Pea Protein Market

Key Points Covered in Pea Protein Market Study

• Market estimates and forecast 2015-2031
• Key drivers and restraints impacting market growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on Pea Protein Market and How to Navigate
• Recommendation on Key Winning Strategies

2016-2020 Pea Protein Market Outlook in Comparison to 2021-2031 Growth Forecast

Pea protein has gained popularity in recent years due to the increasing demand for natural, plant-based foods and increasing concern about health and fitness across the world, particularly following the COVID-19 crisis.

The market grew at a CAGR of 11.4% between 2016 and 2020. Forecasts for growth remain optimistic, with the market predicted to register a CAGR of 14.2% between 2021 and 2031.

Pea protein is typically used to enhance nutritional profile of smoothies and shakes, which are ideally fit for several healthy diet practices. Pea protein is extracted from yellow peas, which is a great source of iron. Therefore, pea protein helps to fulfil several nutritional deficiencies.

Additionally, pea protein has a healthy nutrition profile including amino acids, vitamins, and minerals. These products support muscle growth, reduce body weight, prevent digestive ailments, and reduce the risk of cancers, while improving cardiac health.

An expanding consumer demographic has been exhibiting preference for healthy food supplements. Rising lifestyle-associated issues such as obesity, diabetes, and allergies are making consumers conscious about ingredients included in food products.

Clean-label food products are becoming popular in the market. Pea protein is usually non-GMO and gluten-free. Therefore, it ideally falls in clean-label food categories. Rising demand for vegan, non-GMO, gluten-free and organic products in the food industry bolster demand in the pea protein market.

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How is the Demand for Dietary Supplements Propelling Pea Protein Sales?

In recent years, consumers are increasingly focusing on healthy and balanced diets. Dietary supplements may be advantageous in ensuring adequate nutrition inputs. More than half of all North American consumers use one or more dietary supplements on a daily basis.

The Asia Pacific is emerging as a lucrative market for dietary supplements, due to rising urbanization and concerns in terms of nutritional deficiencies. Government nutrition programs will create a conducive environment for growth.

Natural ingredients are being preferred over synthetic ingredients in food and beverage industries owing to changing consumer preference. Consumers are turning away from refined foods as the prevalence of lifestyle-related problems such as diabetes, cardiovascular disease, and other medical emergencies continues to rise.

Plant-based protein products such as soy, pea, potato, and others are popular. The nutritional profile of peas attracts consumers. It is a rich source of nine different amino acids which promotes blood flow and heart health. Iron content helps to reduce nutritional deficiencies in women.

What is the Impact of the COVID-19 Crisis on the Pea Protein Market?

The COVID-19 pandemic had a significant impact on consumer food purchasing patterns. Consumers are focusing on food products that will help bolster immunity. Moreover, pea protein is a rich source of iron and it helps to improve the health and strength of consumers.

Consumer inclination for plant-based foods in place of conventional animal-based diets are helping the market gain traction.

How Is Application in Sports Nutrition Favoring Pea Protein Sales Outlook?

Nowadays, sports nutritional foods are not restricted to athletes. Consumers are using sports nutritional products for their mental and physical wellbeing. Observing market potential for sports nutrition products, manufacturers are coming up with various products using dry and wet-processed pea protein.

Pea protein is widely consumed in the sports sector through ready-to-drink nutritional products, setting up positive growth trajectory for the long term. Rising consumer concerns about animal welfare, environmental pollution, and sustainable lifestyles are accelerating vegan or plant-based food consumption.

Europe is holding a larger contribution to the vegan market. Pea protein is being used extensively in manufacturing plant-based meat alternative products. Therefore, veganism is significantly influencing market developments.

Country-wise Insights

How is the Pea Protein Market Faring in the U.S.?

According to FMI, North America is one of the leading regions in the global pea protein market which will continue to be a highly attractive to market participants over the forecast period. According to the study, the U.S. is anticipated to account for over 82% of the North American market through 2031.

Consumers in the U.S. are inclined towards nutritionally rich foods. Rising infant food formulations consuming allergy-free plant-based proteins for infant health, support pea protein demand in the U.S and Canada market. Consumption of pea protein in sports nutritional beverages is supporting market growth.

How is the Vegan Trend Affecting Pea Protein Sales in Germany?

The rising demand for plant-based food products in Germany will act as a major growth driver. According to the report, the German pea protein market is expected to be valued at US$ 221.9 Mn in the year 2021 and holding a leading share in the Europe pea protein market.

Veganism is a very popular trend in European countries. Increasing consumer concern on animal cruelty and environmental sustainability is driving plant-based food markets in Germany, Italy, and France. Pea protein is extracted from plant sources, used as raw material for plant-based meat alternatives. Increasing vegan trends enhance the pea protein market across Europe.

What are the Growth Prospects for Pea Protein in Brazil?

By 2021, Brazil is expected to account for more than 23% of pea protein consumption within Latin America. Healthy beverage products are witnessing a surge in Brazil. Enhanced lifestyle of consumers and eating habits among Brazilian consumers are changing.

The growing demand for nutritional supplements, protein shakes and functional beverages is bolstering pea protein revenue in Brazil and the Latin America market.

