The global Pea Protein Market is estimated to be valued at US$ 255.2 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pea protein is a plant-based protein derived from yellow peas. It is a rich source of amino acids and is widely used as an alternative to animal-based protein products. Pea protein offers several advantages such as being easily digestible, lactose-free, and gluten-free, which makes it suitable for individuals with dietary restrictions or allergies. The increasing consumer preference for vegan and vegetarian diets, along with the rising awareness about the health benefits of plant-based proteins, is driving the demand for pea protein products. Additionally, the growing demand for clean-label and organic food products is further boosting the market growth.
Market Key Trends:
The key trend in the pea protein market is the rising demand for plant-based protein alternatives. With the increasing health consciousness and shift towards sustainable and cruelty-free food options, consumers are actively seeking plant-based protein sources. Pea protein, being a natural and sustainable source of protein, is gaining popularity as an alternative to animal-based proteins. It is being widely used in various food and beverage products such as meat substitutes, protein bars, sports drinks, and dairy-free products. The versatile nature of pea protein, along with its functional properties such as emulsification and water-binding capacity, makes it a favorable ingredient in the food industry. Moreover, the growing trend of flexitarian diets and the expansion of vegan and vegetarian population are expected to drive the demand for pea protein in the coming years.
PEST Analysis:
· Political: The political factors influencing the pea protein market include government regulations and policies related to food safety and labeling, trade agreements between countries, and political stability. Political unrest or changes in government can also impact the market.
· Economic: Economic factors that affect the pea protein market include the overall economic growth, disposable income of consumers, exchange rates, and inflation rates. The market is also influenced by the cost of production, as well as the prices of raw materials and ingredients.
· Social: Social factors include consumer preferences and trends, lifestyle changes, and health consciousness. The demand for plant-based protein sources, including pea protein, has been driven by the increasing number of consumers opting for vegetarian and vegan diets, as well as those looking for alternative protein sources.
· Technological: Technological factors play a crucial role in the pea protein market, as advancements in technology can impact production processes, product quality, and innovation. This includes improvements in extraction methods, flavor development, and product formulation.
Key Takeaways:
The Global Pea Protein Market Size is projected to experience high growth, with a compound annual growth rate (CAGR) of 9.1% over the forecast period of 2023-2030. This growth is primarily driven by the increasing demand for plant-based protein sources, as well as the rising trend of vegetarian and vegan diets.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the pea protein market. This can be attributed to the growing awareness regarding the benefits of plant-based diets, as well as the presence of key players in the region.
Key players operating in the pea protein market include Burcon Nutrascience, Cosucra Groupe Warcoing, Nutri Pea Limited, Sotexpro, Roquette Freres, Glanbia Plc., Fenchem Biotek Ltd., Prinova Group LLC, and Yantai Shuangta Food Co. These companies are actively involved in product development, acquisitions, and partnerships to enhance their market presence and meet the increasing demand for pea protein.
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