The global pea protein market was valued at USD 580.61 million in 2023 and is expected to expand from USD 649.36 million in 2024 to USD 1,644.67 million by 2032, exhibiting a CAGR of 12.32% during the forecast period (2024-2032). North America held the largest market share of 36.33% in 2023. Additionally, the U.S. pea protein market is anticipated to experience significant growth, reaching approximately USD 396.14 million by 2032, driven by increasing demand for plant-based and healthy protein ingredients in products such as energy bars, healthy snacks, and protein shakes.

Pea is a leguminous plant, and its seeds are rich in protein (20% - 30%), primarily in the form of globulins, which are key components in Pea Protein Isolate (PPI) products. Pea protein is produced using wet-milling and dry-milling technologies, with protein content ranging between 48% and 90%. PPI and concentrates are known for their essential functional properties, including nutritional benefits, oil-binding capacity, water-binding capacity, foam stability, foam expansion, whip ability, emulsion stability, gelatin, and emulsion ability ratio.

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Segments:

By type, the market is divided into isolates, concentrate, and textured.

By application, it is segmented into meat substitutes, baked goods, dietary supplements, beverages, and others.

Regionally, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East; Africa.

Report Coverage:

The report offers comprehensive insights into recent market developments, including partnerships, mergers, acquisitions, and alliances. It also highlights business development practices such as innovation, product advancements, and market segmentation. The report outlines the impact of the COVID-19 pandemic on market expansion and discusses key drivers and restraints influencing market growth.

Drivers; Restraints:

Increasing Healthy Food Consumption to Drive Market Growth

The market is projected to grow rapidly due to rising consumer awareness regarding high-protein diets for immune system enhancement. The increasing vegan population in Europe is also expected to support market growth. Additionally, growing awareness of pea product health benefits is anticipated to expand the market. However, potential side effects linked to pea protein consumption may hinder growth.

Regional Insights:

North America Leads Market Share Due to Growing Demand for High-Protein Foods

North America dominates the pea protein market due to increasing consumption of cold cereals, energy bars, and snacks. Moreover, major industry players in the region are actively launching new products to enhance market growth.

Europe is expected to experience notable growth due to a rising focus on healthy living and increased demand for plant-based protein ingredients. The growing vegan population in European countries is likely to boost product demand in the region.

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.)

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Competitive Landscape:

New Product Launches Help Key Players Maintain Market Position

Leading companies are adopting competitive strategies such as strategic alliances, mergers, acquisitions, and partnerships to expand their global presence. Innovation strategies are also employed to enhance product offerings and drive market growth.

In March 2020, Burcon Nutrascience Corp (Canada) received the "Letter of No Objection" from the U.S. FDA for its two novel pea protein products, Peazazz and Peazac, enabling their acceptance in global food and beverage markets.