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Market Overview
Derived from original plant-based sources, pea protein ingredients are one of the diets for vegans. They are non-allergic and non-toxic. Along with that, they are constituted with products that are highly digestible for heavy beverages. The constituent variants are distributed in the form of smoothies, shakes and energy drinks and thus enhance the protein content of the consumer. It is seen to increase muscle mass and weight loss and thus is one of the ideal diets to consume.
The health consciousness of the people globally regarding the consumption of healthy and dietary food has driven the growth factors of the Pea Protein Ingredients Market. The market originally stood at an estimated $1.7 billion in 2022 and is expected to demonstrate a healthy and substantial growth rate in its forecast period. The forecast period of the market is predicted from 2022 to 2030. With a fixed annual growth rate of 13.4% of CAGR, the market is again estimated to stand at a global market size of $12.31 billion by the end of 2030.
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The growing vegan population is considered one of the major factors driving the Pea Protein Ingredients Market. Protein ingredients like pea protein shakes and drinks replace most sausages and patties. The plant-based protein products also saw a major boost county-wide due to the consumers’ increased adoption of raw materials due to the easy usage of the same. However, there have been multiple factors that have restrained the growth and development of the same. New plant-based products are continuously being launched into the market, eventually reducing the sale of pea-protein products. Apart from that, the pandemic caused a heavy shortage in the supply of raw materials. This was an import, and the export of the supply chain was also disrupted. Factors like such are likely to draw down the sales and development of the market growth.
Market Segmentation
The Pea Protein Ingredients Market is segmented into type and application depending on multiple factors influencing its market dynamics.
By type, the market is segmented into textured, concentrates and isolates. The type segmentation of the market is accounted to hold the maximum market shares at the global level. Other segmentations of the market include its application. According to its application, the market is again divided into animal feed, food and beverages. Market segmentation helps better study and analyse the market dynamics.
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Regional Analysis
With increased awareness among the people regarding healthy food consumption, the Pea Protein Ingredients Market showed major growth in many parts of the world. This included North America, South America, Europe, Africa and Asia. With major dominance in parts like Germany, Italy, France, and the UK, along with South Korea and Japan, China, and India, the market is globally dominating the market trend.
Industry News
Major key players, including Shandong Jianyuan Group (China), Emsland Group (Germany), Glanbia PLC (Ireland), Puris (US) and AGT Food and Ingredients (Canada), have been parts of major collaborations and product launches. This has enhanced the market dynamics of the Pea Protein Ingredients Market.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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