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

Report Overview

The global pea protein market size was valued at USD 1,904.2 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 12.0% from 2023 to 2030. The growth factors such as increasing demand for plant-based protein, health and fitness trends, and the growing vegan and vegetarian population are projected to augment demand over the forecast period. Furthermore, the versatility of pea protein and its ability to provide functional properties like emulsification, texture enhancement, and foaming has widened its market potential. Additionally, increasing product innovation, in terms of manufacturing, that performs specific functions, including energy balance, weight loss, muscle repair, and satiety, is expected to create immense market potential.

The protein is extracted from various types of pea varieties, including dry, green, and chickpeas, available in concentrates, textured, and isolates form.These products are derived from plant-based sources, making them ideal for consumers opting for vegan diets. In addition, they are non-toxic, non-allergic, and easily digestible with vast application potential in beverages, meat substitutes, dietary supplements, and bakery products. The rising importance of a flexitarian diet on account of increasing concerns about cardiological impacts associated with red meat consumption is expected to remain a favorable factor for market growth. Moreover, increasing awareness regarding the adverse effects of foods comprising gluten as well as lactose is expected to play a crucial role in promoting product demand over the forecast years.

Furthermore, the growing consumption of protein-fortified functional foods is anticipated to augment the product demand. Increasing demand for protein supplementation in food products has resulted in new product launches by food & beverage companies, which is foreseen to have a positive impact on market growth. In December 2021, Tiptoh, an innovative Belgian start-up, partnered with Olympia Dairy and SIG to introduce a new line of pea protein beverages to the Belgian market. The growing awareness about protein powder consumption for promoting bone health and muscle growth is also anticipated to augment market growth over the forecast period.

The price of pea protein plays a crucial role in driving the growth of the pea protein market. Its cost-effectiveness, competitive pricing compared to animal-based proteins, stable pricing, production efficiency, and affordability for consumers contribute to its increasing popularity and market expansion. Pea protein is generally more affordable compared to other plant-based protein sources such as soy or almond protein. Its cost-effectiveness makes it an attractive option for food manufacturers looking to incorporate protein into their products without significantly increasing production costs.Moreover, when compared to animal-based proteins such as whey or casein, pea protein offers competitive pricing.

Product Insights

Pea protein isolates dominated the market with a share of 49.8% in 2022. Isolates are widely used as nutritional supplements in meat products, energy drinks, fruit mixes, and bakery items as they exhibit good emulsification and non-allergic characteristics. Expansion of the sports nutrition industry in developed countries, including the U.S., Germany, and the UK, in light of new product launches by Cadbury and Amway in the energy mix segment, is expected to increase product demand. Similarly, in October 2022, Roquette introduced a line of organic pea protein isolates, catering to the demand for organic and plant-based options.

Pea protein concentrates are expected to grow at a CAGR of 11.6% from 2022 to 2030. Pea protein concentrates have several attributes, such as good emulsification and high digestibility, which drive their utilization in weight control and dietary supplement applications.Moreover, these concentrates are gradually incorporated into bakery products, such as cakes & pastries, for good flavoring and dry texture. A robust manufacturing base of bakery products in countries, such as Germany and France, due to proximity with equipment producers and easy access to wheat and rice as raw materials, is expected to increase the application of concentrates over the forecast years.

Textured pea protein plays a crucial role as a texturing agent in various food products, including meat products, baked goods, and confectionery items. Its fibrous content further enhances its potential application in energy powders and fruit juice mixes.Its sustainability, functionality, versatility, and nutritional profile make it a suitable ingredient for developing meat analogs or extenders.

Source Insights

Yellow split peas dominated the market with a revenue share of 76.8% in 2022. Yellow split peas have a high protein content, making them ideal for pea protein extraction. Additionally, they are widely available, ensuring a consistent supply. They also possess favorable functional properties and a neutral flavor, making them versatile for various food applications. Consumer familiarity and acceptance of yellow split peas contribute to their prominence in the market.

The other sources such as green peas, chickpeas, lentils, and fava beans are expected to grow at a CAGR of 10.2% from 2022 to 2030, driven by the need for product diversification, enhanced nutrition profiles, and flavor variations.They offer different amino acid compositions or micronutrient profiles, providing consumers with more options to meet their specific dietary requirements.

Application Insights

Food & beverages dominated the market with a revenue share of 39.6% in 2022, owing to the increasing consumer demand for plant-based and vegetarian/vegan options. Pea protein's functional properties, nutritional benefits, and versatility make it a preferred ingredient for enhancing the texture, stability, and nutritional profile of various food and beverage products.Pea proteins offer several functional benefits in bakery applications, including water holding, gelation, and increased browning, particularly in gluten-free applications.

