The global pea protein market is poised to grow at a CAGR of 13.4% from 2017 to 2022 to reach USD 359.4 million by 2022, according to the latest publication from Meticulous Research®. The pea protein market is driven by the increasing awareness about the benefits of protein and growing demand for protein-rich diet, growing health & wellness trend, increasing consumers’ focus on meat alternatives, growing demand from food & beverage industry, various advancements in ingredient technologies such as microencapsulation, and increasing soy free and gluten free trend. In addition, increasing inclination towards a vegan diet and emerging economies such as Southeast Asia, Latin America, and Middle East & Africa provides significant opportunities for the growth of this market. However, significant preference for animal-based protein and consumer preference to other plant proteins over pea protein restrict the growth of the market to some extent.
The global pea protein market is mainly segmented by product type (pea protein isolate, pea protein concentrate, and others), by application (nutrition & health supplements, bakery, cereals & snacks, meat products & alternatives, beverages, and others), and by geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
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On the basis of product type, pea protein isolate commanded the largest share in the global pea protein market in 2016. The large adoption of this product segment is mainly attributed to its high protein content as well as high emulsification and stability properties as compared to other types.
On the basis of application, nutrition and health supplements segment accounted for the largest share in 2016, owing to the increased applications of pea protein in this segment due to its high digestibility and increased awareness about benefits of pea protein to brain health, eye health, heart health, muscle mass, growth issues, enhanced immunity, weight management, beauty from within, and sports performance.
Geographically, North America accounted for the major share in the global pea protein market in 2016, followed by Europe and Asia-Pacific. The largest share of this region is mainly attributed to the growing health & wellness trend, growing health supplement industry, increasing investments in pea protein space by major players, rising concerns over animal products and protein, increasing vegan population, and growing preference to meat alternatives.
The key players in the global pea protein market are Roquette Freres Le Romarin (France), Ingredion Inc. (U.S.), Kerry Group (Ireland), NOW Foods/NOW Health Group, Inc. (U.S.), Axiom Foods Inc. (U.S.), Burcon Nutrascience Corporation (Canada), Glanbia plc. (Ireland), Cosucra Groupe Warcoing SA (Belgium), SOTEXPRO SA (France), Farbest Brands/Farbest-Tallman Foods Corporation (U.S.), and Emsland-Stärke GmbH (Part of Emsland Group).
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