According to the latest report by Meticulous Research®, the global pea protein isolate market is projected to grow significantly from 2022 to 2029. In terms of value, the market is anticipated to expand at a CAGR of 16.4%, reaching $542.9 million by 2029. In terms of volume, it is expected to grow at a CAGR of 13.8%, reaching 135.2 thousand metric tons by 2029. This growth is driven by increasing awareness of plant-based nutrition, the rising importance of organic ingredients in the food and beverage (F&B) sector, the expanding plant-based food market, and greater consumer awareness of the nutritional benefits of peas. Emerging markets also offer substantial growth opportunities for plant-based product manufacturers, although a preference for animal-based protein poses a challenge.

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The market analysis provides historical data (2020 and 2021), estimates for 2022, and forecasts for 2029. It segments the market by source, processing method, form, application, and geography, and evaluates industry competitors at the country level.

Market Segmentation Highlights:

• Source: The market is primarily divided into yellow peas and green peas. The yellow peas segment is expected to hold the largest market share in 2022 due to its high protein content and health benefits, including digestive regulation, cholesterol control, blood sugar management, weight maintenance, and gut health. This segment is also predicted to grow at the highest CAGR due to its versatility in various F&B applications, especially as meat alternatives.

• Source Process: The market is segmented into conventional and organic pea protein isolate. The conventional segment is expected to dominate in 2022 due to the lower cost, longer shelf life, and availability of conventional peas. However, the organic segment is projected to grow at the highest CAGR, driven by the rising trend of clean label products, increasing organic product sales, and the growing number of certified organic pea farms.

• Processing Method: The market is divided into dry and wet processing. The dry processing segment is expected to lead in 2022 due to lower capital requirements, reduced water and energy consumption, and high demand from F&B manufacturers. However, the wet processing segment is forecasted to grow at the highest CAGR, offering higher protein content and purity.

• Form: The market is categorized into powder and liquid forms. The powder segment is anticipated to hold the largest share in 2022 due to ease of handling, cost-effectiveness, and ingredient stability. The liquid segment is expected to grow at the highest CAGR, driven by demand from the dairy alternatives industry and innovative product applications.

• Application: The market is segmented into nutrition & health supplements, meat & alternative meat products, bakery products, dairy & dairy alternatives, cereals & snacks, beverages, and others. Nutrition & health supplements are projected to dominate in 2022, influenced by the increasing prevalence of nutrition-related diseases, the benefits of pea protein in supplements and sports performance, and growing health trends. The meat & alternative meat products segment is expected to grow at the highest CAGR, fueled by rising veganism, new product launches, and increasing cases of meat-borne diseases.

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Geographical Insights:

• North America: Expected to hold the largest market share in 2022, driven by a well-established F&B industry, rising concerns over animal products, an increasing vegan population, and a strong presence of pea protein manufacturers.
• Asia-Pacific: Anticipated to grow at the highest CAGR, supported by growing awareness of protein-rich diets, increasing health consciousness, a booming F&B industry, a large vegan population, and numerous pea protein-based product launches.

Key Players:

Key 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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