Pea protein is a high quality plant-based protein derived from yellow peas. It contains all twenty amino acids that the human body requires, including the nine essential amino acids. Pea protein is a versatile ingredient that can be used in various food products as a substitute for whey or soy proteins. It is commonly used in plant-based meat alternatives, protein powders, and baked goods to enhance their protein content. Pea protein helps deliver a feeling of fullness and supports muscle growth, making it a popular choice among health conscious consumers looking to reduce their meat intake. The growing vegan and flexitarian trends have increased demand for plant-based options. Food innovators have launched a wide variety of products incorporating pea protein to capitalize on this growing demand.
The global pea protein market is estimated to be valued at US$ 278.42 Mn in 2023 and is expected to exhibit a CAGR of 19.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the pea protein market is the increasing use of pea protein in sports nutrition products. Pea protein is widely used as an alternative to whey protein in vegan protein powders and supplements. Consumers are increasingly incorporating protein powders and snacks into their exercise routines to build muscles. Sports brands have launched pea protein options to meet the demand from vegan bodybuilders and athletes. Another major trend is the rising innovation in plant-based meat products using pea protein. Large food companies are investing heavily in developing realistic meat alternatives made from pea protein and other plant-based ingredients. Products like pea protein burgers, sausages, and chicken nuggets that mimic the taste and texture of animal meat are seeing growing sales in supermarkets and restaurants. This supports the growing flexitarian movement of consumers choosing both meat and plant-based diets.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the pea protein market is moderate. Establishing new production facilities requires high capital investment and R&D which acts as a barrier.
Bargaining power of buyers: The bargaining power of buyers in the pea protein market is high. Buyers can negotiate lower prices due to availability of substitutes in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers have less influence due to availability of substitutes.
Threat of new substitutes: The threat of new substitutes is high. Soy protein and wheat protein are considered as major substitutes for pea protein.
Competitive rivalry: The competitive rivalry in the pea protein market is high. Major players are focusing on new product launches, strategic partnerships and expansion to remain competitive.
Key Takeaways
The Global Pea Protein Market Size is expected to witness high growth over the forecast period.
Regional analysis: North America is anticipated to account for the largest market share during the forecast period. The growth of the market in the region can be attributed to growing vegan population and rising demand for gluten-free and plant-based foods. Europe is also projected to hold a considerable share in the pea protein market driven by the high spending power of consumers towards healthy foods.
Key players: Key players operating in the pea protein market are JX Nippon Mining, Mitsui Mining & Smelting Co. Ltd., Ultimo Technology Co. Ltd., ULVAC Technologies, Inc., KFMI Corporation. Major players are focusing on strategic expansions and new product launches to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it