May 24, 2021
According to the research report titled ‘Global Pea Protein Market Size study, by Type (Pea Protein Isolate, Pea Protein Concentrate, and Textured Pea Protein), Form (Dry and Liquid), Application (Dietary Supplement, Bakery & Confectionery Good, Meat Product & Alternative, Beverage, and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global pea protein market was worth USD 49.02 million in 2019 and is expected to expand at 23.6% CAGR over 2020-2027, amassing USD 267.01 million by the end of the forecast timeframe.
Shifting preferences from animal protein to plant protein is primarily propelling global pea protein market growth. Moreover, factors such as religious beliefs, nutrition, sustainability, environmental and animal rights all play a role in adoption of a plant-based diet.
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According to reports published by the Plant Based Foods Group, plant-based foods popularity increased significantly in the United States between 2017 and 2018, with just 50% registering for alternative dairy foods. Similar trends in other developing nations with access to substitute meat and dairy products will likely enhance the overall industry remuneration in the upcoming years.
Notably, pea protein isolate accounts for comparatively higher sales owing to its 90% protein content, which is separated from other pea components. Textured vegetable proteins have gained traction as part of the 'free-from' campaign because they are fat-free and cholesterol-free, which positively influences demand for texturized pea proteins.
The processing of plant proteins is considered to be more environmentally friendly than the processing of animal proteins. Moreover, government organizations all over the world are also encouraging the use of organic and vegetarian foods, further adding to worldwide pea protein industry development.
For instance, in view of its climate policy, the European Vegetarian Union (EVU) urges the EU Commission to phase out the processing of animal products. The European Union has encouraged policymakers to implement such measures that will promote a social dietary change.
Considering the restraining factors, low customer awareness regarding pea protein products is negatively influencing the business expansion.
Geographically, North America currently holds significant portion of global pea protein market share creditable to introduction of innovative products, rising health cognizance, and booming population.
Meanwhile, Asia Pacific industry is projected to showcase an appreciable growth over the analysis period, owing to rapid urbanization, growing popularity of food & beverage producers, and surging demand for pea proteins.