The pea protein market study by Future Market Insights (FMI) offers all-inclusive insights into key factors enabling growth across various segments in terms of product and nature. It underscores product launches as key strategy adopted by market players as they aim for expanding their footprint globally
A recent market study published by Future Market Insights on the pea protein market offers global industry analysis for 2016-2020 and opportunity assessment for 2021–2031. The study offers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical, as well as current growth parameters of the pea protein market, the growth prospects of the market are obtained with maximum precision.
The pea protein market revenue totaled US$ 3.2 Bn in 2021, according to Future Market Insights (FMI). Exhibiting a CAGR of 14.2% for 2021-31, the market is expected to reach US$ 12.31 Bn by 2031. The market's growth trajectory is projected to stay positive, steered by rising demand for sports nutrition and nutraceutical products. As per FMI analysis, sports nutrition and nutraceutical will account for more than 41% of global pea market value share, exhibiting impressive growth through the forecast period.
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"The number of vegans and vegetarians on a global scale has risen dramatically in recent years as consumers actively pursue sustainable lifestyles. Following this trend, there has been an increase in demand for vegan and natural products, creating a favorable environment for growth of the market through the coming decade," says a lead analyst at FMI.
Key Takeaways from the Pea Protein Market Study:
- The U.S. pea protein market leads in North America and accounts for 82% in 2021. Rising awareness towards personal health from millennials aids growth.
- Germany leads the Europe market, supported by the presence of key food processing units, accounting for nearly US$ 222 Mn in 2021.
- Japan is emerging as a high potential market in East Asia, reflecting a 18% CAGR through 2031, driven by demand in the cosmetic and personal care sector.
- Conventional pea protein holds a share of 90.8% of the global pea protein market in 2021, supported by easier access to raw materials.
- Protein isolates, driven by high protein content accounted for a market share of 46.3% in 2021 of the global market.
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In the global pea protein market, manufacturers are focusing on strengthening their product portfolio to cater to the rising demand. Increasing demand for plant-based protein foods in the market are encouraging key players to expand their portfolios. For instance:
- In 2020, Ingredion launched pea protein isolate in name of VITESSENCE® Pulse 1803. This pea protein enables food and beverages manufacturers across the EMEA to meet rising consumer demand for plant-based high-protein products.
- In 2019, Cargill Inc. introduced RadipureTM, it is a pea protein for Asian consumers to leveraging the ongoing trend of plant-based proteins and clean labeled food products.
- In 2019, Roquette Freres, a global leader in plant-based ingredients, announced an expansion in plant-based protein from peas and fava beans as meat alternatives.
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Table Of Content:
1. Market Overview
2. The Massive Impact of the Crisis
3. Consumer Behaviour and Attitude Measurement
4. Product Launch Track & Trends
5. Key Success Factors
6. Global Pea Protein Market Demand (Size in US$ Mn) Analysis 2016-2020 and Forecast, 2021-2031
7. Global Pea Protein Market - Pricing Analysis, 2021 & 2031
8. Value Chain Analysis
9. Market Background and Associated Industry
10. Global Pea Protein Market Analysis 2016-2020 and Forecast 2021-2031, By Product Type
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