In 2022, the global pea protein market amounted to USD 184.11 Billion. It is projected to reach USD 377.34 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.3% during the forecast period. The significant factors contributing to the growth of market revenue include the increasing demand for vegan and vegetarian protein substitutes, the growing awareness of consumer health, and the rising preference for plant-based diets.
One of the primary drivers of revenue growth in the pea protein market is the growing trend towards vegan and vegetarian lifestyles. Pea protein serves as an ideal protein source for individuals following plant-based diets, which have gained substantial popularity worldwide. As yellow split peas, a rich source of essential amino acids, provide the foundation for pea protein, it offers a compelling alternative to animal-based proteins. Furthermore, the market is experiencing increased sales due to rising consumer preferences for organic, non-Genetically Modified Organism (GMO), and gluten-free products.
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Top Companies Operating in the Global Pea Protein Market Report:
· Axiom Foods Inc.
· Ingredion Incorporated
· Roquette Frères
· Burcon NutraScience Corporation
· Kerry Group plc
· The Scoular Company
· Sotexpro
· The Green Labs LLC
· Puris Proteins, LLC
· Cosucra Groupe Warcoing SA
Driving Factors of Pea Protein Market
· Growing demand for plant-based protein: There has been a global shift towards plant-based diets and a rise in the number of consumers adopting vegetarian and vegan lifestyles. Pea protein, being a plant-based protein source, has gained popularity as an alternative to animal-based proteins like whey or soy. The increasing awareness about the environmental impact of animal agriculture and the health benefits associated with plant-based diets have contributed to the growing demand for pea protein.
· Health and wellness trends: Consumers are becoming more health-conscious and are seeking out protein sources that are considered healthier and more sustainable. Pea protein is low in fat and cholesterol, while being rich in essential amino acids, making it an attractive option for individuals looking to improve their health and fitness. Additionally, pea protein is hypoallergenic and easily digestible, making it suitable for people with dietary restrictions or sensitivities.
· Sustainable and eco-friendly production: Pea protein is considered environmentally friendly compared to animal-based protein sources. Peas are nitrogen-fixing crops, which means they require fewer synthetic fertilizers and contribute to soil health by enriching it with nitrogen. Pea crops also have a low water footprint compared to other crops like soy. The sustainability aspect of pea protein production aligns with consumer preferences for eco-friendly and ethically sourced products.
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To assist readers in making profitable business decisions, the report is written with the help of industry analysts, market segmentation, and data collection. In addition to providing a comprehensive database of technological and product advances, the report provides detailed information on growth rates, market values, as well as niche market segments.
This report analyzes the Pea Protein market in terms of growth rate, market share, current and emerging trends, production and consumption ratios, industrial chains, demand and supply, imports, exports, revenue contribution, and key player presences in key regions. As a part of the report, a country-by-country analysis of the Pea Protein market is provided to gain a deeper understanding of its growth and progress.
The global Pea Protein market is segmented into:
· North America (U.S.A., Canada, Mexico)
· Europe (Italy, U.K., Germany, France, Rest of Europe)
· Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
· Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
· Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further market segmentation
Product Type Outlook:
- Isolates
- Concentrates
- Textured
End-Use Outlook:
- Food and Beverage
- Dietary Supplements
- Animal Feed
Key Questions Addressed in the Report:
· What are the dominating factors that are influencing the growth of the industry?
· In the forecast period, which market segment is expected to rise the most?
· What are the risks and challenges that the industry is facing?
· In the coming years, which area is projected to dominate the market?
· Who are the major players in the market? What kind of strategic business plans have they made?
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