Pea Protein Market to Reach $117.0 Million By 2027
The global pea protein market is estimated to account for around $117.0 million in terms of value by the year of 2027 and is predicted to grow at a CAGR of 12.2 percent during the forecast period of 2020-2027 as highlighted in a new market study published by Coherent Market Insights (Seattle, WA).
Factor such as easy digest than other plant-based protein is projected to augment the market growth of the pea protein. Growing demand for pea protein among sports and athletes since they are a rich source of essential amino acids is projected to propel the market growth. Moreover, increasing global population coupled with the rising need for a healthy food product that is a rich source of protein is projected to accelerate the market growth of pea protein.
The growing use of pea protein in the preparation of snacks such as energy bars and candies is projected to offer numerous growth opportunities to the market of pea protein. For instance, in September 2019, One Brands launched its first range of plant-based protein bars called One Plant. The One Plant consists of two flavors, chocolate peanut butter and banana nut bread, each containing 12 g of protein and 1 g of sugar. The bars contain a range of plant-based proteins including pea protein, rice protein, and almond protein, and each bar is non-GMO (genetically modified organism), gluten- and dairy-free.
Negative publicity and false claims associated with the presence of ingredients in the end product is expected to hamper the market growth of the pea protein. The false information present on the label of the product could negatively impact the market growth over the forecast timeframe.
Key Takeaways
- On the basis of region, North America region dominated the global pea protein market in 2019 with a 35.9 percent of market share in terms of value, followed by Europe and Asia Pacific respectively.
- On the basis of type, isolates segment dominated the global pea protein market in 2019 with 44.3 percent of market share in terms of value, followed by concentrates and textured segment respectively.
Market Trends
As per Coherent Market Insights’ research various manufacturers are investing profoundly in order to increase the production capacities of pea protein is a major trend in the market. For instance, in August 2019, Cargill has invested an additional $75 million in Puris, the largest North American producer of pea protein. The investment enables Puris to more than double its pea protein production using an existing 200,000-square-foot facility in Dawson, MN. Cargill enters into a partnership with Puris in January 2018, with an initial investment of $25 million.
COVID-19 Impact
The coronavirus pandemic has affected the supply chain of food industry across the globe. The worldwide closure has impacted all areas of food industry. China is the largest market for food & beverage imports and exports for many countries. According to World Integrate Trade Solutions (WITS), in 2018, China imported food products worth approximately $27 billion, and in the same year, it exported food products of approximately $34 billion. Trade restriction imposed across the globe is affecting global logistics & transportation, which has adversely affected the food & beverage industry. The prolonged restriction on trade & logistics will impact on revenues of the food industry. This is expected to affect demand for pea protein from food & beverage industry between 2020 and 2021.
For more information, visit www.coherentmarketinsights.com/market-insight/pea-protein-market-3985.
