Global Pea Protein Market Size, Share & Trends, By Type, By Source, By Application, Regional Outlook, Competitive Strategies and Segment Forecast 2030: SPER Market Research
Multiple health advantages, enhanced health consciousness, and augmented demand for meat protein alternatives have augmented the requirement for pea protein during the past few years, thus fostering the growth of pea protein. Additionally, aspects, such as the trend of living utilizing pea protein in several products, consistent augment in the food and beverages industries, growth requirement for organic-based foods, and advancements in protein-based products, have supplemented the global pea protein market growth. However, the lessened customer awareness about the pea protein-based products and formulation challenges in the pea protein products affect the growth of the market to a higher extent. The enclosure of pea protein in sports nutrition and weight management products is predicted to augment the prevalence and requirement of pea protein during the forthcoming years.
In addition, the high-fat content and cholesterol in meat are causing vigorous health concerns likewise heart diseases and cancer, which lead to the augmented implementation of a vegan diet. Furthermore, animal cruelty, growing vegan alternatives to meat products, and growing social media impact concerning veganism are among the few other aspects leading to the growth of the vegan population in Europe.
According to data from the Plant-Based Foods Association in San Francisco and The Good Food Institute in Washington, US retail sales of plant-based foods augmented by moreover than 25% during recent past years, bringing the market value nearly to $6.8 billion.
According to the SPER market research, ‘Pea Protein Market Size, Share & Trends Analysis By Type, By Form, By Source, By Application, Regional Outlook, Competitive Strategies and Segment Forecasts to 2030’ states that the pea protein market is predicted to reach USD 2788 million by 2030 with a CAGR of 14.2%. Customers from the developed region are moving towards a plant-based diet owing to health awareness. To substitute protein consumption from meat, vegan sources are obtaining popularity.
The growing importance of a flexitarian diet on account of growing concerns about cardiological impacts linked with red meat consumption is predicted to remain a favorable aspect for market growth. In addition, growing awareness concerning the adverse effects of foods entailing gluten as well as lactose is predicted to play a crucial role in encouraging product demand over the review period.
Nonetheless, the increasing consumption of protein-fortified operation foods is predicted to increase the product requirement. The growing requirement for protein supplementation in food products has resulted in the new product launched by food & beverage companies, which is foreseen to have a positive impact on market growth. The increasing awareness about protein powder consumption for encouraging bone health and muscle growth is also projected to increase market growth over the review period.
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North America registered the global pea protein market and registered the great value of the market in recent past years. Increasing demand for gluten-free products, growing concerns relating to cardiovascular diseases (CVDs) caused by red meat consumption, and speedy growth of the sports nutrition industry in North America are anticipated to propel the regional market over the review years.
Key players in the global market for vegetable-based proteins are inclined toward investing progressively in innovation, expansion, and R&D procedures to not only accomplish the greatest quality products but also discover new uses for vegetable-based proteins. Pea protein manufactures are also striving to advance their functional and innovative capabilities.
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