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The global pea protein market was valued at USD 580.61 million in 2023 and is projected to grow from USD 649.36 million in 2024 to USD 1,644.67 million by 2032, reflecting a CAGR of 12.32% during the forecast period (2024-2032). North America accounted for the largest market share at 36.33% in 2023. The U.S. pea protein market is expected to witness substantial growth, reaching approximately USD 396.14 million by 2032, driven by rising demand for plant-based and nutritious protein ingredients in products like energy bars, healthy snacks, and protein shakes.
Pea is a leguminous plant, with seeds containing 20%–30% protein, mainly in the form of globulins, which are essential components of Pea Protein Isolate (PPI) products. Pea protein is derived through wet-milling and dry-milling processes, yielding protein content ranging from 48% to 90%. PPI and concentrates offer key functional properties such as nutritional benefits, oil-binding and water-binding capacities, foam stability, foam expansion, whip ability, emulsion stability, gelatinization, and emulsion ability ratio.
Information Source: https://www.fortunebusinessinsights.com/pea-protein-market-106053
Market Segmentation
By Type: Isolates, concentrates, and textured.
By Application: Meat substitutes, baked goods, dietary supplements, beverages, and others.
By Region: North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report provides an in-depth analysis of recent market trends, including mergers, acquisitions, partnerships, and strategic alliances. It also highlights key business development practices such as innovation, product advancements, and market segmentation. Additionally, it examines the impact of the COVID-19 pandemic on market growth and identifies primary drivers and restraints shaping the industry.
Market Drivers and Restraints
Growing Demand for Healthy Food to Fuel Market Expansion
The market is set to grow rapidly due to increasing consumer awareness of high-protein diets that boost immune health. The expanding vegan population in Europe is also expected to drive demand. Furthermore, heightened awareness of the health benefits of pea-based products is projected to support market growth. However, potential side effects associated with pea protein consumption could hinder expansion.
Regional Insights
North America Dominates Due to High Demand for Protein-Rich Foods
North America leads the pea protein market, driven by increasing consumption of cold cereals, energy bars, and snacks. Additionally, major industry players in the region continue to introduce new products, further stimulating market growth.
Europe is poised for significant growth, fueled by a growing emphasis on healthy living and rising demand for plant-based protein ingredients. The increasing vegan population across European countries is expected to drive product adoption.
Key Market Players
Rouquette Frères (France)
Burcon Nutrascience Corp (Canada)
The Scoular Company (U.S.)
DuPont (U.S.)
Cosucra Groupe Warcoing (Belgium)
Nutri-Pea Limited (Canada)
Shandong Jianyuan Group (China)
Kerry Inc. (Ireland)
Sotexpro SA (France)
Puris Protein LLC (U.S.)
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Competitive Landscape
Product Innovations Strengthen Market Position
Leading companies employ strategies such as mergers, acquisitions, strategic alliances, and partnerships to expand their global footprint. Innovation remains a key driver, enhancing product offerings and boosting market competitiveness.
In March 2020, Burcon Nutrascience Corp (Canada) received the U.S. FDA's "Letter of No Objection" for its novel pea protein products, Peazazz and Peazac, facilitating their entry into the global food and beverage market.
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