A new market research report by Global Market Insights forecasts strong annual growth rates of up to 12.9% for the global pea protein market in the 2018-2024 period. According to the report, the market volume could rise to 160 million USD by 2024.
Meat alternatives made from pea protein are generally cheaper than meat, fish and poultry, and are a more environmentally-friendly and sustainable food source. The increasing use of pea protein in meat substitutes, dietary supplements and the nutraceuticals industry will stimulate market growth in the future, according to the report.
Growing consumer preference for vegetarian and vegan diets due to their substantial health benefits, digestibility and anti-allergenic properties will also drive market growth. As a result, an increasing number of consumers are turning to plant-based protein sources, which in turn will encourage manufacturers to add to their product ranges in this area.
The market analysis also shows that the high availability of other plant-based protein sources such as soy, which has similar benefits to pea protein, poses a challenge to the profitability of the industry and could hinder the growth of the pea protein market.
Click here for the full report.