Global Conventional Pea Protein Market is projected to reach the value of $3 billion by 2030

According to the report published by Virtue Market Research , In 2022, the Global Conventional Pea Protein Market was valued at $1.21 billion, and is projected to reach a market size of $3 billion by 2030. Over the forecast period of 2023-2030, market is projected to grow at a CAGR of 12%. Pea protein has emerged as a popular plant-based protein source, gaining significant traction in the food and beverage industry.

A key long-term market driver for conventional pea protein is the growing demand for plant-based protein alternatives. As consumers become more health-conscious and environmentally aware, they are seeking sustainable and nutritious options. Pea protein, being rich in essential amino acids and hypoallergenic, caters to these demands. Moreover, it is a viable alternative for individuals with dietary restrictions, such as lactose intolerance or allergies to soy or gluten. This sustained consumer interest in plant-based proteins is expected to drive the growth of the conventional pea protein market in the long run.

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The COVID-19 pandemic has had a mixed impact on the conventional pea protein market. While the initial phase of the pandemic resulted in supply chain disruptions and temporary reduction in production, the overall impact on the market was relatively mild. In fact, the pandemic acted as a catalyst for the adoption of plant-based proteins, as consumers increasingly sought out healthier food choices to boost their immune systems. This shift in consumer preferences, combined with the rising popularity of home cooking and meal replacements, positively influenced the demand for conventional pea protein during the pandemic.

A significant short-term market driver for conventional pea protein is the increasing demand from the sports nutrition sector. Athletes and fitness enthusiasts are recognizing the benefits of plant-based protein supplements, including pea protein, for muscle recovery, endurance, and overall health. The convenient availability of pea protein powders and bars, coupled with their high digestibility and amino acid profile, makes them an attractive choice for this consumer segment.

One promising opportunity in the conventional pea protein market lies in the expansion of its applications beyond traditional food and beverage sectors. The cosmetic and personal care industry has started to recognize the potential of pea protein as a natural ingredient with various benefits for skin and hair. As the demand for clean and sustainable beauty products continues to rise, the incorporation of pea protein in skincare formulations and haircare products presents an untapped opportunity for manufacturers and suppliers.

An emerging trend in the conventional pea protein industry is the focus on sustainable and regenerative agriculture practices. Consumers are increasingly concerned about the environmental impact of food production and are actively seeking products with a lower carbon footprint. Manufacturers are responding to this trend by partnering with farmers who implement regenerative farming techniques, which enhance soil health, biodiversity, and water conservation. This sustainable sourcing and production approach not only aligns with consumer values but also contributes to the overall sustainability of the conventional pea protein industry.

Segmentation Analysis:

The Global Conventional Pea Protein Market segmentation includes:

By Type: Isolate, Concentrate, Textured
Within the conventional pea protein market, three primary types dominate the landscape: isolate, concentrate, and textured. Each type possesses unique characteristics and finds applications in various industries.

Isolate, the largest segment in this category, stands out for its high protein content and purity. Through an extraction process, isolates are obtained by removing most of the starch and fiber, resulting in a protein-rich powder. Isolates are widely used in the production of protein supplements, ready-to-drink beverages, and sports nutrition products.
Concentrate, on the other hand, is the fastest-growing type in the forecast period. It retains a slightly higher amount of starch and fiber compared to isolates, making it a more cost-effective option. Concentrates find applications in bakery products, snacks, and meat analogs. The rising popularity of plant-based diets and the demand for affordable protein sources drive the growth of the concentrate segment.

Textured pea protein, though smaller in market share, plays a significant role in plant-based meat alternatives. It offers a fibrous texture that mimics the mouthfeel of meat, making it suitable for burgers, sausages, and other meat substitutes. Textured pea protein is gaining traction as consumers seek sustainable and healthier options in their diets.

By Source: Yellow Spit Pea, Chickpea, Lentils

2. The source of pea protein is another vital aspect of the market, as different varieties of peas provide distinct characteristics to the protein extracts. The major sources in the market include yellow split pea, chickpea, and lentils.
Yellow split pea holds the largest market share among these sources. It offers a mild flavor and a smooth texture, making it versatile for use in a wide range of food and beverage applications. Yellow split pea protein is widely utilized in dairy alternatives, protein bars, and cereals due to its neutral taste profile.

