Pea Protein Market

Pea Protein Market by Type (Isolates, Concentrates and Textured), Application (Food, Beverages), Form (Dry, Wet), Source (Chickpeas, Yellow Split Peas, Lentils), Processing Method (Dry, Wet) and Region - Global Forecast to 2029

Report Code: FB 2741 Feb, 2024, by marketsandmarkets.com

The pea protein market is estimated at USD 2.1 billion in 2024 and is projected to reach USD 3.7 billion by 2029, at a CAGR of 12.0% from 2024 to 2029.

As consumer priorities shift towards health and wellness, pea protein gains traction due to its association with various health benefits such as muscle building, weight management, and satiety support. This alignment with prevailing health trends drives demand among individuals seeking nutritious and functional food options. Pea protein's natural origin and minimal processing address consumers' preference for clean label products. Its incorporation in food formulations enables manufacturers to meet the demand for transparent ingredient lists, fostering trust and loyalty among discerning consumers.

The allergen-free nature of pea protein, devoid of common allergens like soy and dairy, makes it suitable for individuals with dietary restrictions or allergies. Its plant-based origin also aligns with the growing vegan and vegetarian lifestyle trends, further boosting its adoption in plant-based food and beverage products. In addition, the rising awareness of environmental sustainability prompts consumers to seek alternative protein sources with lower environmental footprints. Pea protein production's minimal resource requirements and reduced greenhouse gas emissions compared to animal-based proteins position it as an eco-conscious choice that resonates with environmentally aware consumers.

Pea Protein Market

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Pea Protein Market Opportunities

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Drivers: Growing consumer awareness about nutritional benefits offered by pea and pea-based products

In 2020, there was a significant rise in the popularity of plant-based foods globally, with various new products hitting the market, ranging from bakery items and pastries to pizza, lattes, and vegan burgers. By the end of the year, McDonald's joined the trend by introducing their McPlant menu. Additionally, the COVID-19 pandemic prompted two global lockdowns, leading people to reevaluate their priorities, focusing more on health and wellbeing. This shift resulted in a surge in plant-based food sales, increasing by 243%, with a notable 14% rise in the preference for meat-free and dairy-free options among consumers, as reported by New Food Magazine.

Pea protein powder has emerged as a popular ingredient for protein shakes, smoothies, and energy drinks due to its ability to enhance protein content. It is suitable for various dietary preferences as it is naturally vegan and hypoallergenic. Pea protein is rich in iron and high-quality protein, and it is believed to promote muscle growth, aid in weight loss, and support heart health. Studies indicate that protein derived from peas, particularly yellow peas, can help lower cholesterol and blood pressure without putting strain on the kidneys. These health benefits are anticipated to propel the growth of the global pea protein market.

Restraints: High cost of raw material

According to the October 2021 report by Roquette Frères, there has been a noticeable increase in global pea prices. The company, which launched a pea protein factory in Canada in 2020 and supplies to a prominent plant-based meat brand, "Beyond Meat," cautioned its customers about an imminent price surge. This warning came as the company observed a significant impact on supply from various fronts. Canada, a major pea-producing nation globally, experienced a sharp 45% decline in its production. Pea prices have surged by 120% compared to 2020 levels, following an unprecedented drought in Canada, described as the most severe in over a century.

Pea production in Europe, particularly in France, another significant pea-producing economy, also suffered as crops were severely damaged during harvest due to the wet season. Despite the growing global demand for peas driven by the introduction of numerous new plant-based food products, the sector is grappling with the repercussions of a pea shortage. The substantial price hikes are expected to result in increased costs for customers as companies look to offset rising expenses. Consequently, the market faces constraints on growth due to the unstable supply of raw materials and escalating prices.

Opportunities: Increasing focus on innovation and developments of better pea protein extracts & products in global markets

With evolving lifestyles and growing consumer demand for diverse options, the pea protein sector is experiencing a surge in innovation. Currently, pea protein serves as a primary ingredient in numerous plant-based meat products, including energy bars and snacks. Food technology companies are diligently refining this ingredient at every stage of production to cater to plant-based meat manufacturers, ranging from optimizing pea cultivation in the field to refining protein extraction technology.

