Pea Protein Market to Reach US$ 1.9 Bn by 2030; Demand-Supply Gap Due to COVID-19 Outbreak Moderately Impacting Market
Published On : Oct 27, 2020
In established markets such as North America and Europe, the vegan population is increasing at a rapid pace. Vegan consumers avoid any food that 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, demand for plant-based products and plant-based proteins is increasing. This factor is expected to provide a thrust to the growth of the pea protein market across the globe.
The pea protein market has witnessed substantial growth in the past few years, and this trend is expected to continue through the course of the forecast period of 2020 to 2030. The global pea protein market is estimated to rise at a steady CAGR of more than 6% over the next ten years.
Key Takeaways from Pea Protein Market Study
- By form, hydrolysates are projected to exhibit a high CAGR over the forecast period in the global pea protein market. The key contributing factor is increasing demand for pea protein hydrolysates in dietary supplements and functional food products.
- Owing to higher utilization of pea protein in bakery & confectionery, meat additives, and others, the food & beverage application holds the highest market value share in the global pea protein market.
- By nature, organic pea protein is anticipated to experience substantial growth during the forecast period. Rapid rise in consumption of organic food is flourishing the demand for organic pea protein in global market.
- Pea protein is getting more importance in nutraceuticals, as it is considered as the most effective dietary supplement. Rising number of health-conscious consumers demanding more products consisting pea protein as the main ingredient is aiding market expansion.
“Manufacture in the pea protein market are expected to gain considerable profits by offering pea protein to dietary supplement manufacturers due to rising demand for plant-based protein supplements among health-conscious consumers. Furthermore, versatile use of pea protein in numerous industries is another beneficial factor for the pea protein market. However, the growing impact of COVID-19 on various industries is expected to have a moderate impact on the pea protein market,” says a PMR analyst.
Pea Protein Market: Competitive Landscape
The pea protein market is fragmented in nature. Companies are focusing on increasing production of pea protein isolates as they contain almost 80% of proteins. Demand for pea protein isolates is increasing in the dietary supplements segment, as they are considered as the most effective protein supplement for the vegetarian and vegan population. Furthermore, companies are targeting the introducing new pea protein products in food & beverages and nutraceuticals for health-conscious consumers.
Explore More Valuable Insights on Global Pea Protein Market
Persistence Market Research, in its new report, offers an impartial analysis of the global pea protein market, presenting historical data (2015-2019) and estimation statistics for the forecast period of 2020-2030. The study offers compelling insights on the pea protein market based nature (organic and conventional), form (isolates, concentrates, and hydrolysates), and application (food & beverages, dietary supplements, animal feed, cosmetics & personal care, and pharmaceuticals), across seven regions.
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