Pea Protein Market Growth Opportunities and Recent Developments

The Pea Protein Market is estimated at USD 1.7 billion in 2022; it is projected to grow at a CAGR of 11.9% to reach USD 2.9 billion by 2027. North America accounted for the largest share; during the forecast period, in terms of volume and value, respectively. Increasing population adopting vegan lifestyle and rising awareness about nutritional factor and functionality of Pea Proteins are expected to provide more scope for market expansion.

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The Pea Protein Isolate segment by type is projected to achieve the fastest growth in the Pea Protein market.

The Pea Protein market is expected to be dominated by the Isolate segment. Adoption of these Pea Protein Isolates has been steadily increasing in the global market, owing to growing awareness of the benefits of Pea Protein Isolates and their high protein content. Its wide range of applications in plant-based meats, snack bars, and vegan protein powder contributes to the global growth of this market.

By mode of application, the food segment is projected to account for the largest market share in the Pea Protein market.

The growing demand for meat substitutes has aided the growth of pea protein, which is now used in the production of plant-based burger patties and sausages. The use in performance nutrition has also grown significantly, as factors such as lactose intolerance have led to athletes substituting vegan protein alternatives such as pea proteins for whey protein. Meat substitutes, performance nutrition, functional foods, snacks, and bakery are all part of the food segment. The meat substitutes segment dominated the food application segment due to the rising application of pea proteins, making it healthier and more popular among customers.

The Yellow Split Pea in the segment by source is projected to account for the largest market share of the Pea Protein market over the forecast period.

Yellow split peas are one of the most popular pea sources among product manufacturers. This is due to peas functionality and adaptability to different product types, which is driving demand for yellow split peas in a variety of products such as plant-based meat, beverages, functional foods, and performance nutrition. Yellow split peas high protein content makes them ideal for producing pea protein isolates. They are valued for their amino acid profile, which has led to their classification as "whole proteins" when compared to dairy and meat-based alternatives. 100g of yellow split pea contains 370 calories, 1 gramme of fat, 67 grammes of carbohydrates (27 grammes of fibre, 3 grammes of sugar), 27 grammes of protein, and 25% of the RDA of iron.

The dry form Pea Protein is estimated dominate the Pea Protein market during the forecast period.

The dry form of pea protein is more popular than wet pea protein because it has a wider range of applications. Dry textured pea proteins have a dominant market position due to their characteristics and demand in a wide range of applications. The increased demand for dry textured proteins in applications such as plant-based meat due to its' ability to replicate the meaty texture has helped to improve the industry outlook for dry textured pea proteins. They are commonly used as a nutritional supplement formulated with yellow protein pea extract. It is mostly used as a protein filler in products like fitness shakes and smoothies.

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North America is projected to be the largest market.

North America accounted for the largest share; during the forecast period, in terms of volume and value, respectively. Increasing vegan population, increasing demand for health & wellness products, increasing awareness about sustainable lifestyle and increasing consumption of processed meat products are the key drivers of the global pea protein market.

The key players in this market include Rouquette Freres (France), DuPont (US), Glanbia PLC (Ireland), Kerry (Ireland), Ingredion (US), Puris (US), Emsland Group (Germany), Yantai Shuangta Foods Co., Ltd (China), The Scoular Company (US), Burcon (Canada), Shandong Jianyuan Group (China), ET-Chem (China), AGT Food and Ingredients (Canada), The Green Labs LLC. (US), and Axiom Foods, Inc. (US).

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