Many consumers prioritize maximum protein content when selecting products, prompting companies to strive for higher protein extraction rates from raw materials to incorporate into their end products. In October 2021, Benson Hill, a company based in Missouri, launched a new yellow pea breeding and commercialization program aimed at developing plants that yield superior peas. Their focus lies on enhancing two critical attributes: nutritional density and flavor. The cultivation of more protein-rich yellow pea plants could also lead to greater efficiency in land use in farming practices. Benson Hill leverages a machine learning and AI-powered platform to guide its efforts in crop improvement.

On 2022, merit Functional Foods (Canada) opened a 94,000 square foot plant to process pea and canola protein. The company uses a proprietary manufacturing process that is more expensive than the industry standard. The process requires more equipment and more filtration but results in a higher-purity product with improved taste and texture. According to StartUs Insights (an AI-powered data platform), in September 2021, 149 new startups were identified in the pea protein sector, with the top five being Sunfed Food (New Zealand) (makes meat alternatives), Mighty Pea (UK) (formulates vegan milk), Elevate Nutrition (US) (offers sports nutrition), YoFiit (Canada) (offers plant-based nutrition bars), and PeaTos (US) (produces pea-based snacks). Thus, with a greater number of startups rising in the sector, significant research is being taken up to develop newer attractive products in the market.

Challenges: Supply constraints due to unstable production of peas hampering growth prospects

Pea protein manufacturers are confronted with a significant challenge: a shortage in supply. Climate change is already impacting agriculture, with consequences varying across regions. Rising temperatures have begun to diminish the yields of essential crops. Reduced production, compounded by import delays due to COVID-19, has resulted in escalated pea prices. According to an article by IndiaToday, the cost of pulses, which serve as one of the most affordable protein sources, has surged by over 15% since the previous year.

The USDA forecasts a 3% decline in the area seeded to dry peas in the US for 2021-22 compared to 2020, dropping to below 1.0 million acres, primarily driven by decreased seeding in North Dakota. Yields are anticipated to be below average. The USDA further projects a 44% decrease in US dry pea production to slightly over 0.5 million metric tons. Consequently, this decrease in production leads to fluctuations in prices and market uncertainty, posing significant challenges for both manufacturers and consumers in the global pea protein market.

Market Ecosystem

Top Companies in Pea Protein Market

Based on the form, dry is estimated to account for the largest market share of the pea protein market.

Dry pea protein's powdered form streamlines formulation processes, ensuring precise measurement and consistent distribution throughout food and beverage products. This consistency in formulation maintains product quality, meeting consumer expectations for reliable and enjoyable products. Additionally, the reduced moisture content of dry pea protein translates to lighter weight and reduced volume, lowering transportation costs for both manufacturers and consumers. This cost-saving benefit contributes to the widespread adoption of dry pea protein across various markets.

The longer shelf life of dry pea protein minimizes the risk of spoilage and reduces food waste. This extended shelf life enhances product stability, ensuring prolonged availability to consumers and driving further demand for dry pea protein.

Based on source, yellow split peas is anticipated to have the highest growth rate in the pea protein market.

Yellow split peas serve as a significant driver in the pea protein market for several reasons. Their abundant protein content makes them an ideal source for pea protein extraction, enhancing the nutritional value of pea protein products. This appeals to consumers seeking protein-rich foods, especially within plant-based diets. The versatility of yellow split peas in food applications extends from soups and salads to baked goods, facilitating the creation of a diverse range of pea protein-based foods. This flexibility allows manufacturers to cater to various consumer preferences, including plant-based meats, dairy alternatives, snacks, and supplements.

Furthermore, yellow split peas are a sustainable crop choice, requiring fewer resources such as water and land compared to animal-based protein sources. Their ability to fix nitrogen in the soil reduces the need for synthetic fertilizers, aligning with consumer preferences for eco-friendly and ethically sourced products. The rising popularity of plant-based diets, driven by concerns for health, animal welfare, and environmental sustainability, fuels the demand for pea protein derived from yellow split peas. As more individuals adopt vegetarian, vegan, or flexitarian lifestyles, the demand for plant-based protein sources like pea protein continues to grow, positioning yellow split peas as a key driver in the pea protein market.

