Meticulous Research®, a prominent global market research firm, has released a new report entitled Pea Protein Market—Global Opportunity Analysis and Industry Forecast (2024-2031). The report forecasts that the global pea protein market is poised to reach $1.31 billion by 2031, growing at a compound annual growth rate (CAGR) of 14.2% from 2024 to 2031.

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Market Drivers: The Shift Toward Plant-Based Nutrition

The growth trajectory of the pea protein market is driven by several interlinked factors, reflecting a profound transformation in dietary habits and consumer preferences:

Surge in Plant-Based Food Consumption: The rising popularity of plant-based diets is significantly driving the pea protein market. As individuals increasingly opt for vegetarian and vegan options, the demand for plant-based protein sources like pea protein has escalated.
Health and Nutritional Awareness: Growing awareness of health and wellness has led consumers to pursue diets that are rich in nutrients. Pea protein is gaining traction for its ability to provide high-quality protein and essential amino acids while being free from common allergens.
Expansion of the Plant-Based Product Landscape: The increasing diversity of plant-based food products is creating a fertile ground for pea protein. Manufacturers are keen to leverage pea protein in a variety of applications, from meat alternatives to dairy substitutes, thus broadening its market reach.
Educational Efforts on Nutritional Benefits: Enhanced consumer understanding of the nutritional benefits of peas and pea-based products has played a pivotal role in boosting market demand. This includes an appreciation for pea protein’s role in muscle recovery and overall health.
Innovative Developments: Key players in the industry are actively engaged in developing new pea protein products and applications, responding to consumer trends and preferences with innovative solutions.
Competitive Landscape

The pea protein market is moderately fragmented, featuring a mix of established global players and emerging regional companies. Noteworthy participants in the market include:

Roquette Freres (France)
AGT Food and Ingredients Inc. (Canada)
Cargill, Inc. (U.S.)
Ingredion Incorporated (U.S.)
Archer-Daniels-Midland Company (U.S.)
Axiom Foods Inc. (U.S.)
Burcon NutraScience Corporation (Canada)
Glanbia Plc. (Ireland)
Cosucra Groupe Warcoing SA (Belgium)
Sotexpro Sa (part of GEMEF Industries) (France)
Farbest-Tallman Foods Corporation (U.S.)
Shandong Jianyuan Foods Co., Ltd. (China)
The Emsland Group (Germany)
Nutri-Pea Ltd. (Canada)
These companies are engaged in strategic initiatives, including mergers and acquisitions, partnerships, and product innovation, to enhance their market presence.

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Segmentation Overview

The pea protein market is segmented into several categories, allowing for a detailed analysis of trends and consumer preferences:

By Type: The market is divided into yellow pea proteins and green pea proteins, with yellow pea proteins expected to dominate, capturing around 94.7% of the market share in 2024. The superior nutritional profile and versatility of yellow peas contribute to their market leadership.
By Source: The conventional pea protein segment is expected to maintain its dominance in the market due to factors such as affordability and accessibility compared to organic alternatives.
By Processing Method: The dry processing segment is projected to lead the market, attributed to its lower capital requirements and reduced environmental impact compared to wet processing methods.
By Form: Solid pea protein is anticipated to hold the largest share in the market, owing to its stability, ease of production, and versatility across numerous applications.
By Application: The nutrition and health supplements segment is set to capture 36.4% of the market share in 2024, driven by an increasing consumer focus on protein-rich dietary supplements and sports nutrition.
Regional Insights

The research report offers a comprehensive geographical analysis of the pea protein market:

North America: North America is projected to dominate the market, holding a share of 42.4% in 2024, valued at approximately $219.9 million. The region’s leadership is driven by a vibrant food and beverage industry, rising health awareness, and an increasing population adopting plant-based diets.
Europe: The European market is expected to grow rapidly as consumers seek healthier food options and manufacturers respond with innovative plant-based products.
Asia-Pacific: This region presents substantial growth opportunities due to rising disposable incomes, a growing middle class, and increasing consumer interest in health-conscious diets.
Latin America: The Latin American pea protein market is likely to benefit from a shift toward healthier eating habits and increased awareness of plant-based nutrition.
Middle East & Africa: As health-focused dietary choices gain traction, the pea protein market in this region is expected to expand steadily.
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Future Outlook and Industry Trends

The pea protein market is on a robust growth path, fueled by evolving consumer preferences and innovative product development. Stakeholders across the industry are expected to focus on creating new formulations and applications for pea protein to meet the increasing demand for plant-based alternatives.

As the market continues to evolve, companies will need to stay ahead of trends by investing in research and innovation to ensure their products resonate with health-conscious consumers and address the challenges posed by changing dietary habits.

Conclusion

The Pea Protein Market—Global Opportunity Analysis and Industry Forecast (2024-2031) report from Meticulous Research® highlights the significant role that pea protein plays in the context of a global shift toward healthier, plant-based nutrition. As the market expands, stakeholders are presented with both opportunities and challenges that require strategic planning and proactive responses.

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