The global Pea Protein Market is estimated to be valued at US$ 255.2 Mn in 2022 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pea protein is a plant-based protein derived from yellow peas. It is a rich source of essential amino acids and offers several health benefits. The increasing awareness about the health benefits of plant-based protein products is driving the demand for pea protein in the food and beverage industry. Pea protein is widely used as a key ingredient in various products such as meat substitutes, nutritional supplements, bakery goods, and beverages. The advantages of pea protein include its high digestibility, allergen-free nature, and sustainable sourcing. Rising consumer preference for clean label and vegan products is further fueling the market growth.
Market Key Trends:
One key trend observed in the pea protein market is the growing demand for pea protein isolates. Pea protein isolates are highly purified forms of pea protein and have a high protein content. They are widely used in sports nutrition products, as they aid in muscle recovery and enhance athletic performance. The increasing interest in plant-based diets and the rising popularity of fitness and wellness activities are driving the demand for pea protein isolates. Manufacturers in the market are focusing on developing innovative pea protein isolate products to cater to the evolving consumer preferences.
Porter’s Analysis
The Pea Protein market is expected to witness a high growth rate, exhibiting a CAGR of 9.1% over the forecast period of 2023-2030. This growth can be attributed to several factors, including the increasing demand for plant-based protein alternatives due to rising health consciousness among consumers. Additionally, the pea protein market offers various benefits such as gluten-free, allergen-free, and non-GMO properties, which further drive its demand.
Threat of New Entrants:
The threat of new entrants in the pea protein market is relatively low. This is due to the high capital requirement for setting up manufacturing facilities and establishing distribution networks. Moreover, existing key players hold significant market share and brand loyalty, making it difficult for new entrants to compete.
Bargaining Power of Buyers:
The bargaining power of buyers in the pea protein market is moderate. While buyers have the ability to choose from various suppliers, the limited availability of pea protein suppliers may lead to higher prices. However, buyers can leverage their purchasing power to negotiate favorable prices and terms.
Bargaining Power of Suppliers:
The bargaining power of suppliers in the pea protein market is moderate. Although there are several suppliers in the market, the demand for pea protein is rapidly increasing, giving suppliers some leverage. However, the presence of alternative plant-based protein sources gives buyers the option to switch suppliers, which limits the supplier power.
Threat of New Substitutes:
The threat of new substitutes in the pea protein market is relatively low. Pea protein offers unique properties and benefits that are not easily replicated by other protein sources. Its allergen-free and non-GMO qualities, along with its functional properties, make it a preferred choice for various applications.
Competitive Rivalry:
The competitive rivalry in the pea protein market is intense. Key players in the market, such as Burcon Nutrascience, Cosucra Groupe Warcoing, and Roquette Freres, compete for market share through product innovation, partnerships, and acquisitions. Additionally, the market is witnessing the entry of new players, further intensifying the competition.
Key Takeaways
The Global Pea Protein Market Demand is expected to witness high growth, driven by increasing health consciousness among consumers and the demand for plant-based protein alternatives. Pea protein offers various benefits such as being gluten-free, allergen-free, and non-GMO, which further enhances its market appeal.
In terms of regional analysis, North America is projected to be the fastest-growing and dominating region in the pea protein market. The growth in this region can be attributed to the rising adoption of plant-based diets, increased awareness of health benefits, and the presence of key market players.
Key players operating in the pea protein market include Burcon Nutrascience, Cosucra Groupe Warcoing, Nutri Pea Limited, Sotexpro, Roquette Freres, Glanbia Plc., Fenchem Biotek Ltd., Prinova Group LLC, and Yantai Shuangta Food Co. These players are actively involved in product innovation, partnerships, and expansion strategies to strengthen their market position.
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