The Pea Protein Market size is projected to reach US$ 1,658.15 million by 2031 from US$ 613.16 million in 2023. The market is expected to register a CAGR of 13.5% in 2023–2031. Glowing sales of pea protein as protein source in pet food and animal feed are likely to remain key pea protein Market trends.
The pea protein market is growing at a significant rate owing to factors such as enhanced health consciousness, multiple health benefits, and increased demand for meat protein alternatives. In addition, factors, such as the trend of living using pea protein in various products, consistent increase in food & beverages industries, raised demand for organic-based foods, and innovations in protein-based products, have supplemented the global pea protein market growth. The growing number of consumers searching for simpler labels, great taste, and alternative protein sources to solve personalized nutrition choices which in turn may accelerate pea protein market growth. However, the availability of substitute proteins and low consumer awareness about the pea protein-based products may restrict the growth of the market over the forecast period.
Pea protein is obtained from green and yellow split peas and is mostly used to make protein powder. It often serves as a base in packaged foods like veggie burgers, vegan mayo, and even replaces dairy in some ice creams and milk. Pea protein is an excellent source of iron. It is added in food products such as smoothies and shakes to increase the protein content and is also a great fit for almost any diet since it's naturally vegan and hypoallergenic. Pea protein contains nine essential amino acids that the human body cannot create.
Pea protein is used in nutraceuticals such as dietary and health supplements, and for digestive health. A dietary supplement is consumed orally either as a tablet, capsule, pill, or a liquid. Dietary supplements are food products that contain mineral, vitamin, herb or other botanicals, or amino acids. Pea proteins are induced in dietary supplements so that they can provide an external source of vitamins, minerals, fibers and other essential ingredients to the consumer. Growing demand of these dietary supplements among the consumers have driven the growth of the market.
Pea protein various functional properties emulsification, texture enhancement, and foaming has widened its market potential. Key players in the market are taking initiatives to develop products using pea protein, to cater the consumer demand.
Key segments that contributed to the derivation of the Pea Protein Market analysis are type, form and application.
The geographic scope of the pea protein market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the pea protein market. The growing interest of consumers in non-meat alternatives as a result of increasing concerns towards a healthy lifestyle has enabled the manufacturers in North America to incorporate high-quality plant-based ingredients. An increase in matters regarding the environment and an upsurge in awareness towards animal welfare has shifted the focus towards alternative proteins derived from plant-based proteins. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
The regional trends and factors influencing the Pea Protein Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Pea Protein Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 613.16 Million |
| Market Size by 2031 | US$ 1,658.15 Million |
| Global CAGR (2023 - 2031) | 13.5% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Pea Protein Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Pea Protein Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The pea protein Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
The “Pea Protein Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: