In 2023, the global pea protein industry was valued at USD 580.61 million and is projected to grow to USD 649.36 million in 2024, reaching approximately USD 1,644.67 million by 2032. This represents a compound annual growth rate (CAGR) of 12.32% over the forecast period from 2024 to 2032. North America led the market in 2023, accounting for 36.33% of the global share. The U.S. market, in particular, is poised for strong growth, with projections suggesting it could reach USD 396.14 million by 2032, driven by heightened demand for plant-based proteins in products such as energy bars, functional snacks, and protein beverages.

Pea protein is derived from the seeds of peas, which contain between 20% and 30% protein. These proteins are primarily composed of globulins, which serve as the base for Pea Protein Isolate (PPI) formulations. Common extraction techniques—such as wet- and dry-milling—yield pea protein with a content ranging from 48% to 90%. Both isolates and concentrates offer a range of beneficial properties, including oil and water binding, foam formation and stability, emulsification, gelatinization, and enhanced nutritional value.

Information Source: https://www.fortunebusinessinsights.com/pea-protein-market-106053 

Market Segmentation

The pea protein market is categorized by:

• Type: Isolates, concentrates, and textured pea protein
• Application: Meat alternatives, bakery goods, dietary supplements, beverages, and other uses
• Region: North America, Europe, Asia Pacific, South America, and the Middle East & Africa

Report Highlights

This report provides in-depth insights into current market dynamics, emphasizing strategic developments such as mergers, acquisitions, joint ventures, and innovation-focused partnerships. It also explores trends in product diversification and the lingering effects of the COVID-19 pandemic on market performance.

Market Drivers and Challenges

Surging Demand for Health-Conscious Nutrition Boosts Market Growth

The growing preference for protein-rich diets—especially those that support immune health—is expected to propel market expansion. Europe's increasing vegan population is further enhancing the appeal of pea-based products, as is global awareness of their health benefits. However, some reported side effects associated with pea protein could pose a challenge to broader market acceptance.

Regional Outlook

North America Dominates the Global Market

North America continues to lead the global pea protein market, supported by strong demand for nutrient-dense foods such as protein bars, cereals, and functional snacks. Ongoing innovation by regional manufacturers also contributes to market growth.

Europe is expected to witness significant growth due to rising health awareness and consumer interest in plant-based protein. The expanding vegan population across several European countries is a key factor driving adoption.

Key Companies in the Market

• Roquette Frères (France)
• Burcon Nutrascience Corp (Canada)
• The Scoular Company (United States)
• DuPont (United States)
• Cosucra Groupe Warcoing (Belgium)
• Nutri-Pea Limited (Canada)
• Shandong Jianyuan Group (China)
• Kerry Inc. (Ireland)
• Sotexpro SA (France)
• Puris Protein LLC (United States)

Get Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/pea-protein-market-106053 

Competitive Landscape

Product Innovation and Strategic Alliances Fuel Market Growth

Leading companies are prioritizing mergers, acquisitions, and strategic collaborations to enhance their global reach and competitiveness. A strong focus on product innovation is also enabling firms to expand their offerings and meet evolving consumer preferences.

For instance, in March 2020, Burcon Nutrascience Corp received a "Letter of No Objection" from the U.S. Food and Drug Administration for its proprietary pea protein ingredients—Peazazz and Peazac—clearing the path for their use in a wide array of food and beverage applications worldwide.