Lentils, on the other hand, emerge as the fastest-growing source during the forecast period. Lentil-based pea protein offers a unique amino acid profile and a slightly earthy taste. It finds applications in soups, sauces, and snacks, providing both nutritional value and a distinctive flavor.
Chickpea, although not as significant as the other two sources, still holds its ground in the conventional pea protein market. Chickpea-based protein powders are known for their versatility and find applications in spreads, dips, and plant-based protein shakes.

By Application: Food, Beverages, Other applications
Food stands as the largest segment within the conventional pea protein market by application. Pea protein finds extensive use in food products such as snacks, cereals, and bakery goods. Its high protein content and functional properties make it a sought-after ingredient for enhancing the nutritional value and texture of food items. Moreover, pea protein's hypoallergenic nature caters to the dietary requirements of individuals with allergies or intolerances. The growing consumer inclination towards healthier food choices fuels the demand for pea protein in the food sector.

Beverages, however, emerge as the fastest-growing application during the forecast period. Pea protein is increasingly utilized in the formulation of plant-based milk alternatives, protein shakes, and smoothies. The rising popularity of plant-based diets, coupled with the growing awareness of the environmental impact of animal-based products, drives the demand for pea protein in the beverage sector. Manufacturers are exploring innovative ways to incorporate pea protein into beverages, providing consumers with plant-powered refreshments.
Pea protein also finds application in other sectors, including animal feed, dietary supplements, and personal care. In animal feed, it serves as a sustainable protein source for livestock and aquaculture, addressing the need for environmentally friendly alternatives to conventional feed ingredients. In dietary supplements, pea protein offers a plant-based option for individuals seeking protein supplementation. Furthermore, the cosmetic industry is recognizing the potential of pea protein in haircare and skincare formulations due to its nourishing and conditioning properties.

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Regional Analysis:

North America leads the market among regions, representing the largest segment. The region's well-established food and beverage industry, coupled with the increasing demand for plant-based protein products, drives the growth of the conventional pea protein market in North America. Consumers in this region are inclined towards healthier dietary choices and are open to trying new protein alternatives.

Asia-Pacific, on the other hand, emerges as the fastest-growing region during the forecast period. The region's large population, rapid urbanization, and rising disposable incomes contribute to the expanding market for conventional pea protein. As more consumers in Asia-Pacific adopt plant-based diets and seek protein-rich alternatives, the demand for pea protein in food and beverage applications surges. Furthermore, the growing awareness of sustainability and environmental concerns fuels the market growth in this region.

Europe remains a significant market for conventional pea protein, driven by the presence of well-established food manufacturers and a strong demand for plant-based protein products. South America, Middle East & Africa also witness steady growth in the adoption of pea protein, fueled by changing dietary patterns and increasing health consciousness among consumers.

Latest Industry Developments:

• Companies in the industry are actively engaged in the development of innovative products and solutions that align with evolving consumer preferences and address pressing environmental challenges. They understand the importance of staying ahead of market trends to meet the changing needs of their customers. This involves investing in extensive research and development activities to create new offerings and improve existing ones. By continuously innovating, companies aim to provide sustainable and high-quality products that resonate with consumers.

• Key strategy adopted by industry players is the expansion of their geographical presence and distribution channels. By entering new markets and reaching untapped customer segments, companies can expand their customer base and increase market share. This expansion may involve establishing new manufacturing facilities or forging strategic partnerships with local distributors and retailers. The objective is to enhance market penetration and create a wider reach for their products, thereby driving business growth.

• Companies recognize the value of investing in research and development to improve the quality and efficiency of their products and processes. This entails dedicating resources to scientific studies, technological advancements, and process optimization. By enhancing the performance and efficacy of their offerings, companies can not only meet consumer expectations but also achieve operational excellence. This focus on continuous improvement enables them to stay competitive in the market and drive profitability.

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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.