The global pea protein market is slated to carve itself out a highly lucrative revenue stream in the coming years owing to rapidly shifting consumer preferences towards the consumption of plant-based foods. The steadily growing global population, coupled with strong economic growth of a number of countries, will also play a major part in contributing towards the industry outlook.
The increasing number of sports activities in the region are driving the demand for dietary supplements, and nutritional products in the region, which will also play a part in augmenting the regional pea protein market growth.
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The pea protein market size is expected to exceed USD 325 million by 2027, according to a report published by Global Market Insights, Inc.
A vegan diet offers multiple benefits like reducing the risk of developing type 2 diabetes, offer protection against prostate, breast, and colon cancers, and improving heart health by significantly reducing the risk factors that contribute to heart disease. All these factors are impelling consumers to go vegan, further expanding the demand scale for the pea protein market.
Pea protein contains high amounts of arginine, iron, and branched-chain amino acids, which allows it to offer a plethora of health benefits like feelings of fullness, improved muscle growth, and heart health. As it is a naturally vegan, dairy-free, hypoallergenic, and gluten-free source of protein, it can be supplemented to most diets. Pea protein is also known for its ability to help regulate appetite and promote weight loss.
All in all, fueled by the rapidly growing awareness about the benefits of plant-based foods, the demand for pea protein is slated to increase tremendously over the upcoming years.
Rising concerns about staying healthy and free from ailments among health-conscious consumers has resulted in the rising adoption of vegan dietary practices. Additionally, increasing instances of diseases like bird flu and COVID-19 from the animal husbandry industry has diverted the preference of consumers towards vegan diets. This in turn has led to a rising demand for textured pea protein as it is widely used in the production of meat substitutes products.
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The nutraceuticals application segment seized a significant share of more than 10% in the global pea protein market back in 2020. Nutraceuticals offer a host of superior properties, which include high amino acid content, high digestibility, glutamine-promoting health and wellness. All these are bolstering the consumption of pea protein-based nutraceuticals, which will greatly shape the industry outlook in coming years.
Major players operating in the pea protein market are increasingly focusing on taking strategic initiatives such as mergers, acquisitions, new product launches, and expansion of production capacity to cater to the rising demand of pea protein from the consumers.
The regional growth can mostly be accredited to the rising demand for allergen-friendly fitness and sports supplements, and meat substitutes. A large section of the regional population is influenced by western culture, which has already embraced veganism and shifted towards the consumption of meat substitutes. This is creating a net growth ground for the market in some of the world’s most populous and rapidly growing economies.
From a regional perspective, the Asia Pacific pea protein market is anticipated to show the highest growth rate on the global scale, registering an impressive double-digit CAGR of over 15.5% through the forecast timeframe.
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