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Pea Protein Market

Pea Protein Market Forecasts to 2028 – Global Analysis By Nature (Conventional, Organic), Form (Dry, Wet), Source (Chickpea, Lentils, Yellow Spit Pea), Product (Protein Concentrates, Protein Isolates, Textured Protein), End User and By Geography

4.2 (30 reviews)
Published: May 2022 ID: SMRC21442
4.2 (30 reviews)
Published: May 2022 ID: SMRC21442

This report covers the impact of COVID-19 on this global market

According to Stratistics MRC, the Global Pea Protein Market is accounted for $1.65 billion in 2021 and is expected to reach $2.05 billion by 2028 growing at a CAGR of 3.2% during the forecast period. Pea protein is 100% vegan and lactose-free and is safe for people with allergies or sensitivities to dairy and eggs. Thus, vegetarians and vegans prefer pea protein products to supplements with protein derived from dairy, such as casein, whey proteins, eggs, or meat. It is extracted from green and yellow peas and is used in some protein supplements and protein-enriched foods. Pea protein contains all the essential amino acids required for healthy body function. It helps to improve blood circulation and calcium absorption, do weight management, boost metabolism, maintain healthy muscle, and regulate blood sugar.

Market Dynamics:

Driver:

Rising focus on innovation and developments


Many consumers look for maximum protein content as a key factor while choosing a product; hence companies are trying to enhance the number of proteins being extracted from raw material to incorporate maximum in their end products. The companies are focused on improving two key attributes: nutritional density and flavor. Therefore, the food tech companies optimize the ingredient at every stage of production, hoping to appeal to plant-based meat manufacturers, from the peas grown in the field to the technology for extracting the protein.

Restraint:

Supply shortage due to unstable production of pea


One of the major challenges that pea protein manufacturers face is shortage of supply. Climate change is already affecting agriculture, with effects unevenly distributed across the world. The prices of pulses, which are among the cheapest sources of protein, have risen marginally since last year. Moreover, the higher temperatures eventually reduce the yields of desirable crops. Lower production and Covid-related import bottlenecks have pushed up the prices of peas. All these factors caused a shortage in the supply and production of pea.

Opportunity:

Rising popularity of plant-based products and vegan population


During the forecasted period, the increase in vegan and flexitarian population is expected to drive the growth of the plant-based protein market. The rising consumer health consciousness, various food products such as meat patties and sausages are being replaced by plant-based/plant-infused meat products, which is anticipated to boost the demand for pea proteins. The Vegan Trademark is registered in major countries worldwide, with over half of all products registered coming from companies based outside of the United Kingdom. Flora, Alpro, Asida Ald, LUSH Mars Costa Coffee, Nestie New Look, and Burger King are among the leading global food manufacturing conglomerates launching a wide range of exciting food product options. Therefore, the demand for pea protein as an alternative protein source is growing at a rapid phase.

Threat:

Fluctuations in raw material prices


As the global demand for peas is steadily rising with many new plant-based food products coming into the market in multiple forms, the sector is dealing with the consequences of a shortage of peas. For instance, the pea production in Europe was also affected in France as the crops were severely damaged due to the wet season during harvest. It is estimated that the dramatic increase in prices will inevitably lead to costs being transferred to customers. Therefore, the market faces growth restraints due to the rising prices and unstable supply of raw materials.

The food segment is expected to be the largest during the forecast period

The food segment is estimated to have a lucrative growth. The food segment includes meat substitutes, performance nutrition, functional foods, snacks, bakery products, confectionery, protein powders, sports/protein drinks, and protein bars/meal replacement bars. The meat substitutes segment dominated the food application segment due to the rising application of pea proteins, making it healthier and more popular among customers. The use in performance nutrition has also witnessed strong growth as factors such as lactose intolerance have witnessed athletes substituting whey protein with vegan protein alternatives such as pea proteins.

The dry segment is expected to have the highest CAGR during the forecast period

The dry segment is anticipated to witness the fastest CAGR growth during the forecast period due to its greater range of applications and over wet pea protein. Dry textured pea proteins have a dominant position in the market, owing to their characteristics and the demand in a wide array of applications. The rising demand for dry textured proteins in applications, especially in plant-based meat has helped strengthen the industry outlook for dry textured pea proteins. They are commonly used as a nutritional supplement formulated using the extracts of yellow protein peas. It is primarily incorporated as protein filler in products, such as smoothies and fitness shakes.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the increasing awareness among food & beverage manufacturers, rising urbanization, and growing consumer demand for pea proteins, owing to their high nutritional profile, particularly in countries, such as China, Japan, and Australia. Growing demand for meat substitutes and allergen-friendly sports & fitness supplements is also expected to augment market growth. Favourable regulatory inclinations in India and China aimed at the development of the agricultural industry will result in ample raw material supply for the manufacturers.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period due to the growing demand for gluten-free products, increasing concerns regarding Cardiovascular Diseases (CVDs) caused by red meat consumption, and robust growth of the sports nutrition industry in North America. In addition, the presence of major meat product manufacturers including Cargill, JBF, Tyson, National Foods, and in the U.S., is projected to boost the product demand as a texturizing agent in meat production. Moreover, growing consumption of grains, including canola and soy, for bio-based chemicals, is anticipated to diminish their availability as protein ingredients. As a result, pea protein is likely to emerge as a vital ingredient.

