Global Conventional Pea Protein Market Size  (2023 - 2030)

According to our research report, the global conventional pea protein market was valued at $3 billion in 2022, and is projected to reach a market size of $7.43 billion by 2030. The market is projected to grow with a CAGR of 12% per annum during the period of analysis (2023 - 2030).

Industry Overview

During the forecast period, the market is estimated to increase as a result of several important factors, including the rising number of vegans, the popularity of plant-based foods and gluten-free goods, and the nutritional advantages of products made from peas. To improve the protein content of protein shakes, smoothies, and energy beverages, pea protein powder is frequently utilized. Because it is naturally vegan and hypoallergenic, it is a great fit for practically any diet. It is a fantastic source of protein and iron. Additionally, it is thought to support heart health, weight loss, and muscle building. It has been demonstrated that the protein included in peas, namely yellow peas, is mild on the kidneys and can lower blood pressure and cholesterol. These advantages of pea proteins are anticipated to drive the growth of the global market.

Smoothies and shakes are perfect for many healthy diet habits, and pea protein is frequently utilized to improve their nutritional profiles. Yellow peas, a fantastic source of iron, are used to make pea protein. Pea protein fills a variety of nutritional gaps as a result. Pea protein also provides a balanced nutritional profile that includes vitamins, minerals, and amino acids. These goods promote muscular development, help people lose weight, avoid digestive problems, lower their risk of developing cancer, and enhance cardiac health.A growing segment of consumers has shown a desire for nutritious dietary supplements. Increased lifestyle-related conditions including obesity, diabetes, and allergies are making customers more aware of the contents of food goods. Food goods with clean labels are growing in popularity on the market. Typically, pea protein is gluten-free and non-GMO. It best fits clean-label food categories as a result. Growing consumer demand in the food industry for vegan, non-GMO, gluten-free, and organic goods support demand in the pea protein market.

Market Drivers

Growing vegan population and popularity of plant-based products is driving market growth

The market for pea proteins is predicted to increase as a result of consumers' increased focus on their health and the replacement of traditional meat products like sausages and patties with plant-based alternatives. The market for plant-based proteins is anticipated to develop over the course of the estimated period as the number of vegan and flexitarian consumers rises. Over half of all registered items come from businesses headquartered outside of the United Kingdom. The Vegan Trademark is registered in most developed nations on the planet. The top international food manufacturing companies, like Flora, Alpro, Aside Ald, LUSH Mars Costa Coffee, Nestie New Look, and Burger King, are introducing a variety of interesting food product possibilities. Pea Protein is therefore a highly sought-after alternative protein source.

Increasing focus on innovation and developments of better pea protein extracts & products

Food technology businesses optimize the component at every stage of manufacturing to appeal to producers of plant-based meat, from the field-grown peas to the machinery used to extract the protein. Companies are attempting to increase the number of proteins being extracted from raw materials to include the most possible into their finished products because many consumers consider a product's maximal protein content to be a crucial criterion when selecting a product. The firms are working to enhance flavour and nutritional density, which are two important characteristics.

Market Restraints

Cost ineffectiveness of raw materials will challenge the market growth

France's pea production was also impacted because of the crops' heavy damage from the rainy season during harvest. The industry is suffering from the effects of pea scarcity as the demand for peas increases gradually due to the introduction of numerous new plant-based food items in a variety of forms. According to estimates, the sharp rise in prices will surely result in cost-transfer to consumers. Consequently, the market's ability to grow is constrained by the fluctuating availability of raw materials and growing prices.

Supply constraints due to unstable pea production will challenge the market growth

A lack of supply is the main issue that pea protein producers must deal with. Agriculture is already being impacted by climate change, albeit the effects are unevenly spread worldwide. The yields of desired crops inevitably decline as temperatures rise. Pea prices have increased as a result of decreased production and bottlenecks connected to Covid imports. Pulses, which are among the most affordable sources of protein, have seen a little increase in price since last year.

CONVENTIONAL PEA PROTEIN  MARKET REPORT COVERAGE:

Segmentation Analysis

Global Conventional Pea Protein Market- By Type:

• Isolate
• Concentrate
• Textured

According to estimates, the Pea Protein market is dominated by the Isolate category. Due to rising knowledge of the advantages of pea protein isolates and their high protein content, these pea protein isolates have been adopted more frequently on the global market. This market's expansion on a global scale is aided by its extensive use in vegan protein powder, snack bars, and plant-based meats.

Global Conventional Pea Protein Market- By Source:

• Yellow Spit Pea
• Chickpea
• Lentils

One of the pea sources that product producers most frequently choose is yellow split peas. This is a result of peas' versatility and adaptability to many product types, which is boosting demand for yellow split peas in a variety of goods, including beverages, functional meals, and performance nutrition as well as plant-based meat. Yellow split peas are perfect for producing pea protein isolates due to their high protein content. Comparing them to alternatives made from dairy and meat, they are valued for their amino acid composition, which led to their classification as "whole proteins." 370 calories, 0 grammes of fat, 67 grammes of carbs (27 grammes of fibre, 3 grammes of sugar), 27 grammes of protein, and 25% of the RDA of iron are all found in 100 grammes of a yellow split pea.

