In 2023, the global pea protein market was valued at USD 580.61 million. It is expected to grow 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% over the forecast period (2024–2032). North America held the leading market position in 2023 with a 36.33% share. The U.S. pea protein market is forecasted to expand significantly, reaching around USD 396.14 million by 2032, driven by growing interest in plant-based and nutritious protein alternatives used in energy bars, health-focused snacks, and protein beverages.
Pea is a legume known for seeds that contain approximately 20%–30% protein, primarily made up of globulins—key ingredients in Pea Protein Isolate (PPI) products. Extraction methods such as wet-milling and dry-milling are used to obtain pea protein, producing protein content levels ranging from 48% to 90%. Both PPI and concentrates exhibit valuable functional properties, including nutritional advantages, oil and water retention, foam stability, foam expansion, whipping ability, emulsification, gelatinization, and emulsion capacity.
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Market Segmentation
The market is segmented by type into isolates, concentrates, and textured proteins. By application, it includes meat substitutes, bakery products, dietary supplements, beverages, and other uses. Geographically, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
This report offers a comprehensive overview of key market trends, including mergers, acquisitions, collaborations, and strategic partnerships. It emphasizes major business growth tactics like innovation, product development, and market segmentation. The report also reviews the impact of the COVID-19 pandemic on market performance and outlines the primary factors influencing market dynamics, both positively and negatively.
Market Drivers and Restraints
Rising Interest in Healthy Diets Accelerates Market Growth
The increasing popularity of high-protein diets aimed at improving immune function is expected to drive market expansion. Europe’s growing vegan population also plays a crucial role in boosting demand. Moreover, greater public awareness regarding the health advantages of pea-based products is anticipated to support overall market development. On the downside, possible side effects linked to pea protein intake may act as a limiting factor.
Regional Insights
North America Leads Due to Strong Demand for Nutrient-Rich Foods
North America remains the dominant region in the pea protein market, propelled by high consumption of cold cereals, protein snacks, and nutritional bars. In addition, ongoing product innovations by major manufacturers in the region continue to drive industry growth.
Europe is anticipated to register substantial growth, attributed to increasing health consciousness and surging demand for plant-based protein products. The rising number of vegans across European nations is also expected to fuel adoption of pea protein.
Key Market Players
- Rouquette Frères (France)
- Burcon Nutrascience Corp (Canada)
- The Scoular Company (U.S.)
- DuPont (U.S.)
- Cosucra Groupe Warcoing (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
Innovative Product Development Enhances Market Competitiveness
Leading market players are focusing on strategies like mergers, acquisitions, alliances, and collaborations to strengthen their global market presence. Innovation continues to be a major factor, enabling companies to expand their product portfolios and improve competitiveness.
For example, in March 2020, Burcon Nutrascience Corp (Canada) received a “Letter of No Objection” from the U.S. FDA for its unique pea protein products, Peazazz and Peazac, allowing their introduction into the global food and beverage industry.
