Global Pea Protein Market

Pea Protein Market Size, Share, Growth Analysis, By Product(Isolates, Concentrates, Textured, and Hydrolysates), By Form(Dry and Wet), By Source(Yellow Split Peas and Others), By Application(Food & Beverages, Personal Care & Cosmetics, Animal Feed, and Others), By processing method(Wet processing method, Dry processing method), By Region - Industry Forecast 2024-2031


Report ID: SQMIG30I2259 | Region: Global | Published Date: April, 2024
Pages: 198 |Tables: 115 |Figures: 77

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.

Lactose-intolerant and health-conscious consumers are significantly increasing in number. These customers seek protein components that are both lactose- and gluten-free. Pea protein meets these criteria, as it is free from gluten and lactose, while also being a high-protein, nutrient-dense food. Consequently, there is a growing demand for vegan protein isolates to fulfill their nutritional needs. This surge in demand for lactose-free and gluten-free products is anticipated to drive the growth of the global pea protein market. 

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.

Technological advancements in the pea protein industry, including better extraction and processing techniques, enhanced purification methods, optimization of functional properties, and innovations in product development, are driving its growth. These improvements lead to higher production efficiency, better product quality, a wider range of applications, and address sustainability concerns, thereby increasing the demand for pea protein. 

US Pea Protein Market is poised to grow at sustainable CAGR for the next forecast year

Market Snapshot - 2024-2031

Global Market Size

USD 1.9 billion

Largest Segment

Isolates

Fastest Growth

Concentrates

Growth Rate

12% CAGR

Global Pea Protein Market ($ Bn)
Country Share for North America Region (%)

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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 processing methods market is segmented into wet processing and dry processing.  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. 

Pea Protein Market 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.

Pea Protein Market Analysis by Form 

In 2022, the dry segment dominated the market, capturing about three-fourths of the market share. Dried pea protein is commonly used in protein drinks and dietary supplements, and it enhances the texture of meat substitute products. Its extensive use in the production of meat alternatives, bakery products, and sports and health supplements is expected to keep it at the forefront of the market throughout the projected period. The excellent blending properties of pea protein with other food ingredients make it an ideal choice for nutritional drinks, sports drinks, and other beverages. Pea protein is also more readily available and cost-effective compared to other protein sources. With numerous health benefits and growing demand as a meat alternative, pea proteins are increasingly sought after. 

The liquid segment is projected to grow at the highest compound annual growth rate (CAGR) of 9.4% from 2023 to 2032 

Global Pea Protein Market By Product, 2022 (%)

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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
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  • Fastest

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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.

Rise in social media marketing 

  • The growing millennial population, as well as increased social media marketing, will further boost many opportunities, leading to the growth of the pea protein supplements market during the forecast period. The rising celebrities' endorsements and promotion for the benefits of consuming plant-based diets will further add to the market growth. 

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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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

  • Ingredion Incorporated
  • 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

  • In May 2022, Burcon NutraScience Corporation's primary shareholder and the business agreed to the terms of a term sheet for a prospective USD 10 million praise facility. 

  • In February 2024, Roquette introduced the four specially created multipurpose pea proteins. It is intended to enhance the texture, creativity and taste of plant-based food under the well-known NUTRALYS Portfolio  

  • In February 2024, Louis Dreyfus Company press released the building of new manufacturing factory for pea protein in North America. 

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.
  • Growth in the Sports Nutrition Market: Pea protein is becoming increasingly popular in the sports nutrition sector because of its high protein content and muscle-building benefits. It is particularly attractive to individuals with dietary restrictions, such as those who are lactose intolerant or have allergies. 
  • Focus on Sustainability: Pea protein production requires fewer natural resources and has a lower environmental impact compared to animal-based protein sources. As sustainability becomes increasingly important to consumers, pea protein is positioned as an eco-friendlier option. 

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 2022 USD 1.9 billion
Market size value in 2031 USD 5.27 billion
Growth Rate 12%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Isolates, Concentrates, Textured, and Hydrolysates
  • Form
    • Dry and Wet
  • Source
    • Yellow Split Peas and Others
  • Application
    • Food & Beverages, Personal Care & Cosmetics, Animal Feed, and Others
  • processing method
    • Wet processing method, Dry processing method
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
  • Ingredion Incorporated
  • 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.
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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 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
  • 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 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
  • 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
  • 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(%)

Methodology

For the 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 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 Pea Protein Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the 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.

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FAQs

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 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. 'Roquette Frères', 'Ingredion Incorporated', 'Axiom Foods, Inc.', 'Burcon NutraScience Corporation', '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.'

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.

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.

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.

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Global Pea Protein Market

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