The rising demand for high-protein diets, coupled with the increasing number of vegans, is expected to drive significant growth in the global pea protein market during the forecast period. Detailed insights into this trend will be provided in the research report titled “Pea Protein Market, 2024-2032” by Fortune Business Insights™. According to the report, the pea protein market was valued at USD 580.61 million in 2023 and is forecasted to grow from USD 649.36 million in 2024 to USD 1,644.67 million by 2032, with a compound annual growth rate (CAGR) of 12.32%.

Peas, a leguminous crop, are known for their protein-rich seeds, and pea protein isolate (PPI) products are primarily composed of these globulin proteins. The market is poised for substantial growth in the coming years, driven by the increasing popularity of vegan diets and the rising demand for high-protein food products. These trends are expected to propel market expansion throughout the forecast period.

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Segments:

By type, the market is trifurcated into isolates, concentrate, and textured.

Based on application, the market is segregated into meat substitutes, baked goods, dietary supplements, beverage, and others.

By region, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage:

The research offers detailed insights into the growth and developments of the pea protein market in recent years. Key strategies highlighted in the study include partnerships, alliances, mergers, and acquisitions, which have played a pivotal role in expanding market share. The report also underscores the importance of product development, market segmentation, and innovation as essential business strategies for staying competitive.

In addition, the research examines the factors that drive and restrain market growth, providing a comprehensive assessment of the market’s expansion potential. It also explores the impact of the COVID-19 pandemic on market dynamics, shedding light on how the industry has adapted to new challenges and opportunities.

Drivers & Restraints:

Increasing the Consumption of Healthful Foods to Drive Market Expansion

During the forecast period, the pea protein market is expected to witness significant growth, driven by rising awareness of the benefits of a high-protein diet for immune support. The expanding vegan population in Europe is also likely to fuel market growth in the region. Additionally, increasing consumer awareness of the health advantages of pea protein products is projected to further boost demand. However, potential limitations associated with pea protein could present challenges to market expansion.

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Regional Insights:

North America Holds the Largest Market Share Owing to Increasing High-Protein Food Consumption

North America currently dominates the global pea protein market and is expected to see rapid growth, fueled by the increasing popularity of energy bars, cold cereals, and snacks. Leading companies in the region are prioritizing product innovation to drive market expansion in the coming years.

In Europe, substantial growth is projected due to the rising demand for plant-based protein ingredients and a growing shift toward healthier lifestyles. The expanding vegan population in the European Union is also anticipated to further increase the demand for pea protein products.

Competitive Landscape:

Key Players Can Maintain Market Position with the Launch of New Products

Leading competitors in the pea protein market are focused on adopting competitive strategies to expand their global presence. To attract a broader customer base, companies are developing plans that include partnerships, mergers, acquisitions, and strategic alliances. Furthermore, major corporations are driving market growth and broadening their product offerings through innovation initiatives, ensuring continued expansion in the global market.

List of Key Players Profiled in Market:

  • RouquetteFreres (France)
  • BurconNutrascience Corp (Canada)
  • The Scoular Company (U.S.)
  • DuPont (U.S.)
  • CosucraGroupeWarcoing (Belgium)
  • Nutri-Pea Limited (Canada)
  • Shandong Jianyuan Group (China)
  • Kerry Inc (Ireland)
  • Sotexpro SA (France)
  • Puris Protein LLC (U.S.)

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