The global pea protein market size was valued at USD 101.7 million in 2018, and is expected to exhibit a CAGR of 17.4% over the forecast period. Substantial growth of key application sectors, such as meat extenders and analogues, dietary supplements, bakery goods, and beverages, are anticipated to drive the product demand. Growing popularity of meat substitutes and increasing concerns regarding lactose intolerance among adults, coupled with rising demand for gluten-free products, are some of the key factors expected to drive the market over the forecast period. Moreover, positive outlook towards sports nutrition is expected to stimulate market growth. However, presence of other plant-based ingredients including soy, canola, and wheat is expected to challenge the demand.

Green and yellow peas are used as raw materialsfor processing pea protein. Rising importance of organic farming owing to strong regulatory scenario in U.S., Australia, and Brazil, to provide incentives to farmers is expected to increase the manufacture of pea crops and enhance raw material availability. This in turn, is expected to boost the market growth during the next few years.

Growing awareness regarding nutrition enrichment has increased the importance of dietary supplements and is expected to favorably impact the market growth. Increasing importance of protein consumption for vegetarians is foreseen to result in surging demand for pea protein powder over the forecast period. Rising concerns regarding dairy and meat allergies are expected to fuel the demand for protein fortified food products in the near future.

Rising importance of flexitarian diet among most people in U.S. owing to increasing concerns regarding cardiovascular diseases that are associated with red meat consumption is expected to remain a favorable factor for promoting the industry growth. Moreover, increasing awareness pertaining to adverse effects associated with food comprising gluten as well as lactose is likely to play a crucial role in enhancing the product demand over the forecast years.

Robust presence of manufacturing facilities of meat producers, including Tyson, JBF, Cargill and National Foods, in U.S. is expected to increase the use of pea protein as a part of texture improving agent in meat processing. Increasing consumption of grains, including soy and canola, to produce bio-based chemicals is anticipated to reduce their availability as protein ingredients. As a result, the product is anticipated to emerge as an important ingredient among food and beverage manufacturers owing to close proximity with Canada, which is a yellow pea producing country.

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Further key findings from the study suggest:

• In terms of volume, the bakery goods application segment is expected to expand at a CAGR of 13.4% from 2019 to 2025, owing to utilization of pea protein as a fibrous and gluten-free product

• Growth of the food and beverage industry in Brazil, India, China, and Mexico as a consequence of increasing domestic consumption and adoption of modern farming technology, is expected to drive the pea protein market in the near future

• Companies are focusing on enhancement of their business growth through significantly investing in research and development, new product launches, and forward integration. Farbest and Roquette America have forward integrated business operations as they are engaged in production as well as supply operations

• On the basis of product, concentrates are likely to account for a 26.8% share in the overall revenue by 2025. These products comprise 70-80% of protein content and are mostly used in energy drinks and fruit mixes

• In January 2019, Magnum, an ice cream brand, announced its release of vegan ice creams. Cocoa beans are procured from Rainforest Alliance Certified Farms, wherein, ice creams are purely made from pea proteins, which are an alternative to dairy products

• Safe Fair Foods C.o, launched its allergy-free product line under pea protein chips in January 2019. The gluten-free protein packed chips are free from five of the top seven allergens. New product development and establishment of partnership between manufacturers and buyers are anticipated to remain critical success factors for manufacturers over the next few years.

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