Pea Protein Market Trends 2024: Forecasting $1.31B Growth
In an era marked by rising health consciousness and a global shift toward sustainable lifestyles, the plant-based protein market has emerged as a frontrunner in the food and beverage industry. Among the key players driving this transformation is pea protein—a versatile, nutrient-rich ingredient poised for exceptional growth.
According to the latest report by Meticulous Research® , the global pea protein market is projected to soar to $1.31 billion by 2031 , growing at an impressive CAGR of 14.2% from 2024 to 2031. This growth is fueled by increasing consumer demand for plant-based nutrition, advancements in food technology, and heightened awareness of the health benefits associated with pea-based products.
This blog delves into the driving forces, key players, segmentation, and regional trends shaping the future of the pea protein market.
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Key Drivers Behind the Pea Protein Market Boom
- Rising Demand for Plant-Based Nutrition
The shift toward plant-based diets has transcended from being a niche trend to a mainstream movement. Consumers are actively seeking sustainable and ethical food choices, with pea protein emerging as a preferred source of plant-based protein due to its nutritional profile, low allergenicity, and versatility.
- Health & Wellness Trends
Health-conscious consumers increasingly prioritize foods that offer functional benefits. Pea protein, rich in essential amino acids, fiber, and minerals, supports muscle growth, weight management, and overall well-being. These attributes position it as a valuable ingredient in health supplements, meal replacements, and sports nutrition.
- Expansion of Plant-Based Food Market
The rise of plant-based alternatives such as meat substitutes, dairy-free beverages, and protein-enriched snacks has fueled the demand for high-quality plant proteins. Pea protein, with its neutral taste and compatibility across applications, is a key ingredient in products like plant-based burgers, pea milk, and protein bars.
- Focus on Product Innovation
Leading players in the food and beverage industry are continuously innovating to meet evolving consumer demands. The development of textured pea proteins, isolates, and concentrates is driving the adoption of pea protein across diverse applications, ranging from bakery items to pet food.
Market Segmentation: A Closer Look
The pea protein market is a dynamic space, segmented by type , source , processing method , form , application , and geography . Let’s explore these segments in detail:
By Type: Yellow Pea Dominates
The yellow pea proteins segment is anticipated to dominate the market, accounting for 94.7% of the market share in 2024 . Known for their high protein content and nutritional benefits, yellow peas are a staple in protein isolates, concentrates, and high-performance nutrition products. Their versatility makes them ideal for applications in snacks, beverages, and plant-based meats.
By Source: Conventional Pea Protein Leads
Conventional pea protein is projected to maintain its lead, driven by factors such as cost efficiency, extended shelf life, and the widespread availability of conventional crops. Organic pea protein, though growing, remains a smaller segment due to higher production costs.
By Processing Method: Dry Processing Takes Center Stage
Dry processing is set to dominate the market, offering cost-effective and environmentally friendly solutions. This method requires less energy and water compared to wet processing, making it a preferred choice for manufacturers seeking sustainable practices.
By Form: Solid Pea Protein Prevails
Solid pea protein is anticipated to hold the lion’s share of the market, owing to its stability, ease of handling, and versatility across applications. From powders to bars, solid pea proteins cater to diverse consumer needs in the nutrition and food industries.
By Application: Nutrition & Health Supplements Thrive
Accounting for 36.4% of the market in 2024 , the nutrition and health supplements segment is a clear leader. Pea protein’s benefits for muscle recovery, weight management, and overall health resonate strongly with consumers pursuing active and health-conscious lifestyles.
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Regional Insights: North America Leads the Charge
North America: A Powerhouse Market
North America is set to dominate the global pea protein market, holding 42.4% of the market share in 2024 . The region’s growth is driven by:
- A burgeoning vegan and flexitarian population
- Concerns over animal-based protein sources
- An advanced food and beverage industry prioritizing innovation
- Significant local production of peas and pea-based products
Europe: A Growing Opportunity
Europe, home to leading food innovators, is witnessing robust growth in the pea protein market. The region’s focus on sustainability and health-conscious eating habits aligns well with the adoption of plant-based proteins.
Asia-Pacific: Emerging Market Potential
Asia-Pacific is an emerging market for pea protein, fueled by increasing consumer awareness and the growing adoption of plant-based diets in countries like China, India, and Japan. The region’s vast population and rising disposable incomes further enhance growth prospects.
Latin America and Middle East & Africa: Untapped Markets
While still in their nascent stages, these regions hold immense potential. Rising health awareness and a gradual shift toward plant-based diets are expected to boost demand for pea protein in the coming years.
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Competitive Landscape: Key Players Shaping the Market
The pea protein market is moderately competitive, with global and regional players driving innovation and market expansion. Leading companies include:
- Roquette Freres (France)
- AGT Food and Ingredients Inc. (Canada)
- Cargill, Inc. (U.S.)
- Ingredion Incorporated (U.S.)
- Archer-Daniels-Midland Company (U.S.)
- Axiom Foods Inc. (U.S.)
- Burcon NutraScience Corporation (Canada)
- Glanbia Plc (Ireland)
- Cosucra Groupe Warcoing SA (Belgium)
- Sotexpro SA (France)
- Farbest-Tallman Foods Corporation (U.S.)
- Shandong Jianyuan Foods Co., Ltd. (China)
- The Emsland Group (Germany)
- Nutri-Pea Ltd. (Canada)
These companies focus on developing innovative solutions, such as textured proteins and functional ingredients, to cater to diverse consumer preferences.
The Road Ahead: Challenges and Opportunities
As the pea protein market continues to grow, industry players must navigate challenges such as fluctuating raw material costs, supply chain disruptions, and competition from alternative plant proteins like soy and almond. However, the opportunities far outweigh the hurdles. Emerging applications in cosmetics, pharmaceuticals, and bioplastics further expand the potential of pea protein.
Sustainability, innovation, and consumer-centric approaches will remain the cornerstones of success in this dynamic market. With North America leading the charge and other regions catching up rapidly, the pea protein industry is poised for a transformative decade.
Conclusion
The global pea protein market stands at the intersection of health, sustainability, and innovation. With an expected value of $1.31 billion by 2031 , this market presents unparalleled opportunities for stakeholders across the value chain. From food manufacturers to ingredient suppliers, the time to invest in pea protein is now.
By embracing trends, addressing challenges, and capitalizing on innovation, industry players can shape a future where plant-based proteins are no longer alternatives—they are essentials.
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