DUBLIN--(BUSINESS WIRE)--The "Global Pea Protein Ingredients Market, By Type; By Source; By Form; By Application; By Region - Market Size, Industry Dynamics, Opportunity Analysis and Forecast for 2024-2030." report has been added to ResearchAndMarkets.com's offering.
The global pea protein Ingredients Market was valued at US$ 1.61 Billion in 2023 and is projected to register a CAGR of 22.57% over the forecast period.
The market's expansion is driven by the rising awareness of health and wellness, particularly the benefits of plant-based diets which include lower risks of heart disease, hypertension, and type 2 diabetes. Additionally, the environmental benefits of plant-based protein sources, such as lower water usage and reduced greenhouse gas emissions compared to animal-based proteins, have resonated with environmentally conscious consumers.
In recent years, consumer interest in plant-based meats has surged, often outstripping the supply capabilities of the industry. To meet the booming demand anticipated over the next decade, significant investments are needed to enhance manufacturing capacities and scale up the supply chain for plant-based proteins. According to the Good Food Institute, by 2020, sales of plant-based alternatives in the U.S. were projected to grow at double the rate of overall food sales, with plant-based meats seeing a remarkable 45% increase in sales. This demand surge is prompting more farmers to cultivate pulse crops.
Market Segmentation Insights:
In 2023, pea protein isolates led the market, capturing 42.66% of the total revenue. These isolates are highly valued for their excellent emulsification properties and hypoallergenic nature, making them popular in nutritional supplements used in meat products, energy drinks, fruit mixes, and bakery items. Recent product launches by companies like Cadbury and Amway in the energy mix market suggest that the sports nutrition sector is poised for expansion in developed countries such as the U.S., Germany, and the U.K. Pea protein isolates, known for their good emulsification and high digestibility, are also favored in weight management and dietary supplements. Meanwhile, pea protein concentrates, which have less protein but more carbohydrates and fats, are ideal for weight gain or meal replacements due to their higher caloric content.
In 2023, yellow peas dominated the global pea protein ingredients market, holding a 73.09% share, and are expected to see the fastest compound annual growth rate in the coming years. The demand for yellow peas is particularly strong in Manitoba and Western Canada. Agricultural practices like intercropping and relay cropping are becoming more popular due to their benefits in resource efficiency and pest control.
Based on form, the dry form of pea protein prevailed in the market, accounting for 79.11% of the share in 2023. Dried pea protein is preferred for its long shelf life and easy absorption. The growth potential for this sector is supported by low capital needs, reduced energy and water consumption in production compared to wet extraction, and robust demand from the food and beverage industry.
In terms of applications, alternative meat products represented 21.83% of the global pea protein ingredient market's share. This segment's prominence is largely due to the increasing use of pea protein in meat substitutes, driven by global animal protein shortages, rising consumer preference for meat alternatives due to concerns over animal diseases, demand for halal food, and growing veganism. Furthermore, the demand for nutrient-rich foods to address diseases caused by poor nutrition and protein deficiencies is likely to propel the nutrition & supplement segment forward. The meat and substitute meat products segment is expected to experience rapid growth in the forecast period.
In 2023, Europe accounted for 30.13% of the global pea protein ingredients market share. The rise of veganism is notably fashionable in this region, especially in countries like Germany, Italy, and France. The demand for plant-based foods in these countries is climbing due to increased concerns over animal welfare and environmental sustainability. As a key ingredient in plant-based meat alternatives, pea protein, sourced from plants, is experiencing a surge in demand throughout Europe, bolstered by the growing preference for vegan diets.
The Asia-Pacific region is projected to have the highest compound annual growth rate (CAGR) during the forecast period. Factors fueling this rapid growth include the burgeoning food and beverage industry, accelerating urbanization, a substantial vegan demographic, and a spike in new product introductions that feature pea protein. China, being a leading global producer of peas, enhances the region's market growth by providing an abundant supply of raw materials at competitive prices, further stimulating the Asia-Pacific pea protein market.
Competitive Landscape:
The competitive landscape of the Pea Protein Ingredients Market is characterized by the presence of numerous prominent players driving growth. Key players are Roquette Freres Le Romarin, DSM, Ingredion Inc., DuPont de Nemours, Inc., Archer Daniels Midland Company, and AGT Food and Ingredients Inc.
These companies collectively account for more than 56% of the market share, indicating robust competition within the sector. Furthermore, many
Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
- A&B Ingredients
- AGT Food and Ingredients Inc.
- Archer Daniels Midland Company
- Axiom Foods Inc
- Burcon NutraScience Corporation
- Cargill Inc
- Cosucra Groupe Warcoing SA
- DuPont de Nemours, Inc.
- Emsland Group
- Farbest Brands
- Fenchem Inc.
- Glanbia PLC
- Ingredion Inc.
- Nutri-Pea Ltd.
- Puris Foods
- Roquette Freres Le Romarin
- Shandong Jianyuan Foods Co., Ltd.
- The Emsland Group
- The Green Labs LLC.
Key Topics Covered:
Chapter 1. Research Framework
Chapter 2. Research Methodology
Chapter 3. Executive Summary: Pea Protein Ingredients Market
Chapter 4. Global Pea Protein Ingredients Market Overview
4.1. Industry Value Chain Analysis
4.1.1. Raw Material Provider
4.1.2. Manufacturer
4.1.3. Distributor
4.1.4. End User
4.2. Industry Outlook
4.2.1. Pea Protein ingredients - Overview
4.2.2. Pea protein ingredients used in ready-to-drink beverages
4.3. PESTLE Analysis
4.4. Porter's Five Forces Analysis
4.5. Market Dynamics and Trends
4.5.1. Growth Drivers
4.5.2. Restraints
4.5.3. Challenges
4.5.4. Key Trends
4.6. COVID-19 Impact Assessment on Market Growth Trend
4.7. Market Growth and Outlook
4.7.1. Market Revenue Estimates and Forecast (US$ Mn), 2017 - 2030
4.7.2. Market Volume Estimates and Forecast (MT), 2017 - 2030
4.7.3. Price Trend Analysis
4.8. Competition Dashboard
4.8.1. Market Concentration Rate
4.8.2. Company Market Share Analysis (Value %), 2021
4.8.3. Competitor Mapping
Chapter 5. Global Pea Protein Ingredients Market Analysis, By Type
5.1. Key Insights
5.2. Market Size and Forecast, 2017 - 2030 (US$ Mn and MT)
5.2.1. Pea Protein Isolates
5.2.2. Pea Protein Concentrates
5.2.3. Textured Pea Protein
5.2.4. Pea Protein Hydrolysate
5.2.5. Pea Flour
5.2.6. Others Pea Protein
Chapter 6. Global Pea Protein Ingredients Market Analysis, By Source
6.1. Key Insights
6.2. Market Size and Forecast, 2017 - 2030 (US$ Mn & MT)
6.2.1. Yellow Pea
6.2.2. Green Pea
Chapter 7. Global Pea Protein Ingredients Market Analysis, By Form
7.1. Key Insights
7.2. Market Size and Forecast, 2017 - 2030 (US$ Mn & MT)
7.2.1. Dry
7.2.2. Liquid
Chapter 8. Global Pea Protein Ingredients Market Analysis, By Application
8.1. Key Insights
8.2. Market Size and Forecast, 2017 - 2030 (US$ Mn & MT)
8.2.1. Nutrition and Health Supplements
8.2.2. Alternative Meat Products
8.2.3. Bakery & Confectionery Products
8.2.4. Dairy Alternatives
8.2.5. Cereals and Snacks
8.2.6. Beverages
8.2.6.1. Ready-to-drink
8.2.6.2. Others
8.2.7. Infant Nutrition
8.2.8. Animal Feed
8.2.9. Personal Care
8.2.10. Others
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