Market Size and Overview:

According to our research report, the global conventional pea protein market was valued at $3.36 billion in 2023, and is projected to reach a market size of $7.43 billion by 2030. The market is projected to grow with a CAGR of 12% per annum during the period of analysis (2024 - 2030).

Industry Overview

Throughout the projected period, the market is anticipated to witness growth owing to various significant factors, such as the increasing demographic of individuals adopting vegan lifestyles, the surge in demand for plant-based foods and gluten-free products, and the nutritional benefits associated with pea-derived products. Pea protein powder is frequently employed to enhance the protein content of products like protein shakes, smoothies, and energy drinks. Due to its inherent vegan nature and hypoallergenic properties, it aligns well with a wide range of dietary preferences. Renowned for its rich protein and iron content, it is also believed to contribute to heart health, weight management, and muscle development. Notably, research has shown that proteins sourced from peas, particularly yellow peas, are gentle on the kidneys and have the potential to reduce blood pressure and cholesterol levels. These favorable attributes of pea protein are poised to propel the expansion of the global market.

Smoothies and shakes are favored components of numerous healthy dietary regimens, often fortified with pea protein to enhance their nutritional value. Yellow peas, recognized for their exceptional iron content, serve as the primary source for pea protein production, addressing various nutritional needs. Pea protein offers a comprehensive nutritional profile encompassing essential vitamins, minerals, and amino acids, fostering muscle growth, aiding in weight management, mitigating digestive issues, reducing the risk of certain cancers, and promoting cardiovascular well-being. A growing consumer segment demonstrates a preference for wholesome dietary supplements, spurred by heightened awareness of lifestyle-related health conditions such as obesity, diabetes, and allergies. This burgeoning demand for clean-label food products, typically characterized by attributes like gluten-free and non-GMO, bodes well for pea protein's position in the market. The escalating consumer interest in vegan, non-GMO, gluten-free, and organic offerings within the food industry further bolsters demand for pea protein.

Market Drivers

The burgeoning vegan population and the surging popularity of plant-based alternatives are key drivers of market expansion.

 Pea protein consumption is expected to rise as health-conscious consumers increasingly opt for plant-based substitutes over traditional meat products like sausages and patties. With the number of vegan and flexitarian consumers on the rise, the market for plant-based proteins is poised for sustained growth throughout the forecast period. Notably, a significant portion of registered products originate from companies headquartered beyond the United Kingdom, reflecting a global trend toward plant-based diets. The prevalence of the Vegan Trademark in numerous developed nations underscores the mainstream acceptance of plant-based alternatives. Leading international food manufacturers, including Flora, Alpro, Ald, LUSH Mars Costa Coffee, Nestie New Look, and Burger King, are actively diversifying their product offerings to include enticing options featuring pea protein, thus positioning it as a highly sought-after alternative protein source.

Increasing Emphasis on Innovation and Advancements in Pea Protein Extraction and Product Development

Innovation remains a focal point for companies operating in the pea protein market, with efforts directed toward enhancing the extraction process and developing superior-quality pea protein products. Food technology firms are optimizing each stage of production, from cultivating peas in the field to refining extraction techniques, to cater to the burgeoning demand for plant-based meat alternatives. Recognizing consumers' preference for products with high protein content, manufacturers are striving to maximize protein extraction efficiency to deliver protein-rich finished goods. Additionally, there's a concerted effort to enhance flavor profiles and nutritional density, recognizing these attributes as pivotal factors influencing consumer choices.

Market Restraints

The Market Growth is Hampered by Raw Material Cost Inefficiencies

The pea production in France suffered significant setbacks due to crop damage inflicted by heavy rains during the harvesting season. This adverse impact on pea cultivation has led to scarcity in the industry, exacerbated by the introduction of numerous new plant-based food products across various formats. The resultant spike in prices is expected to be transferred to consumers, posing a challenge to market expansion. Consequently, the fluctuating availability and escalating costs of raw materials present a constraint to the market's growth trajectory.

Supply Constraints Arising from Unstable Pea Production Pose Challenges to Market Growth

Supply shortages pose a significant challenge for pea protein producers, with climate change exerting uneven effects on agriculture worldwide. Increasing temperatures adversely affect crop yields, contributing to dwindling supplies of desired crops such as peas. The disruption caused by the COVID-19 pandemic has further exacerbated supply challenges, leading to bottlenecks in imports and subsequent price hikes. Pulses, known for their affordability as protein sources, have witnessed a marginal increase in prices owing to these factors.

