Pea Protein Market Report by Product Type (Isolates, Concentrates, Textured), Application (Dietary Supplements, Bakery Products, Meat Substitutes, Beverages, and Others), End User (Retail, Institutional), and Region 2024-2032

The global pea protein market size reached US$ 1,105.0 Million in 2023. Looking forward, the publisher expects the market to reach US$ 3,057.0 Million by 2032, exhibiting a growth rate (CAGR) of 12.0% during 2023-2032. The rising consumer consciousness about the importance of maintaining a nutritious diet, the escalating adoption of veganism, and wide utilization of pea protein in beverages, plant-based meat alternatives, and nutritional supplements are some of the major factors propelling the market.

Pea protein is a plant-based protein source derived primarily from yellow peas, also known as Pisum sativum. It is becoming increasingly popular as an alternative to animal-based proteins, such as whey and casein, especially among vegetarians, vegans, and those with specific dietary restrictions such as lactose intolerance. The protein is extracted through a mechanical process that separates the protein from the fiber and starch components of the pea, resulting in a concentrated protein powder. Nutritionally, pea protein is well-regarded for its balanced amino acid profile, which includes essential amino acids, including lysine and branched-chain amino acids (BCAAs) that are crucial for muscle repair and growth. It's typically low in methionine, but this can be balanced by combining it with other protein sources, such as rice or quinoa.

The global market is driven by the rising consumer consciousness about the importance of maintaining a nutritious diet. Additionally, busy lifestyles often make it challenging to maintain a balanced diet. Protein supplements and protein-enriched foods offer a convenient solution, and pea protein provides a plant-based alternative that aligns with consumer's increasing health and sustainability concerns. The adoption of veganism is not just a trend but increasingly a lifestyle choice made for ethical, health, and environmental reasons. Pea protein perfectly fits the requirements of this segment, offering a plant-based protein source that doesn't compromise on quality or taste. Moreover, the ubiquity of online shopping and increased shelf space in retail stores make pea protein products more accessible than ever, reaching wider demographics and geographies. Additionally, pea protein is gaining traction in diverse food categories, including beverages, plant-based meat alternatives, nutritional supplements, and baked goods, widening its market presence. Also, the potential therapeutic applications of pea protein in managing health conditions, including diabetes, cardiovascular issues, and renal diseases, are solidifying its market standing.

Pea Protein Market Trends/Drivers:

Health and Wellness Trends

The global shift towards plant-based diets is fuelled by various factors including environmental concerns, ethical reasons, and a growing awareness of the health benefits associated with reducing meat consumption. Research linking high meat consumption to chronic diseases, including heart disease, diabetes, and cancer has made many consumers more health-conscious, steering them towards plant-based proteins, such as pea protein. Additionally, pea protein offers an excellent nutritional profile, replete with essential amino acids and free from common allergens, including gluten, soy, and dairy. This makes it an ideal choice for individuals with dietary restrictions or those looking to improve their nutritional intake. Furthermore, the wellness community's focus on protein as an essential macronutrient for weight management, muscle gain, and overall well-being has heightened the demand for easily accessible, high-quality protein sources.

Environmental Sustainability

Compared to animal-derived proteins, such as beef or dairy, the production of pea protein has a significantly lower environmental impact. It requires less water, land, and energy to produce, thereby contributing to a smaller carbon footprint. Peas are also nitrogen-fixing crops, meaning they naturally enrich the soil, reducing the need for synthetic fertilizers and promoting more sustainable agricultural practices. Consumer awareness of the environmental impact of their food choices is rising, fueled by media coverage, advocacy from environmental organizations, and increased emphasis on sustainability in educational curricula. Several consumers are making concerted efforts to choose more eco-friendly options, and pea protein fits well within this paradigm. Companies are also recognizing this trend and are more likely to source sustainable ingredients, such as pea protein to meet corporate sustainability goals and consumer demand, further driving market growth.

Allergen-Friendly and Dietary Inclusivity

Pea protein highly attractive to consumers with allergies, intolerances, or sensitivities to lactose, gluten, or soy. With food allergies on the rise globally, especially among children, the demand for hypoallergenic food options is growing exponentially. Pea protein's versatility also extends to its culinary applications. It can be easily incorporated into a variety of foods and beverages without compromising taste or texture, making it highly adaptable to diverse global cuisines. This characteristic widens its appeal beyond specialized health food stores to mainstream supermarkets and even into the fast-food sector, as companies look to diversify their menus to accommodate consumers with dietary restrictions. As the importance of dietary inclusivity continues to gain recognition, the market for pea protein is poised for substantial growth.

Pea Protein Industry Segmentation:

The publisher provides an analysis of the key trends in each segment of the global pea protein market report, along with forecasts at the global and regional for 2024-2032. The report has categorized the market based on product type, application, and end user.

Product Type Insights:

• Isolates
• Concentrates
• Textured

Isolates dominates the market

The report has provided a detailed breakup and analysis of the market based on the product type. This includes isolates, concentrates, and textured. According to the report, isolates represented the largest segment.

Pea protein isolates are highly refined forms of pea protein that typically contain around highest protein content, as compared to concentrates. This makes isolates particularly attractive to individuals focusing on muscle growth, athletic performance, or specific dietary needs that require high protein intake. They are especially popular among fitness enthusiasts, bodybuilders, and athletes for whom every gram of protein counts. The production process of isolates removes most fats and carbohydrates, leaving behind a product that is almost purely protein. This makes isolates a prime choice for consumers keen on minimizing calorie intake from fats and carbs while maximizing protein consumption. Furthermore, isolates offer the advantage of being more digestible compared to less refined forms of pea protein. They are hypoallergenic and free from lactose, gluten, and soy, making them suitable for a broad audience including those with food allergies or sensitivities. From a manufacturing standpoint, isolates are also compelling due to their longer shelf life and better stability. This is crucial for food and beverage companies looking to ensure consistency, reduce waste, and offer a quality product to consumers.

