Pea Protein Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Source (Organic, Conventional), By Type (Protein Concentrates, Protein Isolates, Protein Hydrolysate), By Form (Liquid, Dry), By Application (Dietary Supplement, Food, And Beverages, Pharmaceuticals, Animal Feed), And By Geography - Forecasts From 2022 To 2027

The pea protein market is projected to grow at a CAGR of 10.26% to reach US$708.670 million by 2027, from US$357.700 million in 2020.

The health and wellness aspirations of consumers across the world are increasingly influencing food and beverage consumption. Another factor that is influencing the purchasing tendencies of an informed consumer in the present is the increasing tendency of a perceived need to reduce meat consumption and improve the inclusion of alternative solutions to meat in the regular diet as people attempt to do away with animal protein sources, ultimately embracing the vegan lifestyle.

Moreover, the current state of indisposition to which the world has succumbed, also known as COVID-19, is further encouraging consumers to lead a flexitarian way of life as well as make an attempt to eliminate sources of animal protein, ultimately adopting the vegan diet. The other aspect is that of the growing population, which is putting a lot of stress on the environment and could infringe on food security in the near future. Nevertheless, the meat substitutes offered in the form of plant-based meat or vegan eggs, for example, don’t carry the quantum of protein that meets the dietary requirement to maintain a healthy life.

Thus, the need for sourcing protein from plants arises out of which pea protein has gained currency in recent times among processed food makers. A recent example of this trend can be instanced by the launch of a new stone-baked Meatless Mediterranean pizza by Goodfella’s Pizza in the UK, which features pea protein mince among other ingredients. This also suggests that the trend towards plant-based protein is upward indeed that despite the global pandemic and its negative impacts on the global economy, there is a palpable which make effort to include components that are plant-based sources of protein ingredients, such as pea protein.

One of the key elements that are anticipated is that plant protein-informed consumers will include a wide range of consumers in addition to the fitness-focused millennials to drive them during the anticipated period, of the world market for pea protein. Moreover, the propensity to purchase food with plant-based protein ingredients is not only limited to the affluent it includes households who have just started a family, nuclear as well as joint families, independent singles, long-term relationships, and young teenagers who want to switch to plant-based meat, and senior couples.

The rationale for such consumption ranges from the need to compensate for not eating animal products; losing weight; embracing a healthier diet (viz. organically sourced plant protein); achieving fitness goals, and health reasons (especially given the possibility of health complications among the geriatric population). Therefore, in cognizance of this consumer trend that is surging upward, one of the world’s leading taste and nutrition companies  Kerry Group plc (LON: KYGA), has recently (in February 2020) acquired Pevesa Biotech SAU to strengthen its position in its non-allergenic and organic plant protein business. Kerry's presence in the degraded plant protein market for specialized nutrition is further strengthened by the acquisition, which also increases the company's ability to supply the quickly expanding organically grown protein market. Based in Seville, Pevesa specializes in sustainable, non-GMO, plant-based proteins. Conventional and organic pea protein isolate is one of the company's products. While this highlights once more how eager and urgently various market competitors are looking at the pea protein component industry despite the current interest in pea protein component is not new, despite the current worldwide health crisis. In light of this, it is important to be aware that the development of the Roquette pea protein processing facility at Portage la Prairie in Manitoba will take longer than initially anticipated, delaying the anticipated date the plant is to be operational until 2020. Roquette Frères, a company based in France, announced an investment of US $303 million in the project as early as Thereafter, in August 2019, Cargill invested an additional $75 The biggest producer of pea protein in North America, PURIS, invested million. The investment was made to enable PURIS to increase its pea protein production by more than doubling its capacity using an existing 200,000-square-foot facility in Dawson, Minnesota, USA. This investment will enable PURIS to keep up with the ever-increasing demand for its category-leading pea proteins, starches, and fibres, all grown and produced through its unique vertically integrated and transparent supply chain.

With the recognition that the global demand for food is growing, with a specific need for more protein as well as the need to stimulate the national economy, the government of Canada's Innovation Superclusters Initiative brings together small, medium-sized, and big businesses, academic institutions, and not-for-profit organisations. To this end, in 2018, the Honourable Emergency Preparedness, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development announced the signing of an agreement to invest up to nearly $153 million in the Prairie-based Protein Industries Canada Supercluster, which is ais a group of businesses, post-secondary institutions, and Together, government agencies, businesses, and non-profits are establishing Canada as a global leader in the expanding market for plant-based proteins [Source: Government of Canada's Innovation, Science, and Economic Development]. As a result, an industry-led partnership that will begin work on a novel processing project in January 2020 was revealed as falling under the purview of the aforementioned. As a result, an industry-led partnership that will begin work on a novel processing project in January 2020 was revealed as falling under the purview of the aforementioned. The new initiative was launched in recognition of the shift in consumer habits, which has resulted in an increase in demand for additional options and will present Canadians with better-tasting plant-based alternatives. Further, its objective is also to commercialize new highly soluble, highly functional pea protein isolates, among others, that can eliminate the grittiness experienced with less soluble proteins and will improve the flavour profiles of plant-based products, including plant-protein beverages and meat alternatives.  The Manitoba Food Centre, Pitura Seeds, Winning Combination, and Merit Functional Foods will work together to develop the product utilising proprietary technology from Burcon NutraScience Corporation (TSX: BU)  the new protein isolates with more than 90% purity. Another objective is to further aid the increasing demand for and value of Canadian peas by enabling the farmers to sell more of the products.

COVID-19 Impact on the Pea Protein Market

The COVID-19 pandemic outbreaks heavily impacted the food and beverage industry. The epidemic affected travel, manufacturing, services, healthcare, and supply chains, which had a bad effect on the world's financial markets. Although the globe has started to return to normal, some regions still have difficulties due to the appearance of new COVID-19 varieties and cases.

The coronavirus epidemic in the food and beverage industry has made people rethink their diets since it has highlighted the connection between food and health. The COVID-19 event boosted the pea protein market and sped up demand for pea protein-containing goods. A lack of meat and processed meat products in many areas, growing scepticism surrounding meat intake during the pandemic, and a growing propensity toward a healthy lifestyle were the main drivers of the rising demand for pea protein.

 As a result of the COVID-19 epidemic, many pea producers are concentrating on maintaining their business while also creating life-sustaining foods, health supplements, and superfoods to offer clients goods with high nutritional properties. Manufacturing enterprises found it challenging to get peas for additional processing during the start of the COVID-19 epidemic in the first half of 2020. Pea protein's entire supply chain was messed up. Consumers purchased only necessities, including food, medications, and produce, were purchased. However, businesses have recently begun to operate to meet pea-based protein needs progressively. Despite the increased COVID-19 cases in the country, the U.S. pea industry kept running close to capacity. The U.S. Department of Agriculture (USDA) continued striving to ensure access, resources, and safety. At the same time, the U.S. Department of Homeland Security (DHS) categorised the food and agriculture sectors as important infrastructure.

KEY DEVELOPMENT

• January 2020- To supply pea protein for Beyond Meat's line of plant-based meat products, Roquette Freres entered into a multi-year agreement with the company. It is predicted that this partnership will increase Roquette Freres' supply of pea protein to Beyond Meat.

Pea Protein Market Scope:

Key Market Segmentation

• By Source
  • Organic
  • Conventional
• By Type
  • Protein Concentrates
  • Protein Isolates
  • Protein Hydrolysate
• By Form
  • Liquid
  • Dry
• By Application
  • Dietary Supplement
  • Food and Beverages
  • Pharmaceuticals
  • Animal Feed
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Thailand
    • Indonesia
    • Taiwan
    • Others