The global pea protein market is projected to experience significant growth over the forecast period, fueled by rising demand for high-protein diets and an expanding vegan population. North America dominated the pea protein market share of 36.33% in 2023. An upcoming report from Fortune Business Insights™, titled "Pea Protein Market, 2024-2032," indicates that the market, valued at USD 580.61 million in 2023, 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's popularity is increasing as consumers prioritize health and wellness, drawn to benefits like weight loss, muscle growth, and enhanced satiety. This trend aligns with modern health-focused lifestyles, driving demand among individuals looking for nutritious, effective dietary options. Additionally, pea protein’s natural, minimally processed qualities resonate with the rising demand for clean-label products. By incorporating pea protein, companies can meet consumer expectations for ingredient transparency, fostering brand loyalty and trust.
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List of Key Players Profiled in Market:
- RouquetteFreres (France)
- BurconNutrascience Corp (Canada)
- The Scoular Company (U.S.)
- DuPont (U.S.)
- CosucraGroupeWarcoing (Belgium)
- Nutri-Pea Limited (Canada)
- Shandong Jianyuan Group (China)
- Kerry Inc (Ireland)
- Sotexpro SA (France)
- Puris Protein LLC (U.S.)
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 provides in-depth insights into market growth and recent developments, emphasizing key advancements like alliances, mergers, acquisitions, and partnerships. It underscores market segmentation, product development, and innovation as essential strategies for business expansion. Additionally, the study examines the factors propelling market growth, as well as the challenges and constraints that may impact this progress. The report also includes a thorough analysis of the COVID-19 pandemic's impact on market dynamics and overall growth.
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Drivers & Restraints:
Increasing the Consumption of Healthful Foods to Drive Market Expansion
The pea protein market is projected to grow rapidly during the forecast period, driven by rising awareness of the immune-boosting benefits of a high-protein diet. Additionally, the expanding vegan population in Europe is expected to play a significant role in driving market growth within that region. These factors are likely to support sustained growth throughout the projected period. Furthermore, increased consumer awareness of pea protein's health benefits is anticipated to fuel market expansion. However, potential adverse effects associated with pea protein may present challenges to this growth.
Regional Insights:
North America Holds the Largest Market Share Owing to Increasing High-Protein Food Consumption
North America currently dominates the global pea protein market, propelled by the increasing popularity of energy bars, cold cereals, and snacks. The region is expected to sustain its strong growth, with leading companies prioritizing new product launches to drive market expansion over the coming years.
In Europe, substantial growth is anticipated, fueled by rising demand for plant-based protein ingredients and a shift towards healthier lifestyles. The demand for pea protein products across the European Union is set to rise further, bolstered by the expanding vegan population in the region.
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Competitive Landscape:
Key Players Can Maintain Market Position with the Launch of New Products
Leading players in the pea protein market are prioritizing competitive strategies to enhance their global presence. These companies are implementing growth initiatives such as partnerships, mergers, acquisitions, and strategic alliances to attract international clients. Additionally, by embracing innovative approaches, top firms are diversifying their product portfolios, contributing to sustained 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.
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