Global Pea Protein Market Size, Share, Growth Analysis, By Product(Isolates, Concentrates), By Form(Dry and Wet), By Source(Yellow Split Peas and Others), By Application(Food & Beverages, Personal Care & Cosmetics) - Industry Forecast 2023-2030

Global Pea Protein Market size was valued at USD 1.9 billion in 2022 and is poised to grow from USD 2.13 billion in 2023 to USD 5.27 billion by 2031, growing at a CAGR of 12% during the forecast period (2024-2031).

The demand for pea protein is poised to surge in the coming forecast period due to several growth drivers, including escalating interest in plant-based protein, fitness and health trends, and a burgeoning vegan and vegetarian populace. Additionally, the market potential for pea protein is bolstered by its adaptability and ability to provide desirable attributes such as emulsification, texture enhancement, and foaming. Furthermore, increased product innovation in manufacturing is expected to unlock significant market potential, catering to activities like energy balancing, weight loss, muscle recovery, and satiety. Available in concentrate, textured, and isolate forms derived from various pea types, including dry, green, and chickpeas, pea protein products are particularly suitable for vegan diets and find diverse applications in beverages, meat alternatives, dietary supplements, and bakery items, boasting attributes like non-toxicity, non-allergenicity, and ease of digestion. The trend towards a flexible diet is projected to persist amid concerns over the cardiovascular effects of red meat consumption, while growing consumer awareness regarding the adverse effects of lactose and gluten-containing foods is anticipated to further propel demand. Moreover, the rising consumption of protein-fortified functional foods and the introduction of new pea protein-based products by food and beverage companies, as exemplified by the collaboration between Tiptoh, Olympia Dairy, and SIG in launching pea protein beverages in Belgium, are poised to augment market growth. Additionally, increasing awareness regarding the benefits of protein powder for bone health and muscle development is expected to contribute to market expansion. The affordability of pea protein, coupled with competitive pricing vis-a-vis both plant-based and animal-based protein sources, plays a pivotal role in its burgeoning market share and attractiveness to food producers seeking to fortify their products with protein without incurring significant production costs.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Pea Protein Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Pea Protein Market Segmental Analysis

The global pea protein market is segmented on the basis of product, form, source, application, and region. Based on product, the market is segmented into isolates, concentrates, textured, and hydrolysates. Based on form the market is segmented into dry, and wet. Based on source the market is segmented into yellow split peas, and others. Based on application the market is segmented into food & beverages, personal care & cosmetics, animal feed, and others. Based on region the global Pea Protein Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Pea Protein Market

The growing trend toward plant-based diets and heightened recognition of the health and environmental advantages linked with plant-derived proteins are fueling the demand for pea protein, which is widely regarded as sustainable and suitable for vegans. This nutritious alternative is gaining popularity among health-conscious individuals seeking sustainable and ethical protein sources.

Restraints in the Global Pea Protein Market

The production of pea protein entails extraction and processing stages, which often lead to elevated production expenses in contrast to traditional protein sources. This increased cost may pose a barrier to affordability and accessibility for certain consumers, potentially impeding market expansion.

Market Trends of the Global Pea Protein Market

The rising demand for plant-based protein, notably pea protein, is driven by a growing recognition among consumers of the health and environmental advantages linked to plant-focused eating habits. This surge is fueled by the sustainable procurement, allergen-free properties, and rich protein content that pea protein offers, reflecting a broader trend towards sustainable and nutritious dietary choices.