Key players in the market

Some of the key players profiled in the Pea Protein Market include AGT Food & Ingredients, Inc., Burcon Nutrascience, Cosucra Groupe Warcoing, DuPont, Fenchem, Biotek Ltd., Glanbia Plc, Ingredion, Kerry, Nutri Pea Limited, Prinova Group LLC, Puris, Roquette Freres, Sotexpro, World Food Processing L.L.C., and Yantai Shuangta Food Co.

Key Developments:

In September 2021, Roquette Frères set up a new center of expertise in Vic-Sur Aisne in France. This center will expand the area of possibilities in terms of food innovation, novel protein development, and new manufacturing technologies by focusing solely on plant protein.

In September 2021, Batory Foods and Ingredion have signed a new ingredient distribution agreement. The agreement expands Ingredion's distribution network in the West and Central Midwest of the US, making it easier for food & beverage businesses to obtain the ingredients they need to manufacture and promote their goods.

In December 2020, Cargill launched pea protein under its European ingredients portfolio. This development was focused on helping European food & beverage manufacturers meet the increasing demand for nutritious and plant-based products. Cargill’s pea protein offerings, which include RadiPure and Puris, are designed to meet the functional and sensory challenges in alternative emerging applications.
 
Natures Covered:
• Conventional
• Organic
 
Forms Covered:
• Dry
• Wet
 
Sources Covered:
• Chickpea
• Lentils
• Yellow Spit Pea
 
Products Covered:
• Protein Concentrates
• Protein Isolates
• Textured Protein
• Hydrolyzed Protein
 
End Users Covered:
• Animal Feed
• Cosmetic and Personal Care
• Food
• Functional Beverages
• Infant Nutrition
• Nutraceuticals
• Sports Nutrition

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

1 Executive Summary         
           
2 Preface      
    
 2.1 Abstract         
 2.2 Stake Holders        
 2.3 Research Scope        
 2.4 Research Methodology       
  2.4.1 Data Mining       
  2.4.2 Data Analysis       
  2.4.3 Data Validation       
  2.4.4 Research Approach       
 2.5 Research Sources        
  2.5.1 Primary Research Sources      
  2.5.2 Secondary Research Sources      
  2.5.3 Assumptions       
           
3 Market Trend Analysis        
 3.1 Introduction        
 3.2 Drivers         
 3.3 Restraints        
 3.4 Opportunities        
 3.5 Threats         
 3.6 Product Analysis        
 3.7 End User Analysis        
 3.8 Emerging Markets        
 3.9 Impact of Covid-19        
            
4 Porters Five Force Analysis        
 4.1 Bargaining power of suppliers       
 4.2 Bargaining power of buyers       
 4.3 Threat of substitutes       
 4.4 Threat of new entrants       
 4.5 Competitive rivalry        
           
5 Global Pea Protein Market, By Nature       
 5.1 Introduction        
 5.2 Conventional        
 5.3 Organic         
           
6 Global Pea Protein Market, By Form       
 6.1 Introduction        
 6.2 Dry         
 6.3 Wet         
           
7 Global Pea Protein Market, By Source       
 7.1 Introduction        
 7.2 Chickpea         
 7.3 Lentils         
 7.4 Yellow Spit Pea        
           
8 Global Pea Protein Market, By Product       
 8.1 Introduction        
 8.2 Protein Concentrates       
 8.3 Protein Isolates        
 8.4 Textured Protein        
 8.5 Hydrolyzed Protein        
           
9 Global Pea Protein Market, By End User       
 9.1 Introduction        
 9.2 Animal Feed        
  9.2.1 Pet Food        
  9.2.2 Aquafeed       
  9.2.3 Livestock        
   9.2.3.1 Cattle       
   9.2.3.2 Swine       
   9.2.3.3 Poultry       
 9.3 Cosmetic and Personal Care       
 9.4 Food         
  9.4.1 Bakery Products       
  9.4.2 Confectionery       
  9.4.3 Performance Nutrition      
  9.4.4 Meat Alternatives       
  9.4.5 Meat-Based Products      
  9.4.6 Snacks & Cereals       
 9.5 Functional Beverages       
 9.6 Infant Nutrition        
 9.7 Nutraceuticals        
 9.8 Sports Nutrition        
            
