Global pea protein market size is expected to be worth over USD 150 million by 2024 due to extensive application in food & beverages sector and its use as additives to fulfill nutrition/protein needs of infants. It provides benefits such as high iron & branched chain amino acid contents, easy digestibility, and hypoallergenic features. Lysine, valine, and isoleucine ingredients of these pea protein products help in producing muscle tissues All these factors are likely to boost the demand for these products in coming years.
Pea protein market is predicted to touch around USD 150 million by 2024
Pea protein industry size worth over 14.5 kilotons in 2017, is projected to register a CAGR of 12% over the period of 2018-2024. Low allergenic potential, nutritional & functional advantages, growing product awareness, clean product flavors, and cost efficiency over other equivalents are the factors predicted to propel the industry growth trends over the forecast period. However, low acceptance of protein sources, except soy can dampen the market growth in the future.
The market is segmented in terms of applications, products, and regions.
Pea protein isolate market is forecast to grow at a rate of 12.5% over 2018-2024 in terms of volume
Pea protein concentrates market contributed about 30% of the overall market share in 2017, with predicted gains of around 11.5% over the forecast timeline in terms of volume.
Textured pea protein market is predicted to generate a revenue of over USD 17 million by 2024 owing to its growing application/use in food & beverages industry as a result of outstanding characteristics/features such as high fiber contents and meat like composition.
Pea protein isolate market, contributing over 45% of overall market share in 2017, is anticipated to dominate the application segment over the forecast timeline. It is forecast to reach over 15 kilo tons by 2024 with a growth rate over 12.5% over period of 2018-2024. These products find growing application in food & beverage industry due to its non-allergen and emulsified features.
Pea protein sports supplements market is anticipated to record a CAGR of around 12.5% over 2018-2024 in terms of volume
Pea protein meat substitutes market share, which was over 35% in 2017, is predicted to grow noticeably over the forecast timeframe as a result of changing food habits and rising demand for protein rich diet.
Pea protein sports supplements market is projected to grow at a rate of around 12.5% over the forecast timeframe with pea protein rich products like nutrition bars and snacks helping in stimulating/regulating metabolism of heart muscles.
Asia Pacific pea protein market is forecast to record highest gains of around 14.5% over 2018-2024
Market in North America is predicted to record over 35% of the overall revenue share in the next few years. U.S market is predicted to contribute maximum revenue share owing to rising consumer trend for health products with good taste.
Market in Asia Pacific is predicted to grow at a rate of around 14.5% over the forecast timeline, with China, Indonesia, Malaysia, and India contributing heavily to the regional growth. Furthermore, large vegetarian population, innovative extraction methods, and modern R&D initiatives taken by various firms are the key factors driving the regional growth.
Key industry participants include Burcon NutraScience, Cosucra Groupe Warcoing, Roquette Freres, and Nutri-Pea Limited.
Segments Covered in this Report:
The above information is provided on a regional basis for the following: