The global pea protein market is estimated to be valued at USD 1.51 billion in 2021. It is projected to reach USD 2.94 billion by 2027, recording a CAGR of 11.9% during the forecast period. Increasing interest in the alternative protein and changing consumer behavior towards meat products is boosting the demand for pea protein market.
As reported by the New Food Magazine, plant-based food sales more than doubled (by 243%) in 2020, with consumers putting 14% more meat-free and dairy-free options as their priority. Various global food chains has introduced these products in their menu to cater the growing demand for these products. In the year 2020, McDonald’s furthermore gave way to veganism by launching their McPlant menu. Increasing awareness about the nutritional benefits of pea-based products will drive the market of the pea proteins globally. Owing to its nutritional nature, these pea are being popularly used to manufacture protein shakes, smoothies, and energy drinks. Pea based products will increase the protein content and is an excellent fit for almost any diet since it is naturally vegan and hypoallergenic.
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The isolates segment by type to account for the largest growth in the pea protein market.
The isolates segment dominated the pea protein market. The type has protein content of about 85 to 90% which is one of the major factor of its high market share globally. In addition to the high protein content, the type is also used in wide applications which again helped the type to gain high market share. The industry are constantly developing new cost-effective and safe extraction methods with optimal extractability, leading to adequate techno-functional and sensory properties. Numerous methods have been proposed for the extraction of protein from pea flour, including Alkaline Extraction-Isoelectric Precipitation (AEIEP), salt extraction-dialysis, micellar precipitation, and aqueous extraction (pH > 7). However, each method might be selected for different protein types, which, in turn, influences the final composition and functionality of the protein isolate.
By source, the yellow split peas is projected to account for the fastest growth in the pea protein market.
Yellow split peas are among the sources of pea most preferred by product manufacturers. This is due to the functionality and adaptability of peas into different product types, which is driving the demand for yellow split peas across different products, such as plant-based meat, beverages, even functional foods, and performance nutrition. The high protein content offered by yellow split peas makes it ideal for manufacturing pea protein isolates.
Dry foam is projected to account for the fastest growth of the pea protein market over the forecast period.
Dry textured proteins majorly lead in functionality and are available in chunks and minced forms. These ingredients are suitable as meat analogs or extenders but can also be used in other products where a healthy, clean label profile is the goal. It can be used as a meat analog to mimic chicken, pork, or beef and provide a fibrous structure and a juicy mouthfeel. Pea protein is extracted from pea flour, including sources, such as yellow split peas, peas, chickpeas, and lentils, with no chemical solvents, enabling it to maintain its functional and nutritional properties. Pea flour extracted from the process in the form of powder is dry pea protein. Textured dry pea protein is comparatively sustainable as against conventional protein sources and provides greater functionality, resulting in its use in the broader array of applications.
By application, the beverage is projected to account for the fastest growth in the pea protein market.
Easy solubility and high adoption rate of plant-based beverage will account its high growth segment in the pea protein market. Many ready-to-drink products are emerging in the market. Wide Awake Coffee Co. Company’s line of High Protein drinks (11g protein per serving) available in Vanilla, Mocha, and Caramel flavors. The Canadian company, Blu Dot Beverage, has launched a line of high protein teas. Proteins of all types continue to appear in all beverage products, like beer and coffee, as consumers focus on health & wellness stays strong.
Europe is projected to be the largest market in 2021 in terms of value.
Countries such as the UK, France, Germany, and the Netherlands being the topmost countries to adopt a vegan lifestyle rapidly, the region has strongly established the market. As reported by “The Vegan Society,” 11,655 vegan food and drink businesses were launched in Europe in 2019, increasing 93% from 2016. Thus, with competition becoming fierce among the existing players, the market for pea proteins is gaining significance in the regional market.
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