Pea Protein Market Size, Share & Industry Analysis, By Type (Isolate, Concentrate, and Textured), By Application (Meat Substitutes, Baked Goods, Dietary Supplements, Beverage, and Others), and Regional Forecast, 2024-2032

The global pea protein market size was 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 at a CAGR of 12.32% during the forecast period (2024-2032). North America dominated the pea protein market with a market share of 36.33% in 2023. Moreover, the pea protein market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 396.14 million by 2032, driven by rising demand for plant-based and healthy protein ingredients in the country to incorporate in products like energy bars, healthy snacks, protein shakes, and others.

Pea is a leguminous plant in which the pea seeds comprise huge amounts of protein (20–30%). It mainly exists as globulins, which are the main components in Pea Protein Isolate (PPI) products. Protein from peas can be produced based on wet-milling and dry-milling technologies, with protein content ranging from 48% to 90%. Nutritional benefits, oil-binding capacity, water-binding capacity, foam stability, foam expansion, whip ability, emulsion stability, gelatin, and emulsion ability ratio are essential functional properties of PPI and concentrates.

The COVID-19 pandemic had severely impacted global industrial production owing to the lockdowns imposed across major economies. This negatively affected the production, manufacturing, and transport of several goods globally. However, unlike other industries, the food & beverage and pharmaceutical industries have remained unaffected, and the global demand for food & beverages and nutritional supplements has surged from January 2020.

Pea Protein Market Trends

Growing Demand for High Protein Diet to Boost Growth

The consumption of a diet rich in protein content has significantly increased over the past few years due to rising health awareness among consumers across the world. With increasingly busier lifestyles, consumers are unable to consume nutritionally rich complete diet regularly, which prompts them to seek nutrients from packaged food materials. Therefore, packaged food manufacturers are fortifying food products with nutritious ingredients, including protein ingredients. Rising incidences of chronic illnesses due to changing lifestyles and growing fitness trends, particularly among the millennial population, are the key factors driving the adoption of a protein-rich diet. Furthermore, child malnutrition is a prevalent issue in African countries, which is primarily caused by protein deficiency. According to UNICEF, an Indian non-profit organization, over 15 million cases of chronic malnutrition were anticipated to occur in children under five years of age in Central and West Africa in 2020. Therefore, higher emphasis on a protein-rich diet is being given in African countries, which, in turn, is expected to drive the demand for protein-rich ingredients such as pea.

Pea Protein Market Growth Factors

Growing Vegan Population in European Countries to Surge Demand

The growing vegan population in European countries, primarily due to environmental and health reasons, is expected to benefit the market growth as the vegan population is likely to opt for products fortified with plant-based proteins to fulfill their protein requirements. As per the U.S. Department of Agriculture, Germany witnessed the maximum rate of vegetarianism compared to other European countries and the vegan population reached more than 1.5 million. (2022) Livestock farming and meat processing result in significant emissions of greenhouse gasses. In addition, livestock farming requires considerable feedstock, which further demands agricultural land, pesticides, and water. On account of the aforementioned sustainability issues associated with livestock production, a wide population in the region is increasingly opting for a vegan diet.

Furthermore, the high-fat content and cholesterol in meat are causing serious health concerns such as heart diseases and cancer, which lead to the increased adoption of a vegan diet. Moreover, animal cruelty, increasing vegan alternatives to meat products, and rising social media impact regarding veganism are among the few other factors leading to the growth of the vegan population in Europe. Processed food manufacturers are increasingly utilizing ingredients sourced from plants to cater to the vegan population, which, in turn, is expected to fuel the pea protein market growth.

Growing Consumer Awareness of Health Benefits Offered by Pea Products to Surge Demand

Pea protein isolates (PPI) and concentrates (PPC) are commercially manufactured from peanut flour (defatted) by employing various techniques. This type of protein is expected to witness significant growth over the forecast period due to its fast-gaining popularity among varying end-users, including vegans, vegetarians, and people allergic to egg and dairy proteins. It is extracted from green peas and yellow split peas. Herein, protein extracted from green peas is cholesterol-free, fat-free, gluten-free, and hypoallergenic. Unlike some other amino acids, the human body does not produce lysine; therefore, requires external supplements for the same. This type of protein is particularly rich in arginine and lysine, making it an essential ingredient for infant formulations.

Furthermore, these peas have an appetite suppressing effect which can delay emptying of stomach, reduce glucose absorption, and facilitate the release of appetite regulating hormones. Moreover, it helps convert fatty acids into energy, thereby reducing cholesterol levels in the body.

RESTRAINING FACTORS

Potential Side Effects Associated with Pea Protein is Hampering Market Growth

Pea protein is usually well-tolerated and is considered to have very few side effects. Nevertheless, the side effects associated with this protein, most notably in the form of powder, have been challenging the industry's growth. Pea protein in powdered form can be high in sodium in protein supplement products that typically contain 110-390 mg/ serving and could lead to health issues, especially to those on a sodium-restricted diet. The consumption of this type of protein powder can lead to side effects such as joint pain, decreased kidney function, and weight gain. Furthermore, the high consumption of pea protein can lead to digestive issues which include stomach discomfort, flatulence, and bloating. Such factors are expected to impede market growth over the forecast period.

Pea Protein Market Segmentation Analysis

By Type Analysis

Isolates to Hold Largest Market Share due to Increasing Expenditure on Research Pertaining to Human Health

Products, such as pea protein isolates, have good emulsification and non-allergic characteristics. These features have attracted food & beverage manufacturers to use these products as nutritional supplements in meat products, energy drinks, fruit mixes, and bakery items. Furthermore, expansion of the sports nutrition industry in developed countries, including the U.S., Germany, and the U.K., in light of new product launches by Cadbury and Amway in the energy mix segment is expected to increase the fortification of pea protein isolates shortly.

