Meticulous Research® reveals that the global pea protein isolate market is set to experience significant growth, with market value anticipated to surge at a compound annual growth rate (CAGR) of 16.4% from 2022 to 2029, reaching $542.9 million by 2029. Additionally, market volume is expected to increase at a CAGR of 13.8%, reaching 135.2 thousand MT by 2029.
Market Drivers and Opportunities
The market growth is primarily driven by the increasing consumer awareness of plant-based nutrition, the rising demand for organic ingredients within the food and beverage (F&B) sector, and the expanding plant-based food market. The nutritional benefits of pea protein, coupled with significant opportunities in emerging markets, are also contributing to this upward trend. However, the preference for animal-based proteins poses a challenge to the market’s growth.
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Market Segmentation
The comprehensive market study by Meticulous Research® provides detailed insights into historical market data (2020 and 2021), current estimates (2022), and forecasts for 2029. The study segments the market based on source, source process, processing method, form, application, and geography, and includes a thorough competitor analysis at the country level.
Source Segmentation
The market is segmented into yellow peas and green peas, with yellow peas projected to dominate the market in 2022. This dominance is attributed to yellow peas’ high protein content and health benefits, including digestive health, cholesterol control, blood sugar regulation, weight management, and gut health. The yellow peas segment is also expected to grow at the highest CAGR during the forecast period due to its versatile applications in the food & beverage industry, particularly in alternative meat products.
Source Process Segmentation
Segmentation by source process includes conventional and organic pea protein isolate. Conventional pea protein isolate is expected to hold the largest market share in 2022, driven by its lower cost, longer shelf life, and diverse crop availability. Nonetheless, the organic pea protein isolate segment is forecasted to grow at the highest CAGR, spurred by rising organic product sales, clean label trends, and the growing number of certified organic farms.
Processing Method Segmentation
The processing method segmentation covers dry and wet processing. Dry processing is anticipated to hold the largest market share in 2022, due to its low capital requirements, reduced water and energy consumption, and high demand from food & beverage manufacturers. Conversely, the wet processing segment is expected to grow at the highest CAGR, as it yields higher protein content and purity.
Form Segmentation
The market is divided into powder and liquid forms, with powder expected to dominate in 2022. This segment's lead is attributed to the higher demand for solid protein ingredients, ease of handling and transportation, cost-effectiveness, and stability. However, the liquid segment is set to grow at the highest CAGR, driven by its demand in the dairy alternative industry and innovative product applications.
Application Segmentation
Applications of pea protein isolate span nutrition & health supplements, meat & alternative meat products, bakery products, dairy & dairy alternatives, cereals & snacks, beverages, and others. Nutrition & health supplements are projected to hold the largest market share in 2022, owing to the rising incidence of nutrition-related diseases, the benefits of pea protein, and health and wellness trends. The meat & alternative meat products segment is expected to grow at the highest CAGR, fueled by increasing veganism, new product launches, and the prevalence of meat-borne diseases.
Geographical Insights
North America is expected to dominate the market in 2022, supported by a well-established F&B industry, growing vegan population, and a strong preference for meat alternatives. The Asia-Pacific region, however, is anticipated to witness the highest CAGR during the forecast period, driven by growing health consciousness, a booming F&B industry, and numerous pea protein-based product launches.
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Key Players
Prominent players in the global pea protein isolate market include Roquette Frères Le Romain (France), AGT Food and Ingredients Inc. (Canada), Cargill, Incorporated (U.S.), Ingredion Incorporated (U.S.), Archer-Daniels-Midland Company (U.S.), E.I. Dupont De Nemours and Company (U.S.), Glanbia Plc. (Ireland), Cosucra Groupe Warcoing SA (Belgium), Farbest Brands (U.S.), Shandong Jianyuan Foods Co., Ltd. (China), The Emsland Group (Germany), and Nutri-Pea Ltd. (Canada).
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