The global pea protein market is poised for significant growth during the forecast period, fueled by the increasing demand for high-protein diets and the expanding 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 expected to rise 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 popularity as consumers increasingly prioritize health and wellness, drawn by its benefits, which include weight loss, muscle growth, and enhanced satiety. This trend aligns with modern health priorities, driving demand among individuals seeking nutritious and effective dietary options. Additionally, the natural and minimally processed characteristics of pea protein resonate with the growing preference for clean label products. By incorporating pea protein into their formulations, companies can meet consumer expectations for ingredient transparency, fostering trust and brand loyalty.

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

Segments:

The market is divided into three types: isolates, concentrates, and textured products.

In terms of application, the market is segmented into meat substitutes, baked goods, dietary supplements, beverages, and others.

Geographically, the market is classified into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage:

The research provides in-depth insights into market growth and recent developments, focusing on significant advancements such as alliances, mergers, acquisitions, and partnerships. It underscores market segmentation, product development, and innovation as vital strategies for corporate expansion. Additionally, the study assesses the factors driving market growth, along with challenges and constraints that may affect this expansion. Furthermore, the report offers a thorough analysis of the impact 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 projected to undergo rapid growth during the forecast period as more individuals become aware of the benefits of a high-protein diet for enhancing immunity. Furthermore, the growing number of vegans in Europe is expected to drive significant market expansion in that region. These factors are likely to contribute to sustained growth in the pea protein market throughout the projection period. Additionally, increased consumer awareness of the health benefits of pea protein is anticipated to further support market growth. However, potential adverse effects related to pea protein may present challenges to market expansion.

Regional Insights:

North America Holds the Largest Market Share Owing to Increasing High-Protein Food Consumption

North America currently commands the largest share of the global pea protein market, driven by the increasing popularity of energy bars, cold cereals, and snacks. This region is expected to maintain rapid growth, with major companies concentrating on launching new products to facilitate market expansion in the coming years.

In Europe, substantial growth is projected due to the rising demand for plant-based protein ingredients and a shift towards healthier lifestyles. The demand for pea protein products in the European Union is anticipated to increase, bolstered 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 prioritizing competitive strategies to enhance their international presence. Companies are formulating growth strategies that encompass partnerships, mergers, acquisitions, and strategic alliances to attract global clients. Furthermore, by embracing innovative approaches, leading firms are expanding their product offerings and facilitating ongoing market growth.

• March 2020: Burcon Nutrascience Corp (Canada) has received a "Letter of No Objection" from the U.S. FDA for its two innovative pea protein products, Peazazz and Peazac. This approval will facilitate their acceptance among 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.)