Pea Protein Market to Grow from USD 2.1 Billion in 2024 to USD 3.7 Billion by 2029, with a CAGR of 12.0%

/EIN News/ -- Delray Beach, FL, Jan. 28, 2025 (GLOBE NEWSWIRE) -- The global pea protein market is set to experience significant growth, with an estimated value of USD 2.1 billion in 2024. It is projected to reach USD 3.7 billion by 2029, growing at a compound annual growth rate (CAGR) of 12.0%. This surge in demand is driven by changing consumer priorities, particularly towards health, wellness, and sustainability.

Consumer Trends Driving Pea Protein Adoption

As consumers increasingly prioritize health and wellness, pea protein is gaining traction due to its various health benefits, such as supporting muscle building, weight management, and enhancing satiety. This shift aligns with the growing demand for nutritious, functional food options. Pea protein's natural origin and minimal processing make it a prime choice for those seeking clean-label products. Consumers are gravitating toward products with transparent ingredient lists, which fosters trust and loyalty, particularly among health-conscious individuals.

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In addition, the allergen-free nature of pea protein makes it an ideal choice for those with dietary restrictions or allergies. Unlike common allergens like soy and dairy, pea protein provides a safe alternative for individuals with food sensitivities. Moreover, its plant-based origin is appealing to the rising number of vegans and vegetarians, boosting its adoption in plant-based food and beverage products.

With environmental sustainability becoming a major consumer concern, pea protein is also gaining favor as an alternative protein source with a lower environmental footprint compared to traditional animal-based proteins. This sustainability aspect is contributing to the growing popularity of pea protein among eco-conscious consumers.

Drivers of Market Growth

Several factors are fueling the growth of the pea protein market:

• Increased Awareness of Nutritional Benefits: Pea protein has gained recognition for its health benefits. It is rich in high-quality protein and iron, promoting muscle growth, aiding in weight loss, and supporting heart health. Studies suggest that pea protein can help lower cholesterol and blood pressure without taxing kidney function, further bolstering its appeal among health-conscious consumers.
• Surge in Plant-Based Foods: The popularity of plant-based foods saw a dramatic rise in 2020, with plant-based options flooding the market. During the COVID-19 pandemic, there was a shift in consumer behavior, with many individuals reevaluating their dietary habits and focusing more on health and wellbeing. This led to a 243% increase in plant-based food sales, with a notable 14% rise in consumer preference for meat-free and dairy-free options. Pea protein, being a plant-based and hypoallergenic ingredient, became a popular choice for products such as protein shakes, smoothies, and energy drinks.
• Increasing Adoption in Food Products: Pea protein's versatility and nutritional value make it a sought-after ingredient for a wide variety of food products. From bakery items and lattes to vegan burgers, pea protein is being incorporated into an array of food formulations. Its neutral flavor and smooth texture also allow it to blend seamlessly into different products without altering taste or texture.

Regional Market Insights

The European region is expected to hold the largest pea protein market share in 2024 in terms of value. Europe's focus on health and wellness, along with its economic stability, influences the demand for pea protein products. As consumer preferences shift towards plant-based, clean-label foods, the market responds by incorporating pea protein into a variety of offerings. This aligns with Europe's growing health-conscious mindset, further driving the adoption of pea protein across the region.

Growth in Yellow Split Peas as a Key Source

Yellow split peas are anticipated to experience the highest growth rate in the pea protein market. Known for their abundant protein content, yellow split peas are an ideal source for pea protein extraction. Their versatility in food applications—ranging from soups and salads to baked goods—supports the creation of diverse pea protein-based products. This makes yellow split peas a vital component of the market, catering to a wide array of consumer preferences, including plant-based meats, dairy alternatives, snacks, and supplements.

Pea Protein Isolates: The Leading Product Type

Pea protein isolates are expected to account for the largest market share in 2024. Known for their neutral flavor and smooth texture, pea protein isolates are easy to incorporate into a variety of food and beverage products. This versatility makes isolates a preferred choice for manufacturers looking to create protein-rich products across categories such as beverages, snacks, and baked goods. Additionally, pea protein isolates are free from common allergens like soy, dairy, and gluten, which broadens their appeal to individuals with food sensitivities or allergies.

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The pea protein market is poised for substantial growth, driven by evolving consumer trends towards health, wellness, and sustainability. As more individuals adopt plant-based and allergen-free diets, the demand for pea protein is expected to continue rising. With its numerous health benefits, versatility in food applications, and environmentally friendly attributes, pea protein is set to become a key ingredient in the global food and beverage industry. As market players continue to innovate, the future looks promising for pea protein as a leading source of plant-based nutrition.

Innovative Pea Protein Companies Leading the Charge in Sustainable Nutrition

• Roquette Frères (France)
• ADM (US)
• Ingredion (US)
• Kerry Group Plc. (Ireland)
• Glanbia PLC (Ireland)
• Cargill Incorporated (US)
• International Flavors and Fragrances Inc. (US)
• Puris (US)
• Emsland Group (Germany)
• Yantai Shuangta Foods Co., Ltd. (China)

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