The global pea protein market is expected to grow significantly during the forecast period, driven by the increasing demand for high-protein diets and the rising vegan population. According to an upcoming report from Fortune Business Insights™, titled "Pea Protein Market, 2024-2032," the market was valued at USD 580.61 million in 2023 and is projected to expand from USD 649.36 million in 2024 to USD 1,644.67 million by 2032, reflecting a compound annual growth rate (CAGR) of 12.32%.
Pea protein is gaining traction as consumers shift their focus towards health and wellness, attracted by its health benefits, including weight loss, muscle growth, and satiety support. This alignment with modern health trends boosts demand among individuals seeking nutritious, effective dietary options. The natural, minimally processed nature of pea protein also appeals to the growing preference for clean label products. By incorporating pea protein into their formulations, companies can satisfy consumer demand for transparency in ingredients, fostering trust and brand loyalty.
Information Source: https://www.fortunebusinessinsights.com/pea-protein-market-106053
Segments:
By type, the market is trifurcated into isolates, concentrate, and textured.
Based on application, the market is segregated into meat substitutes, baked goods, dietary supplements, beverage, and others.
By region, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The research offers detailed insights into market growth and developments in recent years, emphasizing key advancements such as alliances, mergers, acquisitions, and partnerships. It highlights market segmentation, product development, and innovation as essential strategies for corporate growth. Additionally, the study evaluates factors driving market expansion, as well as challenges and constraints that could impact growth. Furthermore, the report provides a comprehensive analysis of the effects of the COVID-19 pandemic on market dynamics and overall growth.
Drivers & Restraints:
Increasing the Consumption of Healthful Foods to Drive Market Expansion
The market is expected to experience rapid growth during the forecast period as more individuals recognize the benefits of a high-protein diet for boosting immunity. Additionally, the rising number of vegans in Europe is likely to drive significant market expansion in that region. These factors are expected to ensure continued growth in the pea protein market throughout the projection period. Increased consumer awareness of the health benefits of pea protein is also anticipated to support market growth. However, potential negative effects associated with pea protein could pose challenges to market expansion.
Regional Insights:
North America Holds the Largest Market Share Owing to Increasing High-Protein Food Consumption
North America currently holds the largest share of the global pea protein market, driven by the rising popularity of energy bars, cold cereals, and snacks. This region is expected to continue growing rapidly, with major companies focusing on introducing new products to drive market expansion in the coming years.
In Europe, significant growth is anticipated due to the increasing demand for plant-based protein ingredients and a shift towards healthier living. The demand for pea protein products in the European Union is expected to rise, fueled by the growing number of vegans in the region.
Competitive Landscape:
Key Players Can Maintain Market Position with the Launch of New Products
Key players in the market are focusing on implementing competitive strategies to expand their international presence. Companies are developing growth strategies that include partnerships, mergers, acquisitions, and strategic alliances to attract global clients. Additionally, by adopting innovative approaches, major firms are broadening their product offerings and ensuring continued market expansion.
- March 2020: Burcon Nutrascience Corp (Canada) received the "Letter of No Objection" issued by the U.S. FDA for its two novel pea protein products, Peazazz and Peazac. This would enable its acceptance in the global food and beverage companies.
List of Key Players Profiled in Market:
- RouquetteFreres (France)
- BurconNutrascience Corp (Canada)
- The Scoular Company (U.S.)
- DuPont (U.S.)
- CosucraGroupeWarcoing (Belgium)
- Nutri-Pea Limited (Canada)
- Shandong Jianyuan Group (China)
- Kerry Inc (Ireland)
- Sotexpro SA (France)
- Puris Protein LLC (U.S.)
