Ready-to-Drink Pea Protein-based Beverages Market Size (2023 - 2030)

The Global Ready-to-Drink Pea Protein-based Beverages Market was valued at USD 83.50 million and is projected to reach a market size of USD 125.55 million by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 6%. 

Ready-to-drink pea protein-based beverages are plant-based drinks manufactured from pea protein isolate extracted from yellow or green split peas. These beverages are frequently utilized as a dairy-free replacement to conventional milk and other dairy delicacies and are ideal for vegans and lactose intolerant individuals. Pea protein beverages offer a diverse array of options, ranging from delightful smoothies to revitalizing protein water and invigorating energy drinks. These beverages have garnered immense appeal among health-conscious consumers owing to their high protein content, low-fat content, and an impressive array of other nutritional advantages.

Ready-to-drink pea protein-based beverages offer numerous health benefits. They are a high-quality protein source and provide all nine essential amino acids and are ideal for a variety of diets. Furthermore, ready-to-drink pea protein-based beverages boast a few distinctive benefits. They enhance muscle growth, encourage feelings of fullness, and significantly improve heart health. Additionally, ready-to-drink pea protein-based beverages offer the advantage of being methionine-deficient and devoid of the top eight food allergens, encompassing peanuts, tree nuts, eggs, fish, shellfish, cow's milk, wheat, and soy.

Global Ready-to-Drink Pea Protein-based Beverages Market Drivers:

The rising adoption of the vegan lifestyle as a result of its health benefits is fueling the growth of the global ready-to-drink pea protein-based beverages market.

Many individuals have started to embrace a vegan lifestyle and consume only plant-based products owing to the escalating acknowledgment of the advantages a vegan diet can provide for one's health. A vegan diet generally excludes dairy, cholesterol, and saturated fat content. It helps to promote weight loss, reduce cholesterol levels to mitigate the risk of heart disease, diminish the likelihood of cancer, and facilitate diabetes management through decreased A1C levels. Therefore, this factor propels the demand for ready-to-drink pea protein-based beverages.

The growing consumer interest in pea protein is another factor contributing to the growth of the global ready-to-drink pea protein-based beverages market.

Numerous end consumers, including vegans, staunch vegetarians, and individuals who are intolerant to egg and dairy proteins, are increasingly drawn to pea protein. Pea protein, abundant in nutrients, bestows a wealth of extraordinary health advantages. It can enhance cardiac performance, boost muscular thickness, regulate glycemic levels, and may even diminish the risk of kidney disease in addition to perhaps helping with weight loss. Therefore, this factor also drives the demand for ready-to-drink pea protein-based beverages.

Global Ready-to-Drink Pea Protein-based Beverages Market Challenges:

The global ready-to-drink pea protein-based 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 faced scrutiny regarding its profound influence on digestion, taste, and alarmingly high sodium content, drawing criticism from various quarters. Depending on the processing technique, pea protein may harbor trypsin inhibitors, phytates, and lectins that possess the potential for serious detrimental consequences, such as reduced nutrient absorption and intestinal damage. Moreover, despite the escalating prominence of plant-based diets and protein supplements, a considerable number of consumers are still unaware of the existence of pea protein-based beverages. Thus, these challenges inhibit the growth of the global ready-to-drink pea protein-based beverages market.

Global Ready-to-Drink Pea Protein-based Beverages Market Opportunities:

Market expansion strategies present a lucrative opportunity in the global ready-to-drink pea protein-based beverages market. Given the escalating demand for pea protein beverages owing to their health advantages, including enhanced muscle growth, improved heart health, boosted energy levels, weight management, allergen-free, and 100% vegan, businesses specializing in the production and distribution of ready-to-drink pea protein-based beverages can stand to gain significantly from this opportunity by expanding their products to emerging nations, including China, India, Brazil, and Mexico.

COVID-19 Impact on the Global Ready-to-Drink Pea Protein-based Beverages Market:

The outbreak of the COVID-19 pandemic substantially impacted the global ready-to-drink pea protein-based beverages market. The pandemic caused disruptions in supply chains and distribution of goods and services, which highly affected the production and distribution of ready-to-drink pea protein-based beverages. This factor negatively impacted the growth of the global ready-to-drink pea protein-based 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 ready-to-drink pea protein-based beverages. This factor positively impacted the market's growth. Therefore, the global ready-to-drink pea protein-based beverages market experienced both challenges and opportunities during the difficult time of the COVID-19 pandemic.