The European market is projected to contribute the largest share of the global pea protein processing market.

The Europe region is witnessing a burgeoning wave of growth in the pea protein market as food & beverage industries across the continent embrace the multifunctional applications of this plant based compound. European region's active participation in global trade further amplifies the accessibility of pea protein. The ease of trade facilitates the flow of these versatile compounds across borders, supporting the region's industries with a diverse range of applications.

European countries are active participants in global trade, both as importers of raw materials and exporters of finished products. The demand for pea protein in Europe influences international trade dynamics, affecting production, pricing, and supply chains globally. Europe has been at the forefront of environmental awareness and sustainability initiatives. The increasing awareness of environmental sustainability prompts consumers to seek alternative protein sources with lower environmental footprints. Pea protein production requires fewer natural resources and emits fewer greenhouse gases compared to animal-based proteins, making it an environmentally friendly choice that resonates with eco-conscious consumers.

Europe Pea Protein Market Size, and Share

Key Market Players

Key players operating in the pea protein market include Roquette Frères (France), Cargill, Incorporated (US), Glanbia PLC (Ireland), Kerry (Ireland), Ingredion Incorporated (US), Emsland Group (Germany), Yantai Shuangta Foods Co, Ltd (China), The Scoular Company (US), Burcan Nutrascience Corp (Canada), Shandong Jianyuan Group (China), ET-Chem (China), AGT Foods and Ingredients (Canada), The Green Labs LLC (US) and Axiom Foods Inc (US). These players in this market are focusing on increasing their presence through expansion and collaboration. These companies have a strong presence in North America, Asia Pacific, and Europe.

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Scope of the Report

Report Metric

Details

Market size estimation

2024–2029

Base year considered

2023

Forecast period considered

2024–2029

Units considered

Value (USD Million), Volume (TONS)

Segments Covered

By Type, By Application, By Form, By Source, By Processing Method and By Region

Regions covered

North America, Europe, Asia Pacific, and Rest of the World

Companies studied

Roquette Frères (France)
Cargill, Incorporated (US)
Glanbia PLC (Ireland)
Kerry (Ireland)
Ingredion Incorporated (US)
Emsland Group (Germany)
Yantai Shuangta Foods Co, Ltd (China)
The Scoular Company (US)
Burcan Nutrascience Corp (Canada)
Shandong Jianyuan Group (China)
ET-Chem (China)
AGT Foods and Ingredients (Canada)
The Green Labs LLC (US)
Axiom Foods INC (US)

Pea protein Market:

By Type
  • Isolates
  • Concentrates
  • Textured
By Application
  • Food
  • Beverage
  • Other Applications
By Form
  • Dry
  • Wet
By Source
  • Chickpeas
  • Yellow Split Peas
  • Lentils
By Processing Method
  • Dry processing method
  • Wet processing method
By Region
  • North America
  • Europe
  • Asia Pacific
  • Rest of the World (RoW)

Recent Developments

  • In June 2020, Roquette Frères has joined a collaborative R&D initiative to promote Canada's plant protein ecosystem, identify solutions to development issues in cold Prairie conditions, and develop novel pea and fava bean products. The total investment by these three companies was USD 19.2 million. This collaboration will address the present pea processing issue and will help to implant new technology in pea protein processing.
  • In November 2022, Ingredion Incorporated has entered an exclusive commercial distribution partnership with InnovoPro, a prominent chickpea solutions company. This partnership, effective immediately, focuses on distributing chickpea protein concentrate in the US and Canada. The aim is to enhance the availability of chickpea protein, aiding food and beverage manufacturers in meeting the rising consumer demand for sustainable, nutritious, and appealing plant-based products.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION 
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
    1.3 STUDY SCOPE 
           1.3.1 MARKET SEGMENTATION
           1.3.2 INCLUSIONS & EXCLUSIONS
          1.3.3 REGIONS COVERED
           1.3.4 YEARS CONSIDERED
    1.4 UNIT CONSIDERED 
           1.4.1 CURRENCY/ VALUE UNIT
           1.4.2 VOLUME UNIT CONSIDERED
    1.5 STAKEHOLDERS 
    1.6 SUMMARY OF CHANGES 
           1.6.1 RECESSION IMPACT
 
