Rising demand from various end-use industries such as bakery & snacks, beverages and others is expected to fuel pea protein ingredients market growth during the forecast period. Increasing preference for natural ingredients in food products also will continue pushing sales in the market.
Sales in the pea protein ingredients market are estimated to total US$ 1.25 Bn in 2021. As per Future Market Insights (FMI), the overall market value is expected to reach US$ 2.5 Bn by 2031, rising at a CAGR of 7.2% between 2021 and 2031.
Along with being an affordable and sustainable plant-based protein, pea protein ingredients are a good source of immune-supporting supplements. The COVID-19 pandemic has prompted millions of people to shift to healthier diet, which in turn is spurring demand for pea protein ingredients.
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“Rising consumer preference towards organic and natural ingredients in food and beverages, along with research and development activities undertaken by key market players to diversify applications of pea protein ingredients will continue augmenting growth of the market through 2031,” says an FMI analyst.
- The U.S. is estimated to account for more than 79.0% of the North America pea protein ingredients market in 2021.
- China is estimated to account for nearly 43.3% of the East Asia pea protein ingredients market share in 2021.
- Germany will emerge as a lucrative market, holding 16.3% of the Europe market share in 2021.
- Sales of pea protein ingredients are anticipated to continue rising in the U.K., holding 14.0% of the Europe market share.
- Demand for protein ingredients in India is expected to rise at a 11.4% CAGR over the forecast period.
- Thailand pea protein market is projected to expand at a 9.4% CAGR in 2021.
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Some of the leading companies offering pea protein ingredients are A&B Ingredients Inc., Nutri Pea Ltd, Archer Daniels Midland Company, Kerry Group PLC., Cargill Incorporated, The Scoular Company, Axiom Foods, Inc., Batory Foods, PLT Health Solutions, Prinova Group LLC, and others.
Leading players operating in the global pea protein ingredients market are focusing on research and development to launch new products to cater to growing vegan consumers. Apart from this, players are investing in mergers, acquisitions and strategic collaborations to strengthen their presence in the pea protein ingredients market.
Pea Protein Ingredients Market by Category
By Product Type:
- Bakery and Snacks
- Dietary Supplements
- Meat Analogs/Substitutes
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Key Questioned Answered in the Report
What is the current value of the global pea protein ingredients market?
The global pea protein ingredients market is expected to surpass a valuation of US$ 1.25 Bn in 2021.
At what CAGR is the market expected to grow?
Pea protein ingredients consumption is expected to grow at a CAGR of around 7.2% during the period 2021-2031.
At what rate did the pea protein ingredients market grow between 2016 and 2020?
The global pea protein ingredients grew at a CAGR of 6.4% during 2016-2020.
What are the key trends boosting pea protein ingredients sales?
Increasing demand for vegan & natural food ingredients, along with rising focus on preventive care are key trends driving sales of pea protein ingredients.
What is the share of top 5 companies operating in the pea protein ingredients market?
Top 5 producers of pea protein ingredients hold around 40-50% of the market share.
Which are the major countries driving demand for pea protein ingredients?
The U.S., Germany, China, Australia, and India are the major countries driving demand for pea protein ingredients.
What is the demand outlook for pea protein ingredients in East Asia?
East Asia is expected to hold around 11.8% of the total pea protein ingredients market share.
At what rate will the U.S. pea protein ingredients market grow?
The U.S. pea protein ingredients market is projected to grow at a CAGR of around 5.9% over forecast.
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