Global Ready-to-Drink Pea Protein-based Beverages Market Recent Developments:

• In September 2021, Ripple Foods secured USD 60 million in a Series E funding round, bringing their total funding to USD 250 million. The investment will facilitate expansion into untapped markets and diversify its array of offerings. Ripple Foods utilizes a unique process that eliminates unwanted components from plant protein isolates, resulting in a neutral-tasting protein known as Ripptein. This enables the brand to manufacture healthy, low-sugar beverages ideal for families with diverse dietary preferences.

• In March 2020, Sproud, a Swedish beverage company, unveiled plans to revolutionize the milk alternative market by introducing pea-based drinks globally. Sproud stands out for its use of split yellow peas, offering a delicious taste and eco-friendly approach. Currently available in several European countries, Sproud aims to capture the attention of younger consumers seeking vegan, clean, and additive-free options.

READY-TO-DRINK PEA PROTEIN-BASED BEVERAGES MARKET REPORT COVERAGE:

Global Ready-to-Drink Pea Protein-based Beverages Market Segmentation: By Flavor

• Plain

• Chocolate

• Mango

• Strawberry

• Vanilla

• Others

In 2022, the chocolate segment held the highest market share. The growth can be attributed to the exceptional taste it brings to ready-to-drink pea protein-based beverages. Chocolate's rich flavor captivates consumers and provides a delightful sensory experience. The combination of pea protein and chocolate yields a harmonious blend, resulting in a smooth and creamy texture that creates a heavenly fusion relished by individuals all over the world. Chocolate's widespread appeal, along with its ability to blend seamlessly with the natural qualities of pea protein, has propelled it to the top position. 

Global Ready-to-Drink Pea Protein-based Beverages Market Segmentation: By Source

• Green Pea

• Yellow Split Pea 

In 2022, the yellow split pea segment held the largest share of the total market share. The growth can be ascribed to the high protein content of yellow split peas in contrast to green peas, making them a more appealing alternative for individuals looking for extra protein in their beverages. Yellow split peas have a milder flavor in contrast to green peas, making them more adaptable and an ideal choice for a wider array of beverage compositions. Furthermore, yellow split peas dominate in terms of accessibility and affordability in contrast to green peas, establishing themselves as an irresistibly appealing substitute for manufacturers and consumers alike.

Global Ready-to-Drink Pea Protein-based Beverages Market Segmentation: By Distribution Channel

• Convenience Stores

• Supermarkets/Hypermarkets

• E-commerce

• Others

In 2022, the supermarkets/hypermarkets segment held the highest market share. The growth can be ascribed to the wider reach and accessibility of supermarkets/hypermarkets, allowing for a larger consumer base. These locations are evolving into the go-to, one-stop store for daily necessities because of the abundance of goods offered at substantial savings. Given the availability of an array of goods and discounts on them, the need for supermarkets/hypermarkets has gone up, delivering consumers with a one-of-a-kind shopping experience.

Global Ready-to-Drink Pea Protein-based 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 ready-to-drink pea protein-based beverages market in the year 2022. The augmenting demand for plant-derived protein products, the rising adoption of a vegan and vegetarian lifestyle, and the escalating count of health-conscious individuals are some of the factors propelling the region's growth. Furthermore, North America is home to several prominent market players, including Koia Inc., KiiTO, OWYN, Bolthouse Farms, and Ripple Foods. The region of Asia-Pacific is anticipated to expand at the fastest rate over the forecast period owing to the increasing number of health-conscious individuals and the rising adoption of pea protein products as a result of their unparalleled nutritional advantages.

Global Ready-to-Drink Pea Protein-based Beverages Market Key Players:

1. Nutricia (Netherlands)

2. Koia Inc. (United States)

3. KiiTO (United States)

4. OWYN (United States)

5. Bolthouse Farms (United States)

6. Tiptoh (Belgium)

7. Suja Juice (United States)

8. Ripple Foods (United States)

9. Harmless Harvest (United States)

10. BiPro (United States)