The report “Pea Protein Market by Type (Isolates, Concentrates, and Textured), Form (Dry and Wet), Source (Yellow split peas, Lentils, and Chickpeas), Application, and Region (North America, Europe, Asia Pacific, South America, and Rest of the World) – Global Forecast to 2025″ The pea protein market is projected to grow from USD 745 million in 2020 to USD 1,400 million by 2025, recording a compound annual growth rate (CAGR) of 13.5% during the forecast period. Key factors driving the growth of the pea protein market include the growing vegan population and the functional benefits and allergen-friendly nature of pea protein in food and beverage products.
The isolates segment is estimated to account for the largest share in 2019 in the pea protein market.
The isolate segment is estimated to dominate the market, on the basis of type, in terms of value, in 2019. Pea protein isolates are witnessing an increase in applications, such as performance nutrition products, confectioneries, cereals, plant-based dairy products, and plant-based meat products. Pea protein isolates are high-quality and protein-rich alternatives for vegans, vegetarians, lactose-intolerant consumers, and individuals looking for nutrient-rich protein alternatives (such as lectins). Pea protein isolate is well absorbed by the body and is highly digestible (98%). This isolate is rich in leucine, arginine, glutamine, and all the remaining branch chains and essential amino acids.
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The meat substitutes subsegment in the application segment is projected to account for the largest share during the forecast period.
The use of pea proteins is increasing in the meat substitutes industry, as their functional properties help in the production of meat substitute products, including burger patties and minced meat. The low processing costs, as compared to meat products, as well as simple storage options, have encouraged the acceptance of pea protein in the plant-based meat market. Companies in the region are also taking additional steps to drive investments in the industry.
Europe is projected to account for the largest share in the market during the forecast period.
The European market is projected to account for the largest share in 2025. The dominance of the market in this region is attributed to factors such as the large-scale production and consumption of plant-based products, as well as high raw material costs. Companies, such as Rouquette Freres (France), Emsland Group (Germany), and Cosucra Group (Belgium), are the key players operating in this market and focus on catering to the demands for pea protein in Europe. The rising awareness regarding the benefits of pea protein among consumers has led to increased inclination of manufacturers to comply with standards introduced by the EU regarding non-GMO products, thereby encouraging the growth of the market in Europe.
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Key Market Players
Key vendors in the global market include Rouquette Freres (France), Ingredion (US), Puris Foods (US), Emsland Group (Germany), Fenchem Inc (China), DuPont (US), The Green Labs LLC (US), A&B Ingredients (US), Glanbia PLC (Ireland), The Scoular Company (US), Axiom Foods Inc (US), Burcon Nutrascience Corp (Canada), Cosucra Groupe Warcoing (Belgium), SotexPro (France), AGT Foods (Canada), Shandong Jianyuan Foods Co., Ltd. (China), Yan Tai Shuang Ta Food Co., Ltd. (China), Kerry Inc (Ireland), ET-Chem (China), and Batory Foods (US). These players have broad industry coverage and high operational and financial strength.