The plant protein market skyrocketed with the increasing consumption of protein-rich diets across the globe for the last four to eight quarters. Most importantly, the need for a responsible lifestyle has increased the need for natural, sustainable products. Gluten-free, soy-free, and hypo-allergenic qualities make pea protein ideal for these requirements. Also, it has a good amino acid profile as well as a good protein digestibility making it widely acceptable by consumers. The growing trend of consumption of health and sports drinks by consumers triggered the demand for pea proteins. Therefore, globally many F&B companies and start-ups have plunged into the market with new innovative products. For instance,

• In February 2022, United Kingdom-based soft drinks company, Britvic, partnered with Xampla to use the latter’s tech in its vitamin fortified drinks. Xampla, which is backed by the University of Cambridge, developed technology from pea protein to produce microscopic capsules to be used in liquids that will protect the vitamins from being broken down by sunlight. Due to this innovative technology, the vitamin fortified drinks by Britvic can be used in clear bottles, which are mostly preferred by consumers, without necessary UV rays’ protection. Notably, Xampla was awarded £1 million in funding from the United Kingdom Government’s innovation agency, Innovate UK, to scale up its technology, which is now available for commercial use.

• Similarly, in February 2022, United Kingdom-based The Good Pea Co. launched two new healthy and sustainable pea-based drinks in the market.

According to ConsumerIntel360, the global pea protein market is expected to record strong growth in the next four to six quarters. Therefore, companies are expanding their business internationally to increase their market share. For instance,

• In February 2022, United Kingdom-based Rapid Nutrition, which is a natural healthcare company, recently expanded its innovative science-based nutrition offering across the globe. Out of the products, the company will expand its vegan protein powders that include a new form of pea protein which has been fermented with mushrooms in order to enhance bioavailability absorption and flavor.

Eyeing the lucrative market, pea-protein product-based companies are raising funds to enter the market. For instance,

• In February 2022, Barcelona-based Novameat raised US$ 6 million in its pre-Series A round of funding that develops plant-based meat alternatives with its proprietary technology. Notably, the company’s 3D printed steak consists of pea protein, beetroot juice, and other plant-based ingredients making it the first meat substitute composed of highly temperature-sensitive ingredients. According to the company, it will utilize the funds to enter the plant-protein market with its products, primarily steaks, and tenderloins. Previously, the company bagged a grant from the European Innovation Council Accelerator, and the current funds will add up to it, helping the company to scale up its production.

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