Segmentation Analysis

Global Conventional Pea Protein Market - By Type:

• Isolate
• Concentrate
• Textured

The Isolate category dominates the Pea Protein market globally, driven by increasing awareness of the benefits of pea protein isolates and their high protein content. This category is extensively adopted on the global market, finding widespread use in vegan protein powder, snack bars, and plant-based meats, contributing significantly to the market's global expansion.

Global Conventional Pea Protein Market - By Source:

• Yellow Split Pea
• Chickpea
• Lentils

Yellow split peas are a preferred choice among pea sources for product producers due to their versatility and adaptability to various product types. This popularity is fueling increased demand for yellow split peas in beverages, functional meals, performance nutrition, and plant-based meat products. The high protein content of yellow split peas makes them ideal for producing pea protein isolates, and their nutritional profile, including 370 calories, 0 grams of fat, 67 grams of carbs (27 grams of fiber, 3 grams of sugar), 27 grams of protein, and 25% of the RDA of iron per 100 grams, contributes to their classification as "whole proteins."

Global Conventional Pea Protein Market - By Application:

• Food
  • Meat Substitute
  • Performance Nutrition
  • Functional Foods
  • Snacks
  • Bakery Products
  • Confectionary
  • Other food applications
• Beverages
• Other applications

Pea protein usage in plant-based sausages and burger patties has surged due to the growing demand for meat substitutes. Athletes, driven by concerns such as lactose intolerance, are shifting from whey protein to vegan alternatives like pea protein, leading to significant growth in performance nutrition applications. The food category encompasses meat alternatives, functional foods, bakery goods, confectionery, protein powders, sports/protein beverages, and protein bars/meal replacement bars. The increasing incorporation of pea proteins in food applications, enhancing healthiness and consumer preference, has propelled the meat alternatives market.

Global Conventional Pea Protein Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

North America is expected to maintain its prominence in the global pea protein market, with the U.S. projected to control over 82% of the North American market by 2030. The U.S. and Canadian markets witness growing demand for pea protein, supported by the incorporation of allergy-free plant-based proteins in infant food formulations, catering to the health-conscious American consumer. Germany's increasing interest in plant-based foods positions it as a key driver in the European pea protein market. Germany is anticipated to lead the European market, valued at US$ 221.9 Mn in 2022, as vegan lifestyles gain traction in Europe, fostering the growth of plant-based food markets. In Latin America, Brazil stands out as a significant consumer of pea protein, accounting for over 23% of consumption in 2021. The rising demand for functional drinks, protein shakes, and nutritional supplements contributes to the growth of pea protein sales in Brazil and the wider Latin American market.

Global Conventional Pea Protein Market - By Companies:

• Cosucra Groupe Warcoing
• Nutri Pea Limited
• Sotexpro
• Roquette Freres
• Glanbia Plc
• FenchemBiotek Ltd.
• Prinova Group LLC
• Yantai Shuangta Food Co.
• BurconNutrascience
• AGT Food & Ingredients, Inc.
• World Food Processing L.L.C.
• Others

Impact of COVID-19 on the Industry:

The COVID-19 pandemic initially impacted the application segment of the pea protein market, with lockdowns affecting the sales of major retailers in the food and beverage sectors. However, as online food and grocery purchases gained momentum in the mid-2020s, sales rebounded. The focus on healthier eating during lockdowns and global efforts to maintain food security buoyed the food sector industries.

Approximately one-third of individuals increased their consumption of functional foods and beverages in 2020 compared to previous years. The sports nutrition sector witnessed a rise in products like protein drinks, electrolyte replenishers, energy boosters, and performance enhancers due to new regulations. The pandemic had a favorable impact on pea protein consumption, with sales initially decreasing during the lockdown but recovering as people embraced healthier food options. Sales remained stagnant in 2021 due to the reimposition of lockdowns and reliance on comfort meals. Despite these challenges, the market experienced a small increase at the onset of COVID-19 and has remained stable in the past two years.

Notable Happenings in the Global Conventional Pea Protein Market in the Recent Past:

• Business Venture (2021): Ingredion Incorporated and Grupo Arcor established a joint venture to increase their supply of food and beverage ingredients to customers in Argentina, Chile, and Uruguay.
• Business Agreement (2021): Batory Foods and Ingredion signed a new ingredient distribution contract, expanding Ingredion's distribution network in the U.S.'s West and Central Midwest.

Business Expansion (2021): Roquette Frères established a new center of excellence in Vic-Sur-Aisne, France, focusing solely on plant protein to broaden opportunities in food innovation, discover novel proteins, and develop new manufacturing techniques.