Global pea protein ingredients market is expected to exhibit a stable 5.1% CAGR over the forecast period from 2019 to 2024, according to the latest research report from Market Research Future (MRFR). The market is expected to rise to a revenue valuation of USD 1.2 billion by 2024.
Pea Protein Ingredients are protein products derived from peas. The growing demand for protein ingredients from a wide range of consumers is likely to be the major driver for the Pea Protein Ingredients Market Size over the forecast period. The increasing demand for protein products from health-conscious consumers is likely to be a major driver for the global pea protein ingredients market over the forecast period. Many consumers around the world have started to adopt high-protein diets in an effort to be healthy. High-protein diets have several benefits, such as increasing the metabolism of the consumer and providing the calorific requirement while also providing high levels of protein and enabling muscle growth. Despite the disadvantages of high-protein diets, such as their adverse effects on the kidneys, high-protein diets are becoming more popular around the world. This has driven the demand for protein ingredients on a large scale, leading to a growing demand from the pea protein ingredients market.
The increasing demand from vegan consumers for effective forms of protein is also likely to be a major driver for the global pea protein ingredients market over the forecast period. Veganism and vegetarianism are becoming increasingly popular around the world, as more and more consumers are buying into the premise of vegetarianism due to various reasons, including its environmental benefits and the desire to reduce animal cruelty. This has driven the demand for vegetarian alternatives to meat. As proteins are the major nutrition obtained from meat, the demand for meat alternatives is growing. This has been a major driver for the global pea protein ingredients market. The rising number of lactose intolerant individuals around the world is also likely to be a major driver for the global pea protein ingredients market, as many consumers are turning to pea protein to make up for the proteins lost by their abstinence from dairy products.
Market Segmentation:
The global pea protein ingredients market is segmented on the basis of type, application, and region.
By type, the global pea protein ingredients market is segmented into isolates, concentrates, and textured.
By application, the global pea protein ingredients market is segmented into food and beverages, animal feed, and others. The food and beverage segment is expected to dominate the global pea protein ingredients market over the forecast period due to the growing demand for pea protein ingredients in meat substitutes and dietary supplements. Dietary supplements are likely to remain a major segment for the global pea protein ingredients market over the forecast period, due to the growing demand for protein supplements. The food and beverage segment is further sub-segmented into meat substitutes, bakery and confectionery products, beverages, dietary supplements, sweet and savory snacks, infant nutrition, and others.
The animal feed segment is also likely to remain an important consumer of pea protein ingredients over the forecast period due to the growing demand for protein products in animal feed products. Proteins are a vital product in animal feed, as proteins are required for muscular development in animals.
Competitive Analysis:
Leading players in the global pea protein ingredients market include Axiom Foods Inc., PLT Health Solutions, Cambridge Commodities Inc., Batory Foods, Ingredion Inc., Burcon NutraScience Corporation, Roquette Freres SA, Prinova Group LLC, Nutri-Pea Limited, A&B Ingredients Inc., The Scoular Company, Cosucra Groupe Warcoing SA, Cargill Inc., Kerry Group plc, and Archer Daniels Midland Company.
Regional Analysis:
North America is expected to dominate the global pea protein ingredients market over the forecast period. The growing number of North Americans adopting high-protein diets is likely to be a major driver for the global pea protein ingredients market. Asia Pacific is also likely to be an important regional market for pea protein ingredients over the forecast period due to the growing volume of demand in the region.
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