Pea Protein Industry: Business Insights, Key Trend Analysis | [SWOT] Analysis

 The pea protein market is experiencing significant growth in recent years, driven by various factors such as increasing consumer demand for plant-based protein sources, rising awareness regarding the health benefits of pea protein, and growing preference for vegan and vegetarian diets. The pea protein market size is estimated at USD 2.1 billion in 2024 and is projected to reach USD 3.7 billion by 2029, at a CAGR of 12.0% from 2024 to 2029. Pea protein is derived from yellow peas and is known for its high protein content, as well as being gluten-free and hypoallergenic, making it suitable for a wide range of dietary needs.

Pea Protein Industry Trends:

• Rising Demand for Plant-Based Protein: With the growing awareness of the environmental impact of animal agriculture and concerns about animal welfare, many consumers are shifting towards plant-based diets. Pea protein offers a sustainable alternative to animal-derived proteins.
• Health and Wellness Trends: Pea protein is perceived as a healthy and nutritious protein source. It is low in fat, cholesterol-free, and contains essential amino acids. As health-conscious consumers seek out products with clean labels and natural ingredients, pea protein fits the bill.
• Expansion of Product Offerings: Food and beverage manufacturers are incorporating pea protein into a wide range of products, including plant-based meat alternatives, dairy alternatives, sports nutrition products, and snacks. This diversification of applications is driving the demand for pea protein.

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• Technological Advancements: Advances in food processing technologies have improved the taste, texture, and functionality of pea protein, making it more appealing to consumers and suitable for a broader range of food applications.
• Retail Penetration: Pea protein products are becoming increasingly available in mainstream retail outlets, including grocery stores, supermarkets, and online platforms. This increased accessibility has contributed to the market’s growth by reaching a broader consumer base.

Global Pea Protein Industry Drivers: Growing consumer awareness about nutritional benefits offered by pea and pea-based products.

The global popularity of plant-based foods surged in 2020, driven by a wave of innovative products like bakery items, plant-based lattes, and vegan burgers. Even McDonald’s joined the trend with their McPlant menu. This surge coincided with the COVID-19 pandemic lockdowns, which led many to prioritize health and wellbeing. As reported by New Food Magazine, plant-based food sales skyrocketed by 243%, with a significant 14% increase in consumer preference for meat-free and dairy-free options.

Pea protein powder has emerged as a key player in this trend. Its ability to boost protein content in shakes, smoothies, and energy drinks makes it highly versatile.  Being naturally vegan and hypoallergenic, pea protein caters to a wide range of dietary needs.  Rich in iron and high-quality protein, pea protein is linked to several health benefits, including promoting muscle growth, aiding in weight loss, and supporting heart health. Studies suggest that pea protein, particularly from yellow peas, can even help lower cholesterol and blood pressure without straining the kidneys. These promising health benefits are expected to further propel the growth of the global pea protein market.

What specific developments are influencing the pea protein market growth in Europe?

The burgeoning wave of the pea protein market growth in Europe is driven by the continent’s food & beverage industries embracing the multifunctional applications of this plant-based compound. Active participation in global trade amplifies the accessibility of pea protein, facilitating its flow across borders and supporting industries with diverse applications.

European countries play crucial roles in global trade, both as importers of raw materials and exporters of finished products. The demand for pea protein in Europe affects international trade dynamics, influencing production, pricing, and supply chains worldwide. Additionally, Europe’s emphasis on environmental awareness and sustainability initiatives has put the region at the forefront. The increasing awareness of environmental sustainability prompts consumers to seek alternative protein sources with lower environmental footprints.

Pea protein production requires fewer natural resources and emits fewer greenhouse gases compared to animal-based proteins, aligning with the preferences of eco-conscious consumers.

How Pea Protein is Revolutionizing Plant-Based Nutrition?