10 Global Pea Protein Market, By Geography      
 10.1 Introduction        
 10.2 North America        
  10.2.1 US        
  10.2.2 Canada        
  10.2.3 Mexico        
 10.3 Europe         
  10.3.1 Germany        
  10.3.2 UK         
  10.3.3 Italy        
  10.3.4 France        
  10.3.5 Spain        
  10.3.6 Rest of Europe       
 10.4 Asia Pacific        
  10.4.1 Japan        
  10.4.2 China        
  10.4.3 India        
  10.4.4 Australia        
  10.4.5 New Zealand        
  10.4.6 South Korea       
  10.4.7 Rest of Asia Pacific       
 10.5 South America        
  10.5.1 Argentina       
  10.5.2 Brazil        
  10.5.3 Chile        
  10.5.4 Rest of South America      
 10.6 Middle East & Africa       
  10.6.1 Saudi Arabia       
  10.6.2 UAE        
  10.6.3 Qatar        
  10.6.4 South Africa       
  10.6.5 Rest of Middle East & Africa      
           
11 Key Developments         
 11.1 Agreements, Partnerships, Collaborations and Joint Ventures    
 11.2 Acquisitions & Mergers       
 11.3 New Product Launch       
 11.4 Expansions        
 11.5 Other Key Strategies       
           
12 Company Profiling         
 12.1 AGT Food & Ingredients, Inc.       
 12.2 Burcon Nutrascience        
 12.3 Cosucra Groupe Warcoing       
 12.4 DuPont         
 12.5 Fenchem Biotek Ltd.       
 12.6 Glanbia Plc        
 12.7 Ingredion        
 12.8 Kerry         
 12.9 Nutri Pea Limited        
 12.10 Prinova Group LLC        
 12.11 Puris          
 12.12 Roquette Freres        
 12.13 Sotexpro         
 12.14 World Food Processing L.L.C.       
 12.15 Yantai Shuangta Food Co.       


List of Tables          
1 Global Pea Protein Market Outlook, By Region (2020-2028) ($MN)    
2 Global Pea Protein Market Outlook, By Nature (2020-2028) ($MN)    
3 Global Pea Protein Market Outlook, By Conventional (2020-2028) ($MN)    
4 Global Pea Protein Market Outlook, By Organic (2020-2028) ($MN)    
5 Global Pea Protein Market Outlook, By Form (2020-2028) ($MN)    
6 Global Pea Protein Market Outlook, By Dry (2020-2028) ($MN)     
7 Global Pea Protein Market Outlook, By Wet (2020-2028) ($MN)    
8 Global Pea Protein Market Outlook, By Source (2020-2028) ($MN)    
9 Global Pea Protein Market Outlook, By Chickpea (2020-2028) ($MN)    
10 Global Pea Protein Market Outlook, By Lentils (2020-2028) ($MN)    
11 Global Pea Protein Market Outlook, By Yellow Spit Pea (2020-2028) ($MN)   
12 Global Pea Protein Market Outlook, By Product (2020-2028) ($MN)    
13 Global Pea Protein Market Outlook, By Protein Concentrates (2020-2028) ($MN)   
14 Global Pea Protein Market Outlook, By Protein Isolates (2020-2028) ($MN)   
15 Global Pea Protein Market Outlook, By Textured Protein (2020-2028) ($MN)   
16 Global Pea Protein Market Outlook, By Hydrolyzed Protein (2020-2028) ($MN)   
17 Global Pea Protein Market Outlook, By End User (2020-2028) ($MN)    
18 Global Pea Protein Market Outlook, By Animal Feed (2020-2028) ($MN)    
19 Global Pea Protein Market Outlook, By Pet Food (2020-2028) ($MN)    
20 Global Pea Protein Market Outlook, By Aquafeed (2020-2028) ($MN)    
21 Global Pea Protein Market Outlook, By Livestock (2020-2028) ($MN)    
22 Global Pea Protein Market Outlook, By Cosmetic and Personal Care (2020-2028) ($MN)  
23 Global Pea Protein Market Outlook, By Food (2020-2028) ($MN)    
24 Global Pea Protein Market Outlook, By Bakery Products (2020-2028) ($MN)   
25 Global Pea Protein Market Outlook, By Confectionery (2020-2028) ($MN)    
26 Global Pea Protein Market Outlook, By Performance Nutrition (2020-2028) ($MN)   
27 Global Pea Protein Market Outlook, By Meat Alternatives (2020-2028) ($MN)   
28 Global Pea Protein Market Outlook, By Meat-Based Products (2020-2028) ($MN)   
29 Global Pea Protein Market Outlook, By Snacks & Cereals (2020-2028) ($MN)   
30 Global Pea Protein Market Outlook, By Functional Beverages (2020-2028) ($MN)   
31 Global Pea Protein Market Outlook, By Infant Nutrition (2020-2028) ($MN)   
32 Global Pea Protein Market Outlook, By Nutraceuticals (2020-2028) ($MN)   
33 Global Pea Protein Market Outlook, By Sports Nutrition (2020-2028) ($MN)   
           
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

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