Pea Protein Market By Product (Isolates, Concentrates, Textured, Hydrolysate), Source (Lentils, Yellow Split Peas, and Beverage), Nature (Organic, Conventional), Form (Wet, Dry), Application (Meat Substitutes, Bakery Goods, Dietary Supplements, Beverage, Beverage), and Region - Market Perspective, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast for 2023 – 2032
Market Perspective
The global Pea Protein Market size was worth around USD 1.5 billion in 2022 and is anticipated to grow to around USD 3.6 billion by 2032 at a CAGR of around 9.1% between 2023 and 2032.
Pea protein is available in concentrate, textured, and isolate forms, and is rapidly gaining popularity for its many advantages over other protein sources. From its eco-friendly production process to its low allergenicity and health benefits, pea protein is an attractive choice for consumers, especially millennials, who are seeking simpler labels, tasty flavors, and alternative protein sources to suit their personalized nutritional needs. Meanwhile, dairy whey protein continues to be a favorite choice for protein supplementation due to its high leucine content, digestibility, and ability to activate muscle protamine.
The growth of the pea protein market is driven by several factors, including the growing trend of plant-based nutrition, the expanding plant-based food industry, increased consumer awareness about the nutritional benefits of pea and pea-based products, and a focus on developing innovative pea protein ingredients. Furthermore, growth opportunities exist in emerging markets and through the launch of new pea protein-based products. However, the market's growth is hindered by consumers' strong preference for animal-based proteins and a preference for other plant proteins over pea proteins.
Despite these challenges, the growth of the pea protein market is driven by a growing interest in leading a healthy lifestyle and an increasing awareness of the importance of a nutritious diet.
Key Insights
- Based on product, the isolated product segment holds the largest market share
- On the basis of source, the yellow split peas source generated the highest revenue
- By nature, the conventional nature segment dominated the market share in 2022
- Based on the form, the dry form segment dominated the market share in 2022
- By application, the meat substitutes application segment to continue holding the highest market share.
- On the basis of region, North America is the region with the largest market share of the global pea protein market
Growing Demand for High Protein Diet is Augmenting the Market Growth
With the ever-evolving dietary preferences and the advancements in alternative protein-related research, as well as governments paying more attention to the environment and sustainable green agriculture, the pea protein market has witnessed a significant expansion. Consumers have become increasingly health conscious, leading to a significant increase in the consumption of a protein-rich diet over the past several years.
Due to hectic lifestyles and lack of time to consume balanced meals on a regular basis, manufacturers of packaged foods are incorporating nutritious ingredients, including proteins, into their products. Furthermore, chronic diseases due to changing lifestyles and growing fitness trends among millennials, have led to countries placing greater emphasis on a protein-rich diet, which is expected to increase the demand for pea proteins. The CURO Symposium 2019 Program & Book of Abstracts provides insight into the 650 University of Georgia students presenting their undergraduate research through oral and/or poster presentations that further explore the need for and benefits of a protein-rich diet.
Growing Vegan and Lactose-Free Food Diets among Population is Driving the Market Growth
With a growing focus on fitness and healthy living, the demand for vegan products has risen in recent years. Consumers are seeking more nutritious options in their packaged foods, and manufacturers are responding by incorporating pea protein isolate and other nutrient-rich ingredients. The rising awareness of chronic diseases linked to sedentary lifestyles, especially among millennials, has led to a greater interest in high-protein diets.
The World Health Organization recommends a safe protein intake of 0.83 g per kilogram per day, which is sufficient to meet the protein needs of 97.5% of the healthy population. Pea protein is a popular choice due to its vegan and lactose-free properties, making it a profitable product in the food and beverage industry. The pea protein market is expected to grow in the coming years as market participants aim to create and offer new products that appeal to millennials. The standards for high-protein foods have been influenced by both consumer and food production perspectives, reflecting the growing interest in exercise and healthy lifestyles.
Possible Side Effects of Pea Protein Hampering Market Growth is Hampering the Market Growth
Pea protein is generally considered safe with few side effects. However, in its powdered form, it can have high levels of sodium, causing health issues for those on sodium-restricted diets. Consuming too much-powdered pea protein can result in joint pain, decreased kidney function, and weight gain.
