Exploring the Future of Pea Protein: Market Growth and Trends by 2029

The pea protein market is poised for significant growth over the coming years. According to the latest publication from Meticulous Research®, the market is expected to grow at a compound annual growth rate (CAGR) of 15.7% from 2022 to 2029, reaching a value of $1.14 billion by 2029. In terms of volume, the global pea protein market is projected to grow at a CAGR of 12.7% during the same period, reaching 4.68 million tons by 2029.

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Several factors are driving this growth. The increasing interest in plant-based nutrition and the growing health and wellness trend have significantly boosted the plant-based food market. Additionally, rising consumer awareness about the nutritional benefits of pea and pea-based products, along with a heightened focus by key players on developing innovative pea protein ingredients, are contributing to this market's expansion.

Emerging markets and the continuous introduction of pea protein-based products present substantial growth opportunities for manufacturers. However, the market faces challenges from the significant preference for animal-based protein and consumer preference for other plant proteins over pea protein.

The global pea protein market study offers comprehensive historical market data in terms of value for 2020 and 2021, estimated current data for 2022, and forecasts for 2029. The market is segmented by type, source, source process, processing method, form, application, and geography, and the study evaluates industry competitors and analyzes the market at a country level.

Market Segmentation Insights

By Type:

• The pea protein market is segmented into pea protein isolates, pea protein concentrates, textured pea protein, pea protein hydrolysate, pea flour, and other pea proteins. Pea protein isolates are estimated to hold the largest market share in 2022, attributed to their high protein content and superior emulsification and stability properties, making them popular in high-performance nutrition and snack products. However, the pea protein hydrolysate segment is expected to grow at the fastest CAGR during the forecast period.

By Source:

• The market is divided into yellow and green pea protein. In 2022, yellow pea protein is expected to dominate the market, driven by its versatility in various food and beverage applications, particularly in emerging alternative meat products.

By Source Process:

• The conventional pea protein segment is anticipated to account for the largest share of the overall market in 2022, owing to its lower price, longer shelf life, and availability of numerous crop varieties. Conversely, the organic pea protein segment is predicted to grow at the highest CAGR, spurred by increasing sales of organic products, the trend of clean label products, and the rising number of certified organic pea farms.

By Processing Method:

• The dry processing segment is expected to hold the largest market share in 2022 due to its lower capital requirements, reduced energy and water consumption compared to wet extraction, and high demand from food and beverage manufacturers. Nevertheless, the wet processing segment is forecasted to grow at the highest CAGR during the forecast period.

By Form:

• The dry segment is estimated to dominate the market in 2022, driven by the ease of handling and transportation, cost-effectiveness, and stability of dry protein ingredients. However, the liquid segment is projected to grow at the highest CAGR due to increasing demand from the dairy alternative industry and innovative product applications.

By Application:

• The nutrition and health supplements segment is predicted to account for the largest market share in 2022, attributed to rising health issues from poor nutrition, the benefits of pea protein for additional nutrition and sports performance, and the health and wellness trend. The meat and alternative meat products segment is expected to grow rapidly, fueled by the rise in veganism, new product launches, and increasing animal diseases.

Geographical Insights

In 2022, North America is estimated to hold the largest share of the global pea protein market. This region's leading position is due to its well-established food and beverage industry, rising concerns over animal products, an increasing vegan population, a growing preference for meat alternatives, demand for healthy and nutritional products, substantial pea production, and a large presence of pea protein manufacturers.

In conclusion, the pea protein market is set for significant growth through 2029, driven by various factors including rising consumer awareness, health and wellness trends, and innovative product development. Despite challenges, the market presents numerous opportunities for growth, particularly in emerging markets and new product launches.

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Jane Doe is a seasoned content writer and market analyst specializing in insightful blogs and projections, blending creativity with data-driven strategies.