• Complete Protein Source: Pea protein contains all nine essential amino acids, making it a complete protein source. This is significant for plant-based diets, as it provides a comparable amino acid profile to animal-derived proteins, supporting muscle growth, repair, and overall health.
• Sustainability: Pea protein is considered more sustainable than animal-derived proteins, as peas require fewer natural resources like water and land to cultivate compared to livestock farming. Its cultivation also has a lower environmental impact in terms of greenhouse gas emissions and land use, contributing to sustainable food production practices.
• Allergen-Friendly: Pea protein is hypoallergenic and gluten-free, making it suitable for individuals with common food allergies or intolerances. This expands the accessibility of plant-based protein options to a broader consumer base, including those with dietary restrictions.
• Versatility: Pea protein is highly versatile and can be incorporated into a wide range of food and beverage products, including plant-based meats, dairy alternatives, protein bars, snacks, and beverages. Its neutral flavor profile and functional properties make it adaptable for various culinary applications without compromising taste or texture.
• Health Benefits: Pea protein offers numerous health benefits, including support for muscle growth and recovery, weight management, and cardiovascular health. It is low in fat, cholesterol-free, and contains bioactive compounds such as antioxidants and phytonutrients that contribute to overall well-being.

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Top Pea Protein Companies

• Roquette Frères (France)
• Cargill Incorporated (US)
• Glanbia PLC (Ireland)
• Kerry (Ireland)
• Ingredion Incorporated (US)
• Emsland Group (Germany)
• Yantai Shuangta Foods Co, Ltd (China)
• The Scoular Company (US)

Agricultural Microbials Market Will Hit Big Revenues In Future

 The agricultural microbials market refers to the sector involving microorganisms that are used in agriculture to enhance crop productivity and sustainability. These microorganisms include bacteria, fungi, viruses, and protozoa that provide benefits such as improving soil health, nutrient uptake, pest resistance, and crop yield.

Key Factors Driving the Agricultural Microbials Market Growth

1. Sustainable Agriculture: Growing awareness and demand for sustainable farming practices are driving the adoption of agricultural microbials. These microorganisms offer a natural alternative to chemical fertilizers and pesticides.
2. Environmental Regulations: Stricter regulations regarding the use of synthetic chemicals in agriculture are encouraging the use of microbial products.
3. Technological Advancements: Innovations in microbial formulations and delivery systems are enhancing the efficacy and adoption of these products.
4. Increasing Food Demand: The rising global population is increasing the demand for food, pushing farmers to seek more efficient and sustainable ways to boost crop productivity.

The agricultural microbials market size is expected to generate a revenue of USD 12.6 billion by 2027 and is estimated to be valued at USD 6.4 billion in 2022, at a CAGR of 14.6% from 2022 to 2027.

The agricultural microbials market is segmented based on:

Type:

• Bacteria: Includes nitrogen-fixing bacteria, phosphate-solubilizing bacteria, etc.
• Fungi: Includes mycorrhizal fungi, Trichoderma, etc.
• Viruses: Viral biopesticides targeting specific pests.
• Protozoa: Less common but used for certain niche applications.

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Application:

• Soil Treatment: Enhancing soil health and fertility.
• Seed Treatment: Protecting seeds and improving germination.
• Crop Protection: Biological control of pests and diseases.
• Post-Harvest: Extending shelf life and reducing spoilage.

Crop Type:

• Cereals & Grains: Corn, wheat, rice, etc.
• Fruits & Vegetables: Apples, tomatoes, leafy greens, etc.
• Oilseeds & Pulses: Soybeans, lentils, etc.
• Others: Specialty crops and forage.

Agricultural Microbials Market Trends

Advancements in Microbial Technology

• Genomic Research: Advances in genomic sequencing and microbiome research are enabling the development of more effective and targeted microbial products.
• Enhanced Formulations: Innovations in formulation technology are improving the stability, shelf life, and efficacy of microbial products, making them more practical for widespread use.

Integration with Precision Agriculture

• Data-Driven Farming: The integration of microbial products with precision agriculture technologies allows for more precise application, optimizing their benefits and reducing waste.
• IoT and Sensors: Use of IoT devices and sensors in fields to monitor soil health and crop conditions can help in timely application of microbial products.

