Report - Pea Protein Market - Global Opportunity and Industry Forecast (2022-2029)

PEA PROTEIN MARKET
By Type (Pea Protein Isolate, Pea Protein Concentrate, Pea Flour), Source
(Yellow Pea, Green Pea), Source Process (Conventional, Organic),
Application (Nutritional Supplements, Meat Alternatives)
Forecast to 2029
GLOBAL PEA PROTEIN MARKET
Forecast to 2029
© Meticulous Research | sales@meticulousresearch.com Page 1 of 197

Forecast to 2029
TABLE OF CONTENTS
1. INTRODUCTION ______________________________________________________________________________ 18
1.1. MARKET DEFINITION______________________________________________________________________________________18
1.2. MARKET ECOSYSTEM _____________________________________________________________________________________18
1.3. CURRENCY _______________________________________________________________________________________________19
1.4. KEY STAKEHOLDERS ______________________________________________________________________________________19
2. RESEARCH METHODOLOGY __________________________________________________________________ 20

2.1. RESEARCH APPROACH ___________________________________________________________________________________20
2.2. DATA COLLECTION & VALIDATION ________________________________________________________________________21
2.2.1. SECONDARY RESEARCH _______________________________________________________________________________________ 21
2.2.2. PRIMARY RESEARCH ___________________________________________________________________________________________ 22
2.3. MARKET ASSESSMENT ___________________________________________________________________________________25

2.3.1. MARKET SIZE ESTIMATION ____________________________________________________________________________________ 25
2.3.1.1. BOTTOM-UP APPROACH ________________________________________________________________________________________________25
2.3.1.2. TOP-DOWN APPROACH _________________________________________________________________________________________________26
2.3.1.3. GROWTH FORECAST ____________________________________________________________________________________________________26
2.4. ASSUMPTIONS FOR THE STUDY __________________________________________________________________________26

2.5. LIMITATIONS FOR THE STUDY ____________________________________________________________________________27
3. EXECUTIVE SUMMARY _______________________________________________________________________ 28

3.1. INTRODUCTION ___________________________________________________________________________________________28
3.2. SEGMENT ANALYSIS ______________________________________________________________________________________29
3.2.1. PEA PROTEIN MARKET, BY TYPE _______________________________________________________________________________ 29
3.2.2. PEA PROTEIN MARKET, BY SOURCE ____________________________________________________________________________ 30
3.2.3. PEA PROTEIN MARKET, BY SOURCE PROCESS __________________________________________________________________ 31

3.2.4. PEA PROTEIN MARKET, BY PROCESSING METHOD _____________________________________________________________ 32
3.2.5. PEA PROTEIN MARKET, BY FORM ______________________________________________________________________________ 33
3.2.6. PEA PROTEIN MARKET, BY APPLICATION ______________________________________________________________________ 34
3.3. PEA PROTEIN MARKET: REGIONAL ANALYSIS _____________________________________________________________35

3.3.1. COMPETITIVE LANDSCAPE & MARKET COMPETITORS _________________________________________________________ 36

Forecast to 2029
4. MARKET INSIGHTS ___________________________________________________________________________ 37

4.1. INTRODUCTION ___________________________________________________________________________________________37
4.2. DRIVERS __________________________________________________________________________________________________38
4.2.1. RISING INTEREST IN PLANT-BASED NUTRITION ________________________________________________________________ 38
4.2.2. GROWING HEALTH AND WELLNESS TREND ____________________________________________________________________ 39
4.2.3. INCREASING PLANT-BASED FOOD MARKET ____________________________________________________________________ 40

4.2.4. RISING CONSUMER AWARENESS REGARDING NUTRITIONAL BENEFITS OFFERED BY PEA AND PEA-
BASED PRODUCTS _____________________________________________________________________________________________ 41
4.2.5. ACCELERATED FOCUS OF KEY PLAYERS ON DEVELOPMENT OF INNOVATIVE PEA PROTEIN

INGREDIENTS __________________________________________________________________________________________________ 41
4.3. RESTRAINTS ______________________________________________________________________________________________43

4.3.1. SIGNIFICANT PREFERENCE FOR ANIMAL-BASED PROTEIN _____________________________________________________ 43
4.4. CHALLENGES _____________________________________________________________________________________________43

4.4.1. CONSUMER PREFERENCE FOR OTHER PLANT PROTEIN OVER PEA PROTEIN ___________________________________ 43
4.5. OPPORTUNITIES __________________________________________________________________________________________44

4.5.1. GROWTH OPPORTUNITIES IN EMERGING MARKETS ____________________________________________________________ 44
4.5.2. INCREASING LAUNCHING OF PEA PROTEIN-BASED PRODUCTS _________________________________________________ 45
4.6. TRENDS___________________________________________________________________________________________________46
4.6.1. GROWING INVESTMENTS IN THE PEA PROTEIN MARKET _______________________________________________________ 46
4.7. PRICING ANALYSIS _______________________________________________________________________________________46

4.7.1. INTRODUCTION ________________________________________________________________________________________________ 46
4.7.2. PEA PROTEIN ISOLATES________________________________________________________________________________________ 47
4.7.3. PEA PROTEIN CONCENTRATES_________________________________________________________________________________ 48
4.7.4. TEXTURED PEA PROTEIN _______________________________________________________________________________________ 49

4.7.5. PEA PROTEIN HYDROLYSATE __________________________________________________________________________________ 50
4.7.6. PEA FLOUR ____________________________________________________________________________________________________ 51
4.7.7. OTHERS PEA PROTEIN _________________________________________________________________________________________ 52
5. THE IMPACT OF COVID-19 ON THE PEA PROTEIN MARKET ____________________________________ 53
6. GLOBAL PEA PROTEIN MARKET, BY TYPE _____________________________________________________ 55

6.1. INTRODUCTION ___________________________________________________________________________________________55
6.1.1. PEA PROTEIN ISOLATES________________________________________________________________________________________ 57
6.1.2. PEA PROTEIN CONCENTRATES_________________________________________________________________________________ 59
6.1.3. TEXTURED PEA PROTEIN _______________________________________________________________________________________ 61
6.1.4. PEA PROTEIN HYDROLYSATE __________________________________________________________________________________ 63

6.1.5. PEA FLOUR ____________________________________________________________________________________________________ 65
6.1.6. OTHER PEA PROTEIN __________________________________________________________________________________________ 67

Forecast to 2029
7. GLOBAL PEA PROTEIN MARKET, BY SOURCE__________________________________________________ 70

7.1. INTRODUCTION ___________________________________________________________________________________________70
7.2. YELLOW PEA ______________________________________________________________________________________________71
7.3. GREEN PEA _______________________________________________________________________________________________72
8. GLOBAL PEA PROTEIN MARKET, BY SOURCE PROCESS _______________________________________ 74

8.1. INTRODUCTION ___________________________________________________________________________________________74
8.2. CONVENTIONAL PEA PROTEIN ____________________________________________________________________________75
8.3. ORGANIC PEA PROTEIN ___________________________________________________________________________________76
9. GLOBAL PEA PROTEIN MARKET, BY PROCESSING METHOD ___________________________________ 79

9.1. INTRODUCTION ___________________________________________________________________________________________79
9.2. DRY PROCESSING _________________________________________________________________________________________80
9.3. WET PROCESSING ________________________________________________________________________________________81
10. GLOBAL PEA PROTEIN MARKET, BY FORM ____________________________________________________ 82

10.1. INTRODUCTION ___________________________________________________________________________________________82
10.2. SOLID _____________________________________________________________________________________________________83
10.3. LIQUID ____________________________________________________________________________________________________84
11. GLOBAL PEA PROTEIN MARKET, BY APPLICATION ____________________________________________ 85

11.1. INTRODUCTION ___________________________________________________________________________________________85
11.2. NUTRITION & HEALTH SUPPLEMENTS ____________________________________________________________________86
11.3. MEAT & ALTERNATIVE MEAT PRODUCTS _________________________________________________________________88
11.4. BAKERY PRODUCTS _______________________________________________________________________________________90
11.5. DAIRY & DAIRY ALTERNATIVES ___________________________________________________________________________92
11.6. CEREALS & SNACKS ______________________________________________________________________________________93
11.7. BEVERAGES _______________________________________________________________________________________________94
11.8. PET FOOD _________________________________________________________________________________________________96
11.9. OTHER APPLICATIONS ____________________________________________________________________________________97

Forecast to 2029
12. PEA PROTEIN MARKET, BY GEOGRAPHY ______________________________________________________ 99

12.1. INTRODUCTION ___________________________________________________________________________________________99
12.2. NORTH AMERICA _______________________________________________________________________________________ 102
12.2.1. U.S. ___________________________________________________________________________________________________________ 105
12.2.2. CANADA ______________________________________________________________________________________________________ 110
12.3. EUROPE _________________________________________________________________________________________________ 113

12.3.1. GERMANY_____________________________________________________________________________________________________ 117
12.3.2. FRANCE _______________________________________________________________________________________________________ 120
12.3.3. U.K. ___________________________________________________________________________________________________________ 123
12.3.4. ITALY _________________________________________________________________________________________________________ 127

12.3.5. SPAIN _________________________________________________________________________________________________________ 130
12.3.6. REST OF EUROPE _____________________________________________________________________________________________ 133
12.4. ASIA-PACIFIC ___________________________________________________________________________________________ 136

12.4.1. CHINA ________________________________________________________________________________________________________ 140
12.4.2. JAPAN ________________________________________________________________________________________________________ 143
12.4.3. INDIA _________________________________________________________________________________________________________ 147

12.4.4. AUSTRALIA ___________________________________________________________________________________________________ 150
12.4.5. REST OF ASIA PACIFIC ________________________________________________________________________________________ 154
12.5. LATIN AMERICA_________________________________________________________________________________________ 157

12.6. MIDDLE EAST AND AFRICA ______________________________________________________________________________ 160
13. COMPETITIVE LANDSCAPE __________________________________________________________________ 164

13.1. INTRODUCTION _________________________________________________________________________________________ 164
13.2. KEY GROWTH STRATEGIES _____________________________________________________________________________ 164
13.3. COMPETITIVE BENCHMARKING _________________________________________________________________________ 166
14. COMPANY PROFILES ________________________________________________________________________ 167

14.1. ROQUETTE FRÈRES LE ROMAIN _________________________________________________________________________ 167
14.1.1. BUSINESS OVERVIEW _________________________________________________________________________________________ 167
14.1.2. FINANCIAL OVERVIEW ________________________________________________________________________________________ 167
14.1.3. PRODUCT PORTFOLIO_________________________________________________________________________________________ 168
14.1.4. STRATEGIC DEVELOPMENTS __________________________________________________________________________________ 168
14.2. AGT FOOD AND INGREDIENTS INC. _____________________________________________________________________ 169


14.3. CARGILL, INCORPORATED ______________________________________________________________________________ 170

Forecast to 2029

14.4. INGREDION INC. ________________________________________________________________________________________ 172


14.5. ARCHER DANIELS MIDLAND COMPANY _________________________________________________________________ 174


14.6. DUPONT DE NEMOURS AND COMPANY _________________________________________________________________ 176


14.7. AXIOM FOODS INC. _____________________________________________________________________________________ 179

14.8. BURCON NUTRASCIENCE CORPORATION _______________________________________________________________ 180


14.9. GLANBIA PLC ___________________________________________________________________________________________ 182



Forecast to 2029
14.10. COSUCRAGROUPE WARCOING SA_______________________________________________________________________ 184

14.11. SOTEXPRO ______________________________________________________________________________________________ 185

14.12. FARBEST BRANDS ______________________________________________________________________________________ 186

14.13. SHANDONG JIANYUAN FOODS CO., LTD. ________________________________________________________________ 187

14.14. THE EMSLAND GROUP __________________________________________________________________________________ 188


14.15. NUTRI-PEA LIMITED _____________________________________________________________________________________ 189

15. APPENDIX ___________________________________________________________________________________ 190

15.1. QUESTIONNAIRE ________________________________________________________________________________________ 190
15.2. AVAILABLE CUSTOMIZATION ___________________________________________________________________________ 196

Forecast to 2029
LIST OF TABLES
TABLE 1 GLOBAL PEA PROTEIN MARKET DRIVERS: IMPACT ANALYSIS (2022–2029) .................................... 38
TABLE 2 GLOBAL PEA PROTEIN MARKET RESTRAINTS: IMPACT ANALYSIS (2022–2029) ............................. 43
TABLE 3 AVERAGE PRICES OF PEA PROTEIN ISOLATES, BY REGION, 2020–2029 (USD/TON) ........................ 47
TABLE 4 AVERAGE PRICES OF PEA PROTEIN CONCENTRATES, BY REGION, 2020–2029 (USD/TON)............. 48
TABLE 5 AVERAGE PRICES OF TEXTURED PEA PROTEIN, BY REGION, 2020–2029 (USD/TON) ...................... 49
TABLE 6 AVERAGE PRICES OF PEA PROTEIN HYDROLYSATE, BY REGION, 2020–2029 (USD/TON) ............... 50
TABLE 7 AVERAGE PRICES OF PEA FLOUR, BY REGION, 2020–2029 (USD/TON) ............................................. 51
TABLE 8 AVERAGE PRICES OF OTHERS PEA PROTEIN, BY REGION, 2020–2029 (USD/TON) .......................... 52
TABLE 9 PEA PROTEIN MARKET SIZE, BY TYPE, 2022–2029 (USD MILLION)................................................... 56
TABLE 10 PEA PROTEIN MARKET SIZE, BY TYPE, 2022–2029 (TONS) ............................................................... 57
TABLE 11 PEA PROTEIN ISOLATES MARKET SIZE, BY COUNTRY/REGION, 2022–2029 (USD MILLION) ........... 58
TABLE 12 PEA PROTEIN ISOLATES MARKET SIZE, BY COUNTRY/REGION, 2022–2029 (TONS) ........................ 59
TABLE 13 PEA PROTEIN CONCENTRATES MARKET SIZE, BY COUNTRY/REGION, 2022–2029

(USD MILLION) ..................................................................................................................................... 60
TABLE 14 PEA PROTEIN CONCENTRATES MARKET SIZE, BY COUNTRY/REGION, 2022–2029 (TONS)............. 61
TABLE 15 TEXTURED PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2022–2029 (USD MILLION) .......... 62
TABLE 16 TEXTURED PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2022–2029 (TONS) ...................... 63
TABLE 17 PEA PROTEIN HYDROLYSATE MARKET SIZE, BY COUNTRY/REGION, 2022–2029 (USD MILLION) ... 64
TABLE 18 PEA PROTEIN HYDROLYSATE MARKET SIZE, BY COUNTRY/REGION, 2022–2029 (TONS) ............... 65
TABLE 19 PEA PROTEIN FLOUR MARKET SIZE, BY COUNTRY/REGION, 2022–2029 (USD MILLION) ................ 66
TABLE 20 PEA PROTEIN FLOUR MARKET SIZE, BY COUNTRY/REGION, 2022–2029 (TONS) ............................. 67
TABLE 21 OTHERS PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2022–2029 (USD MILLION) .............. 68
TABLE 22 OTHERS PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2022–2029 (TONS) .......................... 69
TABLE 23 GLOBAL PEA PROTEIN SUPPLEMENTS MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION) ..... 70
TABLE 24 YELLOW PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2020–2029 (USD MILLION) .............. 72
TABLE 25 GREEN PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2020–2029 (USD MILLION) ................ 73
TABLE 26 GLOBAL PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION)............... 74
TABLE 27 CONVENTIONAL PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2020–2029 (USD MILLION) . 76
TABLE 28 ORGANIC PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2020–2029 (USD MILLION) ............ 78
TABLE 29 GLOBAL PLANT-BASED PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029

(USD MILLION) ..................................................................................................................................... 79
TABLE 30 DRY-PROCESSED PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2020–2029

(USD MILLION) ..................................................................................................................................... 80

