Sales for pea
Sales for peaprotein ingredients are poised to reach a total of USD 1.25 Bn in 2021, according to an estimate made by Future Market Insight (FMI). Increasing demand for pea protein ingredients for bakery & snacks, beverages, and other food products will support further the sales in the market. Sales in the bakery sector are expected to reach USD 341.1 Mn.
Consumption of plant-based protein products has surged over the past few years. As growth in vegan product preferences is observed, FMI predicts the market will surpass USD 2.5 Bn by 2031-end. Historically, the market grew at a healthy 6.4% CAGR between 2016 and 2020. Increasing awareness regarding the benefits of pea protein ingredients has accelerated sales. Consumers choose pea protein also because it is rich in lysine and iron, which are associated with help against bone-related conditions.
The rising prevalence of cardiovascular diseases will result in higher sales of pea protein ingredients as consumers show a higher inclination for a healthy diet, the research indicates. Besides this, the demand for plant-based protein in sports nutrition will improve the sales in the pea protein ingredients market.
A relatively high prevalence of food allergies associated with meat products also is favoring the sales of pea protein ingredients. According to the National Institute of Allergy and Infectious Diseases, 12. 2 million people have food allergies, with around 8% of children and 2% of adults allergic to sea food and meat products.
In response, manufacturers have increased their R&D efforts to develop new product lines for pea protein ingredients. In these circumstances, the pea protein ingredients market is poised to expand at 7.2% CAGR between 2021 and 2031.
“Growing consumer preference for natural and organic food products and increasing concerns pertaining to animal welfare are expected to boost the market. In order to cater to surging requirements, manufacturers are introducing new products, which augmenting sales in the market,” said a FMI analyst.
Key study findings
· North America is expected to account for over 79.2% of pea protein ingredients sales, with the U.S. dominating the market on the back of rising consumption of clean-label food products
· The U.K. pea protein ingredients market will account for 14% of market share in 2021
· China’s pea protein market will surpass USD 64.3 Mn in 2021 supported by the growing demand for sustainable and affordable vegan protein products
· In terms of product, isolate pea proteins are expected to hold the lion’s share owing to their high-quality nutrition and growing adoption among lactose-intolerant people
· Sales of pea protein ingredients in bakery sector are expected to surge at 9.9% CAGR through 2021.
· Growing demand for plant-based products and vegan diets will accelerate the growth in the market.
· The absence of allergen properties in pea-protein ingredients as compared to other conventional plant-based proteins is expected to improve the adoption.
· Declining consumption of meat products due to intolerance of animal protein is likely to boost the market.
· The high cost of extraction and processing pea protein ingredients is anticipated to pose challenges for market players
· Lack of processing outputs in emerging and low-income economies resulting in limited supply to hamper the sales.
Leading players in the pea protein ingredients market are focusing on introducing new product lines in response to surging demand for clean label and non-GMO plant-based ingredients. Also, some of the players are extensively investing in research and development activities to introduce new products in the market. Meanwhile, other players are collaborating with food manufacturers and end-users to expand their customer base. For instance:
In October 2021, Ingredion Inc., unveiled its Prista Line of pulse-based ingredient solutions. The line includes Homecraft Prista P 101 pea flour, Vitessence® Prista P 155 pea protein concentrate, and Vitessence Prista P 360 faba bean protein concentrate for plant-protein-based applications including instant and ready-to-eat (RTE) products.
In 2021, Ulrick & Shirt launched a new range of clean label, organic functional starches, and proteins.
In January 2020, Beyond Meat, a leader in plant-based meat, announced a multi-year pea protein supply agreement with Roquette, a leader in plant-based ingredients and a pioneer of plant proteins.
FMI is a provider of market intelligence and consulting services headquartered in Dubai, and has delivery centers in the UK, U.S. and India.