2 RESEARCH METHODOLOGY 
    2.1 RESEARCH DATA 
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Key data from primary sources
                    2.1.2.2 Key Primary Insights
                    2.1.2.3 Breakdown of Primary Interviews
    2.2 MARKET SIZE ESTIMATION 
           2.2.1 BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
    2.3 DATA TRIANGULATION 
    2.4 RESEARCH ASSUMPTIONS 
           2.4.1 ASSUMPTIONS OF THE STUDY
    2.5 LIMITATIONS AND RISK ASSESSMENT 
    2.6 RECESSION IMPACT ANALYSIS 
           2.6.1 RECESSION MACROINDICATORS
 
3 EXECUTIVE SUMMARY 
 
4 PREMIUM INSIGHTS 
 
5 MARKET OVERVIEW 
    5.1 INTRODUCTION 
    5.2 MACROECONOMIC INDICATORS 
    5.3 MARKET DYNAMICS 
           5.3.1  DRIVERS
           5.3.2  RESTRAINTS
           5.3.3  OPPORTUNITIES
           5.3.4  CHALLENGES
 
6 INDUSTRY TRENDS 
    6.1 INTRODUCTION 
    6.2 SUPPLY CHAIN ANALYSIS 
    6.3 VALUE CHAIN ANALYSIS 
    6.4 TRADE ANALYSIS 
    6.5 TECHNOLOGY ANALYSIS 
           6.5.1  TECHNOLOGY 1
           6.5.2  TECHNOLOGY 2
    6.6 PRICING ANALYSIS 
           6.6.1  AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY TYPE
           6.6.2  AVERAGE SELLING PRICE TREND, BY TYPE
           6.6.3  AVERAGE SELLING PRICE TREND, BY REGION
    6.7 ECOSYSTEM/ MARKET MAP 
           6.7.1 DEMAND SIDE
           6.7.2 SUPPLY SIDE
    6.8 TRENDS/DISRUPTIONS IMPACTING THE CUSTOMER’S BUSINESS 
    6.9 PATENT ANALYSIS 
           6.9.1 LIST OF MAJOR PATENTS PERTAINING TO THE MARKET
    6.10 KEY CONFERENCES & EVENTS IN 2024-2025 
    6.11 TARIFF & REGULATORY LANDSCAPE 
                    6.11.1  REGULATORY LANDSCAPE
                    6.11.2  REGULATORY BODIES, GOVERNMENT AGENCIES, & OTHER ORGANIZATIONS
    6.12 PORTER’S FIVE FORCES ANALYSIS 
           6.12.1 INTENSITY OF COMPETITIVE RIVALRY
           6.12.2 THREAT OF NEW ENTRANTS
           6.12.3 THREAT OF SUBSTITUTES
           6.12.4 BARGAINING POWER OF SUPPLIERS
           6.12.5 BARGAINING POWER OF BUYERS
    6.13 KEY STAKEHOLDERS & BUYING CRITERIA 
                    6.13.1  KEY STAKEHOLDERS IN THE BUYING PROCESS
                    6.13.2  BUYING CRITERIA
    6.14 CASE STUDY ANALYSIS 
    6.15 INVESTMENT AND FUNDING SCENARIO  
 
7 PEA PROTEIN MARKET, BY TYPE 
    7.1 INTRODUCTION 
    7.2 ISOLATES  
    7.3 CONCENTRATES  
    7.4 TEXTURED  
 
8 PEA PROTEIN MARKET, BY SOURCE 
    8.1 INTRODUCTION 
    8.2 YELLOW SPLIT PEAS  
    8.3 CHICKPEAS  
    8.4 LENTILS 
 
9 PEA PROTEIN MARKET, BY FORM 
    9.1 INTRODUCTION  
    9.2 DRY  
    9.3 WET 
 
10 PEA PROTEIN MARKET, BY PROCESSING METHOD (QUALITATIVE) 
     10.1 INTRODUCTION  
     10.2 DRY PROCESSING 
     10.3 WET PROCESSING 
 
