dietary supplement a crucial end-user industry.

Studies have found that the carbon footprint for producing 1 Kg of pea protein is 19X lesser than that produced from the extraction of animal protein. Additionally, pea protein is marked economical than animal protein, when it comes to the usage of water. With lesser carbon and water footprint, pea protein has been gaining the favorability of regulatory bodies and manufacturers, who resort to environmental thinking for occupying a distinct position in the market.

For the landscape, where innovation becomes synonymous with business growth, Persistence Market Research (PMR) offers an exclusive study, wherein qualitative and quantitative changes in dynamics of the pea protein market are recorded and presented in the form of reliable numbers for the historical period, 2014-2018 and forecast period, 2019-2029.

pea protein market key strategies

Tracing the Evolution of the Pea Protein Market

As consumers make a seismic shift towards plant-based proteins, numerous end-user industries incite their scramble towards harnessing the protein in peas to introduce food products with a blend of ‘taste’ and ‘health’. Products such as chicken-free chicken and pea-based milk are well-appreciated by consumers, and ‘ready-to-eat’ trends remain influential in fostering innovation in the development of bakery products, especially in the developed countries. In 2018, pea protein recorded sales worth 336,151 tons, which corresponds to a value of US$ 852.4 Mn.

In recent times, demand for pea protein has been recorded from other industries besides food and beverages, which extend to dietary supplements and cosmetics & personal care, as consumers’ quest for chemical-free products can be completed better with plant-based protein. Since protein within the cosmetic formulations is recognized for moisturizing abilities, personal care manufacturers are expending efforts to expand their product portfolio by introducing newer protein substitutes. However, the quest for a better ingredient that offered pea protein a center stage in numerous end-user industries is likely to act as a hurdle to its leap, given the medium to high level of threat from its alternatives like rice protein, soy protein, corn protein, and wheat protein.


pea protein market north america

Sufficing the Protein Mania of Food and Beverage Industry

As bakery and confectionery industry demands good texturing agents, pea protein isolates are increasingly adopted, given their high water-binding capability, solubility, emulsification, and amino acid content. However, pea protein concentrates have been growing as the best source of nutraceuticals for the vegetarian and vegan population.

Since vegetarian and vegan population lack the recommended protein level, dietary supplement manufacturers zealously capitalize on the opportunity to enrich their product portfolio. However, food and beverages segment occupies a majority of the market share, as innovations have spawned in the landscape, given the growing consumers’ proclivity towards organic and clean label products.

Adoption of conventional pea protein remains high for facilitating numerous end-use applications, however, organic pea protein is witnessing an exponential rise as the trends of eliminating chemicals from the plate penetrates deeper into the consumers’ space.

Consumers’ drift towards veganism, as observed in the developed regions - North America and Europe - is also getting channelized in East Asia and South Asia, which surfaces sales closure opportunities for the pea protein market. Concerns pertaining to weight management has caused an exigency among consumers to follow restrictive diets, which majorly recommends high protein intake. As a result, manufacturers launch numerous pea protein induced breakfast and cereals, enriched by varied flavors.

Key Strategies to Achieve Healthy Growth in the Pea Protein Market

Aggregate Demand & Meet Supply in South East Asia

Consumption of plant-based protein has been witnessing a transition from being a subculture to being mainstream, especially in the developed countries, where consumers stay at the top of addressing their health concerns. However, a majority of the population practicing vegetarianism are seeking additional health requisites from dietary supplements in the developing regions. As the wave of veganism reaches the South East Asian region, demand for protein intensifies, which is captured well by the food and beverage manufacturers. Being home to leading food producers, sales opportunities galore for pea protein manufacturers, if taken well by setting up the launch pad for their products.

Include Transparent Products in Product Offerings

Manufacturers are being considerate of the fact that modern consumers seek value for the price. As their proclivity for organic and clean label products increase, manufacturers can leverage the opportunity to intensify their production capacity in the region to meet demand with the supply. Being the price-sensitive region that South East Asia is, manufacturers can initially launch their products by squeezing bottom lines to target the low budgetary clientele.

Gauging the Competition Intensity of the Pea Protein Market

The pea protein market remains highly fragmented with numerous players eyeing to capture limited end-use applications. Forerunners in the market such as Ingredion Incorporated, AGT Food and Ingredients, Cargill, Incorporated, DowDuPont, and Glanbia PLC hold 40-50% of the total share. While the regional players account for 25-35% and small players acquire 10-15% of the market share.

The key focus of the market forerunners is on aggregating the demand for pea protein and channelizing the supply. These players adapt to the ever-evolving demands of consumers and prioritize their investment towards manufacturing organic and natural pea protein products. As protein fortification in food and beverage is a key imperative to meet global challenges regarding the nutritional deficiencies, the market players are targeting the food and beverages applications. For instance, in December 2018, Ingredion Incorporated partnered with Verdient Foods to launch a joint venture, concentrated to produce plant-based protein concentrates for food and beverage applications.

