The global pea protein market is set for significant growth and will be worth $7 billion by 2031, according to a report by Astute Analytica.
A shift towards sustainable plant-based proteins and healthier lifestyles will drive the market to grow with an estimated CAGR of 19.9%. Unlike many other proteins, pea protein is allergen-free, widely available, and has a high nutritional value. It is also low in calories and high in fiber, helping to address cardiovascular issues and obesity.
Over the forecast period, pea protein will be widely used in applications such as meat alternatives, protein bars, and shakes. The increasing trend for clean-label products will encourage manufacturers to incorporate more pea protein into their formulations.
Competition from other protein sources such as wheat, soy, and whey may restrain the market. Additionally, pea protein has a distinctive taste and texture that may not appeal to some consumers, and its functional properties are not suitable for all applications. However, improved technologies may help to address these issues.
“Remarkable growth trajectory”
Pea protein isolates are currently the most popular type of pea protein, as they are not highly processed and are easy to digest. Pea protein concentrates are also popular, especially in sports nutrition and weight management products.
By source, green peas have the highest market share due to their high nutrient and fiber content, but yellow peas are also used as they are cheaper and easier to grow. By form, dry pea protein is most commonly used due to its long shelf life and affordability, but liquid pea protein will see the highest CAGR over the forecast period. This is because it is more soluble and easier to incorporate into beverages.
Regionally, North America has the largest market share due to the growing demand for healthy, gluten-free, and plant-based foods. Additionally, major market players have a strong presence in the region, and are actively investing in R&D.
“The remarkable growth trajectory of the pea protein ingredients market is intrinsically tied to the burgeoning health and wellness trends sweeping across the globe,” says Astute Analytica. “As consumers become increasingly cognizant of the impact of dietary choices on their overall well-being, there is a growing propensity towards clean label products, free from artificial additives and preservatives. Pea protein, with its natural origins and nutrient-rich profile, resonates deeply with these discerning consumers, offering a clean and wholesome alternative to traditional protein sources.”
