USD 1.9 billion
Global Pea Protein Market Size, Share, Growth Analysis, By Product(Isolates, Concentrates), By Form(Dry and Wet), By Source(Yellow Split Peas and Others), By Application(Food & Beverages, Personal Care & Cosmetics) - Industry Forecast 2024-2031
Report ID:
SQMIG30I2259 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|
Tables:
115 |
Figures:
77
Global Pea Protein Market Insights
Global Pea Protein Market size was valued at USD 1.9 billion in 2022 and is poised to grow from USD 2.13 billion in 2023 to USD 5.27 billion by 2031, growing at a CAGR of 12% during the forecast period (2024-2031).
The demand is expected to increase during the forecast period as a result of growth factors that are increasing interest in plant-based protein, fitness and health trends, and an expanding vegan and vegetarian population. In addition, the market potential for pea protein has increased due to the protein's adaptability and capacity to offer useful qualities including emulsification, texture improvement, and foaming. Additionally, it is anticipated that increased product innovation in terms of manufacturing would result in enormous market potential for products that fulfill certain activities, such as energy balancing, weight loss, muscle restoration, and satiety.
The protein is available in concentrate, textured, & isolate forms and is derived from a variety of pea types, including dry, green, and chickpeas. These goods are perfect for people choosing vegan diets because they are made from plant-based materials. They also have a wide range of applications in beverages, meat alternatives, dietary supplements, & bakery goods and are non-toxic, non-allergic, and easily digestible. The significance of a flexible diet is predicted to continue to expand due to worries about the cardiological effects of red meat consumption. Furthermore, over the course of the forecast years, it is anticipated that growing consumer knowledge of the harmful consequences of foods containing lactose and gluten would play a significant role in boosting product demand.
Furthermore, it is anticipated the increased product demand could arise from rising protein-fortified functional food consumption. The launch of new products by food and beverage firms in response to the rising demand for protein supplements in food products is anticipated to positively affect market growth. In order to launch a new range of pea protein beverages on the Belgian market in 2021, Tiptoh, an inventive Belgian start-up, collaborated with Olympia Dairy and SIG. Over the course of the projected period, market expansion is also anticipated to be aided by the rising awareness regarding the intake of protein powder for supporting bone wellness and muscle growth.
The pea protein market's expansion is significantly influenced by the price of pea protein. Cost-effectiveness, pricing that is competitive with animal-based proteins, pricing stability, production efficiency, and customer affordability all play a part in the product's rising market share and appeal. In general, pea protein is less expensive than other sources of protein from plants like soy or almond protein. For food producers wishing to add protein to their goods without considerably raising production costs, its affordability makes it an appealing alternative. Pea protein also has competitive prices as compared with animal-based proteins such whey or casein.
US Pea Protein Market is poised to grow at sustainable CAGR for the next forecast year
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Isolates
Fastest Growth
Concentrates
Growth Rate
12% CAGR
Global Pea Protein Market ($ Bn)
Country Share for North America Region (%)
Global Pea Protein Market By Product ($ Bn)
Global Pea Protein Market By Product (%)
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Global Pea Protein Market Segmental Analysis
The global pea protein market is segmented on the basis of product, form, source, application, and region. Based on product, the market is segmented into isolates, concentrates, textured, and hydrolysates. Based on form the market is segmented into dry, and wet. Based on source the market is segmented into yellow split peas, and others. Based on application the market is segmented into food & beverages, personal care & cosmetics, animal feed, and others. Based on region the global Pea Protein Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Pea Protein Market Analysis by Product
In 2023, pea protein isolates held the majority of the market, at a share of 49.8%. As they have superior emulsification and non-allergic qualities, isolates are frequently employed as dietary additives in meat-based items, energy beverages, fruit mixes, and also bakery goods. In advanced economies like the U.S., Germany, and the UK, the sports nutrition industry is expected to expand in light of recent new products launched by Cadbury & Amway in the energy mix market. To meet the need for organic & plant-based options, Roquette unveiled a line of organic protein from peas isolates in October 2022.
Sales of pea protein concentrate are anticipated to grow at a CAGR of 11.6% from 2024 to 2031. Pea protein concentrates provide a variety of advantages, including good emulsifying and high digestibility, that are employed in weight-control & nutritional supplement applications. Additionally, these concentrates are gradually added to baked goods including cakes and pastries for a nice flavor & a dry texture. Due to an established manufacturing sector for bakery items in countries like France and Germany, where getting raw materials such wheat and rice is easy and manufacturers of equipment are nearby, the usage of concentrates is predicted to increase over the projected years.
Texturizing agents, such as textured pea protein, are essential in a variety of food products, such as meat, baked goods, and confections. Its potential use in fruit juice blends and energy powders is further enhanced by the fact that it contains fiber. It is a good ingredient for creating meat analogues or extenders due to its sustainability, functionality, adaptability, and nutritional profile.
Analysis by Source
In 2023, the yellow split peas segment led the market with a 76.8% sales share. Yellow split peas are perfect for extracting pea protein since they contain a lot of protein. They are also easily accessible, assuring a steady supply. They are adaptable for a variety of food applications due to their neutral flavor and favorable functional qualities. Yellow split peas are popular in the market due to consumer acceptance and familiarity.
The demand for product variety, improved nutritional profiles, and flavor variations are likely to fuel growth in additional sources, including green peas, chickpeas, lentils, and fava beans, which is anticipated to increase at a CAGR of 10.2% from 2024 to 2031. They provide customers with more options to satisfy their unique dietary needs by offering various amino acid compositions or micronutrient profiles.
Global Pea Protein Market By Product, 2023 (%)
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Global Pea Protein Market Regional Insights
North American dominated the market in 2023 with a share of revenue of 32.9% thanks to a strong consumer demand in plant-based goods, a thriving food and beverage sector, and an abundant agricultural crop of yellow split peas. A survey from Sprouts Farmers Market in 2021 found that more Americans (47%) identify as flexible eaters and consume more plant-based meals than meat, reflecting an increase in the acceptance of plant-based diets and animal alternatives in the U.S.
Asia Pacific is anticipated to expand at a compound annual growth rate (CAGR) of 13.0% from 2024 to 2031 due to a growing population and changing dietary habits. Due to the expanding food and beverage sectors in India, China, & Australia, pea protein is now present in a wide range of products. Additionally, China's pea protein market in the Asia Pacific region expanded to become the largest with a share of revenue of 25.0% in 2023, benefited by the growth in the plant-based food industry & the challenges associated with common allergies. The Indian pea protein market is expected to grow at the fastest CAGR of 14.5% between 2024 and 2031, driven by significant demand in the food and beverage industry, particularly in the bakery and snacking categories.
Global Pea Protein Market By Region, 2024-2031
- Largest
- Fastest
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Global Pea Protein Market Dynamics
Pea Protein Market Drivers
Growing Demand for Plant-based Proteins
- The increasing consumer shift towards plant-based diets and the rising awareness of the health and environmental benefits associated with plant-based proteins are driving the demand for pea protein. Pea protein is a sustainable and vegan-friendly protein source, making it popular among health-conscious consumers.
Pea Protein Market Restraints
Cost Considerations
- Pea protein production involves extraction and processing, which can result in higher production costs compared to conventional protein sources. The relatively higher cost of pea protein may limit its affordability and accessibility for some consumers, impacting market growth.
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Global Pea Protein Market Competitive Landscape
The presence of several participants all over the industry is projected to lead to a moderate level of competition amongst businesses in the worldwide pea protein market. Numerous businesses are diversifying their product offerings as a result of shifting consumer trends in an effort to acquire a competitive advantage in the market. Among the leading market participants are Burcon Nutrascience, Roquette Freres, Ingredion, Inc., DuPont, and Nutri-Pea.
Manufacturers are working more and more on pea protein-related R&D projects. To address the rising demand for pea protein, they are also extending their product lines by product launches, acquisitions, mergers, & collaborations. As an illustration, Burcon NutraScience Corporation, a leader in plant-based protein technology, announced the introduction of Peazazz C pea protein in July 2022 through its partnership with another company, Merit functional food Corporation. A particular pea protein called Peazazz C gives a smooth & grit-free texture that is made especially for ready-to-drink beverages.
Pea Protein Market Top Player’s Company Profiles
- Axiom Foods, Inc.
- Cosucra Groupe Warcoing SA
- Kerry Group PLC
- Emsland Group
- Glanbia PLC
- The Scoular Company
- Sotexpro SA
- Farbest Brands
- AGT Foods
- Fenchem Biotek Ltd.
- Yantai Shuangta Food Co., Ltd.
- Puris Proteins, LLC
- Vestkorn Milling AS
- Parabel USA Inc.
- Nutri-Pea Limited
- Shandong Jianyuan Foods Co., Ltd.
- Shandong Huatai Foodstuffs Co., Ltd.
Pea Protein Market Recent Developments
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In March 2024, Roquette, a worldwide leader in plant-based ingredients and a major provider of pharmaceutical excipients, has named Rader SPA as the exclusive distributor for their core food ingredients products across Italy, starting from 1st April 2024.
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In January 2024, Wide Open Agriculture (ASX: WOA), a prominent Australian regenerative food specialist, has initiated a new distribution channel for its specialized Buntine Protein product. This comes as the company signs an initial agreement with Japanese trading house Nissei Kyoeki.
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In December 2023, Oterra and Ecoflora Cares announced a collaborative effort to create a world of responsibly sourced naturally colored foods in Blues and beyond.
Global Pea Protein Key Market Trends
- Growing Demand for Plant-based Protein: The market for plant-based proteins, including pea protein, is experiencing significant growth due to increasing consumer awareness of the health and environmental benefits associated with plant-based diets. Pea protein, in particular, is favored for its sustainable sourcing, allergen-free nature, and high protein content.
- Expansion in Food and Beverage Applications: Pea protein is being increasingly used as an ingredient in a wide range of food and beverage products, including plant-based meat alternatives, dairy alternatives, nutritional supplements, and bakery goods. The versatility and functional properties of pea protein make it an attractive choice for formulators looking to develop plant-based products.
- Rising Demand for Clean Labels and Natural Ingredients: Consumers are placing greater emphasis on clean labels and natural ingredients in their food choices. Pea protein aligns with these preferences as it is minimally processed, non-GMO, and free from common allergens. The market is witnessing a shift towards products that have a short and recognizable ingredient list.
- Innovation and Product Development: Manufacturers in the pea protein market are investing in research and development to improve the taste, texture, and functionality of pea protein products. This includes advancements in flavor masking, texture enhancement, and formulation techniques to create more appealing and consumer-friendly products.
Global Pea Protein Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global pea protein market analysis, the increasing interest in plant-based protein, fitness and health trends, and an expanding vegan and vegetarian population are the key growth drivers. In addition, the market potential for pea protein has increased due to the protein's adaptability and capacity to offer useful qualities including emulsification, texture improvement, and foaming. Additionally, it is anticipated that increased product innovation in terms of manufacturing would result in enormous market potential for products that fulfill certain activities, such as energy balancing, weight loss, muscle restoration, and satiety.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.9 billion |
| Market size value in 2031 | USD 5.27 billion |
| Growth Rate | 12% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Pea Protein Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Pea Protein Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Pea Protein Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Pea Protein Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Pea Protein Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Pea Protein Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Pea Protein Market Report Snapshots
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