The global food and beverages sector is witnessing a profound shift as consumers increasingly move away from meat-based products. This transition is especially prominent in regions such as Europe and North America, driven by heightened environmental awareness, concerns about animal cruelty, and the perceived health benefits of plant-based diets. One of the standout trends in this shift is the rising demand for plant-based proteins, particularly textured pea protein, which is set to play a pivotal role in the market's growth over the coming years.
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According to recent studies, the textured pea protein market is expected to reach a market value of approximately US$ 800 million by the end of 2030, growing at an impressive CAGR of 7.6%. This growth is underpinned by two major factors: biotechnological innovations and evolving consumer preferences.
Biotechnological Innovations Fueling Market Growth
The textured pea protein market is witnessing substantial investments in research and development as companies strive to replicate the taste and texture of meat-based products using plant-based alternatives. This drive for innovation has led to the introduction of several new products and improved formulations, making plant-based proteins more appealing to a broader consumer base.
Brands are also leveraging social media influencers to create awareness and promote their products, significantly boosting demand. The use of impactful and engaging marketing campaigns has proven effective in expanding the consumer base and driving sales of textured pea protein products.
Evolving Consumer Preferences
Consumer interest in non-meat-based proteins is rising globally, with a notable surge in awareness regarding alternative proteins in developed regions. This trend is expected to positively impact the demand for textured pea protein, as more consumers seek out healthier and more sustainable protein sources.
The COVID-19 pandemic has further accelerated this trend, with consumers turning to plant-based proteins amid meat shortages and growing concerns about the safety of meat consumption. The pandemic has underscored the importance of a healthy lifestyle, leading to a steady increase in the consumption of textured pea protein products.
Market Players Expanding Product Portfolios
Recognizing the growing interest in plant-based proteins, numerous food companies are expanding their product portfolios to include a variety of textured pea protein offerings. For instance, Roquette introduced NUTRALYS T70S in July 2018, a textured pea protein suitable for both vegans and vegetarians. Similarly, the Healy Group launched PrimaTex, a textured pea protein for various plant-based food applications, in December 2019.
These strategic moves are aimed at capitalizing on the rising demand for plant-based meat substitutes and catering to the evolving preferences of health-conscious consumers. By introducing innovative products and expanding their offerings, companies are well-positioned to gain a competitive edge in the textured pea protein market.
Impact of COVID-19 on Plant-Based Protein Consumption
The onset of the COVID-19 pandemic has significantly influenced consumer behavior, particularly in the food and beverages sector. One notable trend is the increased demand for plant-based proteins, driven by meat shortages, uncertainty surrounding meat consumption, and a growing inclination toward healthier lifestyles. Changes in the food supply chain and restrictions on dine-in restaurants have further accelerated this shift, leading to higher consumption of textured pea protein products.
Analysts' Insights
The textured pea protein market is poised for robust growth, driven by increasing consumer inclination toward plant-based diets and ongoing biotechnological innovations. As consumers continue to view plant-based proteins as a healthier alternative to meat-based products, the demand for textured pea protein is set to rise significantly.
Food companies are advised to focus on research and development and upgrade their production infrastructure to meet the growing demand for plant-based proteins. By doing so, they can effectively cater to the evolving preferences of consumers and capitalize on the burgeoning market opportunities.
Market Overview
According to Transparency Market Research (TMR), the global textured pea protein market was valued at approximately US$ 400 million in 2020. The market is expected to double in value by 2030, reaching around US$ 800 million. Key segments in the market include dry and liquid pea protein, with the dry segment leading in terms of market share due to its cholesterol-lowering properties and high nutritional fiber content.
Regional Insights
North America holds the largest share of the textured pea protein market, followed by Europe. The increasing per capita disposable income and rising consumer spending on foodservice products are key factors driving the demand for textured pea protein in these regions. Additionally, the growing trend of clean-label vegan products and heightened awareness about plant-based diets contribute to market growth.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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