Pea Protein Market Revenue, Size, Share, Growth and Trends by 2032

The global pea protein market revenue is set for substantial growth during the forecast period, driven by the increasing demand for high-protein diets and a growing vegan population. According to an upcoming report from Fortune Business Insights™, titled "Pea Protein Market, 2024-2032," the market was valued at USD 580.61 million in 2023 and is expected to grow from USD 649.36 million in 2024 to USD 1,644.67 million by 2032, with a compound annual growth rate (CAGR) of 12.32%.

Pea protein is becoming more popular as consumers prioritize health and wellness, attracted by its benefits, including weight loss, muscle growth, and improved satiety. This trend aligns with modern health priorities, driving demand from individuals seeking nutritious and effective dietary options. Furthermore, the natural and minimally processed nature of pea protein resonates with the growing demand for clean label products. By incorporating pea protein into their formulations, companies can meet consumer expectations for ingredient transparency, thereby building trust and fostering brand loyalty.

Information Source: https://www.fortunebusinessinsights.com/pea-protein-market-106053

Segments:

The pea protein market is segmented into three main types: isolates, concentrates, and textured products.

In terms of application, the market is divided into several categories, including meat substitutes, baked goods, dietary supplements, beverages, and others.

Geographically, the market is classified into five regions: North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage:

The research offers comprehensive insights into market growth and recent developments, with a focus on key advancements such as alliances, mergers, acquisitions, and partnerships. It highlights market segmentation, product development, and innovation as crucial strategies for business expansion. Additionally, the study evaluates the factors driving market growth, along with the challenges and constraints that could impact this expansion. The report also provides a detailed analysis of the COVID-19 pandemic's effect on market dynamics and overall growth.

Drivers & Restraints:

Increasing the Consumption of Healthful Foods to Drive Market Expansion

The pea protein market is expected to experience rapid growth during the forecast period, driven by increasing awareness of the benefits of a high-protein diet in boosting immunity. Additionally, the growing vegan population in Europe is anticipated to significantly contribute to market expansion in that region. These factors are likely to support sustained growth throughout the projection period. Increased consumer awareness of the health benefits of pea protein is also expected to further fuel market growth. However, potential adverse effects associated with pea protein may pose challenges to market expansion.

Regional Insights:

North America Holds the Largest Market Share Owing to Increasing High-Protein Food Consumption

North America currently holds the largest share of the global pea protein market, driven by the growing popularity of energy bars, cold cereals, and snacks. The region is expected to continue its rapid growth, with major companies focusing on launching new products to support market expansion in the coming years.

In Europe, significant growth is projected due to the rising demand for plant-based protein ingredients and a shift towards healthier lifestyles. The demand for pea protein products in the European Union is expected to increase, further supported by the growing vegan population in the region.

Competitive Landscape:

Key Players Can Maintain Market Position with the Launch of New Products

Key players in the pea protein market are focusing on competitive strategies to strengthen their international presence. Companies are developing growth strategies that include partnerships, mergers, acquisitions, and strategic alliances to attract global clients. Additionally, by adopting innovative approaches, leading firms are diversifying their product offerings, which helps drive continuous market growth.

March 2020: Burcon Nutrascience Corp (Canada) has received a "Letter of No Objection" from the U.S. FDA for its two innovative pea protein products, Peazazz and Peazac. This approval will facilitate their acceptance among global food and beverage companies.

List of Key Players Profiled in Market: