by Pea protein is a high-quality plant-based protein that is rich in essential amino acids. Pea protein is commonly used as a meat substitute and protein supplement owing to its numerous health benefits such as helping build muscle mass, supporting weight management goals, and improving heart health. The rising health-conscious population across the globe seeking protein-rich and plant-based alternatives to animal proteins has been driving the demand for pea protein in various food and beverage applications.
The global pea protein market is estimated to be valued at US$ 278.42 Mn in 2023 and is expected to exhibit a CAGR of 19.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising health-conscious population has been the primary driver propelling the growth of the pea protein market over the past few years. The growing consumer preference for healthy and sustainable plant-based and vegan food products has increased the demand for pea protein as an alternative to dairy and meat protein. Various health benefits of pea protein such as supporting muscle growth, weight management, heart health as well as ease of digestibility make it attractive for sports nutrition and daily diet. Moreover, a large section of populations from developed nations is adopting flexitarian or semi-vegan diet pattern propelling the incorporation of pea protein in various convenient ready-to-eat food dishes. This is expected to continue driving the pea protein market growth over the forecast period.
SWOT Analysis
Strength: Pea protein is a plant-based protein source and provides a sustainable and eco-friendly alternative to whey and soy proteins. It is easily digestible and supports muscle growth.
Weakness: There is lack of consumer awareness about the health benefits of pea protein. Taste and flavor challenges remain in food applications.
Opportunity: Rising demand for vegan and plant-based products is driving the growth of pea protein market. It has opportunities in functional foods and dietary supplements.
Threats: Fluctuations in raw material prices can impact the costs. Competition from other plant-based proteins like soy, wheat and rice proteins.
Key Takeaways
The Global Pea Protein Market Size is expected to witness high growth.
Regional analysis: The North America region currently dominates the pea protein market owing to rising vegan population and health consciousness. Asia Pacific is expected to grow at fastest pace due to increasing demand from food & beverage industry in developing countries like India and China.
Key players operating in the pea protein market are JX Nippon Mining, Mitsui Mining & Smelting Co. Ltd., Ultimo Technology Co. Ltd., ULVAC Technologies, Inc., KFMI Corporation, Plasmaterials Inc., Tosoh SMD Inc., Kurt J Lesker Company, Testbourne Ltd, Praxair S.T Technology, Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
