Pea Protein Market Projected to Grow at a CAGR of 12.02%, Reaching USD 1.31 Billion by 2030

► Pea Protein Market Overview

The global pea protein market, valued at USD 592.95 million in 2023, is expected to grow at a CAGR of 12.02% from 2024 to 2030, reaching nearly USD 1312.05 million by the end of the forecast period. Driven by the growing demand for plant-based protein alternatives, pea protein has gained significant traction, particularly among consumers following vegan and lactose-intolerant diets.

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► Competitive Landscape and Regional Demand

Pea protein's growth is primarily fueled by its high protein content and complete amino acid profile, making it a popular substitute for dairy and soy-based products. The market is also witnessing a rise in protein-fortified functional foods. Leading companies such as Cargill, Puris, and Roquette are focusing on innovative technologies and sustainability to capture market share. Additionally, increasing collaborations and product launches are expanding the market's reach, including the 2021 launch of pea protein beverages by Tiptoh in Belgium.

► Regional Insights

◘ United States - Growth Opportunities

The U.S. is the leading market for pea protein, contributing over 45% to global sales. The rising demand for plant-based products, driven by concerns over cardiovascular diseases and the growing popularity of sports nutrition, is a key factor driving market growth. The market's growth is further bolstered by major players like Tyson Foods and Cargill, who are investing in plant-based protein solutions.

◘ Asia-Pacific - Expanding Market

Asia-Pacific shows tremendous growth potential due to increasing awareness of plant-based diets and rising health-conscious populations. The region's growing middle class is fueling demand for alternative protein sources, with companies like Roquette actively investing in local production to meet the rising demand.

◘ Europe - Market Trends & Consolidation

Europe is experiencing significant market growth, particularly in countries like Germany and the U.K. The demand for plant-based proteins is soaring due to the increasing popularity of vegan and vegetarian lifestyles. Companies are focusing on product innovations, and mergers and acquisitions are frequent, such as Roquette's strategic expansion in the pea protein segment to strengthen its position in the European market.

◘ Middle East & Africa - Market Updation

In the Middle East and Africa, the pea protein market is witnessing an uptick due to the region's growing adoption of vegan and gluten-free diets. The introduction of pea protein-based food products is gaining momentum, and businesses are adapting to local tastes and dietary preferences.

an affordable and nutritious breakfast option. Companies like Hamlyn's of Scotland and Weetabix Ltd. continue to innovate and expand their product lines to meet consumer demand.

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► Key Recent Developments

In recent years, there has been a significant increase in investments in pea protein production, with Roquette expanding its plant-based product line and introducing innovative pea protein solutions in the European market. These developments are reshaping the competitive dynamics within the pea protein sector.

► Market Segmentation: In-Depth Analysis:

◘ by Type

Isolates
Concentrates
Textured

With more than 58% of the total revenue from the pea protein market in 2023, the isolates category maintained the largest market share. Usually making up the greatest portion, the Isolates segment is mostly linked to yellow pea protein isolate, which is usually obtained from peas grown in North America or Europe. In order to produce protein from pea isolate, the outer shell of the pea is often removed prior to the pea being crushed into flour in regular food industry methods. The other ingredients, such as fiber and starch, are removed by a further filtration process, producing a white precipitate that is distilled into pea protein isolate, which is then used to make protein powder.

◘ by Source

Split yellow peas
Lentils
Chickpeas

◘ by Application

Meat substitutes
Performance nutrition
Functional foods
Snacks
Beverages

◘ by Form

Dry
Wet

With the biggest market share for pea protein in 2023, the wet sector is predicted to expand at the fastest rate between 2024 and 2029. Wet pea protein is used as a texturizing additive in baked foods, confections, and meat products. Wet pea protein's fibrous nature is also anticipated to encourage its inclusion in energy supplements and fruit juice blends.

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► Learn about the top players driving innovation in the Market :

1. Yantai Shuangta Foods Co., Ltd (China)
2. Shandong Jianyuan Group (China)
3. ET-Chem (China)
4. Shandong Xiangchi Jianyuan Bio-Tech Co., Ltd. (China)
5. Fenchem Biotek Ltd. (China)
6. Shandong Huatai Food (China)
7. Shuangta Food (China)
8. Shandong Oriental Herbest Bio-Tech Co., Ltd. (China)
9. Fencol Corporation (China)

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