11 PEA PROTEIN MARKET, BY APPLICATION 
     11.1 INTRODUCTION  
     11.2 FOOD  
             11.2.1 MEAT SUBSTITUTES
             11.2.2 PERFORMANCE NUTRITION
             11.2.3 FUNCTIONAL FOODS
             11.2.4 SNACKS
             11.2.5 BAKERY PRODUCTS
             11.2.6 CONFECTIONERY
             11.2.7 OTHER FOOD APPLICATIONS
     11.3 BEVERAGE 
     11.4 OTHER APPLICATIONS 
 
12 PEA PROTEIN MARKET, BY REGION 
     12.1 NORTH AMERICA 
             12.1.1 NORTH AMERICA: RECESSION IMPACT ANALYSIS
             12.1.2 US
             12.1.3 CANADA
             12.1.4 MEXICO
     12.2 EUROPE 
             12.2.1 EUROPE: RECESSION IMPACT ANALYSIS
             12.2.2 FRANCE
             12.2.3 GERMANY
             12.2.4 UK 
             12.2.5 SPAIN
             12.2.6 THE NETHERLANDS
             12.2.7 ITALY 
             12.2.8 FINLAND
             12.2.9 REST OF EUROPE
     12.3 ASIA PACIFIC 
             12.3.1 ASIA PACIFIC: RECESSION IMPACT ANALYSIS
             12.3.2 CHINA
             12.3.3 JAPAN 
             12.3.4 INDIA
             12.3.5 AUSTRALIA & NEW ZEALAND
             12.3.6 REST OF ASIA PACIFIC
     12.4  SOUTH AMERICA 
             12.4.1 SOUTH AMERICA: RECESSION IMPACT ANALYSIS
             12.4.2 BRAZIL
             12.4.3 ARGENTINA
             12.4.4 REST OF SOUTH AMERICA
     12.5  REST OF THE WORLD 
             12.5.1 ROW: RECESSION IMPACT ANALYSIS
             12.5.2 MIDDLE EAST 
                       12.5.2.1 UAE
                       12.5.2.2 Saudi Arabia
                       12.5.2.3 Iran
                       12.5.2.4 Rest Of Middle East
             12.5.3 AFRICA
                       12.5.3.1 South Africa
                       12.5.3.2 Nigeria
                       12.5.3.3 Rest of Africa
 
13 COMPETITIVE LANDSCAPE 
     13.1 OVERVIEW 
     13.2 MARKET SHARE ANALYSIS, 2023 
     13.3 KEY PLAYERS STRATEGIES/RIGHT TO WIN 
     13.4 PRODUCT COMPARISON 
     13.5 REVENUE ANALYSIS  
     13.6 KEY PLAYER ANNUAL REVENUE VS GROWTH 
     13.7 KEY PLAYER EBIT/EBITDA  
     13.8 COMPANY VALUATION  
     13.9 GLOBAL SNAPSHOT OF KEY MARKET PARTICIPANTS 
     13.10 COMPANY EVALUATION MATRIX KEY PLAYERS 
               13.10.1 STARS
               13.10.2 EMERGING LEADERS
               13.10.3 PERVASIVE PLAYERS
               13.10.4 PARTICIPANTS
               13.10.5 COMPANY FOOTPRINT: KEY PLAYERS 
                                   13.10.5.1  TYPE FOOTPRINT
            13.10.5.2 APPLICATION FOOTPRINT 
            13.10.5.3 REGION FOOTPRINT 
            13.10.5.4 COMPANY FOOTPRINT
     13.11 COMPANY EVALUATION MATRIX START-UP/SME 
               13.11.1 PROGRESSIVE COMPANIES
               13.11.2 RESPONSIVE COMPANIES
               13.11.3 DYNAMIC COMPANIES
               13.11.4 STARTING BLOCKS
                       13.11.5  COMPETITIVE BENCHMARKING
                                   13.11.5.1  DETAILED LIST OF KEY STARTUPS/SME
            13.11.5.2 COMPETITIVE BENCHMARKING OF KEY STARTUPS/SME
     13.12 COMPETITIVE SCENARIO AND TRENDS 
               13.12.1 NEW PRODUCT LAUNCHES
               13.12.2 DEALS
               13.12.3 EXPANSIONS
               13.12.4 OTHERS
 