Regulatory Support and Government Initiatives

• Subsidies and Incentives: Governments are increasingly offering subsidies and incentives to promote the use of biopesticides and biofertilizers.
• Regulatory Frameworks: Development of clearer regulatory frameworks for microbial products is facilitating their market entry and acceptance.

Rise of Biofertilizers and Biopesticides

• Biopesticides: Increasing incidences of pest resistance to chemical pesticides are driving the use of biopesticides, which offer a sustainable alternative.
• Biofertilizers: Growing awareness of soil health and the benefits of biofertilizers in enhancing nutrient availability is boosting their adoption.

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How are large-scale investments in R&D by key companies impacting the agricultural microbials industry?

Major players in the agricultural microbials industry, like BASF, Bayer, and Sumitomo Chemicals, are investing heavily in research and development (R&D) and strategic acquisitions to expand their offerings of beneficial microbial products. This trend is expected to fuel significant growth in the market. For example, BASF’s new multipurpose facility allows them to produce a wider range of biological crop protection solutions for the booming Asia Pacific market. Additionally, collaborations like BASF’s partnership with Vipergen and Bayer’s work with Thrive are accelerating the discovery of sustainable solutions that minimize environmental impact and empower smallholder farmers.

North America holds the largest agricultural microbials market share

North America stands out as a major agricultural exporter. Abundant water resources, vast arable land, and a spirit of agricultural innovation among its farmers fuel this strength. Additionally, well-developed infrastructure facilitates the efficient movement of goods. Government policies further solidify this advantage. The Agricultural Improvement Act, for example, demonstrates a commitment to organic farming through dedicated research funding and trade promotion efforts. Even with a decline in overall farmland, Canada’s agricultural sector is experiencing a surge in practices utilizing biofertilizers and biopesticides, reflecting a growing focus on sustainable methods.

How do top agricultural microbials companies aim to enhance their market position in the agricultural microbials industry?

A global leader in crop protection, Bayer CropScience champions sustainable agricultural practices. Part of the Bayer corporation, this segment offers a comprehensive range of solutions, including high-quality seeds, improved plant traits, innovative biological and chemical crop protectants, digital farming tools, and extensive customer support. Bayer leverages a vast collection of over 125,000 microbial strains to develop new and beneficial products through genetic diversity. Additionally, they focus on RNA interference (RNAi) techniques for efficient crop protection solutions. The acquisition of Monsanto further bolstered their research in RNAi technology, expanding their capabilities to deliver advanced crop protection.

FMC Corporation, a leading agrochemical company, empowers growers globally with innovative solutions. Committed to environmental responsibility, they champion sustainability across their fungicide, insecticide, herbicide, and Plant Health segments. Notably, the Plant Health segment, offering a diverse range of plant protection products derived from natural sources like microorganisms, has seen significant growth in recent years.

Formerly the agricultural division of DowDuPont, Corteva Agriscience became an independent company in 2019. With its headquarters now in Indianapolis, Indiana, and a global network spanning over 140 countries, Corteva operates through Global Business Centers and regional offices. They leverage a robust infrastructure of over 150 research and development facilities and 92 manufacturing sites to deliver innovative solutions to farmers worldwide. Corteva operates in two core segments: Crop Protection and Seed.

Food Fortifying Agents Industry to Witness Unprecedented Growth in Coming Years

 The food fortifying agents market involves substances added to food products to enhance their nutritional value. These agents can include various vitamins, minerals, amino acids, and other nutrients that may be lacking in the diet or are added for specific health benefits. The market for food fortifying agents has seen significant growth due to increasing consumer awareness about health and wellness, rising demand for functional foods, and government initiatives to address nutrient deficiencies in populations. Some common food fortifying agents include iron, calcium, vitamins A and D, folic acid, and omega-3 fatty acids. This market is expected to continue expanding as consumers seek out foods with added health benefits and as food manufacturers innovate to meet these demands.

The global food fortifying agents market size is estimated to reach $128.0 billion by 2027, growing at a 10.1% compound annual growth rate (CAGR). The global market size was valued $79.3 billion in 2022.

