The global pea protein market size is projected to reach USD 554.9 million by 2028 registering a CAGR of 12.7% over the forecast period, according to a new report by Grand View Research, Inc. The market is majorly driven by rising health consciousness among consumers coupled with increasing product demand from the nutraceutical industry.
The nutraceutical supplements industry is evolving and has a dynamic space that offers lucrative opportunities to merge rising consumer interest and scientific discovery to enhance human health. As this industry tracks consumer trends, nutraceutical products directly respond to consumer buying behavior/habits, thereby encouraging prominent companies in the industry to market their products to their target audiences in an effective manner. Such factors have driven the product demand across the globe.
The increasing consumption of healthy foods backed by changing consumer preferences has been contributing to the growth of the market. Moreover, the product usage in meat substitutes provides the required nutrition; thus, many faux seafood, chicken, and beef producers are increasingly adding legume-based protein ingredients in their formulations.
The market is expected to register significant growth over the forecast period owing to the increasing popularity of gluten-free products. A substantial number of consumers, most notably in regions, such as North America and Europe, prefer gluten-free products to reduce the symptoms of gluten-intolerance and celiac disease. From a manufacturing standpoint, the removal of gluten also helps achieve optimal volume, production cost, and texture from food products.
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Pea Protein Market Report Highlights
• In terms of revenue, the isolates segment led the market in 2020 and is projected to ascend at a CAGR of 12.2% from 2021 to 2028 on account of rising concerns over gluten-related disorders
• Moreover, increasing expenditure on research pertaining to human health is expected to promote the importance of gluten-free pea protein isolates in the food & beverage industry
• Rising concerns regarding cattle and poultry disorders are expected to play a crucial role in reducing the application of animal protein, which, in turn, will fuel the product demand
• The dietary supplement segment is projected to account for the maximum revenue share by 2028 on account of rising health concerns and increasing awareness about nutraceuticals.
• North America is expected to witness significant growth over the forecast period owing to the increasing product demand from the food & beverage industry.
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Pea Protein Market Segmentation
Grand View Research has segmented the global pea protein market on the basis of product, application, and region:
Pea Protein Product Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)
• Isolates
• Concentrates
• Textured
• Hydrolysate
Pea Protein Application Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)
• Meat Substitutes
• Bakery Goods
• Dietary Supplements
• Beverage
• Others
Pea Protein Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)
• North America
• The U.S.
• Canada
• Mexico
• Europe
• Germany
• The U.K.
• Italy
• France
• Asia Pacific
• China
• India
• Japan
• South Korea
• Central and South America
• Brazil
• Argentina
• Middle East & Africa
• South Africa
List of Key Players of Pea Protein Market
• Burcon Nutrascience
• Roquette Freres
• The Scoular Company
• DuPont
• Cosucra Groupe Warcoing SA
• Nutri-Pea Ltd.
• Shandong Jianyuan Group
• Sotexpro SA
• Ingredion, Inc.
• Axiom Foods, Inc.
• Fenchem, Inc.
• Martin & Pleasance
• The Green Labs LLC
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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