Pea Protein Market to Grow by USD 272 Million (2024-2028), Rising Demand for Plant-Based Diets Boosts Revenue, Report on AI Impact on Market Trends - Technavio

NEW YORK, Nov. 26, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global pea protein market  size is estimated to grow by USD 272 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  14.16%  during the forecast period. Increasing demand for plant-based diets is driving market growth, with a trend towards growing popularity of clean-labeled ingredients. However, increasing demand for different types of proteins  poses a challenge.Key market players include A and B Ingredients Inc., AGT Food and Ingredients Inc., AM Nutrition, Archer Daniels Midland Co., Axiom Foods Inc., Cargill Inc., COSUCRA, DuPont de Nemours Inc., Emsland Starke GmbH, Herba Ingredients BV, Ingredion Inc., Meelunie BV, NutriPea LP, Parrish and Heimbecker Ltd., Puris, Roquette Freres SA, Shandong Jianyuan group, The Scoular Co., Vestkorn Milling AS, and Yantai Shuangta Food Co. Ltd..

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Key Market Trends Fueling Growth

The Pea Protein Market is experiencing significant growth due to consumer priorities shift towards health and wellness, muscle building, and weight management. Pea protein, derived from yellow split peas, is a popular alternative protein source that offers nutritional benefits such as high protein content, iron, and fiber. Its natural origin, minimal processing, and clean label appeal resonate with consumers seeking transparent ingredient lists and allergen-free options. Roquette Frères, a leading pea protein producer, focuses on innovation to optimize pea cultivation and refine protein extraction for maximum protein content and nutritional density. Pea protein is versatile and finds applications in various food formulations, including bakery items, pastries, pizza, lattes, vegan burgers, protein shakes, smoothies, energy drinks, and energy bars. Consumer awareness of environmental sustainability and reduced yields due to climate change have made pea protein an eco-conscious choice. Pea protein is also suitable for vegetarians, lactose intolerant people, and those with dietary restrictions. With its attractive product offerings, merit Functional Foods, Ovaltine, Amway, and other companies are investing in higher-purity pea protein isolates and concentrates. The market faces challenges such as escalating pea prices, import delays, and fluctuations in prices. However, pea protein's versatility and multifunctional applications in various industries, including food and beverages, personal care and cosmetics, and dietary supplements, ensure its continued growth. 

The global pea protein market is experiencing growth due to the rising demand for clean-labeled and natural ingredients. Pea protein, derived from legumes, is a popular clean-labeled plant-based protein option. Its nutritional and functional properties make it an attractive alternative to traditional animal-derived proteins. In line with consumer preferences for transparent ingredient labels, vendors are offering clean-labeled pea protein isolate. In the US, where over three-quarters of consumers prefer foods and beverages with recognizable ingredients, the demand for pea protein is expected to increase significantly. 

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Market Challenges

• The Pea Protein Market is witnessing significant growth due to increasing consumer priorities towards health and wellness, muscle building, and weight management. Pea protein, derived from yellow split peas, offers satiety support and is allergen-free, making it an attractive option for those with dietary restrictions and allergies. Its natural origin, minimal processing, and clean label appeal also resonate with consumers. Roquette Frères, a leading player, faces challenges such as escalating pea prices and a focus on innovation to meet evolving lifestyles and diverse options. To address these challenges, they are refining pea protein through optimizing cultivation and maximizing protein content, ensuring nutritional density and flavor. Consumer awareness of environmental sustainability is driving demand for alternative protein sources with lower environmental footprints, making pea protein an eco-conscious choice. Pea protein is versatile and finds applications in various food formulations, including bakery items, pastries, pizzas, lattes, vegan burgers, protein shakes, smoothies, energy drinks, and energy bars. Food manufacturers are incorporating pea protein into their product lines to cater to dietary preferences, including vegan, lactose intolerant, and those with allergies to soy, almonds, peanuts, or gluten. Pea protein offers numerous health benefits, such as iron content for muscle growth, weight loss, heart health, and lower cholesterol and blood pressure. However, challenges include transportation costs, shelf life, spoilage, and food waste. To mitigate these challenges, companies are exploring dry and powdered forms, precise measurement and consistent distribution, and researching higher-purity products. The market is expected to continue growing, with major players like Merit Functional Foods and Tiptoh focusing on innovation and sustainability initiatives.
• The pea protein market experiences significant competition from alternative plant-based proteins, such as soy and wheat proteins. Soy protein, derived from soybeans, is commonly available in powder form for making protein shakes or enhancing protein content in various meals. Soy protein serves as a viable alternative to animal-derived proteins, contributing to health benefits like reducing LDL cholesterol levels, aiding weight loss, and managing blood sugar levels. Additionally, soy protein offers potential health advantages against colon and prostate cancers.