Forecast to 2029
TABLE 31 WET-PROCESSED PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2020–2029

(USD MILLION) ..................................................................................................................................... 81
TABLE 32 GLOBAL PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION) ................................... 82
TABLE 33 SOLID PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2020–2029 (USD MILLION).................. 83
TABLE 34 LIQUID PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2020–2029 (USD MILLION) ................ 84
TABLE 35 GLOBAL PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION) ...................... 86
TABLE 36 PEA PROTEIN MARKET SIZE FOR NUTRITION & HEALTH SUPPLEMENTS, BY COUNTRY/REGION,
2020–2029 (USD MILLION) .................................................................................................................. 87
TABLE 37 PEA PROTEIN MARKET SIZE FOR MEAT & ALTERNATIVE MEAT PRODUCTS,
BY COUNTRY/REGION, 2020–2029 (USD MILLION) ............................................................................ 89
TABLE 38 PEA PROTEIN MARKET SIZE FOR BAKERY PRODUCTS, BY COUNTRY/REGION, 2020–2029
(USD MILLION) ..................................................................................................................................... 91
TABLE 39 PEA PROTEIN MARKET SIZE FOR DAIRY AND DAIRY ALTERNATIVES, BY COUNTRY/REGION,
2020–2029 (USD MILLION) .................................................................................................................. 93
TABLE 40 PEA PROTEIN MARKET SIZE FOR CEREALS & SNACKS, BY COUNTRY/REGION, 2020–2029
(USD MILLION) ..................................................................................................................................... 94
TABLE 41 PEA PROTEIN MARKET SIZE FOR BEVERAGES, BY COUNTRY/REGION, 2020–2029

(USD MILLION) ..................................................................................................................................... 95
TABLE 42 PEA PROTEIN MARKET SIZE FOR PET FOODS, BY COUNTRY/REGION, 2020–2029 (USD MILLION) . 97
TABLE 43 PEA PROTEIN MARKET SIZE FOR OTHER APPLICATIONS, BY COUNTRY/REGION, 2020–2029
(USD MILLION) ..................................................................................................................................... 98
TABLE 44 GLOBAL PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2020–2029 (USD MILLION) ............ 100
TABLE 45 GLOBAL PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2020–2029 (TONS) ......................... 101
TABLE 46 NORTH AMERICA: PEA PROTEIN MARKET SIZE, BY COUNTRY, 2020–2029 (USD MILLION) ........... 102
TABLE 47 NORTH AMERICA: PEA PROTEIN MARKET SIZE, BY COUNTRY, 2020–2029 (TONS) ....................... 102
TABLE 48 NORTH AMERICA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION) .................. 103
TABLE 49 NORTH AMERICA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS) ............................... 103
TABLE 50 NORTH AMERICA: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION) ............. 104
TABLE 51 NORTH AMERICA: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029
(USD MILLION) ................................................................................................................................... 104
TABLE 52 NORTH AMERICA: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029
(USD MILLION) ................................................................................................................................... 104
TABLE 53 NORTH AMERICA: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION) ................. 105
TABLE 54 NORTH AMERICA: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION)..... 105
TABLE 55 U.S.: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION) ........................................ 107
TABLE 56 U.S.: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS) ..................................................... 107

Forecast to 2029
TABLE 57 U.S.: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION) ................................... 108
TABLE 58 U.S.: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION)................... 108
TABLE 59 U.S.: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029 (USD MILLION) ........... 108
TABLE 60 U.S.: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION) ....................................... 109
TABLE 61 U.S.: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION) .......................... 109
TABLE 62 CANADA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION)................................. 111
TABLE 63 CANADA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS) ............................................. 111
TABLE 64 CANADA: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION)............................ 111
TABLE 65 CANADA: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION) ........... 112
TABLE 66 CANADA: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029 (USD MILLION) .... 112
TABLE 67 CANADA: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION) ............................... 112
TABLE 68 CANADA: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION) ................... 113
TABLE 69 EUROPE: PEA PROTEIN MARKET SIZE, BY COUNTRY, 2020–2029 (USD MILLION).......................... 114
TABLE 70 EUROPE: PEA PROTEIN MARKET SIZE, BY COUNTRY, 2020–2029 (TONS) ...................................... 114
TABLE 71 EUROPE: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION) ................................. 115
TABLE 72 EUROPE: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS) .............................................. 115
TABLE 73 EUROPE: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION) ............................ 115
TABLE 74 EUROPE: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION)............ 116
TABLE 75 EUROPE: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029 (USD MILLION) .... 116
TABLE 76 EUROPE: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION) ................................ 116
TABLE 77 EUROPE: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION) ................... 117
TABLE 78 GERMANY: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION) .............................. 118
TABLE 79 GERMANY: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS) .......................................... 118
TABLE 80 GERMANY: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION) ......................... 119
TABLE 81 GERMANY: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION) ........ 119
TABLE 82 GERMANY: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029 (USD MILLION) . 119
TABLE 83 GERMANY: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION)............................. 120
TABLE 84 GERMANY: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION) ................ 120
TABLE 85 FRANCE: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION) ................................. 121
TABLE 86 FRANCE: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS) .............................................. 121
TABLE 87 FRANCE: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION) ............................ 122
TABLE 88 FRANCE: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION) ........... 122
TABLE 89 FRANCE: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029 (USD MILLION) .... 122

Forecast to 2029
TABLE 90 FRANCE: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION) ................................ 123
TABLE 91 FRANCE: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION) ................... 123
TABLE 92 U.K.: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION) ........................................ 124
TABLE 93 U.K.: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS)..................................................... 125
TABLE 94 U.K.: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION) ................................... 125
TABLE 95 U.K.: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION) .................. 125
TABLE 96 U.K.: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029 (USD MILLION) ........... 126
TABLE 97 U.K.: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION) ....................................... 126
TABLE 98 U.K.: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION) .......................... 126
TABLE 99 ITALY: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION) ..................................... 127
TABLE 100 ITALY: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS) .................................................. 128
TABLE 101 ITALY: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION) ................................ 128
TABLE 102 ITALY: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION)................ 128
TABLE 103 ITALY: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029 (USD MILLION) ........ 129
TABLE 104 ITALY: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION) .................................... 129
TABLE 105 ITALY: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION) ....................... 129
TABLE 106 SPAIN: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION)..................................... 130
TABLE 107 SPAIN: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS) ................................................. 131
TABLE 108 SPAIN: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION)................................ 131
TABLE 109 SPAIN: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION) ............... 131
TABLE 110 SPAIN: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029 (USD MILLION) ........ 132
TABLE 111 SPAIN: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION) ................................... 132
TABLE 112 SPAIN: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION)....................... 132
TABLE 113 REST OF EUROPE: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION) .................. 133
TABLE 114 REST OF EUROPE: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS) ............................... 134
TABLE 115 REST OF EUROPE: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION) ............. 134
TABLE 116 REST OF EUROPE: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029
(USD MILLION) ................................................................................................................................... 134
TABLE 117 REST OF EUROPE: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029
(USD MILLION) ................................................................................................................................... 135
TABLE 118 REST OF EUROPE: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION) ................. 135
TABLE 119 REST OF EUROPE: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION) .... 135
TABLE 120 ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY COUNTRY, 2020–2029 (USD MILLION) ................. 136
TABLE 121 ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY COUNTRY, 2020–2029 (TONS) ............................. 137

Forecast to 2029
TABLE 122 ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION)......................... 137
TABLE 123 ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS) ..................................... 138
TABLE 124 ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION).................... 138
TABLE 125 ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION) ... 138
TABLE 126 ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029
(USD MILLION) ................................................................................................................................... 139
TABLE 127 ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION) ....................... 139
TABLE 128 ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION) ........... 139
TABLE 129 CHINA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION) .................................... 141
TABLE 130 CHINA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS)................................................. 141
TABLE 131 CHINA: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION) ............................... 142
TABLE 132 CHINA: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION) .............. 142
TABLE 133 CHINA: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029 (USD MILLION) ....... 142
TABLE 134 CHINA: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION) ................................... 142
TABLE 135 CHINA: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION) ...................... 143
TABLE 136 JAPAN: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION) ................................... 144
TABLE 137 JAPAN: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS) ................................................ 145
TABLE 138 JAPAN: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION) .............................. 145
TABLE 139 JAPAN: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION) .............. 145
TABLE 140 JAPAN: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029 (USD MILLION)....... 146
TABLE 141 JAPAN: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION) .................................. 146
TABLE 142 JAPAN: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION)...................... 146
TABLE 143 INDIA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION)...................................... 148
TABLE 144 INDIA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS) .................................................. 148
TABLE 145 INDIA: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION)................................. 148
TABLE 146 INDIA: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION) ................ 149
TABLE 147 INDIA: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029 (USD MILLION) ......... 149
TABLE 148 INDIA: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION) .................................... 149
TABLE 149 INDIA: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION)........................ 150
TABLE 150 AUSTRALIA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION) ............................ 151
TABLE 151 AUSTRALIA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS)......................................... 152
TABLE 152 AUSTRALIA: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION) ....................... 152
TABLE 153 AUSTRALIA: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION) ...... 152
TABLE 154 AUSTRALIA: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029 (USD MILLION) 153

Forecast to 2029
TABLE 155 AUSTRALIA: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION) ........................... 153
TABLE 156 AUSTRALIA: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION) .............. 153
TABLE 157 REST OF ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION).......... 154
TABLE 158 REST OF ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS) ...................... 155
TABLE 159 REST OF ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION)..... 155
TABLE 160 REST OF ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029
(USD MILLION) ................................................................................................................................... 155
TABLE 161 REST OF ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029 (USD
MILLION) ............................................................................................................................................ 156
TABLE 162 REST OF ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION) ........ 156
TABLE 163 REST OF ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029
(USD MILLION) ................................................................................................................................... 156
TABLE 164 LATIN AMERICA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION) .................... 158
TABLE 165 LATIN AMERICA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS) ................................. 158
TABLE 166 LATIN AMERICA: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION) ............... 158
TABLE 167 LATIN AMERICA: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION)159
TABLE 168 LATIN AMERICA: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029
(USD MILLION) ................................................................................................................................... 159
TABLE 169 LATIN AMERICA: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION) ................... 159
TABLE 170 LATIN AMERICA: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION)....... 160
TABLE 171 MIDDLE EAST & AFRICA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION) ........ 161
TABLE 172 MIDDLE EAST & AFRICA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS) .................... 161
TABLE 173 MIDDLE EAST & AFRICA: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION) ... 162
TABLE 174 MIDDLE EAST & AFRICA: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029
(USD MILLION) ................................................................................................................................... 162
TABLE 175 MIDDLE EAST & AFRICA: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029
(USD MILLION) ................................................................................................................................... 162
TABLE 176 MIDDLE EAST & AFRICA: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION) ....... 163
TABLE 177 MIDDLE EAST & AFRICA: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029
(USD MILLION) ................................................................................................................................... 163
TABLE 178 TOTAL NUMBER OF RECENT DEVELOPMENTS, BY KEY PLAYERS (2018–2021) ............................. 165

Forecast to 2029
LIST OF FIGURES
FIGURE 1 RESEARCH PROCESS ........................................................................................................................... 20
FIGURE 2 KEY SECONDARY SOURCES ................................................................................................................. 21
FIGURE 3 PRIMARY RESEARCH TECHNIQUES ..................................................................................................... 22
FIGURE 4 KEY EXECUTIVES INTERVIEWED.......................................................................................................... 23
FIGURE 5 BREAKDOWN OF PRIMARY INTERVIEWS (SUPPLY-SIDE & DEMAND-SIDE) ........................................ 24
FIGURE 6 MARKET SIZING AND GROWTH FORECAST APPROACH .................................................................... 25
FIGURE 7 PEA PROTEIN ISOLATES SEGMENT TO DOMINATE THE MARKET IN 2021 ........................................ 29
FIGURE 8 YELLOW PEA PROTEIN SEGMENT TO GROW AT THE HIGHEST CAGR DURING THE FORECAST
PERIOD ................................................................................................................................................. 30
FIGURE 9 CONVENTIONAL PEA PROTEIN SEGMENT ACCOUNTED FOR THE LARGEST SHARE OF THE PEA
PROTEIN MARKET ................................................................................................................................ 31
FIGURE 10 DRY PROCESSING SEGMENT ACCOUNTED FOR THE LARGEST SHARE OF THE PEA PROTEIN
MARKET ............................................................................................................................................... 32
FIGURE 11 LIQUID SEGMENT TO WITNESS THE HIGHEST GROWTH DURING THE FORECAST PERIOD ............. 33
FIGURE 12 NUTRITION AND HEALTH SUPPLEMENTS SEGMENT ACCOUNTED FOR THE LARGEST MARKET
SHARE IN 2021 ..................................................................................................................................... 34
FIGURE 13 GLOBAL PEA PROTEIN MARKET GEOGRAPHIC SNAPSHOT ............................................................... 35
FIGURE 14 MARKET DYNAMICS ............................................................................................................................. 37
FIGURE 15 AVERAGE PRICES OF PEA PROTEIN ISOLATES, BY REGION, 2020–2029 (USD/ TON) ....................... 47
FIGURE 16 AVERAGE PRICES OF PEA PROTEIN CONCENTRATES, BY REGION, 2020–2029 (USD/TON)............. 48
FIGURE 17 AVERAGE PRICES OF TEXTURED PEA PROTEIN, BY REGION, 2020–2029 (USD/TON) ...................... 49
FIGURE 18 AVERAGE PRICES OF PEA PROTEIN HYDROLYSATE, BY REGION, 2020–2029 (USD/TON) ............... 50
FIGURE 19 AVERAGE PRICES OF PEA FLOUR, BY REGION, 2020–2029 (USD/TON) ............................................. 51
FIGURE 20 AVERAGE PRICES OF OTHERS PEA PROTEIN, BY REGION, 2020–2029 (USD/TON) .......................... 52
FIGURE 21 PEA PROTEIN MARKET SIZE, BY TYPE, 2022–2029 (USD MILLION)................................................... 55
FIGURE 22 PEA PROTEIN MARKET SIZE, BY TYPE, 2022–2029 (TONS) ............................................................... 56
FIGURE 23 GLOBAL PEA PROTEIN MARKET SIZE, BY SOURCE, 2022–2029 (USD MILLION) ............................... 70
FIGURE 24 GLOBAL PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2022–2029 (USD MILLION)............... 74
FIGURE 25 GLOBAL PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2022–2029 (USD MILLION)........ 79
FIGURE 26 GLOBAL PEA PROTEIN MARKET SIZE, BY FORM, 2022–2029 (USD MILLION) ................................... 82
FIGURE 27 GLOBAL PEA PROTEIN MARKET SIZE, BY APPLICATION, 2022–2029 (USD MILLION) ...................... 85
FIGURE 28 GLOBAL PEA PROTEIN MARKET SIZE, BY REGION, 2022–2029 (USD MILLION) ................................ 99
FIGURE 29 GLOBAL PEA PROTEIN MARKET SIZE, BY REGION, 2022–2029 (TONS)........................................... 100

Forecast to 2029
FIGURE 30 KEY GROWTH STRATEGIES ADOPTED BY LEADING PLAYERS (2018–2021) ................................... 164
FIGURE 31 PEA PROTEIN MARKET: COMPETITIVE BENCHMARKING, BY TYPE ................................................. 166
FIGURE 32 ROQUETTE FRÈRES LE ROMARIN: FINANCIAL OVERVIEW (2020) .................................................... 167
FIGURE 33 CARGILL, INCORPORATED: FINANCIAL OVERVIEW (2020) ............................................................... 170
FIGURE 34 INGREDION INCORPORATED: FINANCIAL OVERVIEW (2020) ........................................................... 172
FIGURE 35 ARCHER DANIELS MIDLAND COMPANY: FINANCIAL OVERVIEW (2020) .......................................... 174
FIGURE 36 DUPONT DE NEMOURS, INC.: FINANCIAL OVERVIEW (2020) ............................................................ 177
FIGURE 37 BURCON NUTRASCIENCE CORPORATION: FINANCIAL OVERVIEW (2020) ....................................... 180
FIGURE 38 GLANBIA PLC: FINANCIAL OVERVIEW (2020).................................................................................... 182