Increasing demand for packed food and beverages in Brazil has had a significant impact on the first half of 2021 and the demand is expected to stay high through the end of the forecast period.

How is the Pea Protein Market Set to Fare in China?

According to FMI’s analysis, China is estimated to account for more than 56% of the East Asia market in the year 2021. The consumption of pea protein in China is driven by large-scale food processing industries in the country.

Moreover, China is one of the key producers of peas in the world. Therefore availability of raw materials at affordable cost is one of the factors to drive pea protein market growth in China.

Why is the Demand for Pea Protein Rising in India?

India is dominating the South Asia market with a market share of more than 42% in 2021. India is also expected to witness lucrative growth prospects over the forecast period.

In India, consumers are transitioning towards clean label products at a rapid pace. Several players are adopting pea protein as a dietary supplement. India is an emerging market with several macro-economic factors including increasing consumer purchasing power, changing consumer lifestyles, growing industrialization, and urbanization influencing demand.

Category-wise Insights

Which Pea Protein Type Based on Nature Accounts for Maximum Sales?

Conventional pea protein will account for more than 90% of the market value share in 2021. Rising consumer demand for organic and clean labelled foods, are supporting growth of organic pea protein with a CAGR of 17.9%.

Organic food products are gaining popularity owing to consumer preference for GMO-free, and environmentally sustainable ingredients, diving the demand for organic offerings. 

What is the Leading Processing Type of Pea Protein?

Dry processed pea protein will account for more than 69% of the global market in 2021.  Dry processed pea protein is easily digestible and has a longer shelf life. These factors will aid long-term growth prospects in the industry.

Which is the Top-selling Pea Protein Type?

Protein isolates will account for more than 47% of the global market in 2021.  Protein isolates are extracted by wet processing and it contains high protein fractions. Protein concentrates and hydrolyzed protein combined are responsible for holding around 39% of the global pea protein market value share.

Who is the Leading Pea Protein End User?

Food processing accounts for a maximum share of nearly 50% of the global pea protein market. Pea protein is used in several food processing applications including meat alternatives, bakery products, confectionery and more. 

Taste and texture of pea protein is utilized in producing plant-based meat products. Also, it is utilized in functional beverages. Infant nutrition is growing strongly with the CAGR of 13.9% across the forecast period. 

Competitive Landscape

In the global pea protein market, manufacturers are focusing on strengthening their product portfolio to cater to the rising demand. Increasing demand for plant-based protein foods in the market are encouraging key players to expand their portfolios. For instance:

• In 2020, Ingredion launched pea protein isolate in name of VITESSENCE® Pulse 1803. This pea protein enables food and beverages manufacturers across the EMEA to meet rising consumer demand for plant-based high-protein products.
• In 2019, Cargill Inc. introduced RadipureTM, it is a pea protein for Asian consumers to leveraging the ongoing trend of plant-based proteins and clean labeled food products.
• In 2019, Roquette Freres, a global leader in plant-based ingredients, announced an expansion in plant-based protein from peas and fava beans as meat alternatives.

Scope of Report

Key Questions Answered in the Report

• What is the pea protein market size?

  The overall pea protein market is projected to surpass US$ 3,275.4 Mn in 2021.

• At what rate did the pea protein market grow in the last five years?

  Demand in the pea protein market increased at 11.4% CAGR between 2016 and 2020.

• What are the key trends shaping the pea protein market?

  Market players are likely to focus on exploring potential new applications to leverage previously untapped revenue streams.

• What is the share of the leading pea protein companies?

  Leading pea protein companies include Cosucra Groupe Warcoing, Nutri Pea Limited, Sotexpro, Roquette Freres, Glanbia Plc who cumulatively account for 45% of the market.

• What is the North America pea protein market outlook?

  North America is dominating the global pea protein market and will exhibit a market value share of 33.4% in 2021.

• Which countries are key producers of pea protein?

  The U.S., Brazil, Canada, China and India are the leading producers of pea protein products.

• How is Europe contributing to the global pea protein market?

  The Europe pea protein market is expected to account for value share of 27.2% in the year 2021.

• Which are the top five countries driving pea protein market demand?

  Leading countries driving demand in the pea protein market are the U.S., Brazil, Germany, China, and India.

• What are the key statistics for the pea protein market of China in East Asia?

  China is expected to hold a 56.5% market share in the East Asia pea protein market in 2021.

• Who are the key importers in the pea protein market?

  Canada, Mexico, Netherlands, Australia, and Brazil are the leading importers of pea protein products.

Pea Protein Market by Category

By Nature:

• Organic
• Conventional

By Product Type:

• Protein Concentrates
• Protein Isolates
• Textured Protein
• Hydrolyzed Protein

By End Use:

• Food Processing
  • Meat Alternatives
  • Bakery Products
  • Confectionery
  • Snacks & Cereals
  • Meat-Based Products
  • Functional Beverages
  • Others
• Animal Feed
  • Livestock
    • Cattle
    • Swine
    • Poultry
  • Pet Food
  • Aquafeed
• Nutraceuticals
• Sports Nutrition
• Infant Nutrition
• Cosmetic and Personal Care

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa (MEA)