Analysis of the pea protein market 2024 [Global Report]

In 2024, the global pea protein market is undergoing significant transformations, driven by increasing demand for plant-based protein alternatives and changing consumer preferences. This report analyzes these shifts, focusing on key factors influencing the market, such as rising raw material costs and the emphasis on sustainable development. The growing demand for pea protein-based products, along with investments in new applications of this ingredient, is shaping the market’s future, which holds great growth potential.

Market dynamics

2024 sees rapid growth in the pea protein market, with its global value estimated at around USD 2.1 billion. This growth is primarily fueled by consumer interest in healthy, plant-based alternatives to traditional protein sources. Products based on pea protein, such as meat substitutes, protein drinks, and dietary supplements, are becoming increasingly popular, responding to evolving dietary preferences and greater environmental awareness. Pea protein isolate, known for its high nutritional value, dominates the market, accounting for approximately 47% of its share.

The animal feed sector also plays a significant role in market growth, where pea protein is used as an alternative to soy and other animal proteins. With its high protein content and easy digestibility, pea protein is gaining recognition in the production of feed for livestock and pets. Its hypoallergenic properties, combined with the growing emphasis on sustainable production, are contributing to the strong growth of this market segment.

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Additionally, technological advancements are significantly supporting the sector. Innovations in protein extraction processes, along with the introduction of new products like textured pea protein, allow manufacturers to create more diverse and functional products. Companies are improving the taste, texture, and nutritional value of pea protein, which further expands its use in processed foods and functional nutrition.

Regional market analysis

North America

North America remains the largest market for pea protein, accounting for approximately 40% of global revenues in 2024. The growing popularity of plant-based products, such as meat substitutes and protein drinks, is increasing in the U.S. and Canada. Investments in production infrastructure, particularly in Canada, strengthen the region’s position as a market leader. Consumers in this region appreciate pea protein for its nutritional value and hypoallergenic properties, which drive its growth in the functional food sector.

Europe

In Europe, the market is expanding rapidly, particularly in the UK, Germany, and France, where plant-based diets are becoming increasingly popular. In the UK, the number of plant-based options offered by restaurants and food producers is growing, while Germany and France place a strong emphasis on vegan meat substitutes. Quality and sustainability are key factors driving this market.

Asia-Pacific

Asia-Pacific is the fastest-growing region for pea protein, with key players in China, India, and Japan. In China, pea protein is gaining popularity among athletes and health-conscious consumers, while in India, the demand for plant-based food products is growing, supported by local innovations. Japan, though a smaller market, is also experiencing growth, driven by new technologies in the food industry.

South America

In South America, led by Brazil and Argentina, the pea protein market is growing at a moderate pace but with significant potential. More consumers in the region are choosing plant-based products, driven by increasing health awareness and a shift towards a more sustainable lifestyle. Brazil, in particular, stands out due to its developing agricultural sector.

Middle East and Africa

The Middle East and Africa still have a small share of the pea protein market, but the region shows growing potential. In the UAE and South Africa, interest in plant-based products is rising, supported by sustainability initiatives and increasing consumer incomes.

Trends and Forecasts in the Pea Protein Market

Forecasts for 2024–2030 indicate that the pea protein market will grow at an annual rate of approximately 11–12%. The highest growth is expected in the Asia-Pacific region and Europe, where plant-based diets are gaining more popularity. In China and India, interest in protein alternatives is rising, driven by a growing number of consumers transitioning to vegan and flexitarian diets. In Europe, pea protein-based products are widely used, particularly in meat substitutes and dietary supplements, which supports the market’s continued growth.

One of the main challenges that could impact market growth is the rising cost of raw materials. Changing weather conditions and limitations in pea cultivation are leading to higher raw material prices, which may affect the final prices of products. However, companies are working to address these challenges by investing in more efficient processing technologies and product innovations.

At the same time, sustainable development plays an increasingly important role in the strategies of companies operating in this market. Pea protein production requires fewer resources, such as water, and generates a lower carbon footprint compared to traditional protein sources, making it a more eco-friendly choice. Consumers are paying more attention to environmental aspects when selecting products, further supporting this market segment.

In the future, we can expect continued investment in the development of new forms of pea protein to meet the growing demand for plant-based products. Innovations in improving the taste and texture of pea protein will be especially crucial for its broader application in the food and feed industries.

Global Reports from Foodcom S.A.

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