DUBAI, UAE, Nov. 15, 2021 /PRNewswire/ -- Future Market Insights (FMI), Dubai: Sales in the global pea protein ingredients market are poised to total US$ 1.25 Bn in 2021, opines FMI. Increasing demand for pea protein ingredients for bakery & snacks, beverages, and other food products will increase the sales in the market.
With growing trend of veganism across the U.S., India, the U.K. and Germany, consumption of plant-based protein products have surged over the past few years. On account of this, the market is predicted to surpass US$ 2.5 Bn by 2031-end.
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Historically, the market grew at a healthy 6.4% CAGR between 2016 and 2020. Increasing awareness regarding the benefits of pea protein ingredients has accelerated the sales. As it is rich in lysine and iron, consumers are increasing the consumption to reduce the risk of bone related diseases such as arthritis and others.
Apart from health benefits, sales of pea protein ingredients are expected to increase as a result of high demand among vegans. Also, the rising prevalence of cardiovascular diseases will result in higher sales of pea protein ingredients as consumers show higher inclination for healthy diet. Besides this, the demand for plant-based protein in sports nutrition will improve the sales in the pea protein ingredients market.
High prevalence of food allergies associated with meat products also is favoring the sales of pea protein ingredients. According to the National Institute of Allergy and Infectious Diseases, 12. 2 million people have food allergy, with around 8% of children and 2% of adults allergic to sea-food and meat products.
In response to this, manufacturers have increased their research and development activities to develop new product lines for pea protein ingredients. On the back of aforementioned factors, the pea protein ingredients market is poised to expand at 7.2% CAGR between 2021 and 2031.
"Growing consumer preference for natural and organic food products and increasing concerns pertaining to animal welfare are expected to boost the market. In order to cater to surging requirements, manufacturers are introducing new products, which augmenting sales in the market," says a FMI analyst.
Key Takeaways from Pea Protein Ingredients Market Study
- North America is expected to account for over 79.2% of pea protein ingredients sales, with the U.S. dominating the market on the back of rising consumption of clean label food products
- The U.K. pea protein ingredients market will account for 14% of market share in 2021
- China's pea protein market will surpass US$ 64.3 Mn in 2021 on the back of growing demand for sustainable and affordable vegan protein products
- In terms of product, isolate pea proteins are expected to hold the lion's share owing to their high-quality nutrition and growing adoption among lactose-intolerant people
- Sales of pea protein ingredients in bakery sector are expected to surge at 9.9% CAGR through 2021.
Key Drivers
- Growing demand for plant-based products and increasing trend for vegan lifestyle will accelerate the growth in the market.
- Absence of allergen properties in pea-protein ingredients as compared to other conventional plant-based proteins is expected to improve the adoption
- Declining consumption of meat products due to intolerance of animal protein is likely to boost the market
Key Restraints
- High cost of extraction and processing pea protein ingredients is anticipated to create the challenge for market players
- Lack of processing outputs in emerging and low-income economies resulting in limited supply to hamper the sales.
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Competitive Landscape
Leading players in the pea protein ingredients market are focusing on introducing new product lines in response to surging demand for clean label and non-GMO plant-based ingredients.
Also, some of the players are extensively investing in research and development activities to introduce new products in the market. Meanwhile, other players are collaborating with food manufacturers and end-users to expand their customer base. For instance:
- In October 2021, Ingredion Inc., unveiled its Prista Line of pulse-based ingredient solutions. The line includes Homecraft Prista P 101 pea flour, Vitessence® Prista P 155 pea protein concentrate, and Vitessence Prista P 360 faba bean protein concentrate for plant-protein-based applications including instant and ready-to-eat (RTE) products.
- In 2021, Ulrick & Shirt launched a new range of clean label, organic functional starches, and proteins.
- In January 2020, Beyond Meat, a leader in plant-based meat, announced a multi-year pea protein supply agreement with Roquette, a leader in plant-based ingredients and a pioneer of plant proteins.
Some of the key players operating in the market profiled by FMI are:
- A&B Ingredients Inc.
- Nutri Pea Ltd.
- Archer Daniels Midland Company
- Kerry Group PLC.
- Cargill Incorporated
- The Scoular Company
- Axiom Foods, Inc.
- Batory Foods
- PLT Health Solutions
- Prinova Group LLC
- Burcon Nutrascience
- Cosucra Groupe Warcoing
- Glanbia Plc.
- Roquette Frerès SA
- AGT Food & Ingredients, Inc.
- World Food Processing L.L.C.
- Yantai T. Full Biotech Co. Ltd.
- Suzhou Wanshen Flour Products Co. Ltd.
- Shandong Jindu Talin Foods Co. Ltd.
- Others.
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More Valuable Insights on Pea Protein Ingredients Market
FMI, in its new report, offers an in-depth study of the global pea protein ingredients market, highlighting the growth prospects of the market through 2021 and beyond. The survey reveals demand outlook of pea protein ingredients market with detailed segmentation:
By Product Type:
- Isolates
- Concentrates
- Textured
By Application:
- Bakery & Snacks
- Dietary Supplements
- Beverages
- Meat Analogs/Substitutes
- Others
By Form:
- Powder
- Liquid
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Key Questions Covered in the Report
- The report offers insight into pea protein ingredients market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for pea protein ingredients market between 2021 and 2031
- Pea protein ingredients market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Pea protein ingredients market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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