Among various applications in the food and beverages industry, meat substitutes dominated the market in 2022. The functional properties of pea protein, including its ability to mimic the texture and mouthfeel of meat, make it a preferred choice for creating meat alternatives. Additionally, pea protein offers a complete amino acid profile, making it a valuable protein source in meat substitute formulations. Its neutral flavor allows for easy incorporation into various recipes and enables it to adapt to different flavor profiles. Pea protein offers good texturing properties that are expected to promote its application in the production of meat products, including mutton, chicken, lamb, and beef.

The personal care & cosmetics segment is expected to grow at a CAGR of 12.4% from 2022 to 2030 owing to the rising demand for natural and plant-based ingredients, vegan and cruelty-free product preferences, and the skin and hair benefits offered by pea protein. Consumers are increasingly seeking natural and plant-based ingredients in their personal care and cosmetics products. Pea protein, derived from plant sources, fits into the growing trend of clean and sustainable beauty. Its natural origin and perceived benefits make it an attractive ingredient for consumers.

Form Insights

Dry pea protein dominated the market with a revenue share of 67.3% in 2022, owing to the higher protein concentration, improved functionality, longer shelf life, and convenience in handling and storage. The dry processing methods used to produce pea protein concentrates and isolates result in a more concentrated protein product, making it desirable for manufacturers and consumers seeking efficient protein sources.

The powder form of dry pea protein allows for easy incorporation into various food applications without compromising texture or taste, and its low moisture content ensures longer shelf life and stability. Additionally, dry pea protein's convenience in handling and storage, along with its clean label appeal and alignment with the growing demand for plant-based protein alternatives, has contributed to its dominance in the market.

The wet pea protein is expected to grow at a CAGR of 11.2% from 2022 to 2030. Wet pea protein retains more of the natural properties and characteristics of whole peas, making it appealing to consumers seeking minimally processed and whole food options. Wet pea protein processing methods offer potential cost advantages compared to dry pea protein production. The wet process typically involves simpler extraction techniques, which lead to lower production costs. The establishment of Pésol Pea, as the first wet textured protein plant in Spain, in 2021, represents a significant development in the wet pea protein industry.

Regional Insights

The North America region dominated the market with a revenue share of 32.9% in 2022, due to high consumer demand for plant-based products, a strong food and beverage industry, and an abundant agricultural supply of yellow split peas. The survey conducted by Sprouts Farmers Market in 2021 indicates that the popularity of plant-based diets and meat alternatives is growing in the U.S., with almost half of Americans (47%) identifying as flexitarians and consuming more plant-based meals than meat.

The U.S. pea protein market dominated the North America region with a revenue share of 68.6% in 2022. The large presence of market players such as Burcon; Nutri-Pea; and Roquette, among others, have contributed to the increased availability and improved quality of pea protein in the U.S. market. Furthermore, the launch of Benson Hill's advanced yellow pea breeding and commercialization program in August 2021 has further strengthened the U.S. pea protein industry. This initiative by Benson Hill, a Missouri-based food tech company, aims to drive expansion in the alternative protein sector by developing superior yellow pea varieties and bringing them to market.

The Asia Pacific pea protein industry is expected to grow at the fastest CAGR of 13.0% from 2022 to 2030, owing to the rising population and changing dietary preferences. The expanding food and beverage industry in China, India, and Australia has created opportunities for incorporating pea protein into a variety of products.

Furthermore, China pea protein market emerged as a dominant market in the Asia Pacific region with a revenue share of 25.0% in 2022, benefiting from a growing plant-based market and allergen challenges associated with mainstream ingredients. India pea protein industry is expected to grow at the fastest CAGR of 14.5% from 2022 to 2030, driven by high demand from the food & beverages sector, particularly in bakery and snacks.

The Australia and New Zealand pea protein market is expected to grow at a CAGR of 13.3% from 2022 to 2030. According to a report from New Zealand Trade & Enterprise, a trade agency, published in 2023, New Zealand's market for pea protein is expected to grow significantly, expanding by tenfold in the next decade. Key sectors driving this growth include sports nutrition, infant formula, and plant-based dairy and meat alternatives. The increasing demand for plant-based protein sources, coupled with the country's focus on sustainable and clean-label products, is driving the growth of the New Zealand pea protein industry.