Several Factors are Driving the Food Fortifying Agents Market Growth

1. Increasing Health Consciousness: With growing awareness about the importance of nutrition in maintaining overall health and well-being, consumers are seeking out foods that offer added health benefits. This trend is driving demand for fortified foods containing essential vitamins, minerals, and other nutrients.

2. Rising Prevalence of Micronutrient Deficiencies: Micronutrient deficiencies, such as iron, vitamin A, and iodine deficiencies, remain significant public health concerns globally. Food fortification offers a cost-effective and scalable solution to address these deficiencies, thereby driving the adoption of fortified food products.

3. Government Initiatives and Regulations: Many governments have implemented regulations mandating the fortification of certain staple foods, such as flour, rice, and salt, to combat nutrient deficiencies and improve public health. These regulatory measures create a favorable environment for the food fortifying agents market by increasing the demand for fortified food products.

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4. Growth in Functional Foods and Beverages: The popularity of functional foods and beverages, which offer additional health benefits beyond basic nutrition, is increasing rapidly. Food fortifying agents play a crucial role in the development of functional food products designed to target specific health concerns, such as immunity, bone health, and digestive health.

5. Technological Advancements in Food Fortification: Advances in food science and technology have led to the development of innovative fortification techniques that enhance the bioavailability and stability of nutrients in fortified foods. These advancements enable food manufacturers to create fortified products with improved taste, texture, and nutritional profile, thereby driving consumer acceptance and market growth.

6. Changing Dietary Preferences and Lifestyles: Shifts in dietary patterns, including increased consumption of processed and convenience foods, have led to a higher prevalence of nutrient-poor diets. Food fortification offers a convenient way to replenish essential nutrients that may be lacking in these diets, driving demand for fortified food products.

Overall, these factors are expected to continue fueling the food fortifying agents market growth in the coming years as consumers prioritize health and wellness and governments and food manufacturers strive to address nutritional deficiencies on a global scale.

What are some potential challenges or considerations associated with fortifying edible oil, particularly regarding vitamin stability and effectiveness?

Fats and oils play a significant role in fortifying food products, including margarine and oil. Margarine, a popular butter substitute, undergoes fortification with vitamins A and D. To meet the vitamin A requirement, B-carotene and oil-soluble vitamin A esters are utilized. These oil-soluble vitamins are carefully added to warm oil in the appropriate proportion before being integrated into the bulk mixture prior to homogenization. Additionally, oil fortification involves the incorporation of vitamins. Notably, vitamin A-fortified oil exhibits excellent vitamin retention even after storage for five months in sealed metal containers subjected to high temperatures and humidity.

Based on application dietary supplements hold the largest food fortifying agents market share

The surge in chronic diseases, coupled with a growing aging populace and an emphasis on health and wellness, propels the dietary supplements sector forward. Projections indicate a robust Compound Annual Growth Rate (CAGR) of 10.2% from 2022 to 2027. Dietary supplements, whether singular or combined, offer concentrated nutritional or physiological benefits in pharmaceutical dose forms, typically administered orally. Across Europe, adherence to the stringent CODEX standards restricts consumers from accessing supplements in therapeutic doses. The Codex Alimentarius, a United Nations initiative, outlines international guidelines for supplements, food production, and nutrient handling.

In Asia, the burgeoning middle-class demographic, spurred by urbanization and rising incomes, exhibits a keen interest in nutrition and supplements. Consequently, there’s a heightened demand for omega-3 nutritional supplements, driven by their myriad health advantages.

The Food Fortifying Agents Industry is Experiencing its most Rapid Growth in the Asia Pacific Region

The food fortifying agents industry in the Asia Pacific region is being propelled by the increasingly hectic lifestyles and rising disposable incomes among consumers. Anticipated to grow rapidly, the application of these agents is being driven by heightened consumer demand. Particularly in Asia Pacific, proteins and amino acids represent one of the swiftly expanding segments. Key markets in the region encompass China, India, Japan, as well as Australia and New Zealand, boasting extensive agricultural areas and the production of high-fiber content plants and oilseeds, which serve as primary raw materials for fiber and specialty carbohydrate ingredients.

