Global Pea Protein Market to Surpass 4714.73 Million by 2030 Driven by Rising Demand for Plant-Based Protein
SkyQuest projects that the global pea protein market will attain a value of USD 4714.73 million by 2030, with a CAGR of 12.0% during the forecast period (2023-2030). The forecast period is expected to witness a substantial surge in demand for pea protein, driven by a confluence of growth factors reshaping the global pea protein market landscape. Among these factors is the rising demand for plant-based protein, fueled by consumers’ heightened awareness of health and fitness trends.
Westford, USA, Jan. 03, 2024 (GLOBE NEWSWIRE) — According to SkyQuest, the rising consumption of protein-fortified functional foods is expected to boost the demand for protein products significantly in the global pea protein market. There is a growing trend towards incorporating additional protein into a wide range of food products to meet consumers’ increasing need for protein supplementation.
Browse in-depth TOC on the “Pea Protein Market”
- Pages – 157
- Tables – 115
- Figures – 77
The expanding vegan and vegetarian population has also contributed significantly to the escalating demand for pea protein products in the global pea protein market. Furthermore, the remarkable adaptability of pea protein, coupled with its capacity to impart desirable qualities such as emulsification, texture enhancement, and foaming, has further fueled its market potential. As a result, the industry is poised for substantial growth, with increased product innovation in manufacturing expected to unlock enormous potential.
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Prominent Players in Global Pea Protein Market
- Roquette Frères
- Ingredion Incorporated
- Axiom Foods, Inc.
- Burcon NutraScience Corporation
- Cosucra Groupe Warcoing SA
- Kerry Group PLC
- Emsland Group
- Glanbia PLC
- The Scoular Company
- Sotexpro SA
- Farbest Brands
- AGT Foods
- Fenchem Biotek Ltd.
- Yantai Shuangta Food Co., Ltd.
- Puris Proteins, LLC
- Vestkorn Milling AS
- Parabel USA Inc.
- Nutri-Pea Limited
- Shandong Jianyuan Foods Co., Ltd.
- Shandong Huatai Foodstuffs Co., Ltd.
Yellow Split Peas Segment to Dominate Market due to Inherent Qualities
The global pea protein market witnessed the yellow split peas segment taking the lead in 2022, thus, commanding an impressive sales record of 76.8% share of sales in 2022. This dominance is attributed to the inherent qualities of yellow split peas, which make them ideal for pea protein extraction. Yellow split peas are renowned for their high protein content, making them a prime source for protein production.
The market in North America emerged as a dominant force in the global pea protein market, capturing a substantial 32.9% share of revenue in 2022.
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Personal Care and Cosmetics Segment to Witness Significant Growth due to Increasingly Seeking Natural Ingredients
Personal care and cosmetics segment is poised for remarkable growth, with an anticipated CAGR of 12.4% from 2023 to 2030. This surge in demand can be attributed to several key factors reshaping the global pea protein market. Consumers increasingly seek natural and plant-based ingredients in their skincare and cosmetic products, driving the demand for pea protein as it aligns with these preferences.
Regional market in Asia Pacific region is poised for significant growth in the global pea protein market, with an anticipated CAGR of 13.0% from 2023 to 2030. This expansion can be attributed to the fact that several key factors. First and foremost, the region is experiencing a steady increase in its population, coupled with changing dietary habits characterized by a growing preference for plant-based protein sources.
A comprehensive analysis of the major players in the global pea protein market has been recently conducted in this report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Global Pea Protein Market
- In 2022, a significant development occurred within Burcon NutraScience Corporation, as the primary shareholder and the company entered into an agreement outlining the terms of a term sheet for a potential USD 10 million credit facility. This financial arrangement represents a noteworthy milestone for Burcon NutraScience, offering the company access to substantial capital resources.
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Key Questions Answered in the Global Pea Protein Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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