Sales in the global pea protein ingredients market are poised to total US$ 1.25 Bn in 2021, opines FMI. Increasing demand for pea protein ingredients for bakery & snacks, beverages, and other food products will increase the sales in the market.
With growing trend of veganism across the U.S., India, the U.K. and Germany, consumption of plant-based protein products have surged over the past few years. On account of this, the market is predicted to surpass US$ 2.5 Bn by 2031-end.
Historically, the market grew at a healthy 6.4% CAGR between 2016 and 2020. Increasing awareness regarding the benefits of pea protein ingredients has accelerated the sales. As it is rich in lysine and iron, consumers are increasing the consumption to reduce the risk of bone related diseases such as arthritis and others.
Apart from health benefits, sales of pea protein ingredients are expected to increase as a result of high demand among vegans. Also, the rising prevalence of cardiovascular diseases will result in higher sales of pea protein ingredients as consumers show higher inclination for healthy diet. Besides this, the demand for plant-based protein in sports nutrition will improve the sales in the pea protein ingredients market.
High prevalence of food allergies associated with meat products also is favoring the sales of pea protein ingredients. According to the National Institute of Allergy and Infectious Diseases, 12. 2 million people have food allergy, with around 8% of children and 2% of adults allergic to sea-food and meat products.
In response to this, manufacturers have increased their research and development activities to develop new product lines for pea protein ingredients. On the back of aforementioned factors, the pea protein ingredients market is poised to expand at 7.2% CAGR between 2021 and 2031.
“Growing consumer preference for natural and organic food products and increasing concerns pertaining to animal welfare are expected to boost the market. In order to cater to surging requirements, manufacturers are introducing new products, which augmenting sales in the market,” says a FMI analyst.
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Key Takeaways from Pea Protein Ingredients Market Study
- North America is expected to account for over 79.2% of pea protein ingredients sales, with the U.S. dominating the market on the back of rising consumption of clean label food products
- The U.K. pea protein ingredients market will account for 14% of market share in 2021
- China’s pea protein market will surpass US$ 64.3 Mn in 2021 on the back of growing demand for sustainable and affordable vegan protein products
- In terms of product, isolate pea proteins are expected to hold the lion’s share owing to their high-quality nutrition and growing adoption among lactose-intolerant people
- Sales of pea protein ingredients in bakery sector are expected to surge at 9.9% CAGR through 2021.