Pea Protein Beverages Market Size (2023 - 2030)

The Global Pea Protein Beverages Market was valued at USD 166.98 million and is projected to reach a market size of USD 251.08 million by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 6%.

Pea protein beverages are plant-based drinks manufactured from pea protein isolate derived from yellow or green split peas. These beverages are frequently used as a dairy-free replacement to regular milk and other dairy products and are ideal for vegans and lactose intolerant individuals. Pea protein beverages come in a variety of forms, ranging from protein shakes, plant-based milk substitutes, smoothies, protein water, and energy drinks. They are popular among health-conscious consumers owing to their high protein content, low-fat content, and other nutritional advantages. Pea protein beverages offer a number of health benefits. They are a high-quality protein source as the pea protein provides all nine essential amino acids and is ideal for a variety of diets given they're vegan, gluten-free, and cost-friendly. Additionally, pea protein beverages carry a few unique advantages - muscle growth is enhanced, feelings of fullness are promoted, and heart health is also considerably improved, while still being low in methionine and free of any of the top eight food allergens, such as peanuts, tree nuts, eggs, fish, shellfish, cow’s milk, wheat, and soy. 

Global Pea Protein Beverages Market Drivers:

The rising adoption of the vegan lifestyle is fueling the growth of the global pea protein beverages market.

Due to growing awareness of the advantages a vegan diet can provide for one's health, many individuals have begun to adopt a vegan lifestyle and consume only plant-based products. A vegan diet is generally free from dairy, cholesterol, and saturated fat. It helps to encourage weight loss, lower cholesterol levels to minimize heart disease risk, lower cancer risk, and control diabetes by lowering A1C levels. Therefore, this factor drives the demand for pea protein beverages.

The growing awareness regarding the health benefits of pea protein is another factor contributing to the growth of the global pea protein beverages market.

Pea protein is becoming increasingly popular among a wide range of end users, including vegans, vegetarians, and individuals intolerant to egg and dairy proteins. Green peas and yellow split peas are utilized to extract these proteins. Pea protein, which is high in nutrients, has a wealth of health benefits. It can not only help with weight loss, but it can also improve cardiac function, increase muscular thickness, control blood sugar levels, and may even lower the risk of kidney disease. Pea protein can help individuals maintain a healthy lifestyle and overall well-being. Therefore, this factor also drives the demand for pea protein beverages.

Global Pea Protein Beverages Market Challenges:

The global pea protein beverages market is encountering challenges, primarily in terms of the side effects of pea protein and the limited awareness of pea protein beverages. Pea protein has received criticism for how it affects digestion, how it tastes, and how much sodium it contains. Trypsin inhibitors, phytates, and lectins may be present in pea protein depending on the processing technique, which might have serious adverse effects, including reduced nutrient absorption and intestinal damage. Moreover, many consumers are still unaware of pea protein beverages and other plant-based protein beverages, despite the rising popularity of plant-based diets and protein supplements. Thus, these challenges inhibit the growth of the global pea protein beverages market.

Global Pea Protein Beverages Market Opportunities:

Market expansion strategies present a lucrative opportunity in the global pea protein beverages market. Given the rising demand for pea protein beverages owing to their health benefits, including enhanced muscle growth, weight management, improved heart health, boosted energy levels, allergen-free, and vegan, businesses specializing in the production and distribution of pea protein beverages can stand to gain significantly from this opportunity by expanding their products to emerging markets, including China, India, and Brazil. This expansion will help companies to increase their customer base and boost their overall revenue.

COVID-19 Impact on the Global Pea Protein Beverages Market:

The outbreak of the COVID-19 pandemic substantially impacted the global pea protein beverages market. The implementation of strict lockdowns, traveling restrictions, and social distancing measures across several nations hindered many companies' manufacturing capacities and caused a shortage of skilled workforce. The pandemic caused disruptions in supply chains and distribution of goods and services, which highly affected the production and distribution of pea protein beverages. These factors negatively impacted the growth of the global pea protein beverages market. However, the pandemic led to individuals becoming more health-conscious owing to the protection from COVID-19 disease, which resulted in augmented demand for pea protein beverages. This factor positively impacted the market's growth. These factors positively impacted the market's growth. Therefore, the global pea protein beverages market experienced both challenges and opportunities during the difficult time of the COVID-19 pandemic.

Global Pea Protein Beverages Market Recent Developments:

In March 2023, Norco Co-operative Limited, an Australia-based dairy company, launched two new products, P2 Pea Protein, and Oat mylks, to capitalize on the expanding alternative milk market.

• In December 2022, Lifted Drinks Ltd., a UK-based startup, unveiled the launch of an alcohol-free bear, called Recovery Lager, which comes with ten grams of plant-based pea protein per can. The 330ml can of the drink contains less than 83 calories and 7 grams of carbohydrates to assist restore the muscle glycogen used during workouts.
• In May 2022, Ripple Foods, a US-based brand of pea protein dairy alternative products, expanded its portfolio of plant-based products by introducing the new product, Oatmilk + Protein. The delicious, healthy, and creamy oat milk has 50% less sugar and 50% more calcium than dairy milk in addition to 6 grams of plant-based protein per serving, which is three times as much as other ordinary oat milk options. The new Oatmilk + Protein is completely vegan and free of gluten thanks to the use of gluten-free oats and ultra-clean pea protein. 

PEA PROTEIN BEVERAGES MARKET REPORT COVERAGE:

Global Pea Protein Beverages Market Segmentation: By Source

• Green Pea

• Yellow Split Pea 

In 2022, the yellow split pea segment held the highest market share. The growth can be attributed to the high protein content of yellow split peas in contrast to green peas, which makes them a more appealing alternative for people looking for extra protein in their beverages. Yellow split peas have a milder flavor than green peas, making them more adaptable and ideal for a broader range of beverage compositions. Yellow split peas are more commonly available and less expensive than green peas, making them a more appealing alternative for both manufacturers and consumers. 

Global Pea Protein Beverages Market Segmentation: By Flavor

• Flavored

• Unflavored

In 2022, the flavored segment held the highest market share. The growth can be attributed to the larger choice of flavor options that flavored pea protein beverages offer, which makes them more enticing and fun to drink. Flavoring might help disguise any disagreeable aftertaste or texture that pea protein beverages may have, potentially increasing consumer acceptance and enjoyment. Additionally, flavored pea protein beverages can cater to specific customer preferences and trends, such as fruit flavors, chocolate and vanilla flavors, and so on. 

Global Pea Protein Beverages Market Segmentation: By Beverage Type 

• Protein Shakes

• Smoothies

• Others

In 2022, the protein shakes segment held the highest market share. The growth can be attributed to the growing popularity of protein shakes made from pea protein, which are a simple and convenient way of getting protein, especially after a workout or as a meal substitute. By offering a quick source of protein and invaluable nutrients for muscle growth and recovery, these shakes can be tailored to meet specific dietary requirements, such as vegan, gluten-free, and lactose-free, giving consumers greater customizability. Additionally, they can be consumed at any time of day, making them a versatile beverage option for consumers. 

Global Pea Protein Beverages Market Segmentation: By Distribution Channel

• Convenience Stores

• Specialty Stores

• Supermarkets/Hypermarkets

• E-commerce

• Others

In 2022, the supermarkets/hypermarkets segment held the highest market share. The growth can be attributed to the widespread reach and easy accessibility of supermarkets/hypermarkets to a large number of shoppers. They are considered a one-stop store place and offer great discounts to consumers. Consumers often prefer to purchase pea protein beverages in bulk, which is easier to do at supermarkets/hypermarkets. 

Global Pea Protein Beverages Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

The region of North America held the largest share of the global pea protein beverages market in the year 2022. The increasing demand for plant-based protein products, the rising adoption of a vegan and vegetarian lifestyle, and the growing number of health-conscious individuals are some of the factors propelling the region's growth. Additionally, North America is home to several significant market players, including Koia Inc., Ripple Foods, Harmless Harvest, Bolthouse Farms, and Califia Farms. Due to the increasing number of health-conscious individuals and the rising adoption of pea protein products owing to their nutritional benefits, the region of Asia-Pacific is anticipated to expand at the fastest rate over the forecast period.

Global Pea Protein Beverages Market Key Players:

Koia Inc. (United States)

• Ripple Foods (United States)
• Nutricia (Netherlands)
• Harmless Harvest (United States)
• Bolthouse Farms (United States)
• Califia Farms (United States)
• OWYN (United States)
• BiPro (United States)
• KiiTO (United States)
• Suja Juice (United States)