Simultaneously, the processed food industry in the Asia Pacific region is witnessing growth, spurred by shifting consumer lifestyles. The food and beverage industry is currently undergoing significant changes in response to rapid urbanization, dietary diversification, and the liberalization of foreign direct investment within the food sector. Moreover, rising incomes, increased purchasing power, and consumer demand for nutritious and healthy products offer promising avenues for growth and diversification within the region’s food sector, further driving demand within the industry.

Top Food Fortifying Agents Companies

• Cargill (US)

• DSM (Netherlands)

• Chr. Hansen Holdings A/S (Denmark)

• DuPont (US)

• BASF SE (Germany)

• Arla Foods Amba (Denmark)

• Tate & Lyle (UK)

• Ingredion (US)

• Archer Daniels Midland Company (US)

Food Fortifying Agents Industry News

• In January 2022, Cargill, opened its new innovation center in India to serve growing consumer demand for healthy, nutritious food solutions. Cargill partners with its F&B customers in India to identify consumer demands, that will translate global industry trends into local application and accelerate customer product innovation pipelines by co-developing healthy, nutritious food options for consumers.

• In December 2021, DSM, announced the acquisition of Vestkorn Milling for an enterprise value of USD 68.4 million. It is of one of Europe’s leading producers of pea- and bean-derived ingredients for plant-based protein products.

• In August 2021, CHR. Hansen launched science-based probiotics for pet foods and supplements, empowering every pet’s life stage with good bacteria.

• In October 2020, DSM, announced the acquisition of Erber’s Biomin, its specialty product for animal nutrition and health & Romer Labs food/feed safety diagnostics businesses.

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Food & Beverages in 2024

 According to a research report "Global Food & Beverage Industry Outlook 2024 – Navigating The Culinary Horizon of Tomorrow" Published by MarketsandMarkets, the Top 10 Food & Beverage Markets Will Grow From USD 164.02 billion in 2023 to USD 179.83 billion by 2024, representing a Yoy increase of 9.6%. The Food & Beverages Industry Outlook covers the lant-based protein market, plant-based meat market, food-testing market, food certification market, precision fermentation ingredients market, food robotics market, personalized nutrition market, probiotics market, regenerative agriculture market, and food traceability markets.

Food & Beverages Industry's Key Developments in the 2023

• There has been a continued shift in consumer preferences towards convenient and innovative, plant-based food alternatives in 2023. For ex- growing interest in sea green-based products (e.g., algae- or kelp-based foods).
• Showing affinity towards sustainable and ethical food consumption, plant-based proteins replicating the taste and texture of animal-based counterparts have been popularized. With increasing investments and focused innovations from start-ups, precision fermentation is reshaping the landscape of alternative protein production, addressing both environmental and ethical concerns associated with traditional meat production.
• Advancements in biotechnology and nutritional science drive the creation of foods designed to meet individual health needs in personalized food space. According to a report published by Glanbia Nutritional in October 2023, the top reason consumers are reaching for functional nutrition products is to boost health.
• Consumers are increasingly turning their attention to gut health, making probiotics a sought-after trend. Probiotics, once confined to the yogurt aisle, are now making their way into unconventional foods like chocolate, ice cream, juices, sauces, and nutrition bars. Beverages are becoming a favored carrier for probiotics and prebiotics, with 25% seeking probiotics and 23% seeking prebiotics in wellness drinks, according to IFIC’s 2022 Consumer Insights on Gut Health and Probiotics Survey.
• Integration of blockchain technology in the food and beverages industry ensures transparency and traceability of the supply chain. The integration of robotics and automated systems plays a pivotal role in meeting the growing demand for mass-produced food items.
• Food and beverage manufacturers are adopting sustainability practices through reduced food waste, ethical sourcing, biodegradable/recyclable packaging, clean and transparent labeling, etc. Certifications, such as organic and fair trade, along with transparent, traceable supply chains further contribute to a more sustainable and ethical food landscape.

