Pea Protein Market Size By Product (Isolate, Concentrate, Textured), By Application (Meat Substitutes, Nutraceuticals, Sports Supplements), Industry Analysis Report & Forecast, 2023 - 2032

Pea Protein Market Size By Product (Isolate, Concentrate, Textured), By Application (Meat Substitutes, Nutraceuticals, Sports Supplements), Industry Analysis Report & Forecast, 2023 - 2032

Pea Protein Market is anticipated to experience substantial growth between 2023 and 2032, primarily owing to the increasing demand and consumption of protein in the North American region. Besides, increasing consumer awareness about animal cruelty has led to an increase in the demand for alternate sources of plant-based protein, which will also drive the market demand for pea proteins.

In addition, the key market providers are expanding their existing portfolios and entering meaningful acquisitions, mergers, and joint ventures, to strengthen their market presence. Citing an instance, in October 2022, France-based Roquette announced launching a new series of organic pea ingredients, such as organic pea protein and organic pea protein. The firm claims that peas will be procured from organic growers from Canada, and the products will be manufactured in Portage la Prairie. Roquette further announced that it will launch its products in North America, Europe, and Mexican markets.

In another instance, in March 2021, Ingredion, a multinational ingredients firm announced expanding its plant-based solutions by adding two pea-based ingredients to its pea protein factory in Nebraska. The latest move would assist the firm to tap the fast-growing plant-based food industry.

Overall, the pea protein market has been segmented in terms of product, application, and region.

In terms of product, the textured segment will grow at more than 11% CAGR through 2023-2032. The segmental growth can be credited to the growing consumption of vegan diet among the health-conscious consumer. For instance, the percentage of vegan consumers in the U.S. has steadily increased from just 1% in 2014 to 6% in 2020. Besides, a robust increase in various animal diseases and flues around the world has also raised the demand for pea-based protein products, since they are considered to be good meat alternatives.

On the basis of application, the market is likely to be characterized by the meat substitutes segment, which is anticipated to grow considerably within the next ten years. This segment will expand due to the rising demand for plant-based food products by the consumers. According to a report titled 2023 Food Trends, around 40% of consumers are planning to purchase plant-based meat products in 2023.

In the regional context, the Asia Pacific pea protein market will grow robustly by 2032 end, where it will reach more than USD 165 million in terms of valuation. The regional expansion can be attributed to the growth in the demand for meat substitutes and allergen-friendly fitness and sports supplements throughout the APAC economies.