What is the global market size of Pea Protein Market?

Pea Protein Market size was valued at USD 1700.18 Million in 2021 and is poised to grow from USD 1904.2 Million in 2022 to USD 4714.73 Million by 2030, at a CAGR 12.0% during the forecast period (2023-2030).

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

Q: Which region accounted for the largest share in Pea Protein Market?

North American dominated the market in 2022 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.

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

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.

Pea Protein Market Report Snapshots

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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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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

Pea Protein Market Dynamics

Pea Protein Market Report Snapshots

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Which region accounted for the largest share in Pea Protein Market?

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