Estimating a staggering 14.5% CAGR for global organic pea protein market through the end of 2029, Fairfield Market Research forecasts the market revenue to surpass the valuation of US$52.2 Bn by the end of forecast period. A new study of the company highlights that the market registered the revenue of around US$17.8 Bn in the year 2021 and is likely to benefit the most from sustained adoption of pea protein ingredient as a supplement across F&B industry. Rising consumer proclivity for organic products is further boosting the prospects of organic pea protein market. Proliferating popularity of plant-based protein is projected to bode well for the market, says the report.
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Protein Isolates Gain Traction, Beverage Companies Record over Half the Total Demand
Protein isolates are expected to remain dominant over the other types. While isolates account for over 64% market value share, textures follow, further trailed by the concentrates. Soaring popularity of smoothies, and shakes has been bolstering demand for supplements like organic pea protein for nutrition enhancement. Several other F&B sectors will also generate notable demand for organic pea protein on the back of its hypoallergenic, and vegan attributes. However, the maximum demand will continue to come in from the beverages sector, says the report. Beverage manufacturing brands tend to account for more than 50% of total consumption, followed by the meat extender and analogue category. The latter also records more than 40% of total consumption in organic pea protein market.
Europe Dominant, Asia Pacific Develops Lucrative Market
With around 25% share in the total market value, Europe is expected to lead the pack in global organic pea protein market. With North America, Europe represents a collective revenue share of over 50% and the trend will continue throughout the period of projection. The market here is estimated to thrive on account of the established markets of vegan, gluten-free, plant-based, and health foods and beverages, their widening shelf space across retail, and a sizeable consumer population showing preference for health foods and beverages. The report marks North America, and Asia Pacific as the next significant markets for organic pea protein sales. The approximately US$5 Bn market in Asia Pacific will especially propel with swelling nutraceuticals market.
Some of the leading players that have been subject to competition analysis in global organic pea protein market report include Axiom Foods, Inc, Scoular Company, Ingredion Incorporated, Roquette Frères, Puris, Emsland Group, DuPont, A&B Ingredients, Glanbia plc, and FENCHEM. Meanwhile, the report also marks the fact that the flourishing non-GMO, and gluten-free trend waves are working to the advantage of organic pea protein sales. With an expanding consumer mass participating in the global sustainability drive and subsequently uphold vegan, and non-GMO products against their animal-sourced counterparts, the growth of organic pea protein market will continue to see an upswing. Despite of these estimations, the report also states that a measurably large consumer population continues to be sceptical about the nutritional profile, costs, texture, and taste of pea or other plant-based protein compared to the conventional protein sources. This will remain a longstanding challenge facing organic pea protein market.
The key report inclusions are detailed market estimates and growth forecast that have been drawn from a thorough assessment of the organic pea protein market between 2022 and 2029, considering the market performance until 2021 as a base point. The report provides analysis of the market based on the type, form, application, and end user of organic pea protein, further followed by the regional examination. The report also sheds light on the most influential trends in industry, how has the COVID-19 pandemic impacted the overall performance of global organic pea protein market, and the competition analysis.
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