Redding, California - August 29, 2024
Pea Protein Market to Reach $1.31 Billion by 2031
Pea Protein Market Size, Share, Forecast & Trends Analysis by Type (Yellow, Green Pea Protein), Source (Conventional, Organic), Processing Method (Dry, Wet Processing), Form (Solid, Liquid), Application (Nutrition, Bakery Products) - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled Pea Protein Market—Global Opportunity Analysis and Industry Forecast (2024-2031). According to this latest publication from Meticulous Research®, the pea protein market is projected to reach $1.31 billion by 2031, at a CAGR of 14.2% from 2024 to 2031.
The growth of the pea protein market is underpinned by several key factors. These include the increasing interest in plant-based nutrition, the burgeoning health & wellness trends, the expanding plant-based food market, and rising consumer awareness for the nutritional benefits of peas and pea-based products. Moreover, the growing focus of key players in developing innovative pea protein ingredients further fuels the growth of the pea protein market.
Key Players:
The pea protein market is moderately competitive due to the presence of large and small-sized global, regional, and local players. The leading players operating in the pea protein market are Roquette Freres (France), AGT Food and Ingredients Inc. (Canada), Cargill, Inc. (U.S.), Ingredion Incorporated (U.S.), Archer-Daniels-Midland Company (U.S.), Axiom Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), Glanbia Plc. (Ireland), Cosucra Groupe Warcoing SA (Belgium), Sotexpro Sa (a part of GEMEF Industries) (France), Farbest-Tallman Foods Corporation (U.S.), Shandong Jianyuan Foods Co., Ltd. (China), The Emsland Group (Germany), and Nutri-Pea Ltd. (Canada).
The pea protein market is segmented by type (yellow pea proteins {yellow pea protein isolate, yellow pea protein concentrate, textured yellow pea protein, yellow pea protein hydrolysate, yellow pea flour, and other yellow pea proteins} and green pea proteins {green pea protein isolate, green pea protein concentrate, textured green pea protein, green pea protein hydrolysate, green pea flour, and other green pea proteins}), source (conventional pea protein and organic pea protein), processing method (dry processing and wet processing), form (solid and liquid), application (nutrition & health supplements, meat & meat alternatives, bakery products, dairy & dairy alternatives, cereals & snacks, beverages, pet food, and other applications), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
By type, the yellow pea proteins segment is anticipated to hold the dominant position, with a share of 94.7% of the pea protein market in 2024. The segment’s significant market share is primarily attributed to the high protein content of yellow peas, their increasing use in pea protein isolates, their high global production, and their increasing use in high-performance nutrition products and snacks. Yellow split peas are an excellent source of plant-based protein, healthy carbs, fiber, and other important nutrients. Yellow split peas are highly versatile and find numerous applications in the food & beverage industry. They are a key ingredient in pea protein isolates and are used in various food formats, including plant-based burgers and pea milk.
By source, the conventional pea protein segment is anticipated to hold the dominant position in the pea protein market in 2024. The segment's significant market share is primarily attributed to various factors, such as the longer shelf life of conventional pea protein, the cheaper cost of producing conventional peas compared to organic peas, and the increasing availability of crop varieties.
By processing method, the dry processing segment is anticipated to hold the dominant position in the pea protein market in 2024. This segment’s large market share is primarily attributed to the lower capital requirements and reduced energy & water usage for dry processing compared to wet extraction and the increased demand for dry protein components among pea protein manufacturers.
By form, the solid pea protein segment is anticipated to hold the dominant position in the pea protein market in 2024. This segment's significant market share is primarily attributed to the low bulk weight of solid peas, the simplicity of manufacturing solid pea proteins compared to liquid pea proteins, the versatility of solid pea proteins across a range of applications, higher stability compared to liquid pea proteins, and the potential for high production rates.
By application, the nutrition & health supplements segment is anticipated to hold the dominant position, with a share of 36.4% of the pea protein market in 2024. The segment’s significant market share is primarily attributed to the growing need for nourishing food, the advantages of pea protein in supplements and sports nutrition, and increasing health & wellness trends.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and the Middle East & Africa.
By geography, North America is anticipated to hold the dominant position, with a share of 42.4% of the pea protein market in 2024. This regional market is anticipated to be worth $219.9 million in 2024. North America's significant market share is primarily attributed to the flourishing food & beverage sector, the growing concerns regarding animal protein products and ingredients, the increasing vegan population, the rising inclination toward meat protein substitutes, the developing market for wholesome and nutritious products, the increasing pea production, and the significant number of pea protein producers.
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Key Questions Answered in the Report:
- What is the revenue generated from the sale of pea protein globally?
- At what rate is the demand for pea protein expected to grow for the next 5-7 years globally?
- What is the historical market size and growth rate for the pea protein market?
- What are the major factors impacting the growth of this market at the country and regional levels?
- What are the major opportunities for existing players and new entrants in the pea protein market?
- Which type, source process, processing method, form, and application segments create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the leading players operating in the pea protein market?
- Who are the major players in the pea protein market? What are their specific product offerings in this market?
- What recent developments have taken place in the pea protein market? What impact have these strategic developments created on the market?
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