The regional players, however, focus on intensifying their production capacity to meet the growing demand for pea protein from the food and nutraceutical industry. Additionally, the regional players team up with the farmers to offer a wide range of ingredients for diversified applications. For example, Farbest Brands entered into a strategic partnership with Naturz Organics to provide organic ingredients to the food and beverages manufacturers in North America and Europe.

pea protein market segmentation

Analysts’ View of the Pea Protein Market

The author(s) of the report view the pea protein market in bright light, with an estimated CAGR of 6% during the period, 2019-2029. As manufacturers operate in the frequently transmuting landscape of food and beverages, which is majorly driven by safety regulations, conformity will help them reduce their turnaround time to market. South East Asia region will offer lucrative sales opportunities for manufacturers since a large population following vegetarian and a new consumer base following veganism is concentrated in the region. Aligning the business strategies to meet the evolving demands of consumers will bode opportunities in the long run. However, the plant-based protein equivalents such as rice protein, soy protein, corn protein, and wheat protein are likely to impact the adoption trend of the pea protein market.

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Proteins are the building blocks of tissues in the human body. Proteins play an important role in repairing and building tissues. They are also responsible for producing enzymes, hormones, and other chemicals, which are required for the proper functioning of the human body. Thus, the consumption of protein on a daily basis is important and becomes an integral part of our diet. The food and beverage market is influenced by consumers demanding tasty food. The innovations in the food and beverages industry have made available products, which are healthy as well as tasty, such as plant-based protein ingredients.

Pea protein is made from dried peas, which are grinded into a fine powder. Starch and fiber are removed from the flour and powdered concentrated pea protein is obtained. It is a completely plant-based protein and hence, ideal for vegetarian and vegan diets.

Pea protein contains all the necessary amino acids, which the human body cannot produce and must get from food. A good combination of amino acids promotes muscle growth. Health-conscious consumers prefer pea proteins to improve their protein intake. This plant-based protein is considered to be better than any other plant-based protein or animal-based protein.

Pea Protein Getting Global Importance

Pea protein is produced from whole yellow peas, which contain over 85% protein and vital muscle-building ingredients. The production of yellow peas is increasing as these are used to produce dry pea protein. This plant-based supplement is produced by removing soluble pea protein from yellow split peas.

When compared to other plant-based proteins in the cropping system, pea protein stands out as it is environment-friendly. Also, pea protein is not made from any of the common allergenic foods such as milk and eggs. Consumers are becoming aware of these properties of pea protein, and hence, pea protein is getting desired attention and importance across the globe. This is expected to boost the demand for pea protein in the global market.

Being Vegan is a Choice but Plant-Based Protein is a Need

In established markets such as North America and Europe, the vegan population is increasing. Vegan consumers avoid any food, which is made or extracted from animals. Hence, they depend only on plant-based products for their nutritional needs. Veganism is trending in most emerging markets as well. Hence, the demand for plant-based products and plant-based proteins is increasing. Increasing vegan population is expected to thrust the market demand for pea protein across the globe.

Pea Protein’s Bright Future in the Allergen-Free Market

Pea protein is considered as an allergen-free ingredient. It is naturally a lactose-free and gluten-free product. The prevalence of lactose intolerance is increasing across the globe, and more and more consumers are avoiding glutamic products. The vegan population is also dependent on plant-based protein for its daily requirement of nutrition. Hence, the demand for pea protein can be traced to an increasing consumer base looking for allergen-free products. Thus, more people are opting for pea protein, as there are a lot less people with pea allergies. Hence, the manufacturers have a great opportunity for pea protein in terms of the allergen-free market.

Veganism, a Global Trend Benefiting the Pea Protein Market

In the established markets such as North America and Europe, veganism is an emerging trend. More and more people are leaning towards veganism. This section of the population consumes only plant-based products. This trend is also getting channelized in emerging markets such as South Asia and East Asia. This increasing popularity of the vegan trend is expected to give thrust to the market demand for pea protein in the international market place.

High Cost of Organic Pea Protein a Concern for Consumers

The pricing of organic products is higher than that of conventional products. Consumers consider this factor while purchasing organic products. The price of plant-based protein is higher than animal-based protein, and organic plant-based proteins cost much higher. Consumer concern about high pricing of organic pea protein is affecting the market growth. Consumers opting for organic pea protein are already limited, and due to high price, consumers who opt for plant-based products are avoiding organic pea protein. This factor is affecting the organic pea protein market and hindering its growth.