The Europe pea protein industry is expected to grow at a CAGR of 11.4% from 2022 to 2030 owing to the demand for plant-based proteins, a growing vegetarian and vegan population in countries like UK and Germany, and health and wellness trends. The rise in the vegan and flexitarian population has led to a surge in the availability of pea protein-based products in the German pea protein industry. According to the USDA's Foreign Agricultural Service, Germany has the highest rate of vegetarianism compared to other European countries, with approximately 8 million people, which accounts for around 10% of the population, following a vegetarian diet. The UK pea protein industry is expected to grow at a CAGR of 11.4% from 2022 to 2030 owing to increasing availability and rising demand for plant-based alternatives.

Key Companies & Market Share Insights

The global pea protein industry is expected to witness moderate competition among companies owing to the presence of numerous players across the industry. Owing to changing consumer trends, numerous companies are expanding their product portfolio to gain a competitive edge in the market. Some of the key market players in the market are Burcon Nutrascience; Roquette Freres; Ingredion, Inc.; DuPont; Nutri-Pea among others.

Manufacturers are increasingly engaged in R&D activities related to pea protein. They are also expanding their product lines through product launches, mergers, acquisitions, and partnerships to meet the growing demand for pea protein. For instance, in July 2022, Burcon NutraScience Corporation, a technology leader in plant-based proteins announced the launch of its latest protein ingredient, Peazazz C pea protein, through its joint venture company, Merit Functional Foods Corporation. Peazazz C is a distinct pea protein that offers a smooth and grit-free texture specifically designed for ready-to-drink beverages. Some prominent players in the global pea protein market include:

• 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

Recent Development

• In June 2023, Cosucra announced that it had received an investment of 45 million Euros from Wallonie Entreprendre, Sofiprotéol, and the SFPIM (Société Fédérale de Participations et d’Investissement). The investment would help the company realize its energy transition strategy and significantly increase its production capacity

• In June 2023, Roquette announced the opening of a new Food Innovation Center at its Lestrem site in France. The facility will aid formulators with various capabilities, including R&D support, technical assistance, state-of-the-art equipment, and scale-up testing, with the aim to accelerate product launches

• In May 2023, Burcon NutraScience announced the expansion of its protein development & innovation business through the provision of services such as pilot plant processing and scale-up validation for the company’s customers and partners. Burcon’s Winnipeg Technical Centre features 10,000 sq. ft of laboratory and pilot-scale production area that leverages advanced commercial processing equipment for complete product development

• In March 2023, Nepra Foods announced a manufacturing & distribution partnership with Scoular for specialized plant-based products. Under this agreement, Nepra will provide its R&D team for development of new products, with specialty ingredients involved from both companies. Scoular will further promote Nepra’s products through its strong supply chain network

• In February 2023, Scoular unveiled ‘Scoular Food Innovation’, the new name for its food ingredient business that aims to reflect the company’s experience and expertise in supplying trending ingredients to address consumer demand in the food industry

• In January 2023, Burcon NutraScience received a notice of allowance from the United States Patent and Trademark Office for a patent involving key features of the company’s ‘Peazazz’ pea protein. This development ensures that Merit Functional Foods, the licensee of the pea protein, will have protection and marketplace differentiation)

• In January 2023, Roquette announced a significant investment in the Japan-based food tech startup DAIZ Inc., which specializes in developing technologies and processes to improve the flavor, texture, and nutritional profile of plant-based food items. DAIZ’s proprietary germination technology, the Ochiai Germination Method JP-5795679, was originally developed for soy and has been recently expanded to pea

• In November 2022, Ingredion and InnovoPro signed an exclusive commercial distribution partnership, for distributing a chickpea protein concentrate in Canada and the U.S. The deal would result in the increased availability of chickpea protein that would help address rising consumer needs, while allowing Ingredion to broaden its portfolio of plant-based ingredients

Pea Protein Market Report Scope

Global Pea Protein Market Report Segmentation

This report forecasts volume & revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global  pea protein market report based on product, form, source, application, and region:

• Product Outlook (Volume, Metric Tons; Revenue, USD Million, 2017 - 2030)

  • Isolates

  • Concentrates

  • Textured

  • Hydrolysates

• Form Outlook (Volume, Metric Tons; Revenue, USD Million, 2017 - 2030)

  • Dry

  • Wet

• Source Outlook (Volume, Metric Tons; Revenue, USD Million, 2017 - 2030)

  • Yellow Split Peas

  • Others

• 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

• 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