Redding, California, May 04, 2022 (GLOBE NEWSWIRE) — According to a new market research report titled, “Pea Protein Market by Type (Pea Protein Isolate, Pea Protein Concentrate, Pea Flour), Source (Yellow Pea, Green Pea), Source Process (Conventional, Organic), Application (Nutritional Supplements, Meat Alternatives) -Global Forecast to 2029″, the pea protein market is expected to reach $1.14 billion by 2029, at a CAGR of 15.7% during the forecast period of 2022 to 2029. In terms of volume, global pea protein market is expected to grow at a CAGR of 12.7% from 2022 to 2029 to reach 4.68 million tons by 2029.
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Over the past decade, there has been an increased interest in varying protein options. The pea protein market, along with other plant-based protein substitutes to animal protein, has been growing for several years as consumers across the globe become more health-conscious. However, animal proteins and soybean proteins continue to dominate the global protein ingredients markets.
Pea protein is increasingly becoming a competitor to alternative protein crops, such as soy and wheat. The increasing interest in pea protein is primarily attributed to its unique benefits over other sources such as animal protein or other plant-based sources, including their sustainable production, low allergenicity, and health benefits of eating a pea protein-based diet. Also, a growing number of millennial consumers are looking for simpler labels, delicious taste, and alternative protein sources to accommodate personalized nutritional choices that could accelerate the growth of the pea protein market.
Increasing focus on sustainable eating during the COVID-19 pandemic to drive pea protein market growth
A healthy eating trend is gaining traction and inducing interest, which is significantly driving healthful products formulation. Pea proteins are emerging as a driving ingredient in the formation of alternative dairy and meat industry and health supplements due to their natural high protein content with other nutritional qualities and comparatively low price than other novel proteins. In response to the COVID-19 pandemic, there is a rise in smart eating. Consumers are increasingly demanding new and sustainable eating practices that offer immunity-boosting benefits as a preventive measure. The pea protein-based food industry is seeing a rapid surge in demand for products containing immune-boosting protein ingredients. Pea protein is gaining popularity to add nutrients to products; replace allergens such as wheat, dairy, and egg; and help keep gluten-free items together.
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According to the International Food Information Council's (IFIC) 2020 Food and Health Survey, in 2020, 41% of dieters increased protein consumption from plant sources, and 28% of respondents eat more plant-based meat alternatives. 70% of consumers responded that protein from plant sources is healthiest. Thus, the rising demand for pea protein-based products in response to sustainable eating during the pandemic is expected to boost market growth.
However, many manufacturers see short-term COVID-19 impacts such as a slowdown in new product launches; lower sales in restaurants and cafeterias; supply chain disruptions, investment dependency, and interrupted consumer research.
The global pea protein market is segmented based on type, source, source process, processing method, form, application, and geography. The study also evaluates …
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