Meticulous Research®, a prominent global market research company, has released an insightful report titled Pea Protein Market—Global Opportunity Analysis and Industry Forecast (2024-2031). According to this latest publication, the pea protein market is projected to reach a substantial $1.31 billion by 2031, growing at a compound annual growth rate (CAGR) of 14.2% from 2024 to 2031.

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Key Drivers Behind Market Growth

The growth of the pea protein market can be attributed to several key factors that highlight a shift in consumer preferences and industry trends:

Increasing Interest in Plant-Based Nutrition: As more consumers adopt plant-based diets, the demand for high-protein plant sources like pea protein is rising. Pea protein is not only nutritious but also considered an environmentally friendly alternative to animal-based proteins.
Health and Wellness Trends: The growing emphasis on health and wellness has led consumers to seek out foods that provide health benefits. Pea protein, being rich in essential amino acids and nutrients, aligns perfectly with this trend.
Expanding Plant-Based Food Market: The global market for plant-based foods is booming, driven by consumer demand for sustainable and healthy eating options. Pea protein serves as a vital ingredient in many plant-based products, including meat alternatives, dairy substitutes, and snacks.
Consumer Awareness: Increased awareness about the nutritional benefits of peas and pea-based products is driving market growth. Consumers are more informed about the advantages of plant proteins, leading to a greater acceptance of pea protein in various food applications.
Innovation in Pea Protein Ingredients: Key players in the pea protein market are focusing on developing innovative and functional pea protein ingredients that meet the diverse needs of manufacturers and consumers alike. This innovation is expected to further propel market growth.
Competitive Landscape

The pea protein market is characterized by moderate competition, with the presence of both large and small players across global, regional, and local markets. The leading companies operating in the pea protein sector include:

Roquette Freres (France)
AGT Food and Ingredients Inc. (Canada)
Cargill, Inc. (U.S.)
Ingredion Incorporated (U.S.)
Archer-Daniels-Midland Company (U.S.)
Axiom Foods Inc. (U.S.)
Burcon NutraScience Corporation (Canada)
Glanbia Plc. (Ireland)
Cosucra Groupe Warcoing SA (Belgium)
Sotexpro Sa (a part of GEMEF Industries) (France)
Farbest-Tallman Foods Corporation (U.S.)
Shandong Jianyuan Foods Co., Ltd. (China)
The Emsland Group (Germany)
Nutri-Pea Ltd. (Canada)
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Market Segmentation

The pea protein market is segmented based on various criteria, including type, source, processing method, form, application, and geography:

By Type: The market is primarily segmented into yellow pea proteins and green pea proteins. The yellow pea proteins segment is expected to dominate, holding an impressive 94.7% share of the market in 2024. The high protein content, versatility, and extensive use in high-performance nutrition products drive this dominance.
By Source: Conventional pea protein is anticipated to hold the largest market share, primarily due to its lower production costs and longer shelf life compared to organic pea protein.
By Processing Method: The dry processing segment is expected to lead the market, benefiting from lower capital requirements and reduced energy and water usage compared to wet processing.
By Form: Solid pea proteins are projected to dominate the market, driven by their manufacturing simplicity, versatility across applications, and stability compared to liquid pea proteins.
By Application: The nutrition and health supplements segment is expected to account for a substantial share of 36.4% in 2024, fueled by the increasing consumer demand for nourishing food options and the benefits of pea protein in sports nutrition.
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Geographical Analysis

The research report provides a comprehensive geographical analysis of the pea protein market, focusing on major regions including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

North America: The region is anticipated to dominate the pea protein market, accounting for 42.4% share in 2024, valued at $219.9 million. This growth is attributed to the robust food and beverage sector, rising concerns over animal-based proteins, and an increasing vegan population.
Europe: The European market is expected to witness significant growth due to the rising demand for plant-based foods, supported by health-conscious consumers.
Asia-Pacific: The region is gaining traction as a potential growth market due to increased awareness of plant-based nutrition and rising disposable incomes.
Latin America: The market in Latin America is expected to grow, driven by health and wellness trends and the increasing popularity of plant-based diets.
Middle East & Africa: The growing health consciousness among consumers in this region is anticipated to boost the demand for pea protein.
Future Outlook

The future of the pea protein market appears promising, driven by a combination of consumer trends and market dynamics. The increasing focus on health and wellness, coupled with the rise of plant-based diets, presents significant opportunities for growth in the coming years.

Key players are likely to continue investing in research and development to innovate new pea protein products and enhance existing offerings, ensuring they meet the evolving demands of consumers.

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