As stated in our extensive report, theGlobalOrganic Pea ProteinMarketaccounted forUSD 18.40 Billionin 2021.
Organic pea protein is derived and extracted in powder form from split peas. It is consumed by consumers to improve their muscle growth and maintain their heart health. It is further used as one of the functional ingredient such as emulsifier, thickener, and foaming agent in food manufacturing practices. It consists of essential amino acids and is rich in nutrients like vitamins, carbohydrates, proteins, saponin, phytic acid, polyphenol, minerals, and oxalates. The market is primarily driven by increasing consumer awareness about the health benefits of organic food.
The increasing government support for organic farming is anticipated to augment the growth of the Organic Pea Protein Market during the forecast period. Most of the governments from various countries are promoting organic farming through various schemes. For instance, the Government of India provides is promoting organic farming across the country though different schemes. One of such schemes is Paramparagat Krishi Vikas Yojana (PKVY) that promotes cluster based organic farming with PGS certification. In this scheme, cluster formation, training, certification and marketing are supported and assistance of Rs.50,000 per ha /3 years is also provided out of which Rs. 31,000 is given as incentive to a farmer towards its contribution to the organic inputs. Another such scheme is Mission Organic Value Chain Development for North Eastern Region (MOVCDNER) that promotes 3rd party certified organic farming in the north east region of niche crops through Farmers Producer organizations (FPOs) with focus on exports. Furthermore, increasing demand for organic products and rising vegan population are also expected to augment the growth of the market in near future.
However, the low consumer awareness and expensive organic protein along with presence of non-certified organic food sector are expected to hamper the growth of Organic Pea Protein Market in the years to come. Moreover, the shift of consumer preference towards organic food is further anticipated to create more opportunities for the growth of the electric vehicle adhesives within the estimated timeframe. Additionally, the new product launches is also expected to support the growth of the market.
Asia Pacific held the largest share in the Global Organic Pea Protein Market and is likely to continue the same trend during the forecast period. The U.S. dominated in the North America region. This is attributable to the rising concerns over animal products and protein and large presence of pea protein manufacturers along with well-established food and beverage industry in the region. Additionally, the increasing vegan population along with increasing demand for healthy & nutritional products is also expected to support the growth of the market in near future. Asia Pacific is expected to grow at a substantial Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to the growing preference for meat alternatives and increasing protein-rich diet awareness in the region.
Some of the prominent players operating in the GlobalOrganic Pea Protein Market includeScoular Company (U.S.), Axiom Foods, Inc. (U.S.), World Food Processing, L.L.C (U.S.), AIDP, Inc. (U.S.), Farbest Brands (U.S.), Shaanxi Fuheng Biotechnology Co., Ltd (China), Phyto-Therapy Pty. Ltd. (Australia), The Green Labs LLC (U.S.), Zelang Group (China), and Bioway (Xi'an) Organic Ingredients Co., Ltd. (China)..