Pea Protein Market Size & Share, By Product (Isolates, Concentrates), Form (Dry, Wet), Source, Application (Food & Beverages, Animal Feed), Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Pea Protein Market surpassed USD 2.14 Billion in 2023 and is anticipated to exceed USD 5.98 Billion by end of the year 2032, witnessing more than 12.1% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 2.14 Billion
• CAGR (2024-2032): 12.1%
• Forecast Year Value (2032): USD 5.98 Billion
• Historical Data Period: 2019-2023
• Largest Region: North America
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

Increasing consumer demand for plant-based protein products is driving the growth of the pea protein market. As more consumers become health-conscious and seek alternatives to animal-based proteins, pea protein has emerged as a popular choice due to its high nutritional value and sustainability.

The growing trend of vegetarian and vegan diets is also contributing to the growth of the pea protein market. With a rising awareness of the environmental impact of animal agriculture and concerns about animal welfare, many people are turning to plant-based diets, creating a growing market for pea protein products.

The increasing prevalence of food allergies and intolerances, especially to dairy and soy products, is driving the demand for alternative protein sources like pea protein. As more consumers seek allergen-free options, pea protein is gaining popularity as a hypoallergenic and easily digestible protein source.

Report Scope

Report Coverage	Details
Segments Covered	Product, Form, Source, Application
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Burcon Nutrascience, Roquette Freres, The Scoular Company, DuPont, Cosucra Groupe Warcoing SA, Nutri-Pea, Shandong Jianyuan Group, Sotexpro SA, Ingredion,, Axiom Foods,, Fenchem,, Martin & Pleasance, The Green Labs LLC

Industry Restraints:

Limited consumer awareness and understanding of pea protein may hinder the growth of the market. Many consumers are still unfamiliar with pea protein and may be hesitant to try it due to misconceptions or lack of knowledge about its benefits and uses.

The high cost of pea protein compared to other protein sources such as soy and whey may be a restraint on market growth. Despite its nutritional benefits, the higher price of pea protein products may deter some consumers from choosing them over more affordable alternatives.

Regional Forecast:

North America:

The North America pea protein market is expected to witness significant growth due to the increasing demand for plant-based proteins in the United States and Canada. Growing awareness about the health benefits of pea protein, coupled with the rising trend of vegan and vegetarian diets, are driving the market growth in this region.

Asia Pacific:

In the Asia Pacific region, countries like China, Japan, and South Korea are witnessing a surge in demand for pea protein due to the growing health consciousness among consumers. The market is also benefiting from the increasing adoption of plant-based diets and the rising popularity of pea protein as a sustainable and eco-friendly alternative to animal-based proteins.

Europe:

In Europe, countries like the United Kingdom, Germany, and France are leading the pea protein market growth with a growing number of consumers opting for plant-based proteins. The market is further supported by the presence of key players and increasing investments in research and development to introduce innovative pea protein products in the region.

Segmentation Analysis:

In terms of segmentation, the global Pea Protein market is analyzed on the basis of Product, Form, Source, Application.

Pea Protein Market

Isolates: The isolates segment in the pea protein market is expected to witness substantial growth due to the increasing demand for plant-based proteins in the food and beverage industry. Pea protein isolates contain a higher protein content compared to concentrates, making them a preferred choice for manufacturers looking to enhance the nutritional profile of their products.

Concentrates: The concentrates segment is also anticipated to experience significant growth in the pea protein market. Pea protein concentrates are commonly used in a variety of applications, including protein bars, snacks, and meat alternatives. The rising awareness about the health benefits of pea protein is driving the demand for concentrates in the market.

Dry Form: The dry form of pea protein is widely used in various food and beverage products due to its ease of handling and longer shelf life. Manufacturers prefer using dry pea protein as it is convenient to store and transport, making it a cost-effective option for formulating products.

Wet Form: Although not as commonly used as the dry form, wet pea protein is gaining traction in the market, especially in applications where a liquid or paste consistency is required. Wet pea protein is preferred in certain food formulations for its texture-enhancing properties and ease of blending with other ingredients.

Source: Pea protein can be sourced from yellow peas, green peas, and other varieties of peas. Yellow pea protein is the most commonly used source in the market due to its neutral taste and versatile functionality in food products. Green pea protein is also gaining popularity for its perceived health benefits and sustainability.

Application: The food and beverage segment is the dominant application for pea protein, as consumers are increasingly looking for plant-based alternatives to traditional sources of protein. Pea protein is used in a wide range of products, including plant-based meats, dairy alternatives, and sports nutrition products. The animal feed segment is also a key market for pea protein, as it is used as a sustainable and cost-effective protein source for livestock and aquaculture diets.

Competitive Landscape:

The competitive landscape in the pea protein market is characterized by a growing number of players focused on tapping into the increasing demand for plant-based protein sources driven by health consciousness and dietary preferences. Companies are investing in research and development to enhance the quality and functionality of pea protein products while also expanding their manufacturing capabilities to meet the rising consumer demand. The market is witnessing strategic collaborations, mergers, and acquisitions as firms aim to strengthen their market presence and diversify product offerings. Manufacturers are also focusing on sustainability and clean label trends to appeal to environmentally conscious consumers. As the plant-based trend continues to dominate the food industry, the competition is expected to intensify, leading to innovations and competitive pricing strategies.

Top Market Players

- Dupont

- Cargill

- Ingredion

- Roquette Frères

- Prolupin

- Batory Foods

- Emsland Group

- Puris Proteins

- Axiom Foods

- Natural Products, Inc.