The pea protein market was experiencing significant growth due to increasing demand for plant-based protein alternatives. Pea protein gained popularity as a plant-based protein source, particularly among consumers looking for alternatives to animal-based proteins. The pea protein market size is expected to grow rapidly, with a CAGR of 11.9% reaching $2.9 billion by 2027. The industry's rising understanding of the benefits of pea protein, which is estimated to be valued at $1.7 billion in 2022.
This exponential growth can be attributed to the increasing demand for plant-based protein sources and the recognition of pea protein as a sustainable and nutritious alternative. As consumers continue to prioritize healthy and environmentally conscious food choices, the market is poised for continued success, presenting exciting opportunities for businesses and investors. Consumers are getting increasingly aware of the benefits of nutritional and health products. The usage of pea protein has rapidly evolved in the past years, which has contributed significantly to the food & beverage, pet food, feed, textile, and pharmaceutical industrial applications. Furthermore, the rise in vegan population, popularity of plant-based foods and vegan protein and nutritional benefits of pea-based products are key factors that are projected to drive the growth of the market during the forecast period.
Also, there are several types of pea protein products available in the market. These variations often cater to different preferences, applications, and nutritional needs. Some common types of pea protein are pea protein isolate, yellow split peas, textured pea protein, organic pea protein.
The Pea Protein Isolate segment by type is projected to achieve the fastest growth in the Pea Protein market.
The Pea Protein market is expected to be dominated by the Isolate segment. Adoption of these Pea Protein Isolates has been steadily increasing in the global market, owing to growing awareness of the benefits of Pea Protein Isolates and their high protein content. Its wide range of applications in plant-based meats, snack bars, and vegan protein powder contributes to the global growth of this market.
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The Yellow Split Pea in the segment by source is projected to account for the largest market share of the Pea Protein market over the forecast period.
Yellow split peas are one of the most popular pea sources among product manufacturers. This is due to peas functionality and adaptability to different product types, which is driving demand for yellow split peas in a variety of products such as plant-based meat, beverages, functional foods, and performance nutrition. Yellow split peas high protein content makes them ideal for producing pea protein isolates. They are valued for their amino acid profile, which has led to their classification as "whole proteins" when compared to dairy and meat-based alternatives. 100g of yellow split pea contains 370 calories, 1 gramme of fat, 67 grammes of carbohydrates (27 grammes of fibre, 3 grammes of sugar), 27 grammes of protein, and 25% of the RDA of iron.
North America holds a significant share in the pea protein market during the forecast period.
North America is experiencing strong growth prospects in the plant-based pea protein sector due to the increasing demand for healthy meat and dairy substitute products. The growing trend of veganism has pushed the growth of the North American pea protein industry. Consumers are gradually shifting their diet preferences and are going vegan due to the health and wellness benefits associated with it. This paradigm shift in food culture is being supported by health & fitness industries, medical communities, celebrities, and athletes, which has bolstered the demand for pea protein.
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Leading organizations outlined:
The key players in this market include Rouquette Freres (France), DuPont (US), Glanbia PLC (Ireland), Kerry (Ireland), Ingredion (US), Puris (US), Emsland Group (Germany), Yantai Shuangta Foods Co., Ltd (China), The Scoular Company (US), Burcon (Canada), Shandong Jianyuan Group (China), ET-Chem (China), AGT Food and Ingredients (Canada), The Green Labs LLC. (US), and Axiom Foods, Inc. (US). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.
