Pea Protein Market Share, Size, Growth Forecast Through 2032

The global pea protein market was valued at USD 580.61 million in 2023 and is expected to grow from USD 649.36 million in 2024 to USD 1,644.67 million by 2032, at a compound annual growth rate (CAGR) of 12.32% during the forecast period (2024-2032). North America led the pea protein market with a share of 36.33% in 2023. Additionally, the U.S. pea protein market is projected to experience significant growth, reaching an estimated value of USD 396.14 million by 2032. This growth is driven by the increasing demand for plant-based and healthy protein ingredients in products such as energy bars, healthy snacks, protein shakes, and more.

Pea is a leguminous plant whose seeds contain a significant amount of protein (20–30%), primarily in the form of globulins, which are the key components in Pea Protein Isolate (PPI) products. Pea protein can be produced using wet-milling or dry-milling technologies, with protein content ranging from 48% to 90%. PPI and concentrates offer several essential functional properties, including nutritional benefits, oil-binding capacity, water-binding capacity, foam stability, foam expansion, whip ability, emulsion stability, gelatin properties, and emulsion ability ratio. These functional characteristics contribute to the versatility and appeal of pea protein in various food and beverage applications.

Information Source: https://www.fortunebusinessinsights.com/pea-protein-market-106053 

List of Key Players Profiled in Market:

RouquetteFreres (France)

BurconNutrascience Corp (Canada)

The Scoular Company (U.S.)

DuPont (U.S.)

CosucraGroupeWarcoing (Belgium)

Nutri-Pea Limited (Canada)

Shandong Jianyuan Group (China)

Kerry Inc (Ireland)

Sotexpro SA (France)

Puris Protein LLC (U.S.)

Segments:

By type, the market is trifurcated into isolates, concentrate, and textured.

Based on application, the market is segregated into meat substitutes, baked goods, dietary supplements, beverage, and others.

By region, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage:

The report offers factual insights into recent market developments and advancements. Key developments include strategies such as partnerships, mergers, acquisitions, and alliances. It also highlights business practices like innovation, product development, and market segmentation. The report further examines the drivers and restraints influencing market growth, providing a comprehensive assessment of growth potential. Additionally, the impact of the COVID-19 pandemic on market expansion is discussed in detail, offering a broader perspective on the challenges and opportunities faced by the industry.

Drivers & Restraints:

Increasing Healthy Food Consumption to Propel Market Growth

The market is expected to experience rapid growth during the forecast period, driven by increasing awareness among consumers about the benefits of a high-protein diet for strengthening the immune system. Additionally, the growing vegan population in Europe is likely to further accelerate market growth in the region. These factors are expected to support the expansion of the pea protein market. Furthermore, rising consumer awareness about the health benefits of pea-based products is anticipated to boost market potential. However, potential side effects associated with pea protein could pose challenges to market growth.

Regional Insights:

North America Leads Market Share Due to Rising Consumption of High Protein Food

North America leads the global pea protein market and is expected to continue growing rapidly due to the rising consumption of cold cereals, energy bars, and snacks. Additionally, key players in the region are focusing on introducing new products to drive market growth in the coming years.

Europe is also expected to experience significant growth, driven by the increasing adoption of healthy living and rising demand for plant-based protein ingredients. The growing vegan population in European countries is anticipated to further boost product demand in the region.

Competitive Landscape:

New Product Launch Allows Key Players to Maintain Market Position

The key players in the market focus on implementing competitive strategies to expand their business globally. Development strategies such as strategic alliances, mergers, acquisitions, and partnerships are formed by the companies to attract global customers. Also, implementing innovation strategies allow key players to improve their product range and ensure market growth.

March 2020: Burcon Nutrascience Corp (Canada) received the "Letter of No Objection" issued by the U.S. FDA for its two novel pea protein products, Peazazz and Peazac. This would enable its acceptance in the global food and beverage companies.