2024: A Year of Transformation in Food & Beverage Industry

• Sustainability: The sustainability trend will continue with heightened emphasis on circular economy and local sourcing. Efforts intensify in reducing food waste, advancing eco-friendly packaging, and enhancing energy-efficient operations. Certifications like organic and fair trade, along with transparent, traceable supply chains will remain crucial in shaping a more sustainable and ethical food landscape in 2024.
• Consumerism: Looking forward to 2024, the trend intensifies with a continued focus on personalized nutrition, clean labels, and ethical sourcing. The emphasis on on-the-go options, global culinary exploration, and health-conscious products persists, driving further growth in e-commerce and direct-to-consumer models.
• Technology and automation: Continued focus on AI-driven supply chain management, robotics, and augmented reality will help shape the food manufacturing landscape. Additionally, precision fermentation, 3D food printing, and nanoencapsulation will gain prominence, driving innovation for sustainable food production.
• Food Safety: Widespread blockchain adoption for traceable supply chains further solidifies, providing consumers with enduring assurance in the safety and integrity of their food choices.
• New Products, Solutions, and Services: In 2024, we expect a continued focus on personalized nutrition with advanced technology integration and collaborations between tech and food companies, resulting in cutting-edge formulations emphasizing both effectiveness and safety. The fusion of artificial intelligence with nutrition apps is expected to revolutionize the way consumers approach their diets. The landscape will showcase innovative ingredients and technologies shaping the future of food.

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Leveraging years of experience in the booming food & beverage sector, the global food & beverages industry outlook 2024 report equips both consumers and market leaders for the year ahead. This comprehensive resource incorporates expert opinions, insightful analyst evaluations, and extensive interviews with stakeholders worldwide, providing a well-rounded perspective on the industry's future.

North America leads the Food & Beverages Industry, and Asia Pacific experiences the highest YoY growth.

In 2024, the global food industry is expected to exhibit strong regional growth across key sectors. The alternative protein industry sees vibrant innovation globally; North America takes the lead, notably in the United States, fostering innovations in plant-based and lab-grown proteins. In the domain of food automation, widespread adoption of smart technologies is observed, with Europe and North America at the forefront. Countries like Germany, the United States, and Japan are displaying significant strides in the integration of automation and smart solutions across their food production processes. Led by countries like China, Japan, and India, Asia Pacific dominates the major market share in food robotics market, showing a robust presence in the integration of robotic technologies across various aspects of food production. Food safety solutions have found prominence in North America and Europe, emphasizing stringent quality control and pathogen detection standards. Personalized nutrition gains traction globally, particularly in North America and Europe, where the integration of genetic insights into dietary recommendations is prevalent. The Asia Pacific region, with its supportive geopolitical, demographic, and economic conditions, emerges as the fastest-growing region within the broader food & beverages industry, underscoring the region’s pivotal role in steering the industry’s dynamic evolution and technological advancements.

Key Companies in the Global Food and Beverage Industry:

In the rapidly evolving landscape of the food and beverage industry, key companies are spearheading transformative initiatives across various sectors. In the alternative protein industry, Cargill (US) and Wilmar International Ltd., (Singapore) are pioneering plant-based and lab-grown protein innovations. The realm of food automation sees global leaders such as ABB (Switzerland), Rockwell Automation (USA), and Siemens (Germany) harnessing robotics and smart technologies to enhance production efficiency. For ensuring food safety, Thermo Fisher Scientific (USA) and Neogen Corporation (USA) are at the forefront, providing advanced solutions for quality control and pathogen detection. Personalized nutrition is advanced by Nutrigenomix (Canada) and DNAfit (United Kingdom), tailoring dietary recommendations based on genetic insights. In the regenerative agriculture sector, companies like Indigo Agriculture (USA) and General Mills (USA) champion sustainable farming practices. Finally, precision fermentation is driven by innovators like Ginkgo Bioworks (USA) and Perfect Day (USA), offering scalable and sustainable solutions for alternative protein production. Together, these companies exemplify the diverse and dynamic future of the food and beverage industry.

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