Food and Beverages

Pea Protein Market

Global Industry Analysis and Forecast 2024-2031

Pages : 120

Base Year : 2023

Released Year : May 2024

Format :Pdf Ppt Xls

Report ID:KR687

Author : Ashim L.

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Base Year

2023

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Forecast Year

2024-2031

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Historical Years

2019-2022

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Market Value (2023)

USD 1,855.8 Million

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Forecasted Value (2031)

USD 3,312.8 Million

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CAGR (2024 - 2031)

7.53%

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Fastest Growing Region (2024 - 2031)

Asia Pacific

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Largest Region

North America

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By Type

Concentrates, Isolates, Textured

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By Source

Chickpeas, Yellow Split Peas, Others

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By Application

Meat Alternatives, RTD Beverages, Dairy Alternatives, Nut Butters, Snacks & Bars, Nutrition Supplements, Animal Feed, Others


Pea Protein Market Size

The global Pea Protein Market size was valued at USD 1,855.8 million in 2023 and is projected to reach USD 3,312.8 million by 2031, growing at a CAGR of 7.53% from 2024 to 2031. This growth is driven by increasing consumer interest in plant-based diets and rising awareness about environmental sustainability. Surging health awareness, particularly regarding lactose intolerance and gluten sensitivities, is further propelling the adoption of plant-based proteins such as pea protein. The functional benefits of pea protein, such as high digestibility and amino acid content make it favorable as a nutritional supplement. Additionally, the expanding vegan population and the rising demand for environmentally friendly products are contributing significantly to market development.

The global pea protein market is experiencing robust growth backed by diverse applications in sectors such as food and beverage, health supplements, and animal feed, among others. North America and Europe dominate the market due to high health consciousness among consumers and supportive regulatory frameworks. Notably, technological advancements in extraction and processing techniques have also enhanced product quality, boosting its incorporation into various products, ranging from meat substitutes to protein bars.

Pea protein is generally extracted from yellow and green peas and is primarily used as a functional ingredient and dietary supplement. It serves as a rich source of iron and beneficial amino acids, catering to nutritional needs without allergens typically found in dairy and soy products. Its rising popularity in numerous formulations for its texture and ability to blend with other ingredients is positioning it as a versatile component in the global health and wellness industry.

Analyst’s Review 

The growth of the global pea protein market is driven by factors such as shifting consumer preferences toward plant-based diets, increasing health awareness, and advancements in extraction technologies. Manufacturers are investing in the launch of new products and expansion of production facilities to meet the anticipated rise in demand. Investments in research and development (R&D) to expand the application spectrum of pea protein are slated to impact its growth and adoption in the upcoming years.

Pea Protein Market Growth Factors

A significant driver facilitating the growth of the pea protein market is the increasing shift toward plant-based diets globally. Consumers are actively seeking healthier and sustainable alternatives to traditional animal-based products. This shift is fueled by concerns about personal health, environmental impact, and animal welfare. In response to this, food manufacturers are broadening their offerings to include pea protein-based products, such as plant-based meats, dairy alternatives, and nutritional supplements, to meet the rising demand from health-conscious consumers.

A notable challenge in the pea protein market lies in the perception of taste and texture compared to animal-based proteins. To address this challenge, ongoing research and development efforts are focusing on enhancing the flavor profiles and mouthfeel of pea protein products. Innovations in food technology, such as flavor masking techniques and texture modification, are being employed to create more appealing and palatable options for consumers. Collaborations between food scientists, chefs, and nutritionists are playing a crucial role in formulating pea protein products that align with consumer preferences and dietary requirements.

Pea Protein Market Trends

The surge in product innovations and formulations is impacting and shaping the pea protein market. Companies are continually formulating and introducing new pea protein-based products, such as ready-to-drink beverages, snack bars, and plant-based dairy alternatives, to cater to diverse consumer preferences. This trend is supported by the growing demand for convenient and nutritious options, especially among busy urban populations. Additionally, advancements in food processing technologies and ingredient combinations enable manufacturers to create unique and appealing pea protein products that offer enhanced taste, texture, and nutritional value.

The expansion of distribution channels and market reach is another significant trend impacting the pea protein market. Manufacturers are strategically partnering with retail chains, e-commerce platforms, and specialty stores to increase product accessibility and visibility. This trend is fueled by the rising consumer awareness and acceptance of plant-based proteins, driving product demand across various demographics and geographic regions. Moreover, collaborations with foodservice providers, including restaurants and cafes, are further promoting the incorporation of pea protein into mainstream menus, reflecting the growing influence of plant-based diets on global culinary trends.

Segmentation Analysis

The global pea protein market is segmented based on type, source, application, and geography.

By Type

Based on type, the market is segmented into concentrates, isolates, and textured. The isolates segment led the market in 2023, reaching a valuation of USD 834.4 million. The segment is expanding significantly due to several factors, such as their higher protein content and purity compared to concentrates, which makes them a preferred choice for consumers seeking better protein sources. Health-conscious individuals and athletes favor isolates for their muscle-building properties due to better absorption and amino acid profiles. Moreover, technological advancements in extraction and purification processes have improved the quality and versatility of isolates, driving their adoption across various food and beverage applications. These factors are aiding the growth of the isolate segment. 