Forecast to 2029
ACRONYMS
ACRONYM DESCRIPTION
AFGC Australian Food and Grocery Council
ANIA National Association of Food Industries
APAC Asia-Pacific
APEDA Agricultural and Processed Food Products Exports Development Authority
BMD Bone Mineral Density
bve Bundesvereinigung der Deutschen Ernährungsindustrie
COVID-19 Corona Virus Disease of 2019
cma Complementary Medicines Australia
CVD Cardiovascular Diseases
cwt Hundredweight
dac Development Assistance Committee
GDP Gross Domestic Product
GTAI Germany Trade & Invest
EASD European Association for the Study of Diabetes
EMDE Emerging Market and Developing Economies
EU European Union
EUR Euro
FAOSTAT Food and Agriculture Organization Corporate Statistical Database
FAO/UN United Nations Food and Agriculture Organization
FOSDU Food for Specified Dietary Uses
FOSHU Food for Specified Health Uses
FDA Food and Drug Administration
gain Global Agriculture Information Network
GFI Good Food Institute
IARC International Agency for Research on Cancer
IBEF India Brand Equity foundation
ific International Food Information Council’s
INR Indian National Rupee
KOL Key Opinion Leaders
MT Metric Ton
ania National Association of Food Industries
NAMIIMA North American Meat Institute
NCD Non-communicable Diseases
NHANES National Health and Nutrition Examination Survey
HKTDC Hong Kong Trade Development Council
OECD Organization for Economic Co-operation

Forecast to 2029
PBFA Plant Based Foods Association
R&D Research and Development
RoAPAC Rest of Asia-Pacific
RoE Rest of Europe
UAE United Arab Emirates
U.K. United Kingdom
UN DESA United Nations Department of Economic and Social Affairs
U.S. United States
USD United States Dollar
USDA United States Department of Agriculture
VDMA Verband Deutscher Maschinen and Anlagenbau
WHO World Health Organization

Forecast to 2029
1. INTRODUCTION
1.1. MARKET DEFINITION

Pea protein is a type of protein mainly extracted from yellow and green split peas. It is used by various manufacturers, including
food, feed, and health supplements for functional as well as nutritional purposes. Pea protein is used as a functional ingredient
in food manufacturing for thickening, emulsifying, and foaming purposes. It can also be used as a supplement to increase an
individual's protein or nutrient intake or as a substitute for other food products. This market report studies the pea protein
market based on product type, form, source, source process, processing method, application, and geography.
1.2. MARKET ECOSYSTEM
BY SOURCE
BY TYPE BY SOURCE BY FORM
PROCESS
• Pea Protein Isolates • Yellow Peas • Conventional Pea • Solid

• Pea Protein • Green Peas Protein Ingredients • Liquid
Concentrates • Organic Pea Protein
• Textured Pea Protein Ingredients
• Pea Protein
Hydrolysate
• Pea Protein Flour
• Others Pea Protein
BY PROCESSING
BY APPLICATION BY GEOGRAPHY
METHOD
• Dry Processing • Nutrition and Health • North America

• Wet Processing Supplements • Europe
• Bakery • Asia-Pacific
• Cereals and Snacks • Latin America
• Meat Alternatives • Middle East &
• Dairy and Dairy Africa
Alternatives
• Beverages
• Pet Food
• Others
Source: Meticulous Research® Analysis

Forecast to 2029
1.3. CURRENCY
• The currency used in this report is the United States Dollar (USD), with market sizes indicated in USD million.
• For companies reporting their revenues in USD, the revenues were taken from their annual reports, SEC filings, and investor
presentations.
• For companies reporting their revenues in other currencies, the average annual currency conversion rate for that particular
year was used to convert the values to USD.
Year 2018 2019 2020 2021
Rate (EUR to USD) 1.181011 1.122014 1.142203 1.203891
Rate (JPY to USD) 0.009059 0.009176 0.009373 0.009346

Source: Oanda Corporation and OFX (OzForex Limited)
1.4. KEY STAKEHOLDERS
Pea Protein Manufacturers

1
Pea Protein Based Food Product
Manufacturers
2
Pea Protein ingredients and
KEY STAKEHOLDERS
Product Dealers & Distributors

3
KEY PLAYERS
Academic Research Institutes & Universities

Business Research & Consulting Firms
4
Regulators, Government Bodies, and Associations
5
Raw Material Suppliers
6
Regulators, Venture Capitalists, and Professional
Societies
7

Forecast to 2029
2. RESEARCH METHODOLOGY
2.1. RESEARCH APPROACH

Meticulous Research® has employed a comprehensive and iterative research methodology for analyzing the global pea protein
market, focused on minimizing deviance and providing the most accurate estimates and forecasts possible. A six-step process
governs our research methodology: scope definition and research design, data collection, data validation, data analysis, data
triangulation, and data formulation.
FIGURE 1 RESEARCH PROCESS
Secondary Research—Annual Reports, SEC

Client Enquiries, Emerging Trends, Filings, Company Presentations, Regulations,
Recent Developments in the Global Market, Standardization Bodies, Academic Studies,
Conferences, and Market Due- diligence Third-party Sources, and Internal Database
SCOPE DEFINITION AND RESEARCH DESIGN DATA COLLECTION
Market Engineering, Historical

Primary Interviews with Market
Trends Analysis, Impact Analysis, Survey
Players, Distributors, Regulators,
Data Analysis, Participants Interview
Demand-side KOLs, and Vendors
Analysis, and Spending Analysis
DATA ANALYSIS DATA VALIDATION
Variance Check, Error Sampling,

Reassurance Check, Consistency
Check, and Final Quality Check
Top-down Bottom-up REPORT
DATA TRIANGULATION DATA FORMULATION
PUBLICATION
For this study, information was rigorously gathered from primary and secondary sources through several interviews with key
industry participants from the demand and supply sides, channel players, regulators, and standardization bodies. Data gathered
from these interviews and surveys was further analyzed and engineered to understand buying, spending, demand & supply
patterns, and estimate market sizes and forecasts.
Meticulous Research’s research methodology benefits strongly from the ability to crosscheck data from several different
industry-related perspectives and the company’s own research, reinforcing the integrity and veracity of the data.
Subsequently, multiple checkpoints are used to check for consistencies, error samples, and variances. Once the market data
passes the tests and checkpoints, a report is published and made available with our reseller partners and us.

Forecast to 2029
2.2. DATA COLLECTION & VALIDATION

2.2.1. SECONDARY RESEARCH
In compiling the secondary research data for this study, Meticulous Research® conducted a comprehensive search of relevant
published information, including annual reports, SEC filings, investor presentations, magazines, associations, external
proprietary databases, and other available secondary sources. The company’s focused and disciplined approach to this process,
coupled with in-house expertise in secondary research, extensive proprietary in-house databases, and strong knowledge capital
ensure targeted and comprehensive results.
This data subsequently provides the basis for designing research questionnaires and interview discussion guides, identifying
data gaps, and selecting appropriate targets used in the primary research.
FIGURE 2 KEY SECONDARY SOURCES
KEY SECONDARY SOURCES
1 2 3
Market Positioning
Qualitative Information of Leading Players Market Size
• Company Websites, Press Releases, • Annual Reports and SEC Filings • Associations, Journals, Websites,
Annual Reports, and Investor Presentations • Company Websites and Press and Press Releases
• Paid Databases Releases • Public & Paid Databases
• Journals and Organizations & Associations • Public and Paid Databases • Annual Reports, SEC Filings, and
• World Resources Institute (WRI) • Meticulous Research Data Repository Company Investor Presentations
• National Health and Nutrition Examination Survey • Meticulous Research Data
• National Institutes of Health Repository
• World Health Organization (WHO)
• The World Bank Group
• Organisation for Economic Co-operation and
Development (OECD)
• Plant Based Foods Association
• The Good Food Institute
• United States Department of Agriculture (USDA)
• Food and Agriculture Organization of the United
Nations (FAO)
• European Commission

Forecast to 2029
2.2.2. PRIMARY RESEARCH

A key element in Meticulous Research’s® research methodology is the primary data collection phase that includes direct
discussions and interviews with a broad base of key opinion leaders (KOLs) throughout the value chain across the globe.
Meticulous Research® has an established panel of executives and managers, technical experts, and other industry experts, such
as suppliers, distributors, and end users. Access to such specialists, market data, market insights, trends, and alternative
perspectives throughout the value chain ensures that the analysis conducted by Meticulous Research® is thorough, robust,
verified, and usable.
FIGURE 3 PRIMARY RESEARCH TECHNIQUES
CATI
Telephonic
Interviews
Web-based
Questionnaires
CAWI
CASI
PRIMARY RESEARCH
Survey through E-Mails TECHNIQUES
(Word, Excel, etc.)
Video Interviews (Skype,

WebEx, etc.)
CAVI
In the primary research process for this research study, industry experts such as CEOs, presidents, directors, business
managers, marketing managers, and related key executives from various key companies and organizations throughout the value
chain across the globe have been interviewed, to obtain and verify both qualitative and quantitative aspects of this research
study.

Forecast to 2029
Some major objectives of the primary research process were as follows:
• To validate the market segmentation defined during the secondary research by assessing the product offerings of leading
market players.
• To gather both demand- and supply-side validation of key factors affecting market growth i.e., market drivers, restraints,
opportunities, and challenges.
• To understand the impacts of key industry trends and technologies defining the strategic growth objectives of market
players.
• To validate the assumptions for the market sizing and forecasting models.
• To understand the market positions/market shares/market rankings of leading players.
FIGURE 4 KEY EXECUTIVES INTERVIEWED
8 1
CXOs—Preferably Product Managers
COOs/CIOs/ CEOs
7 2
External
Consultants Product
Marketing Leaders
PROFESSIONALS
INTERVIEWED
FOR THIS PROJECT
Regional Sales Technology
Managers Scientists
6 3
Program/
Vice Presidents Project Heads
5 4

Forecast to 2029
FIGURE 5 BREAKDOWN OF PRIMARY INTERVIEWS (SUPPLY-SIDE & DEMAND-SIDE)
BY COMPANY TYPE BY DESIGNATION BY GEOGRAPHY
9% 5%
5% 11%
30%
34%
9% 36%
20%
N=56 N=56 N=56
66% 20%
27%
29%
Senior Managers
Head of Sales/Marketing Asia-Pacific Europe
Supply-side Demand-side
Sales Executives Middle East & Africa North America
Vice Presidents
Latin America
Directors
Others
Note: Other designations interviewed for the study include CXOs, external
consultants, operation/product managers, application specialists, and
company divisional heads, among others.

Forecast to 2029
2.3. MARKET ASSESSMENT

2.3.1. MARKET SIZE ESTIMATION
The market size estimates and forecasts provided in this study have been derived through a mix of a bottom-up approach
(revenue share analysis of leading players) and a top-down approach (assessment of utilization/adoption/penetration trends,
and pricing, by type, crop type, source process, form, application, and geography).
FIGURE 6 MARKET SIZING AND GROWTH FORECAST APPROACH
TOP-DOWN
Modeling & Forecasting
PRIMARY MACRO
INTERVIEWS INFLUENCES
Project In-house
DEMAND-SIDE Management Expertise SUPPLY-SIDE
MICRO SECONDARY
FACTORS SOURCES
Data Checks
BOTTOM-UP
2.3.1.1. BOTTOM-UP APPROACH

In this report, the global market size for pea protein was determined using the revenue share analysis of leading market players.
For this, major players in the market were identified through secondary research. Their revenues from the pea protein business
were determined through various insights gathered during the primary and secondary research phases. After assessing their
individual/collective market shares, the total market size for pea protein was determined. This market size was also validated
at different levels through insights from both the demand- and supply-side KOLs.
The revenue share analysis was employed wherever feasible to arrive at segmental market sizes by identifying leading players
in the respective categories.

Forecast to 2029
2.3.1.2. TOP-DOWN APPROACH

A top-down approach was employed to derive segmental shares for the pea protein market by type, crop type, source process,
form, and application. These were determined by assigning weightages, based on utilization rates/product penetration and
average selling price.
The regional splits of the overall pea protein market and its subsegments are based on the adoption/utilization rates of the
given products in the respective regions or countries. Analogy benchmarking-based market estimation and forecasting
techniques were used for countries with limited availability of reliable data and a lack of indicators.
2.3.1.3. GROWTH FORECAST

The market forecasts provided in this study were derived after a detailed assessment of various quantitative and qualitative
factors, such as the historical revenue growth trends of leading players; major market growth drivers and restraints, and their
impacts over the forecast period and relevant macroeconomic & microeconomic indicators. The impacts of various competitive
strategic developments, such as new product launches & approvals, geographic expansions, and mergers & acquisitions, have
also been considered in the growth forecasts provided in this study.
The market forecasts provided in this study do not account for the effects of inflation, economic downturns, exchange rate
fluctuations, and any unforeseen regulatory and policy changes that may occur over the forecast period.
2.4. ASSUMPTIONS FOR THE STUDY

• The year-on-year revenue growth of companies has been considered to estimate the growth rate of the overall market.
• Between 2018 and 2021, several companies launched new products in the global pea protein market. The trend is expected
to continue during the forecast period, positively impacting market growth during the forecast period.
• Rising interest in plant-based protein, growing health and wellness trend, increasing plant-based food market, rising
consumer awareness regarding nutritional benefits offered by pea and pea-based products, and advancements in extraction
and processing technologies are considered to have positive impacts on the adoption of pea protein.
• The CAGR for the forecast period has been normalized, and the effects of inflation, recession, economic downturns,
unforeseen regulatory or policy changes that may occur during the forecast period and other contingent factors have not
been considered.
• The global political environment has been assumed to remain stable during the forecast period.

Forecast to 2029
2.5. LIMITATIONS FOR THE STUDY

• Some companies in this market are privately owned, and their revenues are not available in the public domain. Hence, revenue
values for such companies have not been provided in this study.
• Company developments not reported in the public domain are not included in this study.
• The market share analysis of the pea protein market is not included in this study.

Forecast to 2029
3. EXECUTIVE SUMMARY
3.1. INTRODUCTION
The protein trend has reached an internationally established position. The number of protein-based products has increased
rapidly over the last five years. Also, the plant-based protein market is booming as the number of consumers across the globe
has grown exponentially in the last decade. Consumers are increasingly aiming for a responsible lifestyle focusing on health
and wellness, including ‘natural,’ ‘free from,’ and ‘sustainable’ products. Pea protein is gaining popularity due to its all-natural,
gluten-free, soy-free, and hypo-allergenic properties.
In addition, pea protein has an excellent amino acid profile as well as good protein digestibility. The growth of pea protein
consumption has also been triggered by the sports nutrition industry, where consumers positively link protein with improved
sports performance. Healthy living and weight management are additional trends that boost the growth of this market.
In terms of value, the global pea protein market is expected to grow at a CAGR of 15.7% from 2022–2029 to reach USD 1,136.1
million by 2029. In terms of volume, the global pea protein market is expected to grow at a CAGR of 12.7% from 2022–2029 to
reach 467,936.1 tons by 2029. The growth of this market is driven by the rising interest in plant-based protein, growing health
and wellness trends, increasing plant-based food market, rising consumer awareness regarding nutritional benefits offered by
pea and pea-based products, and advancements in extraction and processing technologies.
In addition, growth opportunities in emerging markets and the development and deployment of new application areas in pea
protein provide lucrative opportunities for manufacturers in the global pea protein market. However, the low processing output
and the wide preference for animal-based protein worldwide restrains the growth of this market to a notable extent.
The global pea protein market study is segmented based on type, source, source process, processing method, form, application,
and geography.

