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Pea Protein: Introduction
The popularity of protein from plants is growing among customers seeking protein sources in the market. Pea protein is among the protein sources that are derived from plants readily available. It is made using yellow and green split peas and is available in both dry and wet varieties. In addition to their high protein content, peas are a good source of iron.
It's an excellent protein supplement for those who are vegan and want increased muscle mass and weight loss as well as better health for their heart. Pea Protein is used as an ingredient to make shakes and smoothies. Additionally, it is utilized by food producers to make energy bars, shakes for meal replacement, as well as veggie burgers, cereals, and other drinks.
What Our Report Provides And Why Our Offering Is Better:
This report provides historical data, forecasts as well as revenue growth at the global, regional and country levels. It also includes analysis, industry trends and consumption patterns details for each region, major country, and segment from 2021 to 2026.
The report on the global pea protein market consists of market trends, market drivers, restraints, opportunities, threats, segment revenue and market strategies. It also shows market share contributions by each regional and country market. The report also includes an industry analysis, competitive landscape, financials of companies, and impact analysis.
This report provides a comprehensive view of the global pea protein market, along with market trends, changing dynamics, deep market and regional segmentation, analysis and evaluation, regional landscape, major investments, product launches, product offering, and detailing of historical, current, and projected revenues.
The Global Pea Protein Market Size and Forecast:
According to Credible Markets Research, Global Pea Protein Market was estimated at USD 844 million in 2021. It is expected to grow to USD 1588 million in 2026. It is expected to grow at a CAGR of 13.5% from 2021 to 2026.
This Global Pea Protein Market report gives a comprehensive assessment of the market over the period of forecast. It includes a variety of segments, as well as an analysis of the current trends and elements that play an important role within the marketplace. These elements, the market dynamics include the drivers, constraints as well as opportunities and challenges that determine the impact of these factors in the market is explained. The restraints and drivers are inherent factors, whereas opportunities and obstacles are extrinsic aspects that affect the marketplace. The Global Pea Protein Market study offers a forecast of the future of the market's revenues throughout the prognosis timeframe.
Market Trend and Dynamics of the Global Pea Protein Market:
Driver: Growing vegan population and popularity of plant-based products
There is a worldwide shift in the food preferences of the population. The majority of the population is now consuming non-animal and non-meat products, like milk, or products made from milk, which has led to the increase of pea protein around the world. The causes for this change are health issues like lactose intolerance, meat allergies, and growing awareness of health in consumers. These issues have led consumers to opt for a protein that is plant-based that are free of allergens.
Restraint: High cost of extraction and processing of pea protein
In comparison to pea, there is more consumer awareness of soy protein. The manufacturers have seen economies of scale in the production of soy protein because of their large production capacity and the great demand. In contrast, peas are relatively newer. This process is costly, as it's performed in four stages and demands heavy equipment, technologies, and techniques. Therefore, the use of the pea protein in a standalone product isn't being used by the manufacturers.
Opportunity: Development and deployment of new application areas in pea protein
Pea protein was previously used in a limited number of applications and was used as a substitute for meat, mainly in meat products made from plant sources and in nutraceutical uses. Industry players are developing new products made from plants and have successfully integrated a range of uses for pea protein. It is currently used as an ingredient in nutritional bars as well as cereals, protein powders, crisps, snacks, bakery, meal-replacement drinks, as well as confectionary and substitutes for dairy products.
Challenge: Supply constraints hampering growth prospects
The ratio of conversion of pea protein varies from process to process, and different types of peas are utilized in the process. Ideally, between 15% and 20% of peas are converted into proteins. If the pea protein is not able to correspond to the needs of food and beverage producers, they might shift to other sources of pea protein. This could impact the growth of the pea protein market.
The Key Market Segmentation of the Global Pea Protein Market:
Global Pea Protein Market can be divided into Product Types, Packaging Types, Form, Application, and Geographical landscapes, etc.
Pea Protein Market Segmentation By Product Type:
Isolates, Concentrates, And Textured
Pea Protein Market Segmentation By Form:
Wet, And Dry
Pea Protein Market Segmentation By Application:
Performance Nutrition, Meat Substitutes, Snacks, Beverages, And Others
Pea Protein Market Segmentation By Geographical Landscape:
North America, Europe, Asia Pacific, South America, Middle East and Africa
Major Key Players in the Global Pea Protein Market Are:
The Covid-19 Impact Analysis:
The COVID-19 pandemic in the world has had a variety of impacts on the agriculture sector. The countries that produce the pyslses like yello peas and chickpeas, which are the principal sources for the extraction of pea protein, had to face difficulties such as obstacles to transportation and exports. Labor shortages during peak harvest season also affected the processing of pulses.
However, the recommendations for functional and healthy foods have seen a rise in the pandemic. Pea protein is being used in developed countries such as the USA, France, UK, Netherland, and Germany, etc., where the vegan population has been a rising trend. When the markets began to reopen, the markets were able to reach equilibrium with respect to the supply and demand of peas in the market. Thus, the pea protein market might be described as having experienced some mild impact from the Covid-19 pandemic.
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