Global Pea Protein Market to Reach US$ 2,063.1 Million by 2028, Impelled by Shift Toward Veganism

According to the latest report by IMARC Group, titled “Pea Protein Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global pea protein market size reached US$ 975.3 Million in 2022. Pea protein is a high-quality protein primarily obtained from yellow peas. It is a rich source of plant protein and other essential nutrients, such as arginine, iron, magnesium, and branch-chained amino acids. Pea protein is free from common allergens, saturated fats, and cholesterol. As a result, it contributes to muscle growth and weight loss, improves heart health, and reduces the risk of kidney-related disorders. Due to its neutral taste, pea protein is commonly utilized as a food additive, dairy protein alternative, and dietary supplement in the food and beverage (F&B) industry.

Global Pea Protein Market Trends:

The global pea protein market is primarily being driven by the growing adoption of vegetarian and vegan diets across the globe. The dietary shift from animal-based proteins to plant-based alternatives due to growing health-consciousness among consumers is propelling the growth of the market. Moreover, the growing instances of gluten allergies and lactose intolerance is driving the market as pea protein is naturally dairy- and gluten-free. Besides this, the widespread utilization of pea protein in sports nutrition and the rising demand for weight management solutions are among the other growth-inducing factors. Increasing disposable incomes and rising consumer expenditure capacities on health and wellness are among the other factors creating a positive outlook for the market. On account of the aforementioned factors, the market is expected to reach a value of US$ 2,063.1 Million by 2028, growing at a CAGR of 13.18% during the forecast period (2023-2028).

Market Summary:

• On the basis of the product type, the market has been divided into isolates, concentrates and textured products.
• Based on the application, the market has been classified into dietary supplements, bakery products, meat substitutes, beverages and others.
• On the basis of the end user, the market has been bifurcated into retail and institutional segments.
• On the geographical front, the market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
• The competitive landscape of the market has been examined in the report with the detailed profiles of the key players operating in the market. Some of these players include Axiom Foods, Inc., Cosucra-Groupe Warcoing, Nutri-Pea Limited, Roquette Frères S.A., Shandong Jianyuan Foods Co., Ltd, Sotexpro SA, The Scoular Company, Naturz Organics, Fenchem, and Glanbia Plc.

Report Scope:

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