Forecast to 2029
3.2. SEGMENT ANALYSIS

3.2.1. PEA PROTEIN MARKET, BY TYPE
Based on type, the pea protein market is divided into pea protein isolates, pea protein concentrates, textured pea protein, pea
protein hydrolysate, pea flour, and other pea protein. In 2021, the pea protein isolates segment accounted for the largest share
of 45.8% of the global pea protein market. The large share of this segment is attributed to its high protein content and high
emulsification and stability properties and its large number of application areas, such as high-performance nutrition products
and snack products. This segment is also expected to grow at the highest CAGR of 16.4% during the forecast period due to
increasing demand from plant-based product manufacturers.
FIGURE 7 PEA PROTEIN ISOLATES SEGMENT TO DOMINATE THE MARKET IN 2021

20.0%
18.0% Pea Protein Hydrolysate

16.5% 16.4%
16.0% 16.2%
13.9%
14.6%
14.0% 12.9% Pea Flour Textured Pea
Protein Pea Protein Isolates
12.0% Other Pea Protein Pea Protein Concentrates
CAGR (%)
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
- 100.0 200.0 300.0 400.0 500.0 600.0 700.0
Market Size, 2029 (USD Million)
Type segments with less than 15% growth Type segments with more than 15% growth

Forecast to 2029
3.2.2. PEA PROTEIN MARKET, BY SOURCE

Based on source, the pea protein market is segmented into yellow pea and green pea. In 2021, the yellow pea protein segment
accounted for the larger share of 94.8% of the global pea protein market. The large share of this segment is attributed to its
high protein content, key constituents for pea protein isolates, and huge production base. This segment is also expected to
grow at the highest CAGR of 15.8% during the forecast period due to its versatility in a wide array of applications in the food &
beverage industry, especially as alternative meat products.
FIGURE 8 YELLOW PEA PROTEIN SEGMENT TO GROW AT THE HIGHEST CAGR DURING THE
FORECAST PERIOD
METICULOUS RESEARCH ESTIMATES
USD 387.5 USD 1,085.0 USD 21.0 USD 51.1

Million in 2022 Million by 2029 Million in 2022 Million by 2029
CAGR CAGR
15.8% 13.6%
YELLOW PEA GREEN PEA

Forecast to 2029
3.2.3. PEA PROTEIN MARKET, BY SOURCE PROCESS

Based on source process, the pea protein market is segmented into organic pea protein and conventional pea protein. In 2021,
the conventional pea protein segment accounted for the largest share of 91.8% of the overall pea protein market. The large
share of this segment is mainly attributed to the lower price of conventionally grown peas than organic peas, its longer shelf
life, and the availability of substantial crop varieties.
However, the organic pea protein segment is expected to grow at the highest CAGR of 19.0% during the forecast period. The
rapid growth of this segment is mainly attributed to growing organic product sales statistics, the rising trend of clean label
products, and the increasing number of certified organic pea producing farms.
FIGURE 9 CONVENTIONAL PEA PROTEIN SEGMENT ACCOUNTED FOR THE LARGEST SHARE OF
THE PEA PROTEIN MARKET
USD 374.1 USD 1,020.2 USD 34.4 USD 115.9

CAGR CAGR
15.4% 19.0%
CONVENTIONAL PEA PROTEIN ORGANIC PEA PROTEIN

Forecast to 2029
3.2.4. PEA PROTEIN MARKET, BY PROCESSING METHOD

Based on processing method, the pea protein market is segmented into dry processing and wet processing. In 2021, the dry
processing segment accounted for the largest share of 63.6% of the global pea protein market. The large share of this segment
is mainly attributed to low capital requirement, reduced water & energy consumption compared to wet extraction, and the high
demand from food & beverage manufacturers.
However, the wet processing segment is expected to grow at a higher CAGR of 16.7% during the forecast period as this process
enables high protein content and purity than the dry processing method.
FIGURE 10 DRY PROCESSING SEGMENT ACCOUNTED FOR THE LARGEST SHARE OF THE
PEA PROTEIN MARKET
USD 258.4 USD 692.8 USD 150.0 USD 443.3

CAGR CAGR
15.1% 16.7%
DRY WET

Forecast to 2029
3.2.5. PEA PROTEIN MARKET, BY FORM

Based on form, the pea protein market is segmented into solid/powder and liquid. In 2022, the solid/powder form segment
accounted for the largest share of 70.1% of the overall pea protein market. The large share of this segment is mainly attributed
to the higher demand for solid protein ingredients due to the ease of handling & transportation, cost-effectiveness, and the
ability to avoid costly formulation errors and maintain the stability of the ingredients.
However, the liquid segment is expected to grow at a higher CAGR of 16.3% during the forecast period due to its growing demand
from the dairy alternative industry and increasing applications in innovative products.
FIGURE 11 LIQUID SEGMENT TO WITNESS THE HIGHEST GROWTH DURING THE FORECAST
PERIOD
USD 285.5 USD 781.7 USD 122.9 USD 354.5

CAGR CAGR
15.5% 16.3%
SOLID LIQUID

Forecast to 2029
3.2.6. PEA PROTEIN MARKET, BY APPLICATION

Based on application, the pea protein market is segmented into nutrition and health supplements, meat and alternative meat
products, bakery products, dairy and dairy alternatives, cereals and snacks, beverages, pet food, and others.
In 2021, the nutrition and health supplements segment accounted for the largest share of 35.4% of the global pea protein
market. The large share of this segment is mainly attributed to the rising incidences of diseases due to improper nutrition,
benefits of pea protein in additional nutrition and sports performance products, and growing health and wellness trends.
However, the meat and alternative meat products segment is expected to witness a growth of 17.4% during the forecast period.
The rapid growth of this market is mainly attributed to growing veganism, the increasing launches of new products, and the
rising incidences of meat-borne diseases.
FIGURE 12 NUTRITION AND HEALTH SUPPLEMENTS SEGMENT ACCOUNTED FOR THE LARGEST
MARKET SHARE IN 2021
500.0 20.0%
450.0 18.0%
Market Size ($Million)
400.0 16.0%
350.0 14.0%
300.0 12.0%
250.0 10.0%
200.0 8.0%
150.0 6.0%
100.0 4.0%
50.0 2.0%
- 0.0%
Nutrition & Meat &
Bakery Dairy & Dairy Cereals & Other
Health Alternative Beverages Pet Food
Products Alternatives Snacks Applications
Supplements Meat Products
2022 146.0 92.2 63.3 53.0 19.4 13.0 8.3 13.4
2029 430.5 283.2 153.4 139.8 45.3 29.0 21.3 33.5
CAGR (2022-29) 16.7% 17.4% 13.5% 14.9% 12.9% 12.2% 14.5% 14.0%

Forecast to 2029
3.3. PEA PROTEIN MARKET: REGIONAL ANALYSIS

Based on region, the pea protein market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle
East & Africa. In 2021, North America accounted for the largest share of 36.1% of the overall pea protein market. North America’s
prominent position in the pea protein market is primarily attributed to the well-established food & beverage industry, the rising
concerns over animal products and protein, the increasing vegan population, the growing preference for meat alternatives, the
increasing demand for healthy & nutritional products, and the large presence of pea protein manufacturers in North America.
However, Asia-Pacific is expected to grow at the highest CAGR of 17.7% during the forecast period. The rapid market growth in
this region is mainly attributed to the growing awareness regarding the importance of protein-rich diets and increasing health
consciousness amongst the general population, the booming food & beverage industry, the large vegan population, and the
increasing number of pea protein-based product launches.
FIGURE 13 GLOBAL PEA PROTEIN MARKET GEOGRAPHIC SNAPSHOT
NORTH AMERICA
36.1%
15.3%
EUROPE
25.7%
14.7% ASIA PACIFIC
18.9%
17.7%
MIDDLE EAST
& AFRICA
1.8%
LATIN AMERICA
15.0%
4.8%
16.7%
MARKET SHARE % (2021)
CAGR % (2022–2029)

Forecast to 2029
3.3.1. COMPETITIVE LANDSCAPE & MARKET COMPETITORS

The global pea protein market is fragmented, with a large number of small companies and start-ups. These players have
implemented various strategies to expand their product offerings and global footprints and augment their market shares. The
key strategies followed by most companies in the global pea protein market were product launches; agreements, partnerships,
and collaborations; expansions; and acquisitions.
The key players operating in the global pea protein market are Roquette Freres Le Romarin (France), AGT Food and Ingredients
Inc. (Canada), Cargill, Incorporated (U.S.), Ingredion Inc. (U.S.), Archer Daniels Midland Company (U.S.), E.I. Du Pont de Nemours
and Company (U.S.), Axiom Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), Glanbia Plc. (Ireland), Cosucra Groupe
Warcoing SA (Belgium), Sotexpro (France), Farbest Brands (U.S.), Shandong Jianyuan Foods Co., Ltd. (China), The Emsland
Group (Germany), and Nutri-Pea Ltd. (Canada).

Forecast to 2029
4. MARKET INSIGHTS
4.1. INTRODUCTION
The global pea protein market is estimated to reach USD 408.5 million by 2022 and is poised to register a CAGR of 15.7% to
reach USD 1,136.1 million by 2029. The growth of this market is mainly attributed to the rising interest in plant-based nutrition,
growing health and wellness trends, the increasing plant-based food market, the rise in consumer awareness regarding
nutritional benefits offered by pea and pea-based products, and the accelerated focus of key players on the development of
innovative pea protein ingredients.
In addition, growth opportunities in emerging markets and the increasing launches of pea protein-based products provide
significant growth opportunities for manufacturers in the global pea protein market. However, the significant preference for
animal-based proteins worldwide restrains the growth of this market to a notable extent.
FIGURE 14 MARKET DYNAMICS
• Rising interest in plant-based nutrition

• Growing health and wellness trend
DRIVERS • Increasing plant-based food market
• Rising consumer awareness regarding nutritional benefits offered
by pea and pea-based products
• Accelerated focus of key players on the development of innovative
pea protein ingredients
RESTRAINTS
• Significant preference for animal-based products
MARKET OPPORTUNITIES • Growth opportunities in emerging markets

DYNAMICS • Increasing launching of pea protein-based products
TRENDS
• Growing investments in the pea protein market
CHALLENGES
• Consumer preference for other plant proteins over pea
protein

Forecast to 2029
4.2. DRIVERS
TABLE 1 GLOBAL PEA PROTEIN MARKET DRIVERS: IMPACT ANALYSIS (2022–2029)
Driver Short Term (1–2 Years) Medium Term (3–4 Years) Long Term (5–7 Years)
Rising Interest in Plant-based Nutrition Medium High High
Growing Health and Wellness Trend High High High
Increasing Plant-based Food Market Medium High High
Rising Consumer Awareness Regarding Nutritional

Medium Medium High
Benefits Offered by Pea and Pea-based Products
Accelerated Focus of Key Players on the

Medium High High
Development of Innovative Pea Protein Ingredients
4.2.1. RISING INTEREST IN PLANT-BASED NUTRITION

Alongside the growing risk profile of livestock production, many well-established animal-based product manufacturers are
increasingly under pressure from civil society groups and new food business players that market their plant ingredient-based
products as more ethical and sustainable protein sources.
In recent years, there has been significant growth in consumer awareness of plant-based nutrition. According to the Food and
Health Survey of American consumers by the International Food Information Council Foundation in 2021, more than 75% of the
survey participants said they perceived protein from plant sources as healthy. This protein diversification has the potential to
transform a food company’s principal business and value proposition due to its growth, profitability, risk exposure, and ability
to compete and innovate.
Furthermore, companies across the food value chain, from producers to retailers, are already investing in these opportunities.
Some companies are hedging against or preparing for the decline of demand for animal products by investing in other
companies that produce alternatives. In the plant protein value chain space, plant protein ingredient manufacturers have
received investments or funding from several high-profile individuals, financial investors, and companies in the past few years.
Some of these developments are:
• In September 2021, Roquette invested USD 13 million in a plant protein R&D center in Vic-sur-Aisne, France. This 21,000-
square-foot facility is expected to develop new pea and wheat proteins at the center to bring plant-based innovation up to a
new level.
• In May 2020, Danone announced the commercial availability of its Vega One plant-based protein products in China, with the
Vega One Sport designed for sports enthusiasts in the country. This product contains a mix of proteins derived from different
sources, including pumpkin seeds, alfalfa, sunflower, and peas.
• In May 2019, Burcon NutraScience Corporation, a company engaged in developing functionally and nutritionally valuable
plant proteins, signed a joint venture partnership with an investor group to build a new CAD 65 million (USD 48.98 million)
pea-protein and canola-protein commercial production facility in Western Canada. The plant will deliver Burcon's Peazac and
Peazazz pea proteins and Nutratein, Puratein, and Supertein canola proteins.

Forecast to 2029
• In June 2018, Roquette Frères Le Romain announced its plans to invest EUR 40 million (USD 47.24 million) in its facility in
Vic-sur-Aisne to increase its pea processing capacity and meet the fast-growing global demand for pea protein.
Thus, growing investments by venture capitalists in the plant-based protein sector and the increasing availability of innovative
protein products to market are supporting the growth of the plant-based protein industry and increasing focus of leading animal
protein-based supplement producers to build a portfolio of investments in plant protein space which drives the growth of the
global pea protein market.
4.2.2. GROWING HEALTH AND WELLNESS TREND

Health and wellness have become a global movement, as consumers seek to ensure healthy lives for as long as possible,
particularly as the average lifespan continues to rise. Furthermore, rapid changes in diets and lifestyles have occurred due to
industrialization, urbanization, economic developments, and globalization over the past decade. These factors significantly
impact the health and nutritional status of the general population, especially in developing countries.
Living standards have improved globally, resulting in the expansion of food availability and diversity. Access to services has
increased, and there has also been significant growth in awareness regarding the negative consequences of inappropriate
dietary patterns, decreased physical activities, and diet-related chronic diseases. This has increased consumer engagement
with healthy living and demand for innovative health & wellness products and services.
The Global Wellness Institute estimated that the worldwide wellness industry grew from USD 3.7 trillion in 2017 to USD 4.4
trillion in 2020, making it one of the fastest-growing markets globally. The macroenvironmental trends contributing to the
increased focus on health and wellness are the aging global population, rising incidences of chronic diseases, and the increasing
number of educated & connected consumers.
The three most appealing claims or descriptions worldwide are ‘natural/all-natural,’ ‘no artificial ingredients,’ and ‘low or reduced-
fat/sugar/salt.’ The strong global consumer demand and the desire for operational and distribution efficiencies drive interest in
products with simple ingredients that are easy to understand.
In addition, the growing health awareness amongst consumers has increased the demand for food products that provide better
health benefits, especially low-fat, cholesterol, protein-rich, and weight control products. As a result, the number of food
products containing pea proteins has grown significantly in recent years. Furthermore, ‘all-natural’ and ‘clean label’ trends within
the food & beverage markets increase the demand for natural ingredients, such as plant-based proteins from food industries.
Thus, the changing food preferences and increasing health consciousness among consumers are driving the growth of the pea
protein market.

Forecast to 2029
4.2.3. INCREASING PLANT-BASED FOOD MARKET

In recent years, the plant-based food industry has witnessed investments from large operators looking to capitalize on the
veganism trend and surging demand for sustainable foods. Alongside the growing risk profile of livestock production, well-
established meat and dairy players are increasingly under pressure. This protein diversification has the potential to transform
a food company’s core business and value proposition due to its growth, profitability, risk exposure, and ability to compete and
innovate.
The growing trend of millennials adopting flexitarian and meat-free diets signals a change in purchasing habits that significantly
shift from earlier generations. Companies across the food value chain, from producers to retailers, are already investing in these
opportunities. There was more investment in the plant proteins market in the first quarter of 2020 than in all of 2019 (Source:
Good Food Institute).
In 2019, U.S. plant-based meat, egg, and dairy companies received more than USD 747 million in investments. This is the most
capital raised in any single year in the industry’s history. The COVID-19 pandemic is reshaping the North American food market,
where plant-based meat sales increased by 200% compared with the same period last year in the last week of April 2020.
Some of these investments are as follows:
• As of December 2021, Strong Roots raised USD 73.3M in funding over two rounds. Their latest funding was raised on Dec 8,
2021, from a Secondary Market round.
• As of November 2021, Impossible Foods Inc. (U.S.) has raised USD 2.1 billion in funding over 22 rounds. Their latest funding
was raised on Nov 23, 2021, from a Venture-Series Unknown round.
• As of February 2020, Alpha Foods (U.S.), a vegetarian prepared food manufacturer, raised USD 40.4 million in financing for
its portfolio of vegetarian burritos, tamales, nuggets, pizzas, burgers, patties, and sausages.
Thus, the growing venture capital investments, supporting the growth of plant-based product companies, are expected to drive
the growth of the global pea protein market.

Forecast to 2029
4.2.4. RISING CONSUMER AWARENESS REGARDING NUTRITIONAL BENEFITS OFFERED BY PEA AND
PEA-BASED PRODUCTS
Over the past decade, there has been an increased interest in varying protein options. The pea protein market and other plant-
based proteins have been growing for several years due to consumers worldwide becoming more health-conscious and the
various health benefits of pea protein.
However, animal proteins and soybean protein continue to dominate the global protein ingredients market, pea protein is
increasingly becoming a competitor to alternative protein crops such as soy and wheat. The increasing interest in pea protein
is primarily attributed to its unique benefits over other sources, such as animal protein or other plant-based sources, including
their sustainable production, low allergenicity, and health benefits of eating a pea protein-based diet. Also, a growing number of
millennial consumers are looking for simpler labels, appetizing products, and alternative protein sources to accommodate
personalized nutritional choices, which is expected to accelerate the growth of the pea protein market.
Nutritionally, pea proteins are an excellent source of lysine, antifungal bioactive peptides, and dietary lectins with health-
promoting properties. Pea protein contains all the essential amino acids and helps improve blood circulation and calcium
absorption, manage weight, stimulate metabolism, maintain muscle health and regulate blood sugar levels. Furthermore, the
functionality of pea protein has received much attention in the past decade. The physical and chemical properties of pea protein
can significantly influence its performance in food processing, storage, and consumption. The major functional properties of
pea protein are water-binding capacity, oil-binding capacity, foam expansion, foam stability, gelation, emulsion stability, and
emulsion ability ratio.
The pea protein market has been registering high growth due to the high demand for vegan and vegetarian protein ingredients
sources. Manufacturers are focusing on innovative products and technology through extensive research and development to
improve product quality. Moreover, the increasing number of people who are lactose intolerant is increasing the demand for
alternative protein ingredients sourced from milk and milk derivatives.
4.2.5. ACCELERATED FOCUS OF KEY PLAYERS ON DEVELOPMENT OF INNOVATIVE PEA PROTEIN

INGREDIENTS
Pea proteins are one of the promising ingredients for food & beverage design as it impacts the nutritional and technological
properties when added into food products. Pea proteins are emerging as a popular alternative to conventional proteins, such as
animal, wheat, and soy protein, due to their high protein content and stimulating functionality, sustainability, availability,
affordability, and hypo-allergenicity. A key success factor in pea processing is ensuring the extraction process has the right
balance of gentleness and effectiveness. This process ensures the purity of the end-product while achieving maximum yield.
The purification or extraction process separates the protein and non-protein parts of the mixture and separates the desired
protein from all other proteins. At the same time, it is necessary to minimize energy and water consumption, not just for the
environmental effects but also for cost control. Pea protein ingredients can be obtained through wet extraction, dry
fractionation, or mild fractionation. Commercial pea protein ingredients include flour (20–25% protein), concentrate (50–75%

Forecast to 2029
protein), and isolate (>80% protein). Besides protein content, these ingredients differ in their chemical composition, thereby
affecting their functionality.
As the market for pea proteins evolves, ingredient manufacturers and suppliers are seeking strategies to differentiate their
ingredient portfolios. For instance, in November 2021, Roquette (France) opened a pea protein processing plant in Manitoba,
Canada, to meet the surging global demand for alternative protein. This 200,000 square-foot plant has a processing capacity of
125,000 tons of yellow peas annually.
Similarly, in December 2020, Cargill (U.S.) launched pea protein under its European ingredients portfolio. This development was
focused on helping European food & beverage manufacturers meet the increasing demand for nutritious and plant-based
products. Cargill’s pea protein offerings, which include RadiPure and Puris, are designed to meet the functional and sensory
challenges in alternative emerging applications. The company’s pea protein is marketed with high solubility, emulsification, and
foaming capacities. Cargill’s offerings are formulated to provide a minimum of 80% protein
Furthermore, in March 2019, Ingredion, Inc. (U.S.) launched its Vitessence Pulse 1803 pea protein isolate for use in applications,
such as nutrition and sports bars, alternative meat and dairy products, powdered and ready-to-drink beverages, and baked foods
and baking mixes. The ingredient is characterized by a creamy texture and a flavor low in raw and green notes, according to
Ingredion. The ingredient contains a minimum of 80% protein.
In October 2018, DuPont Nutrition & Health, a DowDuPont Specialty Products Division business, has added new pea protein
ingredients to its Trupro product range. The new ingredients contain more protein and less sodium than previous offerings, and
they come in an array of formats and textures for use in applications, such as nutrition bars, snacks, and cereal. The Trupro
range features pea protein ingredients that are 70% protein (dry basis) and non-G.M.O./non-bioengineered. The Trupro 1670
pea protein nuggets have a firm texture and oval shape, and the Trupro 1673 pea protein nuggets come in an irregular flake-like
shape that may be blended in formulations with high grain, nut, or seed content.
The launching of these advanced ingredients is an important step for the growth of the manufacturers and also provides
lucrative opportunities to stakeholders in the pea protein space. These advancements in pea protein ingredients offer multiple
benefits to all stakeholders by offering high-functioning, organic pea proteins with a safe and reliable supply, enabling customers
to create high-protein products that meet consumer expectations.

Forecast to 2029
4.3. RESTRAINTS
TABLE 2 GLOBAL PEA PROTEIN MARKET RESTRAINTS: IMPACT ANALYSIS (2022–2029)
Restraints Short Term (1–2 years) Medium Term (3–4 years) Long Term (5–7 years)
Significant Preference for Animal-based Protein High High Medium

4.3.1. SIGNIFICANT PREFERENCE FOR ANIMAL-BASED PROTEIN

Meat production and consumption have increased sharply worldwide in the past several decades, especially in developing
countries. According to Organisation for Economic Co-operation and Development (OECD) and Food and Agriculture
Organization (FAO), the global demand for livestock products is projected to increase 70% by 2050, driven by population growth
and rising affluence. Animal proteins, such as eggs, milk, meat, and fish, are derived from animal sources. Animal-based
products are considered higher-quality proteins as they provide all the essential amino acids required by the body.
In contrast, pea proteins have limited amounts of amino acids. A large amount of animal protein is currently consumed in
western diets. According to the National Health and Nutrition Examination Survey (NHANES) (2018), animal sources accounted
for approximately two-thirds of dietary protein globally.
Moreover, the demand for greater food variety grows as disposable income increases worldwide. The has been a rise in the
demand for higher-value and quality foods, such as meat, eggs, and milk, compared to plant-based food. The vast preference
for animal-sourced protein, coupled with sizeable population growth, has led to a significant increase in the demand for animal-
derived products in numerous developing countries. This trend is expected to continue; hence, these factors increase the
demand for animal-based products over pea protein-based products, hindering the growth of the global pea protein market.
4.4. CHALLENGES
4.4.1. CONSUMER PREFERENCE FOR OTHER PLANT PROTEIN OVER PEA PROTEIN
Alternative protein sources such as soy and wheat are generally accepted and are widely available. The exceptional nutritional
and functional properties of these established proteins have historically contributed considerably to food systems. These
proteins have multiple uses in food production, providing desirable flavor, texture, and ease of formulation. Thus, it can be
challenging for manufacturers to find every replacement with pea protein for other plant protein ingredients. These have also
emerged as the most funded category within the plant protein space, raising more than 70% of total funding for plant-based
protein as of January 2021. For instance, in 2019, plant-based companies in the U.S. raised nearly USD 750 million, or 90% of
the total funding for alternative protein sources.
Furthermore, the growing expansion activities by leading players to increase their respective shares in the plant-based protein
market are expected to hinder the growth of the pea protein market. For instance, in February 2020, Archer-Daniels-Midland
Company (U.S.) expanded the production of non-GMO soy protein concentrate at its facility in Europoort (Netherlands). This
expansion was aimed at meeting the significant growing demand for high-quality plant-based proteins in the European market.
Similarly, in October 2019, Cargill expanded its integrated soybean crush and refined oils facility in Sidney, Ohio, by investing

Forecast to 2029
USD 225 million to better serve area farmers and to meet the growing demand for protein and refined oils. Such expansions by
leading players showcase the potential for the traditional plant protein market.
The wider usage of soy and wheat protein is primarily attributed to factors, such as higher consumer acceptance rate, the
presence of a large number of manufacturers and their large scale of production, lower costs than pea protein, easy availability
of raw materials, and their large number of applications in various industries, including meat, dairy alternative, and bakery
industries. These factors are expected to pose a challenge to the growth of the global pea protein market.
4.5. OPPORTUNITIES
4.5.1. GROWTH OPPORTUNITIES IN EMERGING MARKETS
In recent years, numerous emerging economies of Southeast Asia, the Middle East & Africa, and Latin America have witnessed
fast and significant changes in food consumption levels and patterns. This is mainly due to the abundant availability of food
sources and increasing health & wellness trend. The rise in living standards, the growing popularity of western culture, the
increasing demand for functional food, and increased per capita income are factors that increase the demand for plant-based
proteins in these regions.
The growth of the pea protein market is mainly attributed to increasing urbanization and population growth in Asia and Africa.
According to the UN DESA’s (United Nations Department of Economic and Social Affairs) population division, the largest urban
growth will occur in India, China, and Nigeria. These three countries will account for 35% of the projected growth of the world’s
urban population between 2019 and 2050. By 2050, India is projected to add 416 million urban dwellers, China 255 million, and
Nigeria 189 million. Due to urbanization, consumers are being exposed to a much wider choice and better availability of
functional and nutritional products within the urban environment, compared to those living in rural areas; hence, boosting the
growth of the pea protein market.
The abundant availability of raw material results in the increased production of these proteins, further supporting the growth of
the pea protein market in emerging economies. According to the FAOSTAT publication, in 2018–2019, total global pea
production was 14.18 MT, wherein China (1.49 MT) and India (0.90 MT) ranked among the top ten countries in the dry pea
production globally in 2018–2019. Thus, the huge raw material availability provides significant opportunities for pea protein
manufacturers.
To exploit the opportunities in these emerging markets (Southeast Asia, Latin America, and the Middle East & Africa), leading
pea protein manufacturers are implementing investments and expansion plans, which are expected to increase production
capacity and market reach. Some key expansions by leading players are:
• In April 2021, ADM (U.S.) opened a new cutting-edge, plant-based innovation lab in the company’s Biopolis research hub in
Singapore. This lab was designed to develop next-level, on-trend, and nutritious products to meet growing food & beverage
demand in Asia-Pacific.

Forecast to 2029
• In August 2020, DuPont Nutrition & Health (U.S.) opened its innovation center in Kanagawa Prefecture, Japan. This innovation
center offers solutions and innovations for Japanese- and Korean-based customers, primarily in the bakery, beverage, and
dairy industries.
• In January 2018, ADM (U.S.) opened an innovation center in Singapore to support the development of innovative, on-trend,
nutritious products to meet growing food and beverage demand in Asia-Pacific.
• In May 2018, Roquette (France) expanded its food technical center in Tokyo. This expansion was aimed at developing tailored
nutrition solutions for Japanese and other Asian customers and consumers.
These expansions are expected to create significant growth opportunities for the pea protein market.
4.5.2. INCREASING LAUNCHING OF PEA PROTEIN-BASED PRODUCTS

Pea protein is increasingly being used in the food & beverage industry. The growth of this market is being driven by the rising
demand for healthy ingredients with functionality within processed food & beverage products. Major food brands have begun
experimenting with plant-based offerings, having experienced positive feedback from an increasingly broad consumer base that
appeals to plant-based protein products. As other plant-based ingredients and food products are becoming more mainstream,
the pea protein market is expected to be stimulated by the popularity of meat alternatives, dairy alternatives, and snacks product
categories. The increased usage of pea protein in vegan food and beverages is primarily attributed to the increasing health and
environmental awareness amongst consumers and the rising incidences of lifestyle-related diseases, such as obesity, diabetes,
and cardiovascular diseases.
Pea proteins are trending and have marked a serious growth in vegan product development. Companies are looking to generate
growth through innovation and product development across the food value chain, with pea proteins, both within their legacy
brands and by creating new product offerings. Key types of claims used for pea protein-based products are low allergen, gluten-
free, soy-free, kosher, no animal ingredients/vegan, no preservatives, dairy-free, and ethical/environment-friendly packaging.
Some pea protein-based product developments are as follows:
• In May 2021, alternative dairy foodtech startup VlyFoods (Germany), which creates milk from pea protein, raised EUR 6.1
million (USD 7.4 million) in a Series A round led by Five Seasons Ventures. The capital raised is expected to help the company
scale its R&D and drive growth across the DACH region (Germany, Austria, and Switzerland) and into new European markets,
including the U.K.
• In July 2020, Nestlé launched a range of its YES! snack bars which tapped into an emerging trend toward pea protein. The
protein bars are made of wholesome ingredients, are high in fiber, use no artificial colors or preservatives, and are gluten-
free and suitable for vegetarians.
• Tyson Foods Inc., one of the biggest U.S. producers of animal meat, introduced its first plant-based products in 2019. The
company added burger patties, bratwurst, Italian sausage, and ground meat into their plant-based products made from pea
protein to its offerings.
In addition, numerous food innovators are exploring new formulations to impact the existing protein supply chain, showcasing
the opportunity for vendors in the pea proteins market.

Forecast to 2029
4.6. TRENDS
4.6.1. GROWING INVESTMENTS IN THE PEA PROTEIN MARKET
The increasing demand for sustainable pea protein ingredients has led various companies to make significant investments in
pea protein manufacturing to increase their production. The pea protein ingredients market is at a nascent stage. However, an
increasing number of food and ingredient companies are continuously investing in the pea protein sector to meet the growing
demand for pea proteins, which is supporting the growth of the pea protein market. Some of the investments are as follows:
• In September 2021, Roquette invested USD 13 million in a plant protein R&D center in Vic-sur-Aisne, France. This 21,000-
square-foot facility is expected to develop new pea and wheat proteins at the center to bring plant-based innovation to a new
level.
• DLG Group invested heavily in pea proteins in Germany. As of April 2021, the company invested in a pea protein factory in
northern Germany, which is expected to be completed in 2023. This factory is expected to have a production capacity of
50,000 tons per year.
• In October 2019, COSUCRA opened a second pea processing plant in Aarhus, Denmark. This opening of this plant was a part
of a EUR 60 million (USD 67.20 million) investment in Belgium and Denmark to strengthen COSUCRA’s position in the
booming market as the European-based leader of premium pea protein and natural dietary fiber.
• In August 2019, Cargill invested USD 75 million in Puris, the largest North American producer of pea protein, to double its
pea protein production. In January 2018, Cargill and Puris signed a joint venture agreement to accelerate pea protein
production with a USD 25 million investment from the agricultural giant. This additional investment of USD 75 million into
Puris increased its total investment in the company to more than USD 100 million.
Other than these, global powerhouses, such as ADM, Verdient Foods, Anchor Ingredients, and Canadian Protein Innovation, are
also boosting their pea protein capacity.
4.7. PRICING ANALYSIS

4.7.1. INTRODUCTION
This section summarizes the pea protein ingredients price variation over the forecast period. The prices of pea proteins vary
slightly from region to region. Major differences for pea protein ingredients exist within a region for various reasons, including
prices that reflect economic status, raw material availability, climatic conditions, nutritional parameters, and production capacity
& costs in different regions.
However, in the next 5–6 years, the prices of pea proteins are expected to increase by 3% to 4% or more of current prices across
the globe due to their high demand from end-use industries. The high demand is attributed to its functional and nutritional
properties, the rising demand for plant-based products, and the growing demand for soy-free and gluten-free products.
In North America and Europe, the pea protein prices are higher than other regions, such as Asia-Pacific, Latin America, and the
Middle East & Africa, due to high manufacturing costs and raw materials.

Forecast to 2029
4.7.2. PEA PROTEIN ISOLATES
FIGURE 15 AVERAGE PRICES OF PEA PROTEIN ISOLATES, BY REGION, 2020–2029 (USD/ TON)
6,000.0
5,000.0
Price (USD Per Ton)
4,000.0
3,000.0
2,000.0
1,000.0
-
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
North America Europe APAC Latin America Middle East & Africa
TABLE 3 AVERAGE PRICES OF PEA PROTEIN ISOLATES, BY REGION, 2020–2029 (USD/TON)
Country/Region 2020 2021 2022 2029

North America 4,358.1 4,444.8 4,536.2 5,339.7
Europe 2,846.7 2,911.9 2,980.7 3,582.0
Asia-Pacific 2,895.3 2,944.1 2,995.7 3,453.6
Latin America 2,575.4 2,607.8 2,642.1 2,948.6
Middle East & Africa 2,560.6 2,595.4 2,632.2 2,958.2

Forecast to 2029
4.7.3. PEA PROTEIN CONCENTRATES
FIGURE 16 AVERAGE PRICES OF PEA PROTEIN CONCENTRATES, BY REGION, 2020–2029

(USD/TON)
2,500.0
2,000.0
Price (USD Per Ton)
1,500.0
1,000.0
500.0
-
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
TABLE 4 AVERAGE PRICES OF PEA PROTEIN CONCENTRATES, BY REGION, 2020–2029 (USD/TON)
Country/Region 2020 2021 2022 2029

North America 2,000.0 2,029.6 2,061.0 2,343.1
Europe 1,695.7 1,731.2 1,768.5 2,096.2
Asia-Pacific 1,387.5 1,403.8 1,421.2 1,581.9
Latin America 1,200.4 1,217.0 1,234.5 1,393.7

Forecast to 2029
4.7.4. TEXTURED PEA PROTEIN
FIGURE 17 AVERAGE PRICES OF TEXTURED PEA PROTEIN, BY REGION, 2020–2029 (USD/TON)
4,500.0
4,000.0
3,500.0
Price (USD Per Ton)
3,000.0
2,500.0
2,000.0
1,500.0
1,000.0
500.0
-
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
TABLE 5 AVERAGE PRICES OF TEXTURED PEA PROTEIN, BY REGION, 2020–2029 (USD/TON)
Country/Region 2020 2021 2022 2029

North America 2,150.3 2,200.8 2,253.7 2,701.7
Europe 3,025.6 3,103.5 3,185.2 3,889.3
Asia-Pacific 2,470.4 2,535.1 2,604.4 3,260.5
Latin America 2,200.9 2,262.6 2,328.4 2,942.3

Forecast to 2029
4.7.5. PEA PROTEIN HYDROLYSATE
FIGURE 18 AVERAGE PRICES OF PEA PROTEIN HYDROLYSATE, BY REGION, 2020–2029

(USD/TON)
4,500.0
4,000.0
Price (USD Per Ton)
3,500.0
3,000.0
2,500.0
2,000.0
1,500.0
1,000.0
500.0
-
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
TABLE 6 AVERAGE PRICES OF PEA PROTEIN HYDROLYSATE, BY REGION, 2020–2029 (USD/TON)
Country/Region 2020 2021 2022 2029

North America 1,982.5 2,022.2 2,062.6 2,369.3
Europe 3,115.5 3,181.3 3,250.9 3,870.9
Asia-Pacific 2,850.7 2,917.3 2,987.9 3,623.7
Latin America 2,000.6 2,049.3 2,101.0 2,565.7

Forecast to 2029
4.7.6. PEA FLOUR
FIGURE 19 AVERAGE PRICES OF PEA FLOUR, BY REGION, 2020–2029 (USD/TON)
700.0
600.0
Price (USD Per Ton)
500.0
400.0
300.0
200.0
100.0
-
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
TABLE 7 AVERAGE PRICES OF PEA FLOUR, BY REGION, 2020–2029 (USD/TON)
Country/Region 2020 2021 2022 2029

North America 325.1 329.5 334.3 383.0
Europe 356.3 360.7 365.5 413.9
Asia-Pacific 519.5 527.0 535.1 614.8
Latin America 400.6 406.8 413.5 478.5
Middle East & Africa 375.2 381.0 387.3 448.2

Forecast to 2029
4.7.7. OTHERS PEA PROTEIN
FIGURE 20 AVERAGE PRICES OF OTHERS PEA PROTEIN, BY REGION, 2020–2029 (USD/TON)
600.0
500.0
Price (USD Per Ton)
400.0
300.0
200.0
100.0
0.0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
TABLE 8 AVERAGE PRICES OF OTHERS PEA PROTEIN, BY REGION, 2020–2029 (USD/TON)
Country/Region 2020 2021 2022 2029

North America 300.8 306.3 312.3 372.9
Europe 330.5 337.1 344.3 417.6
Asia-Pacific 419.7 427.1 435.2 520.2
Latin America 350.6 357.4 364.7 438.6
Middle East & Africa 340.4 347.0 354.1 425.8

Forecast to 2029
5. THE IMPACT OF COVID-19 ON THE PEA PROTEIN MARKET
The outbreak of the COVID-19 pandemic significantly affected the food & beverages sector. The pandemic disrupted travel,
manufacturing, services, healthcare, and supply chains, negatively impacting the global financial markets. Although the world
has begun to transition towards normalcy, some parts of the world are still struggling due to the emergence of new variants
and new COVID-19 cases.
Numerous pea manufacturers are focusing on the continuity of business and developing life-sustaining food, health
supplements, and superfoods in an effort to provide customers with products comprising high nutritional values amidst the
COVID-19 pandemic.
COVID-19 Accelerating Pea Protein Transition

The COVID-19 crisis led people to re-evaluate their diets as consumers started transitioning to healthier eating habits in an effort
to build immunity. The demand for products with pea protein increased significantly amidst the pandemic; hence, boosting the
pea protein market. The growing demand for pea protein is largely driven by the shortage of meat and processed meat products
in various regions, the growing uncertainty amongst consumers regarding meat consumption amidst the pandemic, and the
growing inclination toward a healthier lifestyle.
At the beginning of the COVID-19 pandemic, manufacturers faced challenges in sourcing peas for further processing and
supplying their products to food & beverage companies. In addition, consumers purchased only essential products, such as
groceries, medicines, and fruits and vegetables. Thus, the supply chain for pea protein was disrupted.
However, in recent months, companies gradually started reopening to fulfill the demand for pea-based protein as many
government bodies include the food and agro sector as an essential. For instance, despite the increasing COVID-19 cases in the
U.S., the U.S. pea industry operates near full capacity.
The U.S. Department of Homeland Security (DHS) has classified the food and agriculture sectors as essential infrastructure and
the U.S. Department of Agriculture (USDA) continues working to ensure access, resources, and safety are prioritized. U.S.
railroads, barge operations, trucking companies, and other necessary infrastructure and logistical support remain functioning
at full capacity to support the ongoing efforts by pea processors, agricultural export facilities, grain inspectors, and U.S. pea
farmers. Hence, government support to promote protein ingredients is expected to boost the pea protein market.

Forecast to 2029
Increased Focus on Sustainable Eating

The trend of healthy eating has gained traction in recent years, significantly driving the formulation of healthy products. Pea
proteins are emerging as a driving ingredient in the formation of alternative dairy and meat industry and health supplements
due to their natural high protein content with other nutritional qualities and comparatively low price than other novel proteins.
In response to the COVID-19 pandemic, consumers are increasingly demanding new and sustainable eating practices that offer
immunity-boosting benefits as a preventive measure. The pea protein-based food industry is witnessing a rapid surge in demand
for immune-boosting products.
According to the International Food Information Council’s (IFIC) 2020 Food and Health Survey, in 2020, 41% of the participants
increased protein consumption from plant sources, and 28% of respondents consumed more plant-based meat alternatives.
Nearly 70% of consumers preferred protein from plant sources. Thus, the rising demand for pea protein-based products in
response to sustainable eating during this pandemic is expected to boost the growth of the pea protein market.
However, many manufacturers expect to witness short-term COVID-19 impacts, such as the slowdown in new product launches,
lower sales in restaurants and cafeterias, supply chain disruptions, and investment dependency.

Forecast to 2029
6. GLOBAL PEA PROTEIN MARKET, BY TYPE
6.1. INTRODUCTION
Based on type, the pea protein market is divided into pea protein isolates, pea protein concentrates, textured pea protein, pea
protein hydrolysate, pea flour, and other pea proteins.
In 2021, the pea protein isolates segment accounted for the largest share of 45.8% of the global pea protein market. The large
share of this segment is mainly attributed to its high protein content and high emulsification and stability properties; and
increased application areas, including high-performance nutrition products and snack products. This segment is also expected
to grow at the fastest CAGR of 16.5% during the forecast period due to its high demand from plant-based product
manufacturers.
FIGURE 21 PEA PROTEIN MARKET SIZE, BY TYPE, 2022–2029 (USD MILLION)

600.0 18.0%
16.0%
500.0
14.0%
400.0 12.0%
10.0%
300.0
8.0%
200.0 6.0%
4.0%
100.0
2.0%
- 0.0%
Pea Protein Pea Protein Textured Pea Pea Protein Other Pea
Pea Flour
Isolates Concentrates Protein Hydrolysate Protein
2022 188.0 115.7 64.4 22.8 13.0 4.5
2029 542.9 299.9 184.1 66.3 32.4 10.5
CAGR (2022-29) 16.4% 14.6% 16.2% 16.5% 13.9% 12.9%

Forecast to 2029
TABLE 9 PEA PROTEIN MARKET SIZE, BY TYPE, 2022–2029 (USD MILLION)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Protein Isolates 143.0 163.6 188.0 542.9 16.4%
Pea Protein Concentrates 90.7 102.2 115.7 299.9 14.6%
Textured Pea Protein 49.1 56.1 64.4 184.1 16.2%
Pea Protein Hydrolysate 17.3 19.8 22.8 66.3 16.5%
Pea Flour 10.3 11.6 13.0 32.4 13.9%
Others Pea Protein 3.6 4.0 4.5 10.5 12.9%
Total 314.0 357.3 408.5 1,136.1 15.7%

In terms of value, the pea protein isolates segment accounted for the largest share of 45.8% of the global pea protein market in
2021. This segment is projected to reach USD 542.9 million by 2029 from an estimated USD 188.0 million in 2022, at a CAGR
of 16.4% during the forecast period.
FIGURE 22 PEA PROTEIN MARKET SIZE, BY TYPE, 2022–2029 (TONS)

1,80,000.0 16.0%
1,60,000.0 14.0%
1,40,000.0
Market Size (Tons)
12.0%
1,20,000.0
10.0%
1,00,000.0
8.0%
80,000.0
6.0%
60,000.0
40,000.0 4.0%
20,000.0 2.0%
- 0.0%
Pea Protein Pea Protein Textured Pea Pea Protein Others Pea
Pea Flour
Isolates Concentrates Protein Hydrolysate Protein
2022 54,670.2 67,280.1 25,442.1 9,083.4 33,493.7 12,650.3
2029 1,35,243.2 1,54,258.3 59,576.9 22,340.6 72,064.7 24,452.5
CAGR (2022-29) 13.8% 12.6% 12.9% 13.7% 11.6% 9.9%

Forecast to 2029
TABLE 10 PEA PROTEIN MARKET SIZE, BY TYPE, 2022–2029 (TONS)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Protein Isolates 43,205.1 48,503.8 54,670.2 135,243.2 13.8%
Pea Protein Concentrates 54,301.9 60,324.6 67,280.1 154,258.3 12.6%
Textured Pea Protein 20,391.1 22,733.5 25,442.1 59,576.9 12.9%
Pea Protein Hydrolysate 7,196.3 8,068.6 9,083.4 22,340.6 13.7%
Pea Flour 27,358.0 30,219.8 33,493.7 72,064.7 11.6%
Others Pea Protein 10,588.6 11,557.4 12,650.3 24,452.5 9.9%
Total 163,041.0 181,407.6 202,619.9 467,936.1 12.7%

In terms of volume, the pea protein concentrates segment accounted for the largest share of 33.3% of the global pea protein
market in 2021. This segment is projected to reach 158,375.2 tons by 2029 from an estimated 67,319.9 tons in 2022, at a CAGR
6.1.1. PEA PROTEIN ISOLATES

In 2021, the pea protein isolates segment accounted for the largest share of 45.8% of the global pea protein market. This market
is projected to reach USD 542.9 million by 2029 from an estimated USD 188.0 million in 2022, at a CAGR of 16.4% during the
forecast period.
Pea protein isolate is made from pea flour by aqueous extraction and isoelectric precipitation of the protein. Pea protein isolates
typically have a protein content of over 75%. The amino acid composition of pea protein isolates shows high lysine content and
a lack of sulfurous amino acids. In addition, they do not contain any cholesterol, lactose, or fiber and have high emulsification
properties, as well as good stability in terms of shearing, heating, and retorting. They are also an excellent stabilizer for water-
in-oil emulsions. They are mostly used for human nutrition, particularly in supplement cereals, beverages, and skim milk.
North America is one of the leading markets for pea protein isolates globally. Key factors supporting the growth of this market
are the increasing prevalence of obesity and diabetes, the rising expenditure on vegan food, and growing awareness regarding
the prevalence of chronic ailments that have been pushing North American consumers towards a healthy lifestyle.
The major players operating in the global pea protein isolates market are Roquette Freres Le Romarin (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.), Axiom Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), 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).

Forecast to 2029
TABLE 11 PEA PROTEIN ISOLATES MARKET SIZE, BY COUNTRY/REGION, 2022–2029

(USD MILLION)
Country/Region 2020 2021 2022 2029 CAGR (2022–2029)
U.S. 45.46 52.02 59.79 171.50 16.2%
Canada 14.11 15.94 18.09 47.36 14.7%
Germany 14.50 16.56 19.00 54.07 16.1%
France 9.44 10.68 12.14 32.31 15.0%
U.K. 7.64 8.70 9.94 27.44 15.6%
Italy 4.65 5.25 5.96 15.83 15.0%
Spain 2.42 2.72 3.07 7.74 14.1%
China 11.55 13.65 16.18 57.49 19.9%
Japan 6.51 7.45 8.56 24.64 16.3%
India 5.21 6.08 7.13 23.58 18.6%
Australia 2.27 2.59 2.98 8.56 16.3%
Latin America 7.60 8.77 10.17 31.23 17.4%
Middle East & Africa 2.94 3.33 3.79 10.51 15.7%
Other Countries 8.70 9.87 11.25 30.64 15.4%
Total 143.00 163.61 188.05 542.90 16.4%

In terms of value, the U.S. accounted for the largest share of 31.8% of the global pea protein isolates market in 2021. This
market is projected to reach USD 171.50 million by 2029 from an estimated USD 59.79 million in 2022, at a CAGR of 16.2%
during the forecast period.

Forecast to 2029
TABLE 12 PEA PROTEIN ISOLATES MARKET SIZE, BY COUNTRY/REGION, 2022–2029 (TONS)
U.S. 10,431.3 11,703.7 13,179.5 32,118.3 13.6%
Canada 3,238.4 3,587.3 3,987.9 8,869.5 12.1%
Germany 5,093.4 5,686.6 6,373.0 15,094.9 13.1%
France 3,315.5 3,667.4 4,072.5 9,020.8 12.0%
U.K. 2,685.5 2,986.3 3,333.8 7,660.9 12.6%
Italy 1,633.4 1,804.4 2,001.0 4,418.1 12.0%
Spain 848.7 932.6 1,028.8 2,159.8 11.2%
China 3,990.6 4,635.2 5,402.5 16,645.6 17.4%
Japan 2,247.0 2,529.5 2,858.7 7,134.1 14.0%
India 1,799.0 2,065.6 2,381.0 6,828.4 16.2%
Australia 782.9 880.4 993.8 2,479.6 14.0%
Latin America 2,950.7 3,363.4 3,848.8 10,590.5 15.6%
Middle East & Africa 1,146.7 1,282.9 1,440.9 3,552.1 13.8%
Other Countries 3,041.8 3,378.5 3,767.9 8,670.6 12.6%
Total 43,205.1 48,503.8 54,670.2 135,243.2 13.8%

In terms of volume, the U.S. accounted for the largest share of 24.1% of the global pea protein isolates market in 2021. This
market is projected to reach 32,118.3 tons by 2029 from an estimated 13,179.5 tons in 2022, at a CAGR of 13.6% during the
forecast period.
6.1.2. PEA PROTEIN CONCENTRATES

In 2021, the pea protein concentrates segment accounted for the share of 28.6% of the global pea protein market. This market
forecast period.
Pea protein concentrate is a fine powdered material made from the milling of dehulled peas used for blending, water absorption,
and emulsification properties. Additionally, pea protein concentrate provides nutritional benefits, including protein fortification,
low-calorie formulation, and allergen, gluten, and lactose free solutions, as well as yield improvement.
Pea protein concentrates are in high demand since they serve as an alternative to dairy protein concentrates and eggs in multiple
products and due to the increasing number of people switching dietary habits from animal protein-based diets to plant-based
diets and their benefits in muscle building & damage recovery. During the forecast period, the demand for pea protein
concentrate is estimated to increase in the Asia Pacific region, which is attributed to the large youth population and the
increasing sport nutrition products market.

Forecast to 2029
The major players operating in the global pea protein concentrates market are AGT Food and Ingredients Inc. (Canada),
Ingredion Inc. (U.S.), E.I. Dupont De Nemours and Company (U.S.), Axiom Foods Inc. (U.S.), Glanbia plc. (Ireland), and Nutri-Pea
Ltd. (Canada).
TABLE 13 PEA PROTEIN CONCENTRATES MARKET SIZE, BY COUNTRY/REGION, 2022–2029

(USD MILLION)
U.S. 27.36 30.84 34.90 89.85 14.5%
Canada 10.67 11.88 13.27 31.18 13.0%
Germany 7.94 8.93 10.09 25.76 14.3%
France 5.59 6.23 6.98 16.67 13.2%
U.K. 4.78 5.36 6.03 14.94 13.8%
Italy 2.66 2.96 3.31 7.88 13.2%
Spain 1.64 1.81 2.02 4.56 12.4%
China 7.54 8.77 10.24 32.65 18.0%
Japan 4.41 4.98 5.64 14.55 14.5%
India 3.76 4.32 4.99 14.81 16.8%
Australia 1.54 1.73 1.96 5.06 14.5%
Latin America 4.84 5.50 6.28 17.31 15.6%
Other Countries 6.16 6.89 7.74 19.02 13.7%
Total 90.71 102.23 115.73 299.94 14.6%

In terms of value, the U.S. accounted for the largest share of 30.2% of the global pea protein concentrates market in 2021. This
market is projected to reach USD 89.85 million by 2029 from an estimated USD 34.90 million in 2022, at a CAGR of 14.5% during
the forecast period.

Forecast to 2029
TABLE 14 PEA PROTEIN CONCENTRATES MARKET SIZE, BY COUNTRY/REGION, 2022–2029 (TONS)
U.S. 13,678.8 15,192.8 16,935.5 38,346.5 12.4%
Canada 5,337.1 5,852.7 6,440.5 13,308.8 10.9%
Germany 4,679.9 5,156.8 5,703.4 12,290.3 11.6%
France 3,298.4 3,600.9 3,946.2 7,952.7 10.5%
U.K. 2,820.0 3,095.0 3,409.8 7,128.8 11.1%
Italy 1,569.1 1,710.7 1,872.2 3,761.0 10.5%
Spain 965.7 1,047.3 1,140.2 2,177.7 9.7%
China 5,433.2 6,247.6 7,208.6 20,643.0 16.2%
Japan 3,180.3 3,544.3 3,965.1 9,197.1 12.8%
India 2,708.7 3,079.0 3,513.4 9,365.0 15.0%
Australia 1,109.4 1,235.0 1,380.2 3,200.5 12.8%
Latin America 4,030.3 4,519.7 5,087.5 12,418.2 13.6%
Other Countries 3,910.6 4,303.2 4,754.8 10,245.4 11.6%
Total 54,301.9 60,324.6 67,280.1 154,258.3 12.6%

In terms of volume, the U.S. accounted for the largest share of 25.2% of the global pea protein concentrates market in 2021.
This market is projected to reach 38,346.5 tons by 2029 from an estimated 16,935.5 tons in 2022, at a CAGR of 12.4% during
6.1.3. TEXTURED PEA PROTEIN

In 2021, the textured pea protein segment accounted for a share of 15.7% of the global pea protein market. This market is
projected to reach USD 184.1 million by 2029 from an estimated USD 64.4 million in 2022, at a CAGR of 16.2% during the
forecast period.
Textured Pea Protein (TPP) is a reformative product cultivated from peas to create high-protein. TPP is a naturally gluten-free
product and appetizing with an appealing texture, making it a perfect complement to common ingredients in a wide array of
applications. Functional benefits offered by TPP include the addition of texture, juiciness, and yield to meat products made from
lower-quality meats; fast hydration in water; and soluble vitamins and minerals preserved. In addition, the presence of fibrous
content in textured pea protein is expected to promote their incorporation in energy powders and fruit juice mixes.
TPPs are mainly made to offer food products that meet current trends around plant-based foods, including vegetarianism, a
growing meat-reducer population, and public awareness of diets offering greater sustainability than those of the excessively
meat-eating countries. They are used in numerous types of plant-based burger patties, sausages, steaks, nuggets, and as an
extension in fibrous foods, ground meat products, poultry, and seafood. TPP also accomplishes the additional consumer
expectations, such as naturality, non-GM, gluten-free, sustainable, and fully traced origin.

Forecast to 2029
North America has a substantial share in the global textured pea protein market among the regional markets. Factors such as
the increasing vegan population and the presence of major textured pea protein manufacturers are driving the market growth
in the region.
The major players operating in the global textured pea protein market are Roquette Frères Le Romain (France), Archer-Daniels-
Midland Company (U.S.), Axiom Foods Inc. (U.S.), Sotexpro (France), and The Emsland Group (Germany).
TABLE 15 TEXTURED PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2022–2029

(USD MILLION)
U.S. 16.21 18.51 21.23 60.02 16.0%
Canada 4.61 5.20 5.88 15.18 14.5%
Germany 3.57 4.07 4.66 13.07 15.9%
France 2.55 2.88 3.27 8.57 14.8%
U.K. 2.25 2.56 2.92 7.94 15.4%
Italy 1.72 1.93 2.19 5.73 14.7%
Spain 0.80 0.90 1.01 2.51 13.9%
China 4.15 4.89 5.79 20.26 19.6%
Japan 2.53 2.89 3.31 9.39 16.1%
India 2.24 2.61 3.06 9.96 18.4%
Australia 1.10 1.25 1.44 4.07 16.0%
Latin America 2.78 3.20 3.71 11.21 17.1%
Other Countries 3.43 3.89 4.43 12.02 15.3%
Total 49.12 56.12 64.40 184.05 16.2%

In terms of value, the U.S. accounted for the largest share of 33.0% of the global textured pea protein market in 2021. This

Forecast to 2029
TABLE 16 TEXTURED PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2022–2029 (TONS)
U.S. 7,540.6 8,412.6 9,421.4 22,214.6 13.0%
Canada 2,143.8 2,361.4 2,610.7 5,617.9 11.6%
Germany 1,180.6 1,311.7 1,462.9 3,360.4 12.6%
France 843.0 927.9 1,025.5 2,202.8 11.5%
U.K. 745.1 824.5 916.0 2,041.4 12.1%
Italy 567.0 623.3 687.9 1,473.0 11.5%
Spain 263.8 288.4 316.7 644.7 10.7%
China 1,679.6 1,929.0 2,222.1 6,212.4 15.8%
Japan 1,022.9 1,138.6 1,271.7 2,879.9 12.4%
India 907.7 1,030.5 1,174.0 3,055.0 14.6%
Australia 445.0 494.7 552.0 1,249.6 12.4%
Latin America 1,263.6 1,415.6 1,591.4 3,810.7 13.3%
Middle East & Africa 559.5 615.9 680.3 1,469.5 11.6%
Other Countries 1,228.9 1,359.4 1,509.7 3,345.0 12.0%
Total 20,391.1 22,733.5 25,442.1 59,576.9 12.9%

In terms of volume, the U.S. accounted for the largest share of 37.0% of the global textured pea protein market in 2021. This
forecast period.
6.1.4. PEA PROTEIN HYDROLYSATE

In 2021, the pea protein hydrolysate segment accounted for a share of 5.5% of the global pea protein market. This market is
projected to reach USD 66.3 million by 2029 from an estimated USD 22.8 million in 2022, at a CAGR of 16.5% during the forecast
period.
Pea protein hydrolysates are protein isolates extracted from peas and processed to ensure a more neutral taste. Compared to
other pea protein types, the natural, bitter, and unpalatable taste of pea are significantly reduced in this form. This protein can
be quickly dispersed in water to form a uniform and relatively stable protein liquid. Pea protein hydrolysate is widely applied for
increasing the protein content of bakery products, ready-to-drink beverages, dairy products, sports nutrition, and encapsulation
of flavors, essential oils, polyunsaturated fatty acids, and fat-soluble vitamins.
The pea protein hydrolysate market is driven by the increasing demand for health and nutritional supplements and infant
nutrition products as they are easier to absorb and digest. However, the high processing costs of hydrolyzed pea protein and
adverse health effects, such as stomachache on the consumption of extremely high doses of protein hydrolysates, are the major
factors restraining the growth of this market.

Forecast to 2029
The major players operating in the global pea protein hydrolysate market are Cargill, Incorporated (U.S.), Axiom Foods Inc. (U.S.),
Pevesa Biotech Kerry Group Compan (Spain), Yantai Shuangta Food Co., Ltd. (China), and Jiangxi Hanfei Biotechnology Co.,
Ltd. (China).
TABLE 17 PEA PROTEIN HYDROLYSATE MARKET SIZE, BY COUNTRY/REGION, 2022–2029

(USD MILLION)
U.S. 4.79 5.48 6.30 18.03 16.2%
Canada 1.87 2.12 2.40 6.27 14.7%
Germany 1.77 2.02 2.32 6.58 16.1%
France 0.78 0.88 1.00 2.67 15.0%
U.K. 0.70 0.80 0.91 2.51 15.6%
Italy 0.56 0.63 0.72 1.90 14.9%
Spain 0.25 0.28 0.32 0.81 14.1%
China 1.98 2.34 2.78 9.85 19.8%
Japan 0.75 0.86 0.98 2.82 16.3%
India 0.69 0.80 0.94 3.10 18.6%
Australia 0.37 0.43 0.49 1.41 16.3%
Latin America 1.18 1.36 1.58 4.83 17.3%
Other Countries 1.11 1.26 1.44 3.96 15.5%
Total 17.26 19.77 22.76 66.33 16.5%

In terms of value, the U.S. accounted for the largest share of 27.7% of the global pea protein hydrolysate market in 2021. This

Forecast to 2029
TABLE 18 PEA PROTEIN HYDROLYSATE MARKET SIZE, BY COUNTRY/REGION, 2022–2029 (TONS)
U.S. 2,417.8 2,712.1 3,055.4 7,612.0 13.9%
Canada 945.5 1,047.1 1,164.5 2,647.8 12.5%
Germany 568.0 635.2 713.0 1,700.4 13.2%
France 250.7 277.8 308.9 689.0 12.1%
U.K. 225.2 250.9 280.5 649.0 12.7%
Italy 180.0 199.2 221.2 491.8 12.1%
Spain 81.0 89.2 98.6 208.3 11.3%
China 696.0 803.2 930.0 2,717.2 16.6%
Japan 262.0 293.1 329.0 778.6 13.1%
India 240.5 274.4 314.2 854.4 15.4%
Australia 131.0 146.4 164.2 388.4 13.1%
Latin America 589.4 664.1 750.8 1,883.5 14.0%
Other Countries 368.7 410.0 457.7 1,051.9 12.6%
Total 7,196.3 8,068.6 9,083.4 22,340.6 13.7%

In terms of volume, the U.S. accounted for the largest share of 33.6% of the global pea protein hydrolysate market in 2021. This
forecast period.
6.1.5. PEA FLOUR

In 2021, the pea protein flour segment accounted for the share of 3.2% of the global pea protein market. This market is projected
to reach USD 32.4 million by 2029 from an estimated USD 13.0 million in 2022, at a CAGR of 13.9% during the forecast period.
Pea flour is largely made from yellow peas. Functional properties offered by pea flour (18-20% protein content) such as
gelification, emulsion, taste, and viscosity are the factors increasing its demand from the food and nutrition industry to be used
in wheat flour replacement, high protein applications, and gluten-free applications for making fine-textured sausages,
mortadellas, kebabs, hummus, falafel, extruded snacks, soups, frying batter, and powdered health supplements.
The incorporation of pea flour leads to the production of nutritionally enhanced products with high protein content. Pea flour
finds its uses in wheat flour replacement, high protein applications, and gluten-free applications. According to research cited by
DuPont (U.S.), in 2019, about 1% of the global population had gluten intolerance due to celiac disease, 11% of consumers in
Italy and the U.K. buy gluten-free products and about 8% in France and Spain. Further, according to a study by Hartman Group,
gluten-free retail product sales in the U.S. doubled between 2014 to 2020. Thus, the increasing demand for gluten-free products
is expected to drive the market for pea flour in the near future.

Forecast to 2029
The major players operating in the global pea protein flour market are The Emsland Group (Germany), Sotexpro (France),
Limagrain (France), Hodmedod's British Pulses & Grains (U.K.), and Vestkorn Milling AS (Norway).
TABLE 19 PEA PROTEIN FLOUR MARKET SIZE, BY COUNTRY/REGION, 2022–2029 (USD MILLION)
U.S. 2.83 3.17 3.57 8.74 13.7%
Canada 0.73 0.81 0.89 2.00 12.2%
Germany 1.12 1.25 1.40 3.41 13.5%
France 0.82 0.90 1.00 2.28 12.4%
U.K. 0.43 0.48 0.54 1.28 13.0%
Italy 0.35 0.39 0.43 0.98 12.4%
Spain 0.16 0.17 0.19 0.41 11.6%
China 1.11 1.28 1.49 4.52 17.2%
Japan 0.70 0.78 0.88 2.16 13.7%
India 0.39 0.44 0.51 1.44 16.0%
Australia 0.22 0.25 0.28 0.68 13.7%
Latin America 0.56 0.64 0.72 1.89 14.8%
Other Countries 0.67 0.74 0.83 1.94 12.9%
Total 10.31 11.56 13.02 32.40 13.9%

In terms of value, the U.S. accounted for the largest share of 27.4% of the global pea protein flour market in 2021. This market
forecast period.

