Future Market Insights (FMI)‘s latest report on the pea protein ingredients market reveals two key categories for growth in the pea protein ingredients market. At the same time, leading pea protein suppliers PURIS and Roquette are ramping up production to meet future demand.
The pea protein market grew at a 6.4% CAGR between 2016 and 2020. Increasing awareness regarding the benefits of pea protein ingredients has accelerated the sales to be poised to total US$ 1.25 Bn in 2021. Apart from health benefits, the pea protein ingredients market is poised to expand at a 7.2% CAGR between 2021 and 2031 as a result of the growing trend for veganism across the globe, with the fastest-growing vegan populations localized in the US, India, the UK, and Germany.
Bakery & snacks and sports nutrition as key sectors
The market report identifies the bakery & snacks sector as one of the key growth categories in the pea protein market, with sales of pea protein ingredients expected to surge at a 9.9% CAGR through 2021. In line with a recent V-Label survey that found 58% of Europeans to be interested in pea protein for sports nutrition products, plant-based sports nutrition is named as the second category to further improve sales in the pea protein ingredients market.
In response to the increasing demand for pea protein ingredients for the plant-based market, pea protein leaders like North America’s PURIS and France’s ingredients specialist Roquette recently announced to open new production plants in the US and Canada. At present, North America accounts for over 79.2% of the world’s pea protein sales.
Giving an overall outlook for the plant-based space, an FMI analyst says: “Growing consumer preference for natural and organic food products and increasing concerns pertaining to animal welfare are expected to boost the market. In order to cater to surging requirements, manufacturers are introducing new products, which augmenting sales in the market.”