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North America Pea Protein Market By Type (concentrated, Isolated, Textured), By Application (snacks & Bakery Products, Meat Extenders, Meat Substitute, Food & Beverages, Other Food Application), And By Country (US, Canada and Rest of North America) - Growth, Size, Share, Trends, and Forecasts 2022 to 2027

Published: January, 2022
ID: 707
Pages: 145
Formats: report pdf report excel report power bi report ppt

North America Pea Protein Market Growth and Forecast:

North America Pea Protein Market has been estimated at USD 16.69 Million in 2021 and is projected to reach USD 24 Million by 2026, at a CAGR of 8% during the forecast period from 2022 - 2027.

Market Overview:

Among various vegetable protein, good nutritional profile of pea protein is responsible for its growth in market share. Various amino acids like Lysine, Aspartic acid and glutamic acid are abundant in pea protein. Moreover, pea protein also has less allergen, which makes it an obvious choice for people who are milk/meat intolerant.

Drivers and Restraints:

North America Pea Protein market demand for pea protein is expected to rise rapidly as health and wellness concerns rise among consumers around the region. With the growing demand for plant protein-based products around the North America, major players are expanding their plant protein business along with developing new products in line with consumer trends. Changing consumer lifestyles is a key factor driving North America Pea Protein market demand. With the growing interest in the health and well-being of consumers around the region, the North America Pea Protein market demand is increasing by adopting a healthier lifestyle. Additionally, growing concern over the level of lactose intolerance is driving North America market demand for pea protein. Additionally, increased product innovations in terms of manufacturing that perform certain functions, such as weight loss, muscle recovery, energy balance, and satiety, are expected to create huge North America Pea Protein market potential. North America Pea Protein is used to make high quality, easily digestible meat substitutes due to its neutral taste and combined texture properties. The growing popularity of plant proteins is driving the growth of the North America Pea Protein market mainly for pea proteins, with a growing demand for gluten-free products. The increasing demand for pea protein in dietary supplements and functional foods and beverages is expected to boost the growth of the North America Pea Protein market. The growing demand for fortified foods, along with the spread of various chronic diseases such as diabetes and cardiovascular diseases, is expected to increase the growth of the North America Pea Protein market. Furthermore, the growth of the food and beverage industry is expected to further accelerate the growth of the North America Pea Protein market. The rising trend of convenience food spending in developing countries and the multi-functional nature of pea protein are key factors expected to drive the North America Pea Protein market growth over the forecast period. Protein is derived from many types of pea cultivars, including green, dried, and chickpeas, and comes in the form of textures, concentrates, and isolates. Additionally, increasing consumption of meat substitutes, growing concerns about the level of lactose intolerance, and optimistic outlook for the sports nutrition market are some of the key drivers of the North America Pea Protein market. Increasing demand for high-protein formulations among health-conscious consumers is expected to provide favorable opportunities for the North America Pea Protein market. The increasing number of people visiting gyms and diet centers recommending a rich source of protein, energy drinks and other healthy foods to people is expected to further fuel the growth of the North America Pea Protein market. Therefore, the increasing demand for high protein formulations is expected to drive the growth of the North America Pea Protein market. Technological advancements in extrusion and processing are expected to be a suitable opportunity for the North America Pea Protein market. The increased market for weight management products and the improved taste of textured pea protein are also seen as suitable opportunities for the North America Pea Protein market.

Restraints:

Low consumer perception of pea protein is a major factor impeding the growth of the North America Pea Protein market. Along with the growing demand for other plant proteins, the high price of pea protein is also limiting the North America Pea Protein market. Furthermore, the rapid penetration of animal proteins into the market hinders the growth of the North America Pea Protein market.

North America Pea Protein Market Segmentation Analysis:

The North America pea protein market is segmented on the basis of type, application and region. On the basis of type, the pea protein market is segmented into concentrated, isolated and textured. In addition, textured pea protein is sub-segmented into wet and dry. Furthermore, on the basis of application the market is segmented into snacks & bakery products, meat extenders, meat substitute, food & beverages and other food application. Meat substitute segment is likely to grow at a significant rate over the forecast period compared to other areas.

Impact of COVID 19 on the North America Pea Protein Market:

Rising COVID 19 cases in North America, coupled with strict government shutdown measures, could disrupt the food and beverage industry. Strict regulations and restrictions on transportation, trade, and social distancing measures can disrupt supply chains and lead to shortages of raw materials. Food and beverage is a labor-intensive industry and strict social distancing measures have the potential to affect productivity, limiting the food and beverage industry. However, the North America Pea Protein market is likely to be seen in the long term due to the spread of livestock and animal diseases. Positive changes in consumer perception of the use of vegetarian alternatives can drive industry trends.

Region Analysis:

Geographically the North America Pea Protein Market is segmented into US, Canada and Rest of North America. North America dominated the pea protein market, accounting for more than 44% of global revenue in 2021. Growing demand for gluten-free products, growing concerns about cardiovascular disease (CVD) stemming from meat consumption are expected to Red and strong growth in the North American sports nutrition industry boosted regional markets during the forecast period. Increased consumption of cereals, including canola and soybeans for bio-based chemicals, is expected to decrease their availability as a protein component. Consumers in the US region are rapidly consuming pea protein in their daily diet in the form of protein powders or meat substitutes that can increase demand for the product. Also, as awareness of the benefits of plant proteins changes, the shift in nutrition awareness will increase the size of the Canadian market.

Key Plyers in the Market:

Major Key Players in the North America Pea Protein Market are

  • A&B Ingredients
  • Axiom Foods, Inc
  • Consucra-Groupe Warcoing
  • Burcon NutraScience Ltd
  • Roquette Freres
  • Nutri-Pea Limited

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