Pea Protein Market to be Worth $4.7 Billion by 2030: Grand View Research, Inc.

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Jun 06, 2023, 06:10 ET

SAN FRANCISCO, June 6, 2023 /PRNewswire/ -- The global pea protein market size is expected to reach USD 4.7 billion by 2030, expanding at 12.0% CAGR from 2023 to 2030, according to a new report by grand view research, inc. The demand for pea protein is anticipated to be driven by several factors such as functional benefits, its suitability for individuals with food allergies and dietary restrictions, and growing preference for plant-based diets due to health and environmental concerns.

Key Industry Insights & Findings from the report:

Based on products, pea protein isolates dominated the market with a 49.8% share in 2022 owing to their high protein content, excellent amino acid profile, and versatile applications. Pea protein isolates are highly purified and contain a high concentration of protein, making them desirable for various industries such as food and beverage, sports nutrition, and dietary supplements.
Based on form, dry pea protein dominated the market with a revenue share of 67.3% in 2022 due to its versatility in applications, ease of storage and transportation, and the increasing demand for plant-based and vegan products.
Based on source, yellow split peas dominated the market with a revenue share of 76.8% in 2022 due to their wide availability, favorable nutritional & functional properties, mild flavor profile, and growing demand for plant-based protein alternatives.
Based on application, food & beverages dominated the market with a share of 39.6% in 2022, owing to the increasing demand for plant-based and vegan products, functional benefits in various food applications, and consumer preferences for allergen-friendly and sustainable ingredients.
The North America region dominated the market with a revenue share of 32.9% in 2022, due to strong food and beverage industry, and favorable government regulations promoting plant-based diets.

Read full market research report for more Insights, "Pea Protein Market Size, Share & Trends Analysis Report By Product (Isolates, Concentrates), By Form (Dry, Wet), By Source, By Application (Food & Beverages, Animal Feed), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Pea Protein Market Growth & Trends

Pea protein is naturally free from common allergens such as dairy, soy, and gluten. This factor has contributed to its popularity among people with food allergies, sensitivities, or dietary restrictions. Additionally, pea protein is often non-genetically modified, which appeals to consumers seeking natural and clean-label products.

The increasing prevalence of health issues such as obesity and diabetes, particularly among younger generations, has resulted in a growing preference for vegan diets. Furthermore, animal rearing negatively impacts natural resources and contributes to global warming to some extent. Although this impact has not been precisely measured, it is widely acknowledged, and awareness of this factor has encouraged the adoption of a more plant-based diet, thus boosting the meat substitutes market. As a result, pea protein as a meat substitute is expected to become more prevalent during the forecast period due to its excellent texturing properties, which make it suitable for use in the production of meat products such as chicken, beef, lamb, and mutton.

Pea proteins offer several functional benefits for bakery applications, including water holding capability, gelation, and increased browning, particularly in gluten-free applications. Besides, using pea proteins in bakery goods also replaces potential allergens such as gluten or soy. The increased health consciousness among consumers is prompting bakery manufacturers to introduce products with functional ingredients to increase their health appeal. This changing consumer pattern is anticipated to benefit the market over the forecast period.

Pea protein is fortified as a texturing agent in baked goods, including cakes, dressings, and desserts due to its fibrous content and gluten-free properties. Over the past few years, continuous expansion in retail chains by baked goods manufacturers, including Tesco (U.K.) and Carrefour (France) in the European market, has played a crucial role in promoting the demand for cakes and desserts. This favorable trend will provide an upswing for the pea protein industry as a texturing agent in the baked goods industry over the forecast years.

Pea proteins are rich in all nine essential amino acids and iron and are good for muscle building and heart health. Pea protein is fortified and added in nutritional tablets, syrups, soups, energy powders and cereal bars for providing health benefits such as enhancing muscle and bone growth and regulating blood sugar levels. Rising demand for sports nutrition products due to increasing awareness towards muscle improvement among athletes is expected to fuel pea protein demand in beverages such as energy drink-mix powders in the near future. Pea protein ingredients will be used in fortifying energy drinks, fruit juices, vegetable mix juices, and liquid solutions.

Technological advancements in the pea protein industry, such as improved extraction and processing techniques, enhanced purification, functional property optimization, and innovation in product development, are driving its growth. These advancements enable higher production efficiency, improved product quality, expanded application possibilities, and address sustainability concerns, fueling the increasing demand for pea protein.

Pea Protein Market Segmentation

Grand View Research has segmented the global pea protein market based on product, form, source, application, and region:

Pea Protein Market - Product Outlook (Volume, Metric Tons; Revenue, USD Million, 2017 - 2030)

Isolates
Concentrates
Textured
Hydrolysates

Pea Protein Market - Form Outlook (Volume, Metric Tons; Revenue, USD Million, 2017 - 2030)

Pea Protein Market - Source Outlook (Volume, Metric Tons; Revenue, USD Million, 2017 - 2030)

Yellow Split Peas
Others

Pea Protein Market - Application Outlook (Volume, Metric Tons; Revenue, USD Million, 2017 - 2030)

Food & Beverages

Meat substitutes
Bakery goods
Dietary supplements
Beverages
Others

Personal Care & Cosmetics
Animal Feed
Others

Pea Protein Market - Regional Outlook (Volume, Metric Tons; Revenue, USD Million, 2017 - 2030)

North America

U.S.
Canada
Mexico

Europe

Germany
UK
France
Italy
Spain
Sweden
Netherlands

Asia Pacific

China
India
Japan
Australia & New Zealand
South Korea

Central & South America

Brazil
Argentina

Middle East & Africa

South Africa

List of Key Players in the Pea Protein Market

Burcon Nutrascience
Roquette Freres
The Scoular Company
DuPont
Cosucra Groupe Warcoing SA
Nutri-Pea
Shandong Jianyuan Group
Sotexpro SA
Ingredion, Inc.
Axiom Foods, Inc.
Fenchem, Inc.
Martin & Pleasance
The Green Labs LLC

Check out more related studies published by Grand View Research:

Pea Derivatives Market - The global pea derivatives market size is expected to reach USD 6.8 billion by 2030, registering a compound annual growth rate (CAGR) of 11.5% over the forecast period, according to a new report by Grand View Research, Inc. The global trend of health consciousness has led to a significant rise in the consumption of protein-rich foods in recent years. Due to the hectic nature of modern lifestyles, individuals often struggle to maintain a nutritionally balanced diet and turn to packaged food products for sustenance. Consequently, food manufacturers are increasingly fortifying their products with essential nutrients, including protein, to cater to this growing demand.
Plant Based Protein Supplements Market - The global plant based protein supplements market size is expected to reach USD 4.62 billion by 2030, registering a CAGR of 8.8% over the forecast period, according to a new report by Grand View Research, Inc. The market is expected to grow significantly over the forecast period on account of the increasing popularity of adopting veganism and consumers' perception regarding plant-based supplemental products being safer than animal-based products
Hydrolyzed Vegetable Proteins Market - The global hydrolyzed vegetable proteins market size is expected to reach USD 2.30 billion by 2030, registering a CAGR of 5.5% over the forecast period, according to a new report by Grand View Research, Inc. The product demand is anticipated to be driven by several factors, such as the rising demand for meat analogs due to the growing popularity of the vegan diet, increasing demand for functional foods and healthy snacking as well as a growing interest in plant-based proteins. The increasing demand for vegan and vegetarian diets is one of the major drivers of the market. With the growing awareness about the benefits of plant-based diets, more consumers are opting for vegetarian and vegan food products.

Browse through Grand View Research's Nutraceuticals & Functional Foods Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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