Meticulous Research®, a leading global market research firm, has unveiled its latest report titled Pea Protein Market—Global Opportunity Analysis and Industry Forecast (2024-2031). The report anticipates that the global pea protein market will achieve a valuation of $1.31 billion by 2031, expanding at a compound annual growth rate (CAGR) of 14.2% during the forecast period from 2024 to 2031.

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Driving Forces Behind Market Expansion

The pea protein market is experiencing a robust surge, fueled by multiple driving factors that reflect a broader shift in dietary preferences and lifestyle choices:

Rise in Plant-Based Diets: The increasing adoption of plant-based diets is a significant driver for the pea protein market. As consumers become more conscious of their health and the environmental impact of their food choices, the demand for plant-based protein sources like pea protein is on the rise.
Health and Wellness Consciousness: A heightened awareness of health and wellness trends is prompting consumers to seek nutritious food options. Pea protein, rich in essential nutrients, is becoming a popular choice for those looking to enhance their diets.
Growth of the Plant-Based Food Sector: The booming market for plant-based foods is creating numerous opportunities for pea protein. As manufacturers seek to diversify their product lines with plant-based ingredients, pea protein is increasingly being integrated into various food products, including meat substitutes, dairy alternatives, and snacks.
Consumer Education on Nutritional Benefits: Growing consumer awareness of the health benefits associated with peas and pea-derived products is driving demand. This includes recognition of pea protein's role in supporting muscle health and weight management.
Innovation and Product Development: The focus on innovation in the development of pea protein ingredients is propelling the market forward. Key players are investing in research and development to create novel formulations that cater to the specific needs of health-conscious consumers.
Competitive Dynamics

The pea protein market is moderately competitive, characterized by the presence of several global, regional, and local players. Notable companies leading the market include:

Roquette Freres (France)
AGT Food and Ingredients Inc. (Canada)
Cargill, Inc. (U.S.)
Ingredion Incorporated (U.S.)
Archer-Daniels-Midland Company (U.S.)
Axiom Foods Inc. (U.S.)
Burcon NutraScience Corporation (Canada)
Glanbia Plc. (Ireland)
Cosucra Groupe Warcoing SA (Belgium)
Sotexpro Sa (a part of GEMEF Industries) (France)
Farbest-Tallman Foods Corporation (U.S.)
Shandong Jianyuan Foods Co., Ltd. (China)
The Emsland Group (Germany)
Nutri-Pea Ltd. (Canada)
These companies are competing to innovate and expand their product offerings in response to the rising demand for pea protein.

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Market Segmentation Insights

The pea protein market is segmented into various categories, which provide insights into consumer preferences and trends:

By Type: The market is segmented into yellow pea proteins and green pea proteins. Yellow pea proteins are expected to dominate, accounting for an impressive 94.7% of the market in 2024. This dominance is attributed to their high protein content and versatility in food applications.
By Source: The conventional pea protein segment is projected to hold a significant market share, primarily due to its cost-effectiveness and longer shelf life compared to organic pea protein.
By Processing Method: The dry processing segment is anticipated to lead the market, owing to lower capital costs and reduced resource consumption compared to wet processing methods.
By Form: Solid pea protein is expected to capture the largest share of the market, attributed to its ease of manufacturing and versatility across various applications.
By Application: The nutrition and health supplements segment is projected to command a market share of 36.4% in 2024, driven by the increasing consumer demand for protein-rich health supplements.
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Geographic Market Overview

The research report provides an in-depth geographical analysis of the pea protein market, focusing on key regions:

North America: This region is expected to maintain its dominance, with a projected market share of 42.4% in 2024, valued at $219.9 million. Factors contributing to this growth include the strong food and beverage sector, increasing health consciousness, and a rising number of vegan consumers.
Europe: The European market is set to experience substantial growth, fueled by rising demand for plant-based food products and health-oriented dietary choices among consumers.
Asia-Pacific: This region presents significant growth opportunities due to rising incomes, increasing awareness of plant-based nutrition, and expanding consumer bases for health-focused products.
Latin America: The Latin American pea protein market is anticipated to grow due to a shift in consumer preferences toward healthier eating habits and increasing interest in plant-based diets.
Middle East & Africa: The region's market is expected to expand as health-conscious consumers increasingly seek nutritious food options.
Future Projections and Industry Trends

The outlook for the pea protein market is positive, bolstered by a combination of evolving consumer preferences and industry dynamics. The demand for plant-based protein sources is expected to continue its upward trajectory, presenting significant growth opportunities for stakeholders in the sector.

Key industry players are likely to invest in innovation and development to create new pea protein products that cater to the growing demand for plant-based alternatives, ensuring their offerings remain relevant and competitive.

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