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Pea Protein Market Growth, Trends and Forecasts (2020 - 2025)

Pea Protein Market Growth, Trends and Forecasts (2020 - 2025)

  • April 2020
  • 118 pages
  • ID: 5891593
  • Format: PDF
  • Mordor Intelligence LLP
Up to $1125 off Until Aug 20th 2020

Summary

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The global pea protein market is projected to grow at a CAGR of 11.28% during the forecast period, 2020-2025.

- The growing demand for plant protein-based products across the world is driving the key players to expand their plant protein businesses, along with new product development, in line with consumer trends.
- The market studied is also witnessing a significant increase in the adoption of pea protein across several end-user industries, especially in nutritional supplements, meat extenders, and substitutes, due to its high protein content and sustainability.

Key Market Trends
Growing Demand for Plant-derived Alternatives to Animal-Derived Food

The popularity of pea protein in food products is increasing due to the shift in demand from animal protein to plant protein. This inclination toward plant-based diet is associated with factors, such as sustainability, health, religious views, and environmental and animal rights. According to data published by the Plant Based Foods Association, plant sourced foods in the United States witnessed a notable growth during 2017 and 2018, with 50% rate alone registered by dairy alternative foods.

Moreover, the production of plant proteins is considered more environmentally economic than animal proteins. Thus, government associations around the world are also encouraging the consumption of sustainable and vegetarian food sources. For instance, the European Vegetarian Union (EVU) encourages the EU commission to limit the production of animal products within its climate policy. The EU also encouraged the decision makers to implement strategies, in order to support societal dietary transition.

North America Dominates the Market, with Asia the Fast Growing Market

North America is the largest market followed by Europe. Asia-Pacific is an emerging market in the sector due to its increasing health conscious and western influenced populations. South American and Asian developing countries present the most attractive markets due to larger younger populations that are employing.

Due to the huge scope of development of the pea protein market in China, many local producers are entering the market, with the aim to cater to various pea protein products that serve as the applications for the various industry segments.For instance, in 2019, Shandong Jianyuan Group, one of the major player in the market that produces a wide range of pea protein powders with varying protein content to be widely used in food and supplementary industry, announced its plans to expand its pea production facility in the country.

Competitive Landscape
The global pea protein market is highly fragmented with many local and international players competing for market share. Ingredion Incorporated holds the dominant position in the market, Other major players in the market include Cargill Inc., Dupont, Roquette Frères, Axiom Foods Inc. Along with production expansion, companies are resorting to product innovation to cater to the growing demand for pea protein products.

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