Meticulous Research®, a leading global market research firm, has published its latest research report titled "Pea Protein Market—Global Opportunity Analysis and Industry Forecast (2024-2031)." This in-depth study reveals that the pea protein market is poised to reach an impressive $1.31 billion by 2031, with a remarkable compound annual growth rate (CAGR) of 14.2% from 2024 to 2031.

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Driving Forces Behind Market Growth

The growth trajectory of the pea protein market can be attributed to a myriad of factors reflecting changing consumer preferences and a growing interest in plant-based nutrition. As health and wellness trends continue to gain traction globally, consumers are increasingly seeking alternatives that promote healthier lifestyles. The expansion of the plant-based food sector, coupled with heightened awareness of the nutritional advantages of peas and pea-based products, further solidifies the position of pea protein as a staple in modern diets.

Additionally, major players in the food and nutrition industry are focusing on developing innovative pea protein ingredients, which significantly contributes to market growth. The strategic efforts of these key players in creating new product lines and enhancing existing offerings underscore the potential for robust expansion in the pea protein sector.

Market Dynamics and Competitive Landscape

The pea protein market is characterized by moderate competition, with a diverse array of both large and small-sized global, regional, and local players. Prominent companies leading the charge in the pea protein market 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 (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)
These companies are leveraging their strengths to innovate, differentiate, and capture a larger market share through strategic partnerships, research and development, and expansion into new geographical regions.

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Market Segmentation Analysis

The report meticulously segments the pea protein market based on type, source, processing method, form, application, and geography, providing a comprehensive overview of the market landscape.

Type: The market is divided into two primary categories: yellow pea proteins and green pea proteins. The yellow pea proteins segment is expected to dominate the market, accounting for an estimated 94.7% share in 2024. This dominance is primarily due to the high protein content of yellow peas, their widespread usage in pea protein isolates, and their versatility across numerous food and beverage applications.
Source: The conventional pea protein segment is anticipated to maintain its leading position, driven by factors such as longer shelf life, lower production costs compared to organic peas, and increased availability of conventional crop varieties.
Processing Method: The dry processing segment is projected to lead the market, favored for its lower capital requirements and reduced energy and water usage compared to wet extraction methods. This segment also aligns with the rising demand for dry protein components among manufacturers.
Form: Solid pea protein is expected to dominate the market due to its lower bulk weight, ease of manufacturing, versatility across various applications, and superior stability compared to liquid forms.
Application: The nutrition and health supplements segment is predicted to command a significant share of 36.4% in 2024, driven by the increasing demand for nourishing food products and the benefits of pea protein in sports nutrition and dietary supplements.
Geography: Geographically, North America is set to lead the pea protein market with a substantial share of 42.4% in 2024, representing a market value of approximately $219.9 million. This growth is fueled by the thriving food and beverage sector, rising concerns regarding animal protein sources, and an expanding vegan population.
North American Market Insights

North America’s dominance in the pea protein market can be attributed to several interconnected factors. The region's vibrant food and beverage industry has seen a surge in demand for plant-based products, driven by a growing consumer preference for healthier alternatives. The increasing awareness of health benefits associated with plant-based diets is reshaping purchasing behavior, leading consumers to gravitate towards pea protein as a sustainable and nutritious option.

Moreover, the region's commitment to environmental sustainability aligns with the rising popularity of plant-based diets, further propelling the growth of the pea protein market. The significant increase in pea production in North America, coupled with a robust network of pea protein producers, positions the region favorably for future growth.

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