Meticulous Research®, a leading authority in global market research, is proud to announce the publication of its latest report titled "Pea Protein Market—Global Opportunity Analysis and Industry Forecast (2024-2031)." This insightful report forecasts that the global pea protein market is on track to achieve a staggering valuation of $1.31 billion by 2031, propelled by an impressive compound annual growth rate (CAGR) of 14.2% between 2024 and 2031.

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The Catalyst for Growth

The rapid expansion of the pea protein market is driven by a confluence of factors that reflect evolving consumer preferences and heightened health consciousness. Increasing interest in plant-based diets is at the forefront of this trend, as consumers turn to alternatives that promise nutritional benefits and sustainability. The rise of health and wellness trends, particularly among millennials and Gen Z, has further amplified this shift toward plant-based nutrition.

Moreover, the expanding plant-based food market is creating a fertile ground for pea protein's growth. Consumers are becoming more aware of the nutritional benefits of pea protein, which is rich in essential amino acids and offers an excellent source of plant-based protein. The recognition of these benefits is leading to a surge in demand for pea protein across various applications, from dietary supplements to meat alternatives.

Another crucial factor contributing to market growth is the proactive engagement of key players in developing innovative pea protein ingredients. This commitment to research and development is fostering a competitive landscape where companies strive to deliver superior products that cater to the evolving tastes and preferences of consumers.

Competitive Landscape

The pea protein market is characterized by moderate competition, featuring a mix of large multinational corporations and smaller, innovative firms. Key players in this sector 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 actively engaged in strategic initiatives, including partnerships, acquisitions, and product launches, to enhance their market presence and competitiveness. Their efforts not only focus on expanding their product portfolios but also on educating consumers about the benefits of pea protein, thereby driving overall market growth.

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Comprehensive Market Segmentation

The report provides a meticulous breakdown of the pea protein market based on various parameters, including type, source, processing method, form, application, and geography. This segmentation offers valuable insights into the dynamics of the market.

Type: The market is primarily divided into two segments: yellow pea proteins and green pea proteins. The yellow pea proteins segment is expected to dominate, capturing approximately 94.7% of the market share in 2024. This dominance can be attributed to the high protein content of yellow peas, their increasing use in protein isolates, and their versatility in food applications. Yellow split peas, in particular, are rich in protein, fiber, and essential nutrients, making them a favorite among health-conscious consumers.
Source: The conventional pea protein segment is projected to hold a significant market share due to factors such as longer shelf life, lower production costs, and improved availability of conventional crop varieties compared to organic peas.
Processing Method: The dry processing segment is anticipated to lead the market, favored for its cost-effectiveness and lower energy and water requirements compared to wet extraction methods. This trend aligns with the growing demand for dry protein components among manufacturers looking to optimize their production processes.
Form: The solid form of pea protein is expected to dominate the market, driven by its lightweight nature, ease of manufacturing, and versatility across various applications. Solid pea proteins are also favored for their stability, which makes them suitable for a wide range of food and beverage formulations.
Application: The nutrition and health supplements segment is projected to command a market share of 36.4% in 2024. This growth is fueled by the increasing demand for healthy food options and the recognized benefits of pea protein in dietary supplements, especially within the sports nutrition segment.
Geography: Regionally, North America is expected to lead the pea protein market with a notable share of 42.4% in 2024, translating to a market value of approximately $219.9 million. The region’s robust food and beverage sector, growing concerns about animal protein sources, and an expanding vegan population are key drivers of this growth.
North America: A Key Player

North America's dominance in the pea protein market is attributed to several intertwined factors. The region's flourishing food and beverage industry is experiencing a surge in demand for plant-based products, driven by changing consumer preferences toward healthier alternatives. Growing awareness of the health benefits associated with plant-based diets is influencing purchasing decisions, leading consumers to embrace pea protein as a viable and nutritious option.

Furthermore, North America's commitment to sustainability and environmental responsibility aligns perfectly with the rising popularity of plant-based diets. The region has also seen a significant increase in pea production, supported by a strong network of pea protein manufacturers and suppliers. This synergy between production capabilities and consumer demand positions North America favorably for future growth in the pea protein sector.

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Global Market Trends and Insights

The report highlights several trends shaping the global pea protein market:

Increased Demand for Plant-Based Alternatives: As more consumers adopt plant-based diets, the demand for alternative protein sources is rising. Pea protein, being highly nutritious and versatile, is becoming a preferred choice for manufacturers looking to create innovative plant-based products.
Health and Wellness Focus: The growing emphasis on health and wellness is driving consumers to seek products that align with their nutritional needs. Pea protein is recognized for its high protein content, essential amino acids, and health benefits, making it an attractive option for health-conscious consumers.
Sustainability and Environmental Considerations: The rising awareness of sustainability is prompting consumers to choose plant-based proteins over traditional animal-based options. Pea protein’s lower environmental impact compared to animal protein makes it a sustainable choice for eco-conscious consumers.
Innovative Product Development: Key players in the pea protein market are increasingly investing in research and development to create innovative products that meet the evolving needs of consumers. This focus on innovation is driving competition and expanding product offerings in the market.
Regulatory Support: Governments around the world are promoting the consumption of plant-based proteins as part of healthy eating guidelines. This regulatory support is further encouraging the adoption of pea protein in various food applications.
Future Outlook

The outlook for the pea protein market appears promising, with significant growth opportunities anticipated in the coming years. As consumer preferences continue to evolve toward plant-based nutrition and sustainable food sources, the demand for pea protein is expected to surge.

Investments in research and development, coupled with strategic partnerships and collaborations among key industry players, will further enhance market growth. Moreover, the increasing popularity of plant-based diets and the rise of health-conscious consumers will continue to drive innovation and expansion within the pea protein sector.

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