14 COMPANY PROFILES  
     14.1 KEY PLAYERS 
               14.1.1  ROQUETTE FRERES
                       14.1.1.1 BUSINESS OVERVIEW
                       14.1.1.2 PRODUCTS OFFERED
                       14.1.1.3 RECENT DEVELOPMENTS
                       14.1.1.4 MNM VIEW
             14.1.2 IFF
             14.1.3 GLANBIA PLC
             14.1.4 KERRY
             14.1.5 INGREDION
             14.1.6 PURIS
             14.1.7 EMSLAND GROUP
             14.1.8 YANTAI SHUANGTA FOODS CO., LTD.
             14.1.9 THE SCOULAR COMPANY
             14.1.10 BURCON
             14.1.11 SHANDONG JIANYUAN GROUP
             14.1.12 ET-CHEM
             14.1.13 AGT FOOD AND INGREDIENTS
             14.1.14 THE GREEN LABS LLC
             14.1.15 AXIOM FOODS INC.
     14.2 OTHER PLAYERS/ STARTUPS/SMES 
               14.2.1  COSUCRA
               14.2.2 NUTRI-PEA
               14.2.3 AUSTRADE INC.
               14.2.4 SOTEXPRO
               14.2.5 NATURZ ORGANICS
               14.2.6 FENCHEM INC
               14.2.7  PROEON
               14.2.8  SUN NUTRAFOODS
               14.2.9  INNOVO PRO
               14.2.10 CHICKP
 
15 ADJACENT& RELATED MARKETS   
 
16 APPENDIX 
     16.1 DISCUSSION GUIDE 
     16.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     16.3 AVAILABLE CUSTOMIZATIONS 
     16.4 RELATED REPORTS 
     16.5 AUTHOR DETAILS 

The research study involved extensive secondary sources, directories, and databases such as Bloomberg Businessweek and Factiva to identify and collect information useful for a technical, market-oriented, and commercial study of the pea protein market. In-depth interviews were conducted with various primary respondents—such as key industry participants, subject matter experts (SMEs), C-level executives of key market players, and industry consultants—to obtain and verify critical qualitative and quantitative information and assess prospects.

Secondary Research

The secondary sources referred for this research study include government sources, such as the Food and Agriculture Organization (FAO), the US Department of Agriculture (USDA), Eurostat (EU Database), and various national ministries of the agricultural department, corporate filings (such as annual reports, press releases, investor presentations, and financial statements), and trade, business, and professional associations such as In the secondary research process, various organizations such as the Saskatchewan Pulse Growers (Saskpulse), Good Food Institute (GFI), and European Vegetable Protein Association (EUVEPRO), were referred to identify and collect information for this study.

Secondary research was mainly used to obtain key information about the industry's supply chain—the total pool of key players, market classification, and segmentation according to the industry trends and key developments from market-oriented perspectives.

Primary Research

The pea protein market comprises several stakeholders, including raw material suppliers, ingredient suppliers, end-product manufacturers, and regulatory organizations in the supply chain. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Primary interviewees from the supply side include research institutions involved in R&D to introduce technology, distributors, wholesalers, importers & exporters of processed ingredients manufacturers and technology providers. Primary sources from the demand-side include key opinion leaders, executives, vice presidents, and CEOs through questionnaires, emails, and telephonic interviews.