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Segment Overview 

This pea protein market report extensively covers market segmentation by

1. Product 
• 1.1 Isolates
• 1.2 Hydrolysate
• 1.3 Concentrates
• 1.4 Textured
2. Application 
• 2.1 Dietary supplement
• 2.2 Meat substitutes
• 2.3 Bakery goods
• 2.4 Beverages
• 2.5 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Isolates-  Pea protein isolates, derived from yellow peas through cold-water filtration, are a valuable source of protein, containing approximately 80% protein by volume. These isolates are rich in essential amino acids like leucine, arginine, and glutamine. They are soy-free, gluten-free, hypoallergenic, and non-GMO, making them an ideal alternative for individuals with dietary restrictions. Pea protein isolates retain the natural pea taste and can be used in various food applications, including pancakes, bread, and meat substitutes. Their high solubility, emulsification, and water-binding characteristics make them suitable for formulating meat alternatives with meat-like consistency and appearance. The increasing health-conscious consumer trend, driven by the rising instances of obesity and related diseases, is fueling the demand for natural, low-fat, and low-calorie food and beverage products. Pea protein isolates, with their functional benefits and clean-label status, are gaining popularity among consumers, especially the younger demographic willing to pay a premium for healthy products. The processed food industry is also adopting pea protein isolates due to their cost-effectiveness compared to other proteins. As a result, the global pea protein market's isolates segment is expected to experience significant growth during the forecast period.

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Research Analysis

The Pea Protein Market is witnessing significant growth due to increasing consumer priorities towards health and wellness, muscle building, and weight management. Pea protein, derived from Yellow Field Peas, offers several advantages such as natural origin, minimal processing, and clean label products. It caters to various consumer groups including vegetarians and lactose intolerant people, providing an alternative to traditional protein sources like Soy, Almonds, and Peanuts. Pea Protein comes in different forms such as Pea Protein Isolate, Concentrate, and Textured. Its versatility allows for use in food formulations, enhancing texture, emulsification, foaming, and product innovation. Calcium fortification is another key feature, making it suitable for energy balance, muscle repair, and satiety support. The market is expected to continue growing, driven by consumer demand for high-quality, plant-based protein options.

Market Research Overview

Pea protein, derived from yellow split peas, has gained popularity in the health and wellness industry due to its versatility and nutritional benefits. This plant-based protein source is ideal for muscle building, weight management, and satiety support. Consumers prioritize natural origin, minimal processing, and clean label products, making pea protein an attractive choice. Its allergen-free nature caters to dietary restrictions, including lactose intolerance and veganism. Pea protein's eco-conscious appeal comes from its lower environmental footprint compared to animal-derived sources. As consumer awareness grows, pea protein's demand increases, leading to escalating prices. Companies are focusing on innovation to optimize pea cultivation and refine protein extraction for maximum protein content and nutritional density. Pea protein is used in various food formulations, including energy bars, snacks, protein shakes, smoothies, energy drinks, and even bakery items like pastries, pizzas, and lattes. Its versatility extends to meat alternatives, vegan burgers, and texturizing plant-based meats. Pea protein is also used in nutritional supplements, breakfast cereals, and baked savories. The pea protein market is driven by health and wellbeing, with a focus on muscle growth, weight loss, heart health, and lower cholesterol and blood pressure. Its hypoallergenic nature makes it suitable for individuals with dietary preferences, such as vegetarians, lactose intolerant people, and those with allergies to soy, almonds, peanuts, or gluten. Pea protein's environmental sustainability and eco-conscious choice make it a preferred alternative protein source. Its production process involves nitrogen fixation, making it a sustainable crop choice. Pea protein is also used in various industrial applications, including texturizing, emulsification, and foam enhancement. The pea protein market is expected to grow significantly due to evolving lifestyles and consumer priorities. Companies are investing in research and development to create higher-purity products and attractive, transparent ingredient lists to build trust and loyalty. The market is also influenced by climate change, agriculture, reduced yields, import delays, and fluctuations in prices. Pea protein is available in dry and powdered forms, making precise measurement and consistent distribution essential for product quality. Shelf life, spoilage, and food waste are also crucial factors in the pea protein market. Sources of pea protein include yellow field peas, protein extraction, and various food applications. The largest share of the pea protein market is held by food manufacturers, with applications in breakfast cereals, nutritional supplements, baked goods, confectionery items, and energy powders. Pea protein is also used in fruit juice mixes, green peas, chickpeas, lentils, and fava beans in the food and beverages industry. Additionally, pea protein is used in personal care and cosmetics, and as a texturizing agent in plant-based meat and dairy alternatives. Pea protein's multifunctional applications extend to various industries, including importers, exporters, and sustainability initiatives. Its environmental awareness and sustainability initiatives are crucial in reducing greenhouse gases and preserving natural resources. In conclusion, pea protein is a versatile, nutrient-dense, and eco-friendly protein source that caters to various dietary preferences and health concerns. Its production process, applications, and market trends make it a significant player in the food and beverage industry, with continued growth expected due to evolving consumer priorities and environmental sustainability initiatives.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Isolates
• Hydrolysate
• Concentrates
• Textured
• Application
• Dietary Supplement
• Meat Substitutes
• Bakery Goods
• Beverages
• Others
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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