In 2021, sales of pea protein Ingredients Market components are expected to reach US$ 1.25 billion. The whole market value is predicted to reach US$ 2.5 billion by 2031, according to Future Market Insights (FMI), with a CAGR of 7.2 percent between 2021 and 2031. Pea protein ingredients market growth is estimated to be fueled by rising demand from various end-use sectors such as bakery & snacks, beverages, and others throughout the forecast period.
The market for pea protein components will continue to grow as consumers’ preference for natural ingredients in food items grows. The high protein content, sustainability, availability, fascinating functionality, affordability, and hypoallergenic qualities of pea protein have all contributed to its growing popularity. Various food and beverage firms are introducing pea protein components into their products as a result of these benefits. In the future years, this is projected to boost sales of pea protein components. Pea protein powders are just as easy to mix into drinks or smoothies as whey protein powders are. They do not contain any animal byproducts, making them suitable for vegan eating. Because it only contains plant-based proteins and amino acids like lysine and glutamine, pea protein components supplements are easier to digest than typical protein supplements.
In 2021, the United States is expected to account for more than 79.0% of the North American pea protein ingredients market. In 2021, China is expected to hold about 43.3 percent of the East Asian pea protein ingredients market. In 2021, Germany will emerge as a lucrative market, with 16.3% of the European market share. In the United Kingdom, where pea protein ingredients account for 14.0 percent of the European market, sales are expected to continue to rise. In India, demand for protein ingredients is predicted to grow at an 11.4 percent compound annual growth rate (CAGR) throughout the projection period. In 2021, the Thai pea protein market is expected to grow at a 9.4% CAGR.
A&B Ingredients Inc., Nutri Pea Ltd., Archer Daniels Midland Company, Kerry Group PLC., Cargill Incorporated, The Scoular Company, Axiom Foods, Inc., Batory Foods, PLT Health Solutions, Prinova Group LLC, and others are among the top suppliers of pea protein ingredients.
Leading competitors in the worldwide pea protein ingredients market are focusing on R&D to launch innovative products that will appeal to the rising vegan population. Aside from that, players are focusing on mergers, acquisitions, and strategic partnerships to expand their presence in the pea protein ingredients market.