Pea Protein Market by Type (Concentrates, Isolates, Textured), Form (Dry, Wet), Source, Application - Global Forecast 2024-2030

Pea Protein Market by Type (Concentrates, Isolates, Textured), Form (Dry, Wet), Source, Application - Global Forecast 2024-2030

The Pea Protein Market size was estimated at USD 2.45 billion in 2023 and expected to reach USD 2.66 billion in 2024, at a CAGR 8.83% to reach USD 4.43 billion by 2030.

A pea protein is a high-quality, plant-based protein that is derived from yellow split peas. This form of protein has gained popularity in the nutrition and food industry due to its excellent amino acid profile, high digestibility, and sustainable production methods. Pea protein is often utilized as a key ingredient in various products, including protein supplements, meat substitutes, dairy alternatives, and baked goods, to cater to the dietary requirements of vegetarians, vegans, and individuals with certain food allergies or intolerances. Its versatility and nutritional benefits make pea protein an advantageous choice for consumers seeking plant-based dietary solutions. The increasing global pea production, the requirement for gluten-free products, and the growth in the consumption of canned and preserved foods propels the growth of the pea protein market. However, pea protein faces stiff competition from other plant-based and animal-based proteins. Growing consumption of protein-fortified functional foods offers opportunities for the expanding pea protein market.

Regional Insights

In the Americas, the United States and Canada are contributing to the growth of the pea protein market. The increasing trend towards vegan and plant-based diets and a growing awareness of lactose intolerance have significantly boosted consumer demand for pea protein products in these countries. Recent patents in the United States focus on improving pea protein-based products' taste, texture, and nutritional profile. The Asia Pacific region, particularly countries such as China, Japan, and India, presents a rapidly growing market for pea protein due to increasing disposable incomes and shifting dietary preferences towards vegetarianism and veganism. In China, the consumption and production of pea protein are supported by government policies favoring plant-based protein sources to ensure food security. India's market is burgeoning, driven by a traditionally vegetarian population looking for high-quality protein sources. In response to the increasing requirement for functional foods, Japan is innovating by integrating pea protein into its traditional cuisine, which further aligns with global health trends and opens new avenues for using pea protein in culturally rich and diverse Japanese culinary practices. The research and development efforts in the EMEA region emphasize taste improvement, allergen-free products, and sustainability. European Union countries, driven by environmental concerns and a robust health-conscious population, have witnessed significant growth in the demand for pea protein. Innovations and investments are predominantly observed in improving product applications in meat substitutes, dairy alternatives, and sports nutrition. In the Middle East and Africa, evolving lifestyles and a growing inclination towards plant-based diets present significant opportunities for the pea protein market.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Pea Protein Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Escalating demand for plant-based proteins from vegetarians, and vegans
Increasing awareness of lactose intolerance issues among populations

Market Restraints

High cost of production associated with pea protein

Market Opportunities

Ongoing research and development activities aiming to improve the sensory attributes and reduce production costs
Increasing focus on innovation and development of better pea protein and product

Market Challenges

Supply constraint due to limitation in productivity

Market Segmentation Analysis

Type: Increasing consumption of pea protein isolates owing to their high protein content
Application: Widening adoption of pea protein beverages

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Pea Protein Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Pea Protein Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Louis Dreyfus Company Announces the Construction of a Pea Protein Production Plant in North America

Louis Dreyfus Company announced its ambitious project to expand its Plant Proteins business with the construction of a new pea protein isolate manufacturing facility within its Yorkton, Saskatchewan, Canada, industrial complex. This strategic investment aligns with LDC's commitment to enhancing food, feed, and biofuel production across North America, aiming to diversify its revenue streams with value-added products.

Danone Canada's Silk Launches Innovative Plant-Based Yogurt Made with Canadian Pea Protein

Danone Canada is pioneering the plant-based nutrition movement with the launch of its novel Silk protein plant-based yogurt, enriched with high-quality Canadian pea protein. In alignment with the growing consumer trend towards supporting local produce, Danone Canada reinforces its commitment to local manufacturing and sourcing, all the while offering a product that stands out for its taste, texture, and nutritional value.

EnWave and PIP International Sign Commercial License Agreement to Produce Best-In-Class Pea Protein Isolate Products

EnWave Corporation has entered into a strategic licensing agreement with PIP International Incorporated, enabling the commercialization of premium plant-based ingredients through the innovative use of EnWave's proprietary Radiant Energy Vacuum (REV) dehydration technology. With this agreement, PIP International is set to revolutionize the food industry with its pea protein isolate products, offering a neutral-tasting solution that seamlessly integrates into dairy alternatives and provides structural benefits to gluten-free foods.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Pea Protein Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Pea Protein Market, highlighting leading vendors and their innovative profiles. These include AGT Food and Ingredients, Aminola B.V., Avanschem, Axiom Foods, Bioway (Xi'an) Organic Ingredients Co., Ltd., Burcon Nutrascience, Cosucra, ETChem, Farbest-Tallman Foods Corporation, Gemef Industries SA, Glanbia PLC, Greenway Organics (Tianjin) Co., Ltd., Ingredion Incorporated, Kerry Group, Koninklijke DSM N.V., Maxsun Industries, Inc., Now Foods, Phyto-Therapy, PURIS, Roquette Frères, Sotexpro, STDM Food And Beverages Private Limited, Sun Nutrafoods, The Green Labs LLC, The Scoular Company, and Titan Biotech.

Market Segmentation & Coverage

This research report categorizes the Pea Protein Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
Concentrates
Isolates
Textured
Form
Dry
Wet
Source
ChickPea
Lentils
Yellow Split Pea
Application
Beverages
Meat Extenders & Analogs
Nutritional Supplements
Snacks Bakery Products
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year