Milk allergies, on the other hand, can range from mild to severe, including anaphylactic shock. Pea protein is a safe alternative for those with milk allergies, as it eliminates the risk of allergic reactions. While pea protein is a complete protein, it has lower levels of sulfur-containing amino acids and branched-chain amino acids compared to whey protein, which may impact its market growth.
Recent Development
In 2022, several major players made strides in the pea protein industry.
- In October, Roquette launched organic pea ingredients that include organic pea starch and organic pea protein. These ingredients provide full traceability to the farm and are designed for specialty nutrition, non-dairy, and meat alternative markets. Roquette aims to keep up with changing consumer trends and remain a leading partner for customers seeking plant-based options.
- In September, Lantmännen invested 91 million USD in a new large-scale pea protein production facility. This move solidifies Lantmannen's position in the Northern European plant-based protein market. The facility in Lidkoping, Sweden will convert peas into a highly concentrated pea protein isolate and has the potential to connect to existing biorefineries.
- In August, Merit Functional Foods introduced its first USDA-Certified Organic Protein ingredient, Organic Peazazz C 850. The organic version of Peazazz C protein is fully traceable from farm to factory and is produced at Merit's Winnipeg facility from organic peas grown in Canada.
Segmentation Analysis
The pea protein market is segmented by product, source, and form. The product segmentation includes isolates, concentrates, textured, and hydrolysate. Isolates are expected to show high growth due to their high absorption and digestibility rate (98%) by the body, as well as their abundance in essential amino acids such as Leucine, Arginine, and Glutamine.
By source, the market is divided into lentils, yellow split peas, and beverages. The yellow split peas segment is expected to experience the highest growth rate as it is an ideal source of pea protein with a high protein content and an ideal amino acid profile. Yellow split peas are commonly used in food and beverage applications and are an essential component of pea protein isolates.
In terms of form, the market is split between wet and dry. The dry segment is expected to dominate due to its cost-effectiveness, ease of handling, and transportation.
North America is Dominating the Market Share Due to the Proliferation in the Popularity of Plant-based Protein
The growth of the pea protein industry in North America is driven by several factors including the increasing prevalence of celiac disease and the rise in demand for gluten-free foods. The continued growth of the bakery industry in the US, coupled with the increasing popularity of veganism, is also supporting the expansion of the pea protein market.
In May 2022, PIP International introduced Ultimate Pea Protein (UPP), a plant protein with improved appearance and functionality for use in plant-based foods. PIP has an advanced agricultural traceability program and is advancing pea protein extraction technology, thereby strengthening its position in the market. Additionally, the growing consumption of bio-based chemicals from grains such as canola and soy is expected to reduce their availability as protein sources, further driving the growth of the pea protein market.
Asia-pacific is the Fastest Growing Market Owing to the Rising Demand for Nutrient-Enriched Functional Foods
The Asia-Pacific pea protein market revenue is expected to grow due to the growing demand for functional foods enriched with nutrients. With consumers becoming more health-conscious and concerned about environmental and ethical issues, there has been a reduction in animal product consumption. Favorable regulations in India and China are boosting the agricultural industry and providing ample raw materials for manufacturers. China's strong food and beverage industry, driven by easy access to raw materials and rising domestic consumption, is expected to drive regional market growth.
The growing hotel and restaurant sector and increasing number of retail chains, especially supermarkets, will also contribute to the growth of the food and beverage industry and demand for products. Plant-based meats are becoming more like traditional meat, while novel proteins such as peas, mycoproteins, and cultured meat are gaining popularity in the region. Plant-based meat products, such as burgers and sausages, are attracting meat eaters, and the growing demand for meat alternatives, allergen-friendly sports supplements, and fitness products will boost the pea protein market.
Competitive Landscape
- Axiom Foods, Inc.
- Batory Foods
- Cargill, Incorporated
- Ingredion
- Kerry Group plc
- Lantmannen
- Merck KGaA
- Merit Functional Foods
- Nutrova
- Roquette Frères
- Shandong Jianyuan group
The global pea protein market is segmented as follows:
By Product
- Isolates
- Concentrates
- Textured
- Hydrolysate
By Source
- Lentils
- Yellow Split Peas
- Beverage
By Nature
- Organic
- Conventional
By Form
- Wet
- Dry
By Application
- Meat Substitutes
- Bakery Goods
- Dietary Supplements
- Beverage
- Beverage
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Reunion
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Pea Protein Market By Product
- February-2023
- 148
- Global
- agritech
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