Pea Protein  Market Size, and Share

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Market Size Estimation

Both the top-down and bottom-up approaches have been used to estimate and validate the total size of the pea protein market. These approaches were extensive to determine the size of the subsegments in the market. The research methodology used to estimate the market size includes the following details:

  • Top-down approach:
    • The key players in the industry and the market were identified through extensive secondary research.
    • The industry's supply chain and market size were determined through primary and secondary research.
    • All percentage share splits and breakdowns were determined using secondary sources and verified through primary sources.
    • The parent market—the pea processed ingredients market—was considered to validate pea protein's market details further.
  • Bottom-up approach:
    • The market sizes were analyzed based on each type of pea protein share at regional and country levels. Thus, the global market for pea protein was estimated with a bottom-up approach of the type at the country level.
    • Based on the demand for the mode of application, offerings of key players, and the region-wise market share of major players, the global market for the mode of application was estimated.
    • Other factors considered include penetration rate of pea protein in end-user applications such as meat substitutes, performance nutrition, and functional foods, consumer awareness, and function trends, pricing trends, the adoption rate and price factors, patents registered, and organic and inorganic growth attempts.
  • All macroeconomic and microeconomic factors affecting the growth of the pea protein market were considered while estimating the market size.
  • All possible parameters that affect the market covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain final quantitative and qualitative data.

Market size estimation: Top-Down approach

Pea Protein  Market Top Down Approach

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Market size estimation methodology: Bottom-up approach

Pea Protein  Market Bottom Up Approach

Data Triangulation

After arriving at the overall market size from the estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures were employed, wherever applicable, to estimate the overall pea protein market and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.

Market Definition

Pea protein is a vegetable protein with a neutral taste derived from different pea types such as chickpeas, yellow peas, lentils, and beans. It is produced as isolates, concentrated, and textured proteins and is highly nutritious. Pea protein is considered vegan and is not classified as a major allergen. Therefore, it is suitable for consumption for a wider consumer base. Pea protein also has a well-maintained amino acid profile and features high solubility and low viscosity, which add to its nutritional value.

Pea proteins can be used in various applications, including performance nutrition, bakery products, snack bars, beverages, meat alternatives, and dairy alternatives.

Key Stakeholders

  • Food manufacturers
  • Meat alternative manufacturers
  • Dairy alternative manufacturers
  • Sports nutrition manufacturers
  • Food importers and exporters
  • Intermediary suppliers include traders and distributors of plant-based sources such as soy, pea, corn, chia, and flax.
  • Government and research organizations
  • Associations and industry bodies:
    • Food and Agriculture Organization (FAO)
    • United States Department of Agriculture (USDA)
    • European Food Safety Authority (EFSA)
    • European Association of Specialty Feed Ingredients and their Mixtures (FEFANA)
    • Organization for Economic Co-operation and Development (OECD)
  • Venture capitalists and investors

Report Objectives

Market Intelligence

  • To determine and project the size of the pea protein market by source, type, application, form, and region over five years, ranging from 2024 to 2029.
  • To identify attractive opportunities in the market by determining the largest and fastest-growing segments across regions.
  • To analyze the demand-side factors based on the following:
    • Impact of macro and microeconomic factors on the market.
    • Shifts in demand patterns across different subsegments and regions.
  • To recognize the key drivers and restraints impacting the global pea protein market.

Competitive Intelligence

  • To profile the key players of the pea protein market and comprehensively analyze their market positions and core competencies
  • To provide a comparative analysis of the market leaders based on the following:
    • Product offerings
    • Business strategies
    • Strengths, weaknesses, opportunities, and threats
    • Key financials
  • To understand the competitive landscape and identify the major growth strategies adopted by players across the key regions
  • To provide insights on the key investments in product innovations and patent registrations

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to company-specific scientific needs.

The following customization options are available for the report:

Product Analysis

  • Product Matrix, which gives a detailed comparison of the product portfolio of each company.

Geographic Analysis

With the given market data, MarketsandMarkets offers customizations according to company-specific scientific needs.

  • Further breakdown of the Rest of European pea protein market, by key country
  • Further breakdown of the Rest of the South American pea protein market, by key country
  • Further breakdown of the Rest of Asia Pacific pea protein market, by key country

Company Information

  • Detailed analyses and profiling of additional market players
Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

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Report Code
FB 2741
Published ON
Feb, 2024
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