Global Conventional Pea Protein Market- By Application:

• Food
  • Meat Substitute
  • Performance Nutrition
  • Functional Foods
  • Snacks
  • Bakery Products
  • Confectionary
  • Other food application
• Beverages
• Other applications

Pea protein, which is currently employed in the production of plant-based sausages and burger patties, has grown as a result of the rising demand for meat substitutes. As a result of issues including lactose intolerance, athletes have begun switching from whey protein to vegan protein substitutes like pea protein, which has led to a significant expansion in the use of performance nutrition. Meat alternatives, functional foods, bakery goods, confectionery, protein powders, sports/protein beverages, and protein bars/meal replacement bars are all included in the food category. Due to the increasing use of pea proteins in food applications, which makes it healthier and more favoured by consumers, the meat alternatives market has taken the lead.

Global Conventional Pea Protein Market- By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Over the course of the projection period, North America will continue to be one of the top areas in the global pea protein market and a highly desirable location for market players. Through 2030, the U.S. is estimated to control more than 82% of the North American market, according to the report. Americans tend to prefer foods that are high in nutrients. The growing demand for pea protein in the U.S. and Canadian markets is supported by infant food formulations that include allergy-free plant-based proteins for infant health. Pea protein consumption in sports nutrition drinks is assisting market expansion.

Germany's growing appetite for plant-based foods will be a key development driver. According to the analysis, the German pea protein market would have a dominant position in the European pea protein market in 2022 and be valued at US$ 221.9 Mn. In Europe, going vegan is a fairly trendy lifestyle choice. Plant-based food markets are expanding in Germany, Italy, and France as a result of rising consumer concern over animal cruelty and environmental sustainability. The raw material for plant-based meat substitutes is pea protein, which is derived from plant sources. The market for pea protein in Europe is being boosted by rising vegan preferences.

Brazil consumed more than 23% of all the pea protein consumed in Latin America in 2021. Brazil is seeing a rise in the sales of healthy beverage products. Brazilian consumers are modifying their dietary habits and living a better lifestyle. Pea protein sales in Brazil and the Latin American market are developing as a result of the rising demand for functional drinks, protein shakes, and nutritional supplements. 2021 has been significantly impacted by the rising demand for packaged food and beverages in Brazil, and this demand is anticipated to continue until the remainder of the projection period.

Global Conventional Pea Protein Market - By Companies

1. Cosucra Groupe Warcoing
2. Nutri Pea Limited
3. Sotexpro
4. Roquette Freres
5. Glanbia Plc
6. Fenchem Biotek Ltd.
7. Prinova Group LLC
8. Yantai Shuangta Food Co.
9. Burcon Nutrascience
10. AGT Food & Ingredients, Inc.
11. World Food Processing L.L.C.
12. Others

Impact of Covid-19 on the industry

The application segment of the pea protein market was impacted by the COVID-19 pandemic epidemic. The implementation of lockdowns in international markets in 2020 initially had a big impact on the sales of several big-box retailers in the food and beverage sectors. Sales declined over a brief period. However, as the market for online food and grocery purchases grew in the middle of the 2020s, these sales swiftly rebounded. They continued to be under lockdown, which led to a stronger focus on wholesome eating. Additionally, governments around the world worked to maintain food security in their nations and regions, which kept the food sector industries afloat.

Approximately one-third of individuals will consume more functional foods and beverages in 2020 than they did in prior years, according to a recent Smartbrief analysis. The availability of sports nutrition goods including protein drinks, electrolyte replenishers, energy boosters, and performance enhancers is rising in light of the planned introduction of new regulations in 2021. released In August 2020, consumers will be able to purchase the new ABE line of energy and performance drinks from Applied Nutrition. As a result, pea proteins are anticipated to rise soon in these industries and applications.

The coronavirus pandemic had a favourable effect on the consumption of pea protein in North America, Europe, Asia Pacific, South America, and the rest of the world. Sales of pea protein decreased during the initial lockdown but recovered as people began to accept healthier and more useful food options. Due to the reimposition of lockdown in these countries and the reliance on comfort meals in addition to these healthy alternatives, sales in 2021 remained stagnant. As a result, the market experienced a small increase at the beginning of COVID-19 but has remained unchanged for the past two years.

NOTABLE HAPPENINGS IN THE GLOBAL CONVENTIONAL PEA PEA PROTEIN MARKET IN THE RECENT PAST:

• Business Venture: - In 2021, To increase their supply of food and beverage ingredients to customers in Argentina, Chile, and Uruguay, Ingredion Incorporated and Grupo arcor have decided to establish a joint venture that combines their production expertise, complementary geographic footprints, and marketing skills.
• Business Agreement: - In 2021, A fresh ingredient distribution contract has been inked by Batory Foods and Ingredion. The arrangement broadens Ingredion's distribution network throughout the US's West and Central Midwest, making it simpler for food and beverage companies to get the ingredients they require to produce and market their products.
• Business Expansion: - In 2021, In France's Vic-Sur-Aisne, Roquette Frères established a brand-new centre of excellence. By concentrating just on plant protein, this centre will broaden the range of opportunities in terms of food innovation, the discovery of novel proteins, and new manufacturing techniques.