The global Pea Protein Market is estimated to be valued at US$ 255.2 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Pea protein is gaining significant traction in the market due to its numerous health benefits. Pea protein is an excellent alternative to traditional protein sources and is widely used in various food products, including nutritional supplements, bakery products, meat substitutes, and sports drinks. It offers several advantages, such as being easily digestible, hypoallergenic, and vegan-friendly. The growing consumer awareness regarding the benefits of plant-based protein, coupled with the rising demand for clean label and sustainable products, is expected to drive the market growth.

Market Key Trends:

The key trend in the global pea protein market is the rising popularity of plant-based diets. With increasing concerns about the environment and animal welfare, consumers are increasingly adopting vegetarian and vegan diets, driving the demand for plant-based protein sources. Pea protein is considered one of the most sustainable and eco-friendly protein sources, as it requires less water and land compared to animal-based proteins. Additionally, the versatility of pea protein, allowing it to be used in a wide range of food and beverage products, further contributes to its market growth. The market is witnessing a surge in product launches and innovations by key players in response to the growing demand for pea protein-based products. Overall, these market trends indicate a bright future for the global pea protein market.

Segment Analysis:

The pea protein market can be segmented based on product type, application, and geography. In terms of product type, isolates are the dominating segment due to their high protein content and clean labeling. Pea protein isolates offer several benefits such as easy digestibility, low allergenicity, and high functional properties, making them popular among health-conscious consumers and athletes. They are widely used in the production of protein bars, beverages, meat alternatives, and sports nutrition products. Moreover, the demand for isolates is also driven by the increasing popularity of plant-based diets and the growing trend of clean-label products.

Key Takeaways:

The Global Pea Protein Market Demand is expected to witness high growth, exhibiting a CAGR of 9.1% over the forecast period from 2023 to 2030. The market is driven by several factors, including the rising demand for plant-based proteins, increasing health consciousness among consumers, and the growing popularity of vegan and vegetarian diets. Pea protein offers several benefits, such as being a complete protein source, rich in essential amino acids, and allergen-free, which makes it suitable for a wide range of applications.

In terms of regional analysis, North America is the fastest-growing and dominating region in the pea protein market. This can be attributed to the increasing adoption of vegetarian and vegan diets, rising consumer awareness about the health benefits of plant-based proteins, and the presence of key market players in the region. The United States is the major contributor to the growth of the North American market, driven by the high consumption of protein supplements, meat alternatives, and functional food and beverages.

Key players operating in the pea protein market include Burcon Nutrascience, Cosucra Groupe Warcoing, Nutri Pea Limited, Sotexpro, Roquette Freres, Glanbia Plc., Fenchem Biotek Ltd., Prinova Group LLC, and Yantai Shuangta Food Co. These players are focusing on strategies such as product innovation, partnerships, and mergers and acquisitions to gain a competitive edge in the market. Additionally, they are investing in research and development activities to improve the quality and functionality of pea protein and expand their product offerings to cater to the growing consumer demand.

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