Dublin, April 13, 2022 (GLOBE NEWSWIRE) — The “Pea Protein Market by Type (Isolate, Concentrate, and Textured), Form (Dry and Wet), Source (Yellow Split Pea, Lentils and ChickPea), Application, and Region (North America, Europe, APAC, South America and ROW ) – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The market for Pea Protein is estimated at USD 1.7 Billion in 2022; it is projected to grow at a CAGR of 11.9% to reach USD 2.9 Billion by 2027.
The increasing vegan population, popularity of plant-based foods and gluten-free products and nutritional benefits of pea-based products are key factors that are projected to drive the growth of the Pea Protein market during the forecast period. The application of Pea Protein has increased exponentially over the past years with an increase in adaptation of healthier lifestyle and dietary habits among people.
According to the 2021 Health & Nutrition Survey from the International Food Information Council (IFIC), one-quarter of adults said they are eating more plant protein than in 2020. Beyond Meat’s Beyond Sausage was the 10th best-selling new food/beverage in 2020 with year one sales of USD 53 million, and 36 of the top 100 best sellers had a plant-based attribute and 22 were vegan, according to IRI’s 2021 New Product Pacesetters.
The Food segment, by application is projected to observe the fastest growth in the Pea Protein market throughout the forecasted period
The growing vegan revolution and the rising population of people adopting the vegan lifestyle has increased the demand for variety of food options in the vegan segment like meat alternatives in the form of vegan burger patties and vegan sausages.
Pea Protein is one of the key ingredients in these products. The use of Pea Protein as a performance nutrition in smoothies and snack bars by athletes to tackle issues like lactose intolerance caused by dairy products has also increased the demand of Pea Protein in multiple food applications.
The Pea Protein Isolate segment by type is estimated to account for the largest market share in the global Pea Protein market
The Pea Protein Isolate is estimated to have the largest growth due to increased awareness about healthy lifestyle and dietary habits. Pea Protein Isolates have a high protein content making it a better and healthier choice to attain daily protein macros. Its wide range of application in Plant-based Meat, Snack Bar and Vegan Protein Powder makes it popular choice.
The dry form Pea Protein is projected to attain the fastest market growth in Pea Protein market over the forecast period.
The dry form textured Pea Protein is estimated to dominate the market over the forecasted period for its versatility. The textured attribute helps to replicate the meaty texture and makes it a healthier and more sustainable alternative to meat in the form of plant-based meat options like burger patty and sausages. The dry form is also used as a protein filler in protein shakes and smoothies. The versatile application of dry form pea protein will help achieve the fastest market growth over the forecasted period.
A few players dominate the global market for pea protein, wherein Roquette Freres (France), Puris Foods (US), Emsland Group (Germany), and DuPont (US) account for a substantial share of the market.