Sustainable Agriculture: Pea Protein Ingredients Market Trends 2024

Pea Protein Ingredients Market Trends

Overview and Scope
The pea protein ingredients are used in the preparation of smoothies and shakes to increase the protein content in them. Pea protein ingredients refer to food products and protein supplements that are derived and extracted from yellow and green split peas, Pisum sativum. The pea protein ingredients consist of flour, isolate, and concentrate. These proteins are alternatives to those derived from animals and soy.

Sizing and Forecast
The pea protein ingredients market size has grown strongly in recent years. It will grow from $1.83 billion in 2023 to $1.96 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to growing preference for plant-based protein sources, increased demand for meat alternatives, rise demand for protein-rich foods, rising health consciousness among consumers, growing demand for functional foods.

The pea protein ingredients market size is expected to see strong growth in the next few years. It will grow to $2.67 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to rising vegan and vegetarian populations, allergen-free and gluten-free appeal, increasing demand for vegan and vegetarian food products, greater adoption in emerging markets, increased focus on sustainable sourcing. Major trends in the forecast period include innovation in product development, plant-based meat alternatives, customized protein blends, clean-label packaging and marketing, sports nutrition and supplements.

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Segmentation & Regional Insights

The pea protein ingredients market covered in this report is segmented –

1) By Type: Isolates, Concentrates, Other Types

2) By Source: Yellow split peas, Chickpeas, Lentils

3) By Application: Bakery and Snacks, Dietary Supplements, Beverages, Meat Substitutes, Other Applications

North America was the largest region in the pea protein ingredients market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pea protein ingredients market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth
The growing popularity of vegetarian and vegan diets is expected to propel the growth of the pea protein ingredient market going forward. Vegetarian and vegan diets refer to different variations of vegetarianism in which no food of animal origin is consumed. Pea protein ingredients, being derived from plant sources, serve as a versatile and sustainable option for meeting the protein needs of vegetarian and vegan consumers. For instance, in April 2023, according to a report published by The Plant-Based Foods Association, a US-based trade association representing the plant-based food industry, plant-based foods accounted for $8 billion in U.S. retail sales in 2022, representing an increase of approximately 6.67% from $7.5 billion in 2021. Therefore, the growing popularity of vegetarian and vegan diets is driving the growth of the pea protein ingredient market.

Key Industry Players
Major companies operating in the pea protein ingredients market include Cargill Incorporated, Agridient Inc., Axiom Foods Ltd., Norben Company Inc., Nutri Pea Ltd., Burcon NutraScience Corporation, Cosucra Groupe Warcoing SA, A & B Ingredients Inc., Shandong Jianyuan Foods Co. Ltd., Archer Daniels Midland Company, Fenchem SA, Kerry Group plc, Prinova Group LLC, Batory Foods Inc., PLT Health Solutions, Glanbia plc, AGT Food & Ingredients Inc., World Food Processing LLC, Yantai T. Full Biotech Co. Ltd., Suzhou Wanshen Flour Products Co. Ltd., Ingredion Incorporated, Cambridge Commodities Inc., Consucra-Groupe Warcoing SA, Roquette Freres Le Romarin SA, Green Labs LLC, GEMEF Industries, Puris Proteins LLC., Tate & Lyle Inc., Emsland-Starke Gmbh, DuPont de Nemours Inc.

The pea protein ingredients market report table of contents includes:
1. Executive Summary
2. Pea Protein Ingredients Market Characteristics
3. Pea Protein Ingredients Market Trends And Strategies
4. Pea Protein Ingredients Market – Macro Economic Scenario
5. Global Pea Protein Ingredients Market Size and Growth
…..
31. Global Pea Protein Ingredients Market Competitive Benchmarking
32. Global Pea Protein Ingredients Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Pea Protein Ingredients Market
34. Pea Protein Ingredients Market Future Outlook and Potential Analysis
35. Appendix