Pea Protein Market - Global Opportunity Analysis and Industry Forecast (2022-2029)

Meticulous Research® – a leading global market research company published a research report titled Pea Protein Market Worth $1.14 Billion By 2029

According to this latest publication from Meticulous Research®, the pea protein market is expected to grow at a CAGR of 15.7% from 2022 to 2029 to reach $1.14 billion by 2029. In terms of volume, global pea protein market is expected to grow at a CAGR of 12.7% from 2022 to 2029 to reach 4.68 million tons by 2029. This market is majorly driven by rising interest in plant-based nutrition, growing health and wellness trend, increasing plant-based food market, rising consumer awareness regarding nutritional benefits offered by pea and pea-based products, and accelerated focus of key players on the development of innovative pea protein ingredients.

Additionally, growth opportunities in emerging markets and the increasing launching of pea protein-based products provide significant growth opportunities for pea protein manufacturers. However, a significant preference for animal-based protein hinders the growth of this market to some extent. On the other hand, consumer preference for other plant protein over pea protein poses a challenge for pea protein manufacturers. 

The global pea protein market study presents historical market data in terms of value (2020 and 2021), estimated current data (2022), and forecasts for 2029. The market is segmented based on type, source, source process, processing method, form, application, and geography. The study also evaluates industry competitors and analyses the market at a country level.

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Scope of the report

Pea Protein Market, by Type               

·         Pea Protein Isolates

·         Pea Protein Concentrates

·         Textured Pea Protein

·         Pea Protein Hydrolysate

·         Pea Flour

·         Others Pea Protein

Pea Protein Market, by Source           

·         Yellow Pea

·         Green Pea

Pea Protein Market, by Source Process          

·         Conventional Pea Protein

·         Organic Pea Protein

Pea Protein Market, by Processing Method

·         Dry

·         Wet

Pea Protein Market, by Form

·         Dry

·         Liquid

Pea Protein Market, by Application

·         Nutrition And Health Supplements

·         Alternative Meat Products

·         Bakery Products

·         Dairy And Dairy Alternatives

·         Cereals And Snacks

·         Beverages

·         Pet Food

·         Others

Pea Proteins Market, by Geography

·         North America

o    U.S.

o    Canada

·         Europe

o    Germany

o    France

o    U.K.

o    Italy

o    Spain

o    Rest of Europe (RoE)

·         Asia-Pacific (APAC)

o    China

o    Japan

o    India

o    Australia

o    Rest of Asia-Pacific (RoAPAC)

·         Latin America

·         Middle East and Africa

 

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Based on type, the pea protein market is divided into pea protein isolates, pea protein concentrates, textured pea protein, pea protein hydrolysate, pea flour, and other pea proteins. The pea protein isolates segment is estimated to account for the largest share of the global pea protein market in 2022. The large share of this segment is mainly attributed to its high protein content and high emulsification and stability properties and growing application in high-performance nutrition and snack products. However, pea protein hydrolysate segment is expected to grow at the fastest CAGR during the forecast period.

Based on source, the pea protein market is segmented into yellow and green pea. In 2022, the yellow pea protein segment is estimated to account for the largest share of the global pea market. This segment is also expected to grow at the fastest CAGR during the forecast period due to its versatility in a wide array of applications in the food & beverage industry, mainly emerging alternative meat products.

Based on source process, the pea protein market is segmented into organic and conventional pea protein. The conventional pea protein segment is estimated to account for the largest share of the overall pea protein market in 2022. The leading position of this segment is mainly attributed to its lower price than organic protein ingredients, longer shelf life, and availability of substantial crop varieties. However, the organic pea protein segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to growing organic products sales statistics, the rising trend of clean label products, and the increasing number of certified organic pea produce farms.

Based on the processing method, the pea protein market is segmented into dry and wet. In 2022, the dry processing segment is estimated to account for the largest share of the global pea protein market. The large share of this segment is mainly attributed to low capital requirement, energy, and water consumption compared to wet extraction and high demand from F&B manufacturers. However, the wet processing segment is expected to grow at the highest CAGR during the forecast period.

Based on form, the pea protein market is segmented into dry and liquid. In 2022, the dry segment is estimated to account for the largest share of the overall pea protein market. The segment’s major share is mainly attributed to the dry protein ingredients higher demand due to the ease of handling & transportation, cost-effectiveness, and the ability to avoid costly formulation errors and maintain the ingredients’ stability. However, the liquid segment is expected to grow at the highest CAGR during the forecast period due to its growing demand from the dairy alternative industry and increasing applications in innovative products.

Based on application, the pea protein market is segmented into nutrition and health supplements, meat and alternative meat products, bakery products, dairy and dairy alternatives, cereals and snacks, beverages, pet food, and others. The nutrition and health supplements segment is estimated to account for the largest share of the global pea protein market in 2022. The large share of this segment is mainly attributed to increased diseases due to improper nutrition, benefits of pea protein in additional nutrition and sports performance, and health and wellness trends. However, the meat and alternative meat products segment is expected to witness rapid growth during the forecast period. The rapid growth of this market is mainly attributed to growing veganism, increasing new product launches, and rising animal diseases.

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Geographically, the pea protein market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is estimated to account for the largest share of the overall pea protein market. North America’s prominent position in the pea protein market is primarily attributed to the well-established food and beverage industry, rising concerns over animal products and protein, increasing vegan population, growing preference for meat alternatives, increasing demand for healthy & nutritional products, huge pea production, and large presence of pea protein manufacturers.

However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The rapid growth of this region is mainly attributed to the increasing protein-rich diet awareness, increasing health consciousness, booming food & beverages industry, rapid urbanization, a large base of vegan population, and increasing new product launches containing pea protein.

The key players operating in the global pea protein market are Roquette Freres Le Romarin (France), AGT Food and Ingredients Inc. (Canada), and Cargill, Incorporated (U.S.), Ingredion Inc. (U.S.), Archer Daniels Midland Company (U.S.), E.I. Du pont de Nemours and Company (U.S.), Axiom Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), Glanbia Plc. (Ireland), Cosucra Groupe Warcoing SA (Belgium), Sotexpro (France), Farbest Brands (U.S.), Shandong Jianyuan Foods Co., Ltd. (China), The Emsland Group (Germany), and Nutri-Pea Ltd. (Canada).

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Key questions answered in the report-

·  What are the high growth market segments in terms of type, source, source process, processing method, form, application, and countries?

·  What is the historical market for pea proteins across the globe?

·  What are the market forecasts and estimates for the period of 2022-2029?

·  What are the major drivers, restraints, challenges, opportunities, and trends in the global pea protein market?

·  Who are the major players in the global market, and what share of the market do they hold?

·  Who are the major players in various countries, and what share of the market do they hold?

·  How is the competitive landscape?

·  What are the recent developments in the global pea protein market?

·  What are the different strategies adopted by the major players in the market?

·  What are the key geographic trends, and which are the high-growth countries?

·  Who are the local emerging players in the global pea protein market, and how do they compete with the other players?

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