By Source

Based on source, the pea protein market is divided into chickpeas, yellow split peas, and others. The yellow split peas segment secured the largest revenue share of 64.1% in 2023. The segment is witnessing substantial growth primarily due to its nutritional composition and functional properties. Yellow split peas are rich in protein, fiber, and essential nutrients, which makes them an attractive source of plant-based protein formulations. Moreover, they are more cost-effective than other pea varieties, which is increasing their popularity among manufacturers.

By Application

Based on application, the market is segmented into meat alternatives, RTD beverages, dairy alternatives, nut butters, snacks & bars, nutrition supplements, animal feed, and others. The meat alternatives segment held the largest revenue share of 26.7% in 2023. The meat alternatives segment is witnessing remarkable expansion driven by shifting consumer preferences toward plant-based diets, along with the inclusion of sustainable protein sources. Increasing concerns about animal welfare and environmental impact, as well as rising awareness regarding its health benefits, are driving the demand for pea protein-based meat alternatives. The versatility of pea protein in mimicking meat attributes while offering nutritional advantages is impelling the growth of the meat alternatives segment.

Pea Protein Market Regional Analysis

Based on region, the global pea protein market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

Pea Protein Market Size & Share, By Region, 2024-2031

North America emerged as the leading region in the pea protein market in 2023, attaining a valuation of USD 608.7 million. The region's dominance in the pea protein market stems from several factors, including a well-established health and wellness culture, driving the demand for plant-based proteins from different sources such, as pea and soy, among others. Additionally, stringent regulations promoting clean labels and sustainable food ingredients further support market growth. The presence of key players who are investing extensively in research and development to innovate pea protein applications is further strengthening North America's leading position.

The Asia-Pacific pea protein market is poised to observe strong growth over the forecast period at a CAGR of 8.86%. This growth can be attributed to several factors, such as the increasing adoption of plant-based diets, rising health consciousness, and expanding vegan and vegetarian populations in countries like China, India, and Japan. Additionally, growing awareness of environmental sustainability and animal welfare is further driving the demand for pea protein in the region. Strategic partnerships between regional and global players, along with investments in product development and marketing, are fueling pea protein consumption in the Asia-Pacific, making it the fastest-growing region in the market.

Competitive Landscape

The global pea protein market report will provide valuable insight with an emphasis on the moderately fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, could create new opportunities for market growth.

List of Key Companies in Pea Protein Market

  • Cargill, Incorporated
  • ETprotein
  • Foodchem International Corporation
  • Ingredion
  • Nature Bio-Foods Ltd
  • Nutri-Pea
  • Roquette Frères
  • Sun Nutrafoods
  • Taj Agro International (Taj Pharma Group).
  • The Scoular Company

Key Industry Developments 

  • February 2024 (Launch): Roquette launched four multi-functional pea proteins under its NUTRALYS brand. These include isolates, hydrolysates, and textured products, marking a significant development in the plant protein market. These innovations target taste, texture, and creativity in plant-based foods, addressing common challenges food manufacturers face. The expanded NUTRALYS portfolio offers improved application opportunities, particularly in nutritional bars, protein drinks, and plant-based meat and dairy alternatives, enhancing product quality and consumer appeal.
  • January 2023 (Patent): Burcon NutraScience Corporation received a notice of allowance from the USPTO for a patent application covering the characteristics of its Peazazz pea protein. This addition strengthened Burcon’s extensive patent portfolio, enhancing its position in plant-based protein technology, with 322 issued patents globally, including 72 in the U.S., and over 170 pending applications.

The Global Pea Protein Market is segmented as:

By Type

  • Concentrates
  • Isolates
  • Textured

By Source

  • Chickpeas
  • Yellow Split Peas
  • Others

By Application

  • Meat Alternatives
  • RTD Beverages
  • Dairy Alternatives
  • Nut Butters
  • Snacks & Bars
  • Nutrition Supplements
  • Animal Feed
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • U.K.
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
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CUSTOMIZATION OFFERED
  • Check Icon Additional Company Profiles
  • Check Icon Additional Countries
  • Check Icon Cross Segment Analysis
  • Check Icon Regional Market Dynamics
  • Check Icon Country-Level Trend Analysis
  • Check Icon Competitive Landscape Customization
  • Check Icon Extended Forecast Years
  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global market is projected to reach USD 3,312.8 million by 2031, growing at a CAGR of 7.53% from 2024 to 2031.
The global market was valued at USD 1,855.8 million in 2023.
The key factors driving the global market include increasing consumer interest in plant-based diets for health and sustainability, technological advancements enhancing product quality and versatility, and rising demand for allergen-free and environmentally friendly protein sources.
Top manufacturers of pea protein market are Cargill, Incorporated, ETprotein, Foodchem International Corporation, Ingredion, Nature Bio-Foods Ltd, Nutri-Pea, Roquette Freres, Sun Nutrafoods, Taj Agro International (Taj Pharma Group)., The Scoular Company and others.
Asia-Pacific is the fastest growing region with the CAGR of 8.86% in the forecast period (2024-2031) with the market value forecast to reach at USD 805.0 million.
By application, meat alternatives will hold the maximum share in the pea protein market with the revenue value of USD 841.5 million in 2031.
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