Pea Protein is Estimated to Witness High Growth Owing to Opportunity for Nutritious Foods
Pea protein is a high-quality plant-based protein derived from yellow split peas. It is a rich source of iron, fibre, vitamins and minerals. Pea protein contains all nine essential amino acids and is easy to digest. It is being increasingly used as a substitute for whey protein in sports nutrition and weight management products due to its neutral taste and easy mixability. The pea protein concentrate, isolate and textured forms are being utilized in various meat alternatives, dairy alternatives and baked foods to enhance the nutrition quotient.
The global Pea Protein Market is estimated to be valued at US$ 278.42 Mn in 2023 and is expected to exhibit a CAGR of 19.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing demand for nutritious and healthy plant-based foods among health-conscious consumers provides significant growth opportunity for pea protein. Pea protein is a suitable alternative for various meat and dairy products due to its neutral taste and nutrition profile comparable to whey protein. The functional attributes of pea protein such as emulsification, gelation and water-binding make it a viable solution for formulating nutritious vegetarian and vegan meat, dairy and bakery products. The pea protein manufacturers are expected to leverage this major opportunity by developing diverse range of innovative plant-based food products catering to flexitarian and vegan consumer base looking for sustainable nutrition sources. This will contribute to significant demand growth of pea protein market during the forecast period.
Porter’s Analysis
Threat of new entrants: Low barrier to entry makes threat of new entrants high in pea protein market. However, established players have significant brand value.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various pea protein products from different suppliers.
Bargaining power of suppliers: Few number of suppliers and differentiated products give suppliers higher bargaining power in pea protein market.
Threat of new substitutes: Protein alternatives like soy, wheat and rice protein pose threat of substitution.
Competitive rivalry: Intense competition exists among established players to gain market share in pea protein market.
SWOT Analysis
Strength: High protein content and easy digestibility make pea protein popular. Growing veganism and flexitarian trend boost demand.
Weakness: Flavor issues and requirement of proper formulation limit direct usage of pea protein. Higher prices compared to other plant proteins.
Opportunity: Expanding food & beverage industry and increasing health consciousness drive market growth. Growing usage in sports nutrition and dietary supplements.
Threats: Volatility in pea prices due to changes in climatic conditions and crop yields affect supply. Stringent quality and labeling regulations.
Key Takeaways
The Global Pea Protein Market Size is expected to witness high growth.
Regional Analysis: North America dominates pea protein market currently due to surging vegan trend and protein fortification in food products. Europe follows North America in pea protein market share on account of rising number of health-conscious consumers.
Key players operating in the pea protein market are JX Nippon Mining, Mitsui Mining & Smelting Co. Ltd., Ultimo Technology Co. Ltd., ULVAC Technologies, Inc., KFMI Corporation, Plasmaterials Inc., Tosoh S.T Technology, Inc., Kurt J Lesker Company, Testbourne Ltd, Praxair S.T Technology, Inc. Regional presence and extensive product portfolio help these players enjoy competitive advantage.
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