Nutrition First - The Top Concern for Vegan & Vegetarian Consumers

Vegan and vegetarian population is totally dependent upon plant-based proteins for their nutrition. People opt for vegan diet as they consider it to be healthy. Pea proteins are the best sources of nutrition for vegan and vegetarian consumers. Nutrition continues to be the top-most priority for vegan and vegetarian consumers as they seek to improve their health through food. This trend is expected to boost the market for pea protein across the world market.

On the basis of Nature, the Global Pea Protein market is segmented as-

  • Organic
  • Conventional

On the basis of Form, the Global Pea Protein market is segmented as-

  • Isolates
  • Concentrates
  • Hydrolysates

On the basis of End use, the Global Pea Protein market is segmented as-

  • Food & Beverages
    • Bakery & Confectionary
    • Snacks & Cereals
    • Meat Additives
    • Beverages
  • Dietary Supplements
  • Animal Feed
  • Cosmetics & Personal Care
  • Pharmaceuticals

On the basis of region, the global pea protein market is segmented as-

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East & Africa

Pea Protein Market – Market Analysis and Opportunity Assessment

Persistence Market Research (PMR), in its recent study, offers an extensive analysis of the pea protein market for the forecast period 2019-2029. The PMR study on the pea protein market assesses the market based on the historical and current market scenario. The business asset also studies the key trends and developments shaping the future of the pea protein market during the forecast period.

The pea protein market offers a detailed analysis of the demand side and supply side trends to help the readers gain a clear picture of the adoption trends. The study also sheds light on the trends observed in the food and beverages industry, key trends impacting the market, and key investment trends. In order to assess the demand, the report estimates the historical market and offers projections regarding the current and the future of the pea protein market in value (US$ Mn) and volume (Tons).

The study presents the macroeconomic and microeconomic factors that influence the growth of the pea protein market over the course of the forecast period. The study also offers an in-depth value chain analysis along with market dynamics, including drivers, restraints, threats, and opportunities. The business study also evaluates the competition intensity of the pea protein market by tiers of companies. A deep dive into the competitive landscape is presented in the report, which offers information regarding the key market players, including their financials, crucial strategies, and key developments. By referring to the business asset, readers will be able to make well-informed business decisions.

Pea Protein Market - Segmentation

In order to offer key insights into the pea protein market, our analysts have bifurcated the report into crucial segments to obtain distinguished information regarding the pea protein market. The pea protein market has been fragmented on the basis of nature, form, end use, and region. The report offers historical data, along with the current and future estimations for each of the segments. 

Nature

Form

End Use

Region

Organic

Isolates

Food and Beverages

North America

Conventional

Concentrates

Dietary Supplements

Latin America

Hydrolysate

Animal Feeds

Europe

Cosmetics & Personal Care

South Asia

Pharmaceuticals

East Asia

Oceania

Middle East & Africa

Pea Protein Market – Key Questions Answered 

PMR’s study offers a qualitative as well as quantitative assessment to aid the readers to obtain crucial insights into the pea protein market. The research report also includes historical as well as current data for evaluating the future of the pea protein market. The authors of the report address the key concerns regarding the growth of the pea protein market. Some of the crucial questions answered in the report include: 

  • What are the key trends shaping the future growth of the pea protein market?
  • What are the significant opportunities that market players can leverage to generate high bottom lines?
  • Which region remains lucrative for the pea protein market during the forecast period?
  • What are the key pain points that could hinder the growth of the pea protein market?
  • What are the notable developments in the pea protein market?
  • Which end-user segment will highly contribute to the pea protein market? 

Pea Protein Market – Research Methodology 

In order to estimate a precise value for the pea protein market during the course of the forecast period, our analysts follow a systematic approach, which includes primary and secondary research methodologies. For conducting primary research, our analysts conduct interviews and discussion with key opinion leaders, industry players, retailers, and industry experts.

In the secondary phase, our analysts refer to the company websites, company annual reports, white papers, and financial reports. The data obtained through both the methodologies are then scrutinized using the data triangulation method to filter out any redundant information.

Companies covered in Pea Protein Market Report

Companies Profiles

  • Ingredion Incorporated 
  • Cargill Incorporated 
  • DowDuPont 
  • AGT Food And Ingredients 
  • Farbest Brands 
  • Roquette Frères
  • Glanbia Plc.
  • The Green Labs LLC
  • Bioway (Xi'an) Organic Ingredients Co. Ltd.
  • The Scoular Company 
  • Axiom Foods, Inc.
  • NOW Health Group, Inc.
  • Aminola
  • Maxsun Industries Inc 
  • Vestkorn Milling AS
  • Gemef Industries
  • A&B Ingredients
  • Greenway Organics (Tianjin) Co., Ltd.
  • Phyto-Therapy Pty Ltd
  • Puris
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