CHICAGO, Feb. 28, 2024 /PRNewswire/ -- The Pea Protein Market is estimated at USD 2.1 billion in 2024 and is projected to reach USD 3.7 billion by 2029, at a CAGR of 12.0% from 2024 to 2029 according to a report published by MarketsandMarkets. Pea protein's rise in popularity is attributed to its exceptional nutritional profile, rich in essential amino acids like lysine, often lacking in other plant-based sources. Its allergen-free nature, excluding soy and dairy, caters to individuals with dietary restrictions. Furthermore, heightened awareness of the environmental impact of animal agriculture drives the search for sustainable protein sources. Pea protein production consumes fewer resources and emits fewer greenhouse gases than animal-based proteins, aligning with eco-conscious consumer preferences. The versatility of pea protein appeals to food manufacturers, seamlessly integrating into various products like plant-based meats, dairy alternatives, snacks, and supplements, without compromising taste or texture.
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By type, isolates accounted for the largest share in 2024 in terms of value in the pea protein market.
Pea protein isolate has a neutral flavor and smooth texture, making it easy to incorporate into a wide variety of food and beverage products without significantly altering taste or texture. This versatility allows manufacturers to create protein-rich products across various categories, including beverages, snacks, baked goods, and more. Also, pea protein isolate is naturally free from common allergens such as soy, dairy, and gluten, making it suitable for individuals with food sensitivities or allergies. This broadens its appeal and accessibility to a wider consumer base. These factors drive the demand for isolated pea protein as a sought-after ingredient in the food and beverage industry.
By applications, the bakery products in the food sub-segment are estimated to grow at a higher rate in the pea protein market.
Pea protein contributes to the structural integrity and texture of bakery products, enhancing their overall quality. It can improve dough elasticity, moisture retention, and crumb softness, resulting in baked goods with superior mouthfeel and shelf life. This functionality aligns with manufacturers' goals of producing bakery items with desirable sensory attributes. The incorporation of pea protein allows bakery manufacturers to innovate and diversify their product portfolios. By introducing pea protein-enriched bakery items, companies can differentiate themselves in the market, catering to evolving consumer preferences and capturing market share in the burgeoning protein-enriched bakery segment.
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The Europe region accounted for the largest share in 2024 in terms of value.
Europe's overall economic stability plays a significant role in determining the trajectory of the pea protein market. As the region experiences economic fluctuations, consumer spending patterns may be affected, influencing the demand for products incorporating pea protein. The interplay between disposable income and consumer preferences holds the potential to sway the market dynamics. Europe's growing emphasis on health and wellness transcends individual consumer choices to impact market dynamics. The preference for plant-based and clean-label products aligns seamlessly with the properties of pea protein. The market, therefore, responds to the evolving health-conscious mindset prevalent in the region, driving manufacturers to incorporate pea protein in a diverse range of products.
Key Market Players
Key players operating in the pea protein market include Roquette Frères (France), ADM (US), Ingredion (US), Kerry Group Plc. (Ireland), and Glanbia PLC (Ireland), Cargill Incorporated (US), International Flavors and Fragrances Inc. (US), Puris (US), Emsland Group (Germany), and Yantai Shuangta Foods Co., Ltd. (China). These players in this market are focusing on increasing their presence through expansion and collaboration. These companies have a strong presence in North America, Asia Pacific, and Europe.
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