In 2018, the global pea protein market was valued at approximately US$ 363.1 million and is anticipated to grow to US$ 1,112.2 million by 2027, reflecting a compound annual growth rate (CAGR) of 13.9% from 2019 to 2027.
Pea protein is primarily derived from yellow peas and is available in three main forms: pea protein isolates, pea protein concentrates, and textured pea protein. This ingredient plays a vital role in the food and beverage sector, enhancing the nutritional value and functionality of various products. With the rise of veganism and the increasing demand for plant-based protein options, many industry leaders have introduced a range of pea protein products. It is commonly used as a base in ready-to-eat foods such as veggie burgers, vegan mayonnaise, and even as a dairy substitute in certain ice creams and milk products. Pea protein is a versatile food additive with a neutral flavor, making it suitable for dairy alternatives like cheese and yogurt. Additionally, it is often included in smoothies and shakes to boost protein content. The growing consumer preference for clean label products and cruelty-free convenience foods has significantly increased the demand for pea proteins in the food and beverage industry. The need for pea protein in creating dairy alternatives, seafood, and meat substitutes has further propelled the market. However, the presence of alternative protein sources and limited consumer awareness regarding pea protein products may hinder market growth during the forecast period.
The market is categorized by application into dietary supplements, bakery and confectionery items, meat alternatives, beverages, and other segments. In 2018, the dietary supplements segment dominated the global pea protein market. Pea protein is utilized in nutraceuticals, including dietary and health supplements, particularly for digestive health. These supplements can be consumed in various forms such as tablets, capsules, pills, or liquids. They are designed to provide essential nutrients, including vitamins, minerals, herbs, and amino acids. The incorporation of pea protein into dietary supplements offers consumers an additional source of vital nutrients, which has driven the growth of this segment.
Geographically, the pea protein market is divided into North America, Europe, Asia-Pacific (APAC), South America, and the Middle East and Africa (MEA). North America holds the largest share of the global pea protein market, followed by Europe and APAC. The United States is a leading country in the North American pea protein market, with Canada also contributing significantly. The increasing consumer interest in non-meat alternatives, driven by health-conscious lifestyles, has encouraged manufacturers in North America to use high-quality plant-based ingredients. The multifunctional properties of texturized pea protein have increased its demand in the meat processing sector. The easy availability of peas in North America, combined with their cost-effectiveness and high protein content, has further boosted the demand for pea protein in the region. Additionally, the rising prevalence of heart disease and obesity has led to a greater demand for vegan food products, presenting substantial opportunities for the pea protein market in North America. The market is characterized by the presence of several key players, including A & B Ingredients, Axiom Foods, Burcon Nutrascience Corporation, Glanbia Nutritionals, Puris, and The Green Labs LLC.
The COVID-19 pandemic, which originated in Wuhan, China, in December 2019, has rapidly spread worldwide, affecting countries such as China, Italy, Iran, Spain, South Korea, France, Germany, and the United States, with significant confirmed cases and fatalities reported as of May 2020. According to the World Health Organization (WHO), there were approximately 4,425,485 confirmed cases and 302,059 deaths globally. The pandemic has disrupted economies and businesses due to lockdowns, travel restrictions, and the closure of operations. The global food industry has faced severe challenges, including production disruptions and supply chain issues caused by lockdowns and business closures. These factors have had a profound impact on the global pea protein market.
Key players in the global pea protein market include A & B Ingredients, Axiom Foods, Inc., Burcon Nutrascience Corporation, Cosucra Groupe Warcoing SA, Gemef Industries, Glanbia Nutritionals, Puris, Roquette Fr?res, The Green Labs LLC, and Yantai Shuangta Food Co., Ltd.
The overall size of the global pea protein market has been determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the global pea protein market. Furthermore, numerous primary interviews were conducted with industry participants and experts to validate and analyze the findings. Participants in this process include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the field.