Pea Protein Market Dynamics and Developments by 2031

The Pea Protein Market size is projected to reach US$ 1,658.15 million by 2031 from US$ 613.16 million in 2023. The market is expected to register a CAGR of 13.5% in 2023–2031. Glowing sales of pea protein as protein source in pet food and animal feed are likely to remain key pea protein Market trends.

Pea Protein Market Analysis

The pea protein market is growing at a significant rate owing to factors such as enhanced health consciousness, multiple health benefits, and increased demand for meat protein alternatives. In addition, factors, such as the trend of living using pea protein in various products, consistent increase in food & beverages industries, raised demand for organic-based foods, and innovations in protein-based products, have supplemented the global pea protein market growth. The growing number of consumers searching for simpler labels, great taste, and alternative protein sources to solve personalized nutrition choices which in turn may accelerate pea protein market growth. However, the availability of substitute proteins and low consumer awareness about the pea protein-based products may restrict the growth of the market over the forecast period.

Pea Protein Market Overview

Pea protein is obtained from green and yellow split peas and is mostly used to make protein powder. It often serves as a base in packaged foods like veggie burgers, vegan mayo, and even replaces dairy in some ice creams and milk. Pea protein is an excellent source of iron. It is added in food products such as smoothies and shakes to increase the protein content and is also a great fit for almost any diet since it's naturally vegan and hypoallergenic. Pea protein contains nine essential amino acids that the human body cannot create.

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Pea Protein Market: Strategic Insights

Pea Protein Market Drivers and Opportunities

Increasing Demand for Dietary Supplement to Favor Market

Pea protein is used in nutraceuticals such as dietary and health supplements, and for digestive health. A dietary supplement is consumed orally either as a tablet, capsule, pill, or a liquid. Dietary supplements are food products that contain mineral, vitamin, herb or other botanicals, or amino acids. Pea proteins are induced in dietary supplements so that they can provide an external source of vitamins, minerals, fibers and other essential ingredients to the consumer. Growing demand of these dietary supplements among the consumers have driven the growth of the market.

Growing Demand for Pea-Protein Based Sport Nutrition and other Wellness Products

Pea protein various functional properties emulsification, texture enhancement, and foaming has widened its market potential. Key players in the market are taking initiatives to develop products using pea protein, to cater the consumer demand.

Pea Protein Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Pea Protein Market analysis are type, form and application.

• Based on type, the pea protein market is segmented into pea protein isolates, pea protein concentrates, textured pea protein.
• By form, the market is bifurcated into dry and liquid.
• In terms of application, the market is segmented into dietary supplements, bakery and confectionery goods, meat alternatives, beverages, and others.

Pea Protein Market Share Analysis by Geography

The geographic scope of the pea protein market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

North America has dominated the pea protein market. The growing interest of consumers in non-meat alternatives as a result of increasing concerns towards a healthy lifestyle has enabled the manufacturers in North America to incorporate high-quality plant-based ingredients. An increase in matters regarding the environment and an upsurge in awareness towards animal welfare has shifted the focus towards alternative proteins derived from plant-based proteins. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.

Pea Protein Market Regional Insights

The regional trends and factors influencing the Pea Protein Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Pea Protein Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Pea Protein Market Report Scope

Pea Protein Market Players Density: Understanding Its Impact on Business Dynamics

The Pea Protein Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Pea Protein Market News and Recent Developments

The pea protein Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:

• In January 2023, Burcon NutraScience Corporation, a global technology leader in the development of plant-based proteins for foods and beverages, is pleased to announce that it has received a notice of allowance from the United States Patent and Trademark Office (“USPTO”) for a patent application covering characteristics of Burcon’s Peazazz® pea protein made by Burcon’s unique process.  A notice of allowance from the USPTO is a written notification that a patent application has cleared internal review, is pending issuance and will grant in the near future. (Source: Burcon NutraScience Corporation, Press Release/Company Website/Newsletter, 2023)

Pea Protein Market Report Coverage and Deliverables

The “Pea Protein Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles