Pea Protein Market Valuation to Reach US$ 4,723.9 Million by 2034, Spurred by Rising Demand for Plant-based Proteins | Report by FMI

Wednesday, April 3, 2024 at 12:30am UTC

NEWARK, Del, April 02, 2024 (GLOBE NEWSWIRE) -- The global pea protein market is estimated to be valued at US$ 1,604.3 million in 2024 and is anticipated to reach US$ 4,723.9 million by 2034. Over the forecast period, global pea protein demand will likely increase at a robust CAGR of 11.4%.

Pea protein isolates and concentrates remain highly sought-after products in the market owing to their high protein content and other benefits. These products are widely used in food and beverages, nutraceuticals, and dietary supplements. The pea protein isolates segment is set to account for a value share of 47.3% in 2024.

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Several factors are expected to stimulate growth of the pea protein industry over the assessment period. These include:

  • Growing demand for plant-based proteins
  • Rising popularity of veganism and vegan foods
  • Increasing usage of pea protein in products like plant-based meat alternatives, protein supplements, and dairy substitutes
  • Growing awareness about the benefits of pea protein
  • Widening applications of pea protein in animal feed, infant nutrition, and functional food & beverages

The consumption of protein-rich foods is rising rapidly due to growing health consciousness among consumers globally. This, in turn, is expected to drive demand for plant-based proteins like pea protein.

Consumers are looking for nutrients in packaged food products because their increasingly hectic lifestyles prevent them from regularly eating a nutritionally adequate meal. As a result, manufacturers of packaged meals are incorporating proteins, like pea protein, and other nutrient-rich ingredients into their food offerings.

Increasing demand for plant-based protein sources due to rising health, environmental, and ethical reasons is expected to fuel sales of pea protein. It is a top choice for consumers due to its complete amino acid profile, sustainability, and hypoallergenic properties.

The soaring demand for value-added products that can cater to health-conscious customers is anticipated to propel pea protein demand in the market. Similarly, increasing marketing & promotional strategies by pea protein manufacturers will likely boost the market through 2034.

Key Takeaways from the Pea Protein Report:

  • The global market for pea protein is expected to total US$ 4,723.9 million by 2034.
  • Based on product type, the pea protein isolates segment is set to hold a market share of 47.3% in 2024.
  • By end-use, the food processing sector is projected to account for a value share of 50.5% in 2024.
  • The United States industry is poised to exhibit a CAGR of 5.5% through 2034.
  • Demand in China is projected to rise at a 6.5% CAGR between 2024 and 2034.

“Rise of veganism and growing popularity of plant-based diets are projected to create growth prospects for the pea protein industry during the assessment period,” says Nandini Roy Choudhury, Client Partner at Future Market Insights.

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Who is Winning?

Thai Union Group Public Company Limited, Freedom Foods Group Limited, Canada Fishing Company (Canfisco), Maruha Nichiro Corporation, Tassal Group Limited, Pataya Food Industries

Peter Pan Seafoods, Safcol Co-op Limited, Bumble Bee Seafoods L.L.C, and Princes Group Limited are key pea protein manufacturers listed in the report.

Top companies are expanding their portfolios by introducing new products. They also employ strategies such as acquisitions, distribution agreements, advertisements, partnerships, and mergers to stay relevant in the market.

Key Players in the Pea Protein Market Include

  • Burcon Nutrascience
  • Roquette Freres
  • The Scoular Company
  • Cosucra Groupe Warcoing SA
  • Nutri-Pea Ltd.
  • Shandong Jianyuan Group
  • Sotexpro SA
  • Ingredion, Inc.
  • Axiom Foods, Inc.
  • Fenchem Inc.
  • Martin & Pleasance

For instance,

  • In 2022, new organic pea ingredients, including organic pea starch and organic pea protein were unveiled by Roquette, a global leader in plant proteins and plant-based ingredients.

Get More Valuable Insights

Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global pea protein market presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.

The study incorporates compelling insights on the pea protein industry based on nature (organic and conventional), product type (protein concentrates, protein isolates, textured protein, hydrolyzed protein), end use (food processing, animal feed, nutraceuticals, sports nutrition, infant nutrition, cosmetic and personal care), and region (North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa).

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Pea Protein Market by Category

By Nature:

  • Organic
  • Conventional

By Product Type:

  • Protein Concentrates
  • Protein Isolates
  • Textured Protein
  • Hydrolyzed Protein

By End-use:

  • Food Processing
    • Meat Alternatives
    • Bakery Products
    • Confectionery
    • Snacks & Cereals
    • Meat-based Products
    • Functional Beverages
    • Others
  • Animal Feed
    • Livestock
      • Cattle
      • Swine
      • Poultry
    • Pet Food
    • Aquafeed
  • Nutraceuticals
  • Sports Nutrition
  • Infant Nutrition
  • Cosmetic and Personal Care

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa

Authored by:

Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.

She has exceptional analytical skills and often brings thought leadership to the table.

Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.

Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.

Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.

Explore FMI’s related ongoing Coverage in Food and Beverage Domain:

The pea protein ingredients market is projected to be valued at US$ 1.6 billion in 2023 and is rising to US$ 3.4 billion by 2033.

The peanut milk market is expected to reach a market valuation of US$ 280.2 million by the year 2023, accelerating with a CAGR of 7.8% from 2023 to 2033. 

The global Pea Flakes market is expected to reach a market valuation of US$ 1,788 million by 2023, recording a CAGR of 4.2% from 2023 to 2033.

The global pea milk market is expected to reach a market valuation of USD 105.4 Mn by the year 2022, accelerating with a CAGR of 10.4% by 2022-2032.

Newly released data from pea starch market analysis by Future Market Insights shows that global consumption of pea starch enjoyed a year-on-year (YOY) growth of 5.2% in 2021 to total sales of US$ 115.9 Mn.

The yellow pea protein market is estimated to secure a valuation of US$ 3.3 billion in 2023 and is estimated to rise to US$ 11.5 billion by 2033.

The global chickpea protein market is expected to reach a market valuation of US$ 165.1 million by 2033, accelerating at a CAGR of 5.1% from 2023 to 2033. 

The Soy Protein Ingredient market is valued at USD 10.2 Bn in 2022 and is projected to grow at a CAGR of 4.5% during the forecast period, to reach a value of USD 15.9 Bn by 2032.

FMI has updated its analysis of the protein ingredient market. It suggests a positive trajectory for the market, indicating a US$ 164,376.9 million valuation at a 6.70% CAGR by 2034. 

The hydrolyzed animal protein market is expected to reach US$ 838.43 million by 2033, recording a CAGR of 6.1% over the forecast period, from an estimated value of US$ 463.78 million in 2023.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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