Application Insights:

• Dietary Supplements
• Bakery Products
• Meat Substitutes
• Beverages
• Others

Meat substitutes dominates the market

The report has provided a detailed breakup and analysis of the market based on the application. This includes dietary supplements, bakery products, meat substitutes, beverages, and others. According to the report, meat substitutes represented the largest segment.

Pea protein offers a sustainable and nutritionally rich protein source that can effectively mimic the texture and taste of meat, making it a preferred choice for plant-based burgers, sausages, and other meat analogs. It works well in formulations that require binding and water retention, qualities essential for mimicking the juiciness and mouthfeel of meat products. Additionally, the protein's neutral flavor profile allows it to blend seamlessly into recipes without overwhelming other ingredients, making it highly versatile and adaptable to various cuisines and consumer preferences. Moreover, major food and beverage companies are entering the plant-based meat sector, either by developing their own products or through strategic partnerships and acquisitions. As technology advances, the texture, flavor, and overall quality of meat substitutes have improved remarkably, narrowing the gap between plant-based and animal-based products.

End-User Insights:

• Retail
• Institutional

Retail dominates the market

The report has provided a detailed breakup and analysis of the market based on the end user. This includes retail and institutional. According to the report, retail represented the largest segment.

The retail sector benefits from consumer impulses toward immediate purchase, facilitated by a growing range of products that include not just supplements, but also ready-to-eat meals, plant-based meat substitutes, and even baked goods infused with pea protein. The convenience of finding such diverse products under one roof plays into the retail segment's strength. Furthermore, the retail environment allows consumers to compare products directly, read labels, and make more informed choices, thereby often serving as an educational platform for healthier eating habits. Furthermore, the advent of private-label brands from large retail chains, offering pea protein-based products at a more affordable price point, thereby increasing its accessibility to a broader demographic. With more people becoming health-conscious and concerned about the sustainability of their dietary choices, having accessible, plant-based options in familiar retail settings plays a crucial role in driving demand.

Regional Insights:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

Europe exhibits a clear dominance, accounting for the largest pea protein market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. According to the report, Europe accounted for the largest market share.

Europe's stringent food safety regulations play a role in this dominance. The European Union has rigorous standards when it comes to food labeling, allergens, and genetically modified organisms (GMOs). Pea protein fits well within these regulations, being generally free from common allergens and often non-GMO, making it easier for manufacturers to integrate into various food products. Furthermore, Europe has a strong focus on environmental sustainability. Pea protein is viewed as a more sustainable alternative to animal-based proteins, given its lower carbon footprint and less resource-intensive production process, aligning with the European ethos of environmental responsibility. Culturally, Europe is diverse, but there is a general openness to culinary innovation and experimentation. This has led to the integration of pea protein in various traditional and modern European cuisines, from meat-free bratwurst in Germany to plant-based pasta dishes in Italy. Moreover, Europe's well-established supply chain and transportation infrastructure make it easier for pea protein products to be distributed widely and efficiently, from larger cities to smaller towns.

Competitive Landscape:

Several companies are investing heavily in research and development (R&D) to innovate new formulations and products that incorporate pea protein. This includes not only protein powders but also ready-to-eat meals, snacks, beverages, and plant-based meat substitutes. Firms are also focusing on marketing campaigns that highlight the benefits of pea protein, such as its high protein content, allergen-free nature, and sustainability aspects. They are also obtaining certifications, such as organic, non-GMO, and gluten-free to appeal to health-conscious consumers. Some companies are forming strategic partnerships with food and beverage companies to include pea protein in a wider range of products. This could range from joint ventures to create new products, to becoming a preferred supplier for established brands. Numerous, pea protein manufacturers are also looking at expanding their operations globally, especially in regions where plant-based diets are gaining popularity.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Axiom Foods, Inc
• Cosucra-Groupe Warcoing
• Nutri-Pea Limited
• Roquette Frères S.A.
• Shandong Jianyuan Foods Co Ltd
• Sotexpro SA
• The Scoular Company
• Naturz Organics
• Fenchem
• Glanbia Plc

Recent Developments:

In January 2023, Roquette Frères S.A Invests in DAIZ, an innovative Japanese food tech startup. This partnership will allow Roquette and DAIZ to meet rising global demand for innovative and sustainable plant-based ingredients combining great taste and high-quality nutritional value.

In August 2021, Nature organics launched high quality organic plant-based protein on the US Market.

In July 2020, Axiom Foods Inc. launched a new version of VegOtein TX Texturized Pea Protein for Vegan and Processed Meats. It is launched in more than 5 versions of VegOtein™ TX, which helps in reducing the need for gums and stabilizers such as soy and wheat gluten, plus carboxymethylcellulose.

Key Questions Answered in This Report

1. What was the size of the global pea protein market in 2023?
2. What is the expected growth rate of the global pea protein market during 2024-2032?
3. What are the key factors driving the global pea protein market?
4. What has been the impact of COVID-19 on the global pea protein market?
5. What is the breakup of the global pea protein market based on the product type?
6. What is the breakup of the global pea protein market based on the application?
7. What is the breakup of the global pea protein market based on the end user?
8. What are the key regions in the global pea protein market?
9. Who are the key players/companies in the global pea protein market?