The global pea protein market was valued at USD 234.9 million in 2021. It is expected to reach USD 667.27 million by 2030, growing at a CAGR of 12.8% during the forecast period (2022–2030).
The pea, a leguminous plant, contains a significant amount of protein (20–30%) in its seeds. It primarily exists as globulins, the primary ingredients in products made from pea protein isolate (PPI). Wet-milling and dry-milling techniques can produce pea protein, with a protein content ranging from 48% to 90%. The essential functional characteristics of PPI and concentrates include gelatin, oil-binding capacity, water-binding capacity, foam stability, foam expansion, whip ability, emulsion stability, and emulsion ability ratio.
|Market Size||667.27 million|
|Fastest Growing Market||Europe|
|Largest Market||North America|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
Industry Expansion for Nutraceuticals
Growing consumer interest in improving human health and cutting-edge scientific research can be combined in the dynamic and ever-evolving nutraceuticals sector. Nutraceutical products directly respond to consumer purchasing behavior and habits because this industry tracks consumer trends, which motivates significant market participants in the pea protein industry to market their goods to their target audiences effectively. These elements have increased the demand for pea protein around the world.
The dietary supplement, functional food, and functional beverage sectors make up the nutraceuticals sector. Due to the high consumer appeal of the products above, their manufacturers are increasingly focusing on sourcing clean labels and plant-based ingredients like pea protein. Manufacturers of food and beverages are incorporating more pea protein into their product lines. Such a move in the food and beverage industry is anticipated to boost nutritional value while giving food items texture and fluff.
Growing Popularity of Meat Substitutes
The texture, flavor, and appearance of meat substitutes, also referred to as meat analogs, are remarkably like traditional meat products, as are their nutritional properties. Tofu and tempeh, two soy-based products, are frequently used to make these substitutes. A sizable population has been choosing meat substitutes more frequently over the past few years, primarily due to health and environmental concerns. Companies are primarily using plant-based protein ingredients like pea proteins to increase the protein content of meat substitutes. As a result, the demand for pea protein will likely increase over the forecast period due to the growing size of the meat alternatives market. Due to the growing popularity of meat alternatives, numerous businesses, including Tyson, Smithfield, Perdue, and Hormel, have recently entered the market, which is expected to help the market for plant proteins grow.
Growing Market for other Plant Proteins
Alternative protein ingredients like hemp, soy, and whey threaten pea protein's position as a protein ingredient. Rice protein is another component that has been gaining popularity internationally. Both pea protein and rice protein have a comparable amount of protein (typically 15–22 grams per serving of 100 calories) and are allergy and gluten-free. Edestin, a protein found in hemp seed proteins, is like the globulin found in human blood and helps people maintain a healthy immune system. As a result, hemp protein is increasingly being added as a supplement to functional food items, which is expected to reduce the demand for pea protein.
Increasing Attention to New Ideas and Improvements in Pea Protein Extracts and Products
Food technology companies optimize the ingredient at every production stage to appeal to plant-based meat producers, from field-grown peas to the machinery used to extract the protein. Companies are attempting to increase the number of proteins extracted from raw materials to incorporate the most possible into their finished products because many consumers consider a product's maximum protein content to be a crucial factor when selecting a product.
The businesses are concentrating on enhancing two crucial characteristics: nutritional density and flavor. For instance, Roquette, a pioneer of plant proteins and a global leader in plant-based ingredients, recently announced the introduction of a new line of organic pea ingredients, including organic pea protein and pea starch. These components are made at the company's Portage la Prairie (Manitoba, Canada) facility using organic peas sourced from a network of Canadian pea growers. With these new options, Roquette gives its clients the freedom to select the food they want to offer consumers that is of the highest quality, dependability, and complete farm-to-table traceability.
By region, the global pea protein market is segmented into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa.
North America Dominates the Global Market
North America is the most significant shareholder in the global market and is expected to grow at a CAGR of 12.9% during the forecast period. Due to rising demand for energy bars, cold cereals, and snacks, the North American pea protein market is anticipated to expand significantly during the forecast period. Due to the country's extensive pea cultivation, Canada is home to several important pea protein producers, including Burcon, Nutri-Pea, Roquette, and others. As a result, the abundance of products on the market will probably help the market in North America grow. The demand for protein isolates is anticipated to increase in North America over the coming years, particularly in the U.S. and Canada, due to rising youth consumption of sports nutrition products. Over the coming years, the demand for textured plant proteins is also anticipated to increase due to the region's growing awareness of meat allergies.
