Pea protein market size to reach $2.9 billion by 2027

If you grow peas, lentils and/or beans, you will be pleased that the outlook is bright. The pea protein market is estimated at $1.7 billion in 2022 and expected to grow at a CAGR of 11.9% to $2.9 billion by 2027, according to MarketsandMarkets.

Pea protein is a taste-neutral vegetable protein derived from different pea types, such as chickpeas, yellow peas, lentils and beans. It is produced as isolates, concentrated, and textured proteins and is considered highly nutritive. Pea protein is considered vegan and is not classified as a major allergen, making it suitable for consumption to a wider consumer base. Pea protein also has a well-maintained amino-acid profile and features high solubility and low viscosity, adding its nutritional value.

Food is the major application for pea protein globally. The food segment includes meat substitutes, performance nutrition, functional foods, snacks, bakery products and confectionery. As per the information from the Good Food Institute, food manufacturers ranging from startups to leading CPG companies to the world’s largest meat companies are innovating rapidly in the plant-based market.

Pea protein has emerged as a key ingredient in manufacturing meat substitute products such as burgers, sausages and other product types. North America is expected to be the fastest growing market during the forecast period due to the increasing demand for healthy meat and dairy substitute products. The growing trend of veganism has pushed the growth of the North American pea protein industry.