On the other hand, the usage of concentrates grows at the highest CAGR. Plant protein concentrates are obtained through dry and wet processes, wherein the pea protein is separated from the starch and fiber fractions. These products have numerous attributes such as good emulsification and high digestibility, which propel their utilization in weight control and sports supplement applications.

By Application Analysis

Baked Goods Sector to hold Largest Market Share due to Increasing Demand for Processed Food

Various plant proteins such as pea proteins are utilized in the bakery industry to manufacture protein brownies, superfood bites, diet truffles, and protein grazers. The use of aforesaid plant proteins helps in increasing the dietary fiber, dough strength, finished product volume, moisture retention capacity, and texture of the said bakery goods. Moreover, growing awareness among consumers regarding a healthy and nutritious diet and increasing demand for energy drinks and processed foods are expected to fuel the demand for protein extracted from peas. For instance, in July 2023, Vow Sports, a sports supplements manufacturer in the U.K., introduced a pea protein-based sparkling drink. Each can (330 ml) provides around 15g of protein without synthetic flavors and colors. Furthermore, on account of the increasing population and changing lifestyle of consumers, the growing food industry is expected to drive the overall demand in the market.

REGIONAL INSIGHTS

North America to Exhibit Highest Growth due to Emerging Plant-Based Protein Industry

Growing demand for gluten-free products, increasing concerns regarding Cardiovascular Diseases (CVDs) caused by red meat consumption, and robust growth of the sports nutrition industry in North America are expected to drive the regional market over the forecast period. The protein (pea) market in North America is expected to grow at a significant rate over the forecast period on account of the increasing consumption of energy bars, cold cereals, and snacks. New product introductions by companies including Cargill and Mead Johnson focus on consumer needs for low saturated fat and cholesterol-free beverages, thus augmenting market demand for protein ingredients.

The Europe market is expected to show a reasonable growth over the forecast period owing to various factors such as increasing emphasis on healthy living, growing trend of preventive health care, and rising demand for plant-based protein ingredients from European countries, including the U.K. and Germany. Moreover, the rapid market growth in Spain, France, Belarus, Russia, and Turkey on account of increasing domestic consumption of nutritional enriched powders and dietary soups is expected to have a favorable impact on the overall plant proteins industry.

Asia Pacific is expected to witness exponential growth over the coming years on account of the presence of a large number of people going to the gym in India, China, and Indonesia, who are increasingly opting for pea protein products, owing to their low content of fat and calories as compared to animal-based proteins. For instance, in February 2023, Fast & Up, a nutrition brand in India, launched their first-ever blend of whey and plant pea protein to offer 2X absorption for easy recovery and muscle growth. This is suitable for all body types and can help in achieving optimal body mass even if the individual does not work out.

Population growth, rising disposable income, and urbanization have played a crucial role in driving the food & beverage industry in the Middle East. As a result, the demand for nutritional food ingredients such as pea proteins is likely to grow in the near future. In addition, the Middle East governments are striving toward reducing reliance on the domestic upstream sector; as a result, they have framed several policies intended for encouraging foreign investments to increase manufacturing output. Positive government initiatives aimed at growing the domestic manufacturing industry, including the food & beverage industry, are expected to benefit the Middle East & Africa pea protein market in the coming years.

List of Key Companies in Pea Protein Market

Companies to Focus on Growth in their Production Capacity to Meet Global Demand

The market is consolidated due to a limited number of established and regional players. Key companies, such as Burcon Nutrascience, Cargill, Inc., and Roquette Freres, are the prominent players in this market. These players are focusing to increase their production capacity to meet the global demand.

LIST OF KEY COMPANIES PROFILED

• Roquette Freres (France)


• BurconNutrascience Corp (Canada)


• The Scoular Company (U.S.)


• DuPont (U.S.)


• CosucraGroupeWarcoing (Belgium)


• Nutri-Pea Limited (Canada)


• Shandong Jianyuan Group (China)


• Kerry Inc (Ireland)


• Sotexpro SA (France)


• Puris Protein LLC (U.S.)

KEY INDUSTRY DEVELOPMENTS

• February 2024: Roquette Freres expanded its NUTRALYS range and released four multifunctional pea protein isolates which will enhance the taste and texture of plant-based items. The four new launches include NUTRALYS Pea F853M (isolate), NUTRALYS T PEA 700 M (textured), NUTRALYS H 85 (hydrolysate), and NUTRALYS Pea 700 FL (textured).


• February 2024: Louis Dreyfus, a Netherlands-based agriculture processor, announced their plan to build a pea protein manufacturing facility in Canada. This new plant is anticipated to be operational by the end of 2025 and will employ nearly 60 people.


• January 2023: Bobo’s, a snack producer in the U.S., launched their plant-based bars across the U.S. market. The bars are available in two flavors such as double chocolate almond butter and chocolate chip peanut butter and are made via using pea proteins and almonds and peanuts.


• October 2021: Puris Protein LLC opened a new production facility in Dawson, Minnesota, U.S. that more than doubles production capacity for this type of protein. The facility was retrofitted from an existing dairy plant and is expected to add about 100 new jobs.


• January 2020: Roquette Freres entered into a multi-year partnership with Beyond Meat to supply its pea protein for Beyond Meat plant-based meat products line. The partnership is anticipated to surge Roquette Freres’ supply amount of pea proteins to Beyond Meat.

REPORT COVERAGE

The global market research report provides qualitative and quantitative insights into the market. It also offers a detailed analysis of the market size and growth rate for all possible segments in the market. Various key insights presented in the report are an overview of related markets, recent industry developments, such as mergers & acquisitions, the regulatory scenario in critical countries, and key pea protein market trends.

REPORT SCOPE & SEGMENTATION