Pea Protein Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Type (Isolates, Concentrates, Textured, and Flour), By Form (Dry, and Liquid), By Nature (Organic, and Conventional), By Application (Food and Beverages, Animal Feed, Dietary Supplements, Meat Substitutes, Bakery Products, Nutraceuticals, and Others), By Sales Channel (Online Retail, and Offline Retail) and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The Global Pea Protein Market was valued at USD 1,547.5 Million in 2022 and is anticipated to reach a value of USD 3,223.6 Million by 2030 expanding at a CAGR of 9.7% between 2023 and 2030.

Pea protein is referred as a premium plant-based protein that is extracted from yellow and green split peas and can be used as one of many different protein sources. It contains all of the essential amino acids that the body cannot produce on its own. Pea protein is an essential alternative protein source for both vegetarians and lactose intolerant people. It can be consumed as a substitute for whey protein in different forms such as energy drinks, dietary supplements, and protein shakes, among others. Pea protein is an excellent source of protein due to its beneficial properties such as highly digestible, rich in nutrients, complete protein, water-soluble, versatile, and hypoallergenic making it a perfect solution for anyone with food allergies. Peas are a good source of iron and high in protein level for vegetarians who wants to reduce their body fat, and boost muscle growth. Pea protein can be classified into isolates, concentrates, textured and flour proteins. It is used in various industries such as food and beverages, animal feed, dietary supplements, meat substitutes, bakery products, and other industries. The market is influenced by factors such as growing vegan population, increasing cases of lactose intolerance, and increasing health awareness among consumers.

Pea Protein Market Major Driving Forces

Growing Vegan Population: The pea protein market is being driven by the growing number of vegans or vegetarians. The rapid growth in vegan population is due to the environmental and health concerns.

Increasing Health Awareness: Consumers are becoming more aware of the health benefits of protein-based foods, which is driving the demand for pea proteins. Growing awareness of healthy lifestyles and risks associated with obesity among consumers is accelerating the adoption of protein based food options.

Rising Incidences of Obesity: The increasing incidences of obesity, cardiovascular diseases, diabetes, and other diseases among the global population drives the demand for pea proteins. Due to rapid spread of the diseases from animals or insects, people are more prone to consume plant-based foods.

Increasing Cases of Lactose Intolerance: Due to many people are allergic to egg and dairy proteins lead to increase in demand for plant-based protein. Since pea protein is a non-allergen and have good emulsification characteristics, people are opting for pea protein who are suffering from lactose intolerance.

Pea Protein Market Key Opportunities

Innovation in Product Development: The increasing focus on innovation and technological advancement for the development of new and advanced pea protein products is expected to create lucrative opportunities for market growth. Innovation in product development to enhance functional properties such as texture, solubility, and digestibility.

Growing Number of Fitness Centers:

The growing number of fitness centers across the globe has a significant impact on the global pea protein market. Due to rise in female participation, and expansion of the fitness center facilities, the demand for pea protein is expected to increase in forecast period. Increased demand for protein by fitness enthusiasts and athletes for muscle growth, plant-based protein is a popular choice.

Growing Adoption of Environmentally Friendly Products:

Consumers are increasingly concerned about the environmental impact of their food choices. As pea proteins are environmentally friendly and allergen-free, consumers are adopting pea protein products. Increasing demand for the allergen-free products is expected to create growth opportunities for pea protein market.

Pea Protein Market Key Trends

·         Growing demand for high-protein diet due to increasing health awareness among consumers across the world  

·         With growing preference of consumers for packaged foods, manufacturers are exploring food products with nutritious ingredients including protein for rich diet

·         Growing inclination towards healthy lifestyle owing to number of health problems caused sue to improper diets and nutrition

·         Consumers are shifting from traditional animal-based proteins to plant-based alternatives such as pea protein which flourishing vegan trend in market

·         The trend of consuming natural energy food as a preference for healthier and alternatives is expected to grow steadily

·         Increasing incidence of intolerance for animal protein is fueling the demand for plant-based proteins, as animal-based proteins can cause allergies in some individuals

·         Technological advancements have developed more appealing and innovative plant-based protein products

·         Growing trend of sustainable and clean label products, as pea proteins are derived from plant sources  

Region-wise Market Insights

North America accounted for the largest market share at 47.2% in 2022 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 10.4% between 2023 and 2030.

In North America, the demand is driven by the well-established food and beverage industry, growing trend of veganism, rapid expansion of sports and fitness sector, and increasing demand for gluten-free products in the region. Additionally, increasing concerns regarding cardiovascular diseases due to red meat consumption, and rising protein consumption drives the market growth in North America. The growth in Europe market is attributed to the factors such as growing emphasis on healthy living, increasing demand for plant-based proteins, growing vegan population, and consumer demand for bread and baked food products in the region. In Asia-Pacific, the market is characterized by increasing population, changing dietary preferences, growing food and beverage industry, growing demand for plant-based food alternatives which has created an increasing demand for pea proteins. The Middle East and Africa has been witnessing a growing demand for pea proteins due to increasing disposable incomes, growing health awareness, and strong growth in sports nutrition within the region.

Market Competition Landscape

The global plant-based protein market has witness moderate competition among established and regional players. Major players are expanding their product portfolio to strengthen their position in the market. Furthermore, key players in market are increasingly investing in research and development for the product innovation. Key players in the plant-based protein market engage in strategies aimed at gaining a competitive edge. These strategies include product innovation, design differentiation, and the incorporation of sustainable and eco-friendly practices to meet evolving consumer preferences. Major players of plant-based proteins are focusing on new product launches and product innovation to broaden their product portfolios and strengthen their position in market. Established brands leverage their reputation for quality and reliability to maintain market share, while newer entrants focus on disruptive innovations and unique selling propositions.

Key players in the global pea protein market implement various organic and inorganic strategies to strengthen and improve their market positioning. Prominent players in the market include:

·         Emsland Group

·         Roquette Frères.

·         Cosucra

·         Ingredion Incorporated

·         Nutri-Pea.

·         Archer Daniels Midland Company

·         Tereos

·         Kerry Group plc

·         NOW® Foods

·         Axiom Foods, Inc.

·         Burcon

·         Glanbia plc

·         Sotexpro

·         Farbest Brands

·         Green Labs, LLC