According to Fior Markets, a futuristic market intelligence research company, the pea protein market is set to grow from US$ 33.2 million in 2017 to US$ 189.34 million by 2025 at a compound annual growth rate of 24.3% during the forecast period from 2018-2025.
If you read the ingredients on many plant-based shopping items you will notice the increased prevalence of pea protein being used in the ingredients lists. It confirms the rapid growth of the pea protein market.
Pea protein is naturally vegan, gluten-free, dairy-free and contains no allergens. So it is a healthy fit for products such as beverages, sports supplements, nutraceuticals, and bakery products.
The rise in the global vegan population, as well as lifestyle changes, are major reasons for the prospective rise. Additionally, technological improvements in extraction and processing are also cited as reasons fuelling the increase. But the comparatively high cost of pea protein is anticipated to put the brakes on the market growth.
Pea protein is derived from green and yellow peas and is used in some protein supplements and protein-enriched foods. It contains all the essential amino acids required for healthy body function and contains good quantities of essential nutrients. It regulates blood circulation and calcium absorption, helps weight management, boosts metabolism, maintains healthy muscle, and regulates blood sugar. It is therefore found in many different products in the food and beverage industry.
The protein is provided in three different forms: isolates, concentrates and textured pea depending on their protein content. The isolated segment has by far the largest market share having been valued at US$ 16.23m in 2017.
The report identifies soy substitution as the biggest competitive threat to the rise of pea protein.
The report identifies that the key players in the industry are now increasingly coming together with increased mergers & acquisitions, joint ventures, collaborations and partnerships. By way of example in December 2018, Axiom Foods introduced Cannatein, a hemp protein ingredient, and Vegotein N, a pea protein ingredient. The combined ingredients’ neutral taste ensured that flavour-masking agents were not needed in products needing the mix, according to Axiom Foods.