Europe is expected to grow at a CAGR of 12.3%, generating USD 208.22 million during the forecast period. Due to several factors, including the growing emphasis on healthy living, the trend toward preventive healthcare, and the rising demand for plant-based protein ingredients from European nations like the U.K. and Germany, the Europe market is anticipated to grow moderately over the forecast period. Additionally, the industry for plant proteins is anticipated to benefit from the rapid growth of pea proteins in nations like Spain, France, Belarus, Russia, and Turkey due to rising domestic consumption of nutritionally enhanced powders and dietary soups.
Asia-Pacific is expected to grow significantly over the forecast period. Due to rising exports and domestic demand for pea proteins, the Asia-Pacific region's pea protein market is anticipated to grow at the fastest CAGR. Due to the vast supply of raw materials in the nation, China is one of the biggest animal and plant protein ingredient producers. Additionally, over the next few years, the demand for pea protein in developing nations like China, India, Indonesia, Malaysia, and South Korea is likely to increase due to expansion in the food and beverage industry in the Asia-Pacific region. People who frequent gyms in countries like India, China, and Indonesia prefer pea protein products more often because they are lower in fat and calories than animal-based proteins. This trend is anticipated to support the growth of the isolates segment over the forecast period.
Additionally, it is anticipated that the outlook for the market for dietary supplements in China, India, and Japan will remain positive over the forecast period. Growing demand for functional food products that are nutrient-fortified in the area due to their health benefits is anticipated to support market growth. Shortly, rising demand for meat alternatives and allergen-free sports and fitness supplements is additionally anticipated to boost the market growth. Favorable regulatory frameworks in China and India intended to boost the agricultural sector will probably produce a plentiful supply of raw materials for pea protein producers.
FMCG companies are expected to increase their production capacity due to the expanding personal care market in Central and South America due to rising spending on beauty and cosmetic products. Thus, it is anticipated that over the coming years, rising personal care product production in Central and South America will spur the market for pea protein to expand. The lucrative end-user industries of the pea protein market in Central and South America are anticipated to be personal care, cosmetics, and animal feed.
Population growth, urbanization, and rising disposable income have greatly influenced the Middle Eastern food and beverage industry. As a result, there will probably be a demand for nutrient-dense food components like pea proteins soon. The governments of the Middle East are also working to reduce their reliance on the domestic upstream industry; as a result, they have developed several policies to encourage foreign investment and increase manufacturing output. In the upcoming years, the Middle East and African pea protein market is anticipated to gain from beneficial government initiatives to grow the domestic manufacturing sector, including the food and beverage industry.
The global pea protein market is segmented by product and application.
Based on the product, the global market is bifurcated into isolates, concentrates, textured, and hydrolysate.
The isolates segment is the highest contributor to the market and is expected to grow at a CAGR of 12.3% during the forecast period. Pea protein isolates are refined, pure protein products with very little fat and carbohydrate content. Compared to pea protein concentrates, pea protein isolates have a protein content that ranges from 85% to 90%, which makes them a highly concentrated form of pea protein. Since the former is more expensive than the latter, its widespread penetration in the food and beverage industry is also constrained. For maximum effectiveness in dietary supplements or sports nutrition, a highly concentrated form is used; as a result, protein isolates are frequently used in dietary supplement applications.
Pea protein concentrates are made using dry and wet processes to separate the protein from pea seeds' starch and fiber fractions. These products have several qualities, including solid emulsification and high digestibility, which promote their use as weight control and sports supplement products. Additionally, pea protein concentrates are used more and more in baking because they give cakes a dry texture and good flavoring qualities. The use of pea protein concentrates is anticipated to rise over the forecast years due to the UK, France, and Germany's baked solid goods manufacturing bases, proximity to equipment suppliers, and simple access to rice and wheat as raw materials.
Based on application, the global market is segmented into meat substitutes, bakery goods, dietary supplements, and beverages.
The dietary supplements segment owns the highest market share and is expected to grow at a CAGR of 13% during the forecast period. Pea proteins benefit heart health and muscle growth because they contain iron and all nine essential amino acids. The high share of the dietary supplement application segment in the pea protein market in 2021 is primarily due to the benefits above. Consumers will likely switch from animal protein to plant-based protein supplements as their preference for vegetarian diets grows, increasing the segment’s size over the forecast period. Pea protein is fortified and added to nutritional tablets, syrups, soups, energy powders, and cereal bars because it has health advantages like promoting bone and muscle growth and controlling blood sugar. Additionally, the advantages above of eating pea protein are anticipated to expand its market application soon.
Pea proteins benefit gluten-free applications because they can hold more water and gel and increase browning in bakery products. Additionally, pea proteins in baked goods replace potential allergens like soy or gluten. Bakery manufacturers are introducing products with functional ingredients to increase their appeal to consumers who are becoming more health-conscious. This shifting consumer behavior is anticipated to help the market growth over the forecast period.
The global pea protein market’s major key players are