Forecast to 2029
TABLE 20 PEA PROTEIN FLOUR MARKET SIZE, BY COUNTRY/REGION, 2022–2029 (TONS)
U.S. 8,714.6 9,630.0 10,674.8 22,829.2 11.5%
Canada 2,240.1 2,444.0 2,674.4 5,219.8 10.0%
Germany 3,136.9 3,463.7 3,837.4 8,236.9 11.5%
France 2,288.0 2,503.0 2,747.7 5,515.6 10.5%
U.K. 1,219.2 1,340.9 1,479.8 3,081.7 11.0%
Italy 989.1 1,080.6 1,184.6 2,370.3 10.4%
Spain 440.9 479.2 522.6 994.1 9.6%
China 2,139.3 2,437.9 2,786.4 7,357.0 14.9%
Japan 1,343.5 1,483.9 1,644.4 3,516.8 11.5%
India 749.0 843.8 953.8 2,344.0 13.7%
Australia 422.5 466.1 516.0 1,103.2 11.5%
Latin America 1,403.1 1,560.9 1,742.3 3,948.6 12.4%
Middle East & Africa 599.8 655.5 718.9 1,469.9 10.8%
Other Countries 1,672.0 1,830.3 2,010.6 4,077.4 10.6%
Total 27,358.0 30,219.8 33,493.7 72,064.7 11.6%

In terms of volume, the U.S. accounted for the largest share of 31.9% of the global pea protein flour market in 2021. This market
is projected to reach 22,829.2 tons by 2029 from an estimated 10,674.8 tons in 2022, at a CAGR of 11.5% during the forecast
period.
6.1.6. OTHER PEA PROTEIN

In 2021, the other pea protein segment accounted for a share of 1.1% of the global pea protein market. This market is projected
Pea protein is also available in flakes, grits, and crisps form. Pea flakes are used as a replacement for breadcrumbs in meat
products and for gluten-free coating. Due to its water retention property and color, pea flakes find their applications in
mincemeat-based products, such as meatballs, burgers, lasagnas & meatloaves, fillings, and reconstituted meat or fish-based
products.
Pea grits are the coarse grounded particles of peas that are mostly used in cereals & snacks, poultry feeds, and bird foods. Pea
grits are highly produced for consumption as a traditional breakfast cereal in North America. Increased demand for nutritious
and instant breakfast creates more demand for pea grits. Further, pea protein crisps are primarily used to customize the textures
and nutrition requirements for bars, breakfast cereals, protein snacks, confectionery products, salad toppers, and bakery items.
The major players operating in the global other pea protein market are Ingredion Incorporated (U.S.), Sotexpro (France), Avena
Foods (Canada), Dumoulin S.A. (Belgium).

Forecast to 2029
TABLE 21 OTHERS PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2022–2029 (USD MILLION)
U.S. 1.15 1.27 1.42 3.23 12.4%
Canada 0.25 0.28 0.31 0.64 11.0%
Germany 0.24 0.27 0.30 0.67 12.3%
France 0.19 0.21 0.23 0.49 11.2%
U.K. 0.19 0.21 0.23 0.50 11.8%
Italy 0.07 0.08 0.08 0.18 11.2%
Spain 0.03 0.03 0.03 0.06 10.4%
China 0.42 0.48 0.55 1.54 15.9%
Japan 0.27 0.30 0.34 0.77 12.5%
India 0.26 0.29 0.33 0.87 14.7%
Australia 0.08 0.08 0.09 0.21 12.5%
Latin America 0.22 0.24 0.28 0.67 13.5%
Other Countries 0.16 0.18 0.20 0.44 12.2%
Total 3.61 4.02 4.49 10.51 12.9%

In terms of value, the U.S. accounted for the largest share of 31.6% of the global other pea protein market in 2021. This market
forecast period.

Forecast to 2029
TABLE 22 OTHERS PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2022–2029 (TONS)
U.S. 3,818.8 4,162.0 4,548.0 8,656.0 9.6%
Canada 845.3 909.6 981.2 1,704.3 8.2%
Germany 726.5 788.5 858.1 1,590.8 9.2%
France 578.2 621.7 670.4 1,162.3 8.2%
U.K. 569.6 615.8 667.5 1,200.6 8.7%
Italy 209.9 225.4 242.8 419.6 8.1%
Spain 78.6 84.0 90.0 147.8 7.4%
China 991.8 1,116.5 1,259.7 2,965.3 13.0%
Japan 649.0 708.1 774.6 1,476.9 9.7%
India 617.9 687.6 767.3 1,681.2 11.9%
Australia 180.0 196.2 214.4 408.6 9.7%
Latin America 623.7 684.9 754.3 1,525.8 10.6%
Other Countries 430.0 466.6 507.6 939.7 9.2%
Total 10,588.6 11,557.4 12,650.3 24,452.5 9.9%

In terms of volume, the U.S. accounted for the largest share of 36.0% of the global other pea protein market in 2021. This market
is projected to reach 8,656.0 tons by 2029 from an estimated 4,548.0 tons in 2022, at a CAGR of 9.6% during the forecast period.

Forecast to 2029
7. GLOBAL PEA PROTEIN MARKET, BY SOURCE
7.1. INTRODUCTION
Based on source, the pea protein market is segmented into yellow pea and green pea. In 2021, the yellow pea protein segment
accounted for the largest share of 94.8% of the global pea market. The large share of this segment is attributed to its high
protein content, key constituents for pea protein isolates, versatility in a wide array of applications in the food & beverage
industry, and the wide availability of yellow peas for protein processing. This segment is also expected to grow at the fastest
CAGR of 15.8% during the forecast period.
FIGURE 23 GLOBAL PEA PROTEIN MARKET SIZE, BY SOURCE, 2022–2029 (USD MILLION)
1,200.0 16.0%
15.5%
1,000.0
15.0%
800.0
14.5%
600.0
14.0%
400.0
13.5%
200.0 13.0%
- 12.5%
Yellow Pea Green Pea
2022 387.5 21.0
2029 1,085.0 51.1
CAGR (2022-29) 15.8% 13.6%
TABLE 23 GLOBAL PEA PROTEIN SUPPLEMENTS MARKET SIZE, BY SOURCE, 2020–2029

(USD MILLION)
Source 2020 2021 2022 2029 CAGR (2022-2029)
Yellow Pea 297.3 338.6 387.5 1,085.0 15.8%
Green Pea 16.7 18.7 21.0 51.1 13.6%
Total 314.0 357.3 408.5 1,136.1 15.7%

In 2021, the yellow pea segment accounted for the largest share of xx% of the global pea protein market. This segment is
projected to reach USD 1,085.0 million by 2029 from an estimated USD 387.5 million in 2022, at a CAGR of 15.8% during the
forecast period.

Forecast to 2029
7.2. YELLOW PEA

In 2021, the yellow pea segment accounted for the largest share of 94.7% of the global pea protein market. This market is
projected to reach USD 1,085.0 million by 2029 from an estimated USD 387.5 million in 2022, at a CAGR of 15.8% during the
forecast period.
Pea protein is extracted from seeds of the plant ‘Pisum sativum,’ also known as yellow split peas. In recent years, egg and wheat
protein are slowly being replaced with yellow pea protein because of its gluten-free properties and reduced cause of allergies
for consumers. The high protein content and ideal amino-acid profiles make yellow peas an ideal source of protein in the pea
protein industry.
Yellow split peas are an excellent source of plant-based protein, healthy carbs, fiber, and other nutrients. Yellow peas are
adopted for a wide array of applications in the food & beverage industry due to their versatility. Yellow peas are also among the
key constituents for pea protein isolates. They are used in multiple food formats, including plant-based burgers and pea milk.
In addition to being a nutritionally dense food, yellow peas help reduce the risk of chronic diseases, such as diabetes,
cardiovascular diseases, cancer, and help maintain a healthy weight.
Yellow peas are mainly grown in Canada, Russia, and the U.S. According to USDA, in 2020, the total area harvested for yellow
peas in the U.S. was 973,000 acres (around 900,000 acres in 2018). The popularity of vegetarian meat substitutes, such as the
veggie burger, has grown significantly in recent years. Further, there is a shortage of processed yellow split peas in the U.S. due
to the growing popularity of vegetarian meat substitutes, which is expected to increase the acres used for yellow peas cultivation
and ultimately drive the market for yellow pea protein.
Ingredion Incorporated (U.S.), Axiom Foods (U.S.), Cosucra Groupe Warcoing SA (Belgium), Sotexpro (France), Cargill,
Incorporated, ADM (U.S.), and Dupont (U.S.) provides pea protein sourced from yellow peas.

Forecast to 2029
TABLE 24 YELLOW PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2020–2029 (USD MILLION)
U.S. 92.7 105.6 120.8 335.8 15.7%
Canada 30.5 34.3 38.7 97.8 14.2%
Germany 27.6 31.4 35.8 99.0 15.6%
France 18.3 20.6 23.3 60.1 14.5%
U.K. 15.1 17.1 19.5 52.1 15.1%
Italy 9.4 10.6 12.0 30.9 14.5%
Spain 5.0 5.6 6.3 15.3 13.6%
China 25.4 29.8 35.2 120.7 19.3%
Japan 14.3 16.3 18.7 51.8 15.7%
India 11.9 13.9 16.2 51.5 18.0%
Australia 5.3 6.0 6.9 19.1 15.7%
Latin America 16.3 18.7 21.5 64.1 16.8%
Other Countries 19.1 21.6 24.5 64.9 14.9%
Total 297.3 338.6 387.5 1,085.0 15.8%

In 2021, the U.S. accounted for the largest share of 31.3% of the global yellow pea protein market. This market is projected to
reach USD 335.8 million by 2029 from an estimated USD 120.8 million in 2022, at a CAGR of 15.7% during the forecast period.
7.3. GREEN PEA

In 2021, the green pea segment accounted for a share of 5.3% of the global pea protein market. This market is projected to
Green peas have similar nutritional content and processing time as yellow peas; their color and taste are the main differences.
The color difference stems from the genetic coding on the Pisum sativum L. plant. Also, green peas have a nuttier and prominent
taste, whereas yellow peas have a sweeter and milder palette.
Green peas are largely produced in China, India, the U.S., the U.K., and France (Source: Food and Agriculture Organization
Corporate Statistical Database [FAOSTAT]). Green peas offer various health benefits, such as improving heart health,
maintaining a healthy body weight, controlling blood sugar, providing high antioxidants, and promoting muscle strength and
bone health.
Presently, only a handful of companies offer pea protein ingredients from green pea. Ingredion Incorporated (U.S.), TIANJIN
HUGE ROC ENTERPRISES CO., LTD. (China), and Qingdao Haosail Science Co., Ltd. (China) are some of the companies that
offer pulse flour sourced from green peas, containing 20% protein.

Forecast to 2029
TABLE 25 GREEN PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2020–2029 (USD MILLION)
U.S. 5.1 5.7 6.4 15.6 13.5%
Canada 1.8 2.0 2.2 4.8 12.0%
Germany 1.5 1.7 1.9 4.6 13.3%
France 1.0 1.2 1.3 2.9 12.3%
U.K. 0.9 1.0 1.1 2.5 12.8%
Italy 0.6 0.6 0.7 1.6 12.2%
Spain 0.3 0.3 0.3 0.7 11.4%
China 1.4 1.6 1.9 5.6 17.0%
Japan 0.8 0.9 1.0 2.5 13.5%
India 0.6 0.7 0.8 2.2 15.8%
Australia 0.3 0.3 0.4 0.9 13.5%
Latin America 0.9 1.0 1.2 3.1 14.6%
Other Countries 1.1 1.2 1.4 3.1 12.7%
Total 16.7 18.7 21.0 51.1 13.6%

In 2021, the U.S. accounted for the largest share of 30.7% of the global green pea protein market. This market is projected to

Forecast to 2029
8. GLOBAL PEA PROTEIN MARKET, BY SOURCE PROCESS
8.1. INTRODUCTION
Based on source process, the pea protein market is segmented into conventional pea protein and organic pea protein. In 2021,
the conventional pea protein segment accounted for the larger share of 91.8% of the overall pea protein market. The large share
of this segment is attributed to its lower price, longer shelf life, higher yield, and higher availability of substantial conventional
crop varieties.
However, the organic pea protein segment is expected to grow at a higher CAGR of 19.0% during the forecast period. The rapid
growth of this segment is mainly attributed to the growing preference for organic products, the rising trend of clean label
products, and the increasing number of certified organic pea produce farms.
FIGURE 24 GLOBAL PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2022–2029

(USD MILLION)
1,200.0 20.0%
18.0%
1,000.0
16.0%
14.0%
800.0
12.0%
600.0 10.0%
8.0%
400.0
6.0%
4.0%
200.0
2.0%
- 0.0%
Conventional Pea Protein Organic Pea Protein
2022 374.1 34.4
2029 1,020.2 115.9
CAGR (2022-29) 15.4% 19.0%
TABLE 26 GLOBAL PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION)
Source Process 2020 2021 2022 2029 CAGR (2022–2029)
Conventional Pea Protein 289.0 328.1 374.1 1,020.2 15.4%
Organic Pea Protein 25.0 29.3 34.4 115.9 19.0%
Total 314.0 357.3 408.5 1,136.1 15.7%

In 2021, the conventional pea protein segment accounted for the larger share of 91.8% of the global pea protein market. This
segment is projected to reach USD 1,020.2 million by 2029 from an estimated USD 374.1 million in 2022, at a CAGR of 15.4%

Forecast to 2029
8.2. CONVENTIONAL PEA PROTEIN

In 2021, the conventional pea protein segment accounted for the larger share of 91.8% of the global pea protein market. This
segment is projected to reach USD 1,020.2 million by 2029 from an estimated USD 374,1 million in 2022, at a CAGR of 16.8%
In recent decades, conventional farming or industrial agriculture has helped boost agricultural production. Conventional farming
relies on chemical intervention to fight pests and weeds and provide plant nutrition to get the highest possible yield of crops.
Pea protein from conventional farming systems provides many advantages, including rapid technological innovation, large
capital investments in equipment and technology, large-scale farms, single crops (monocultures), uniform high-yield plant
protein crops, and dependency on agribusiness and mechanization of farm work.
Conventional farming provides multiple benefits to pea protein crop producers, such as lower production costs, reduced usage
of land resources and manual labor, and high yields. However, the increasing environmental concerns among millennials are
expected to hamper the growth of conventional pea protein as conventional farming is responsible for the decline in soil
productivity, nutrient loss in final produce, increased greenhouse gas emissions, water pollution, and adverse health effects.
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.), and Dupont de Nemours and Company (U.S.) are some of the
companies that provide conventional pea protein.

Forecast to 2029
TABLE 27 CONVENTIONAL PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2020–2029

(USD MILLION)
U.S. 88.3 100.2 114.2 307.6 15.2%
Canada 29.6 33.2 37.3 91.8 13.7%
Germany 26.6 30.2 34.4 92.2 15.1%
France 17.9 20.1 22.6 56.7 14.0%
U.K. 14.9 16.8 19.1 49.8 14.7%
Italy 9.4 10.6 11.9 30.1 14.1%
Spain 5.0 5.5 6.2 14.8 13.2%
China 25.2 29.5 34.8 116.9 18.9%
Japan 14.1 16.0 18.2 49.4 15.3%
India 11.5 13.3 15.5 48.1 17.6%
Australia 5.2 5.8 6.7 18.0 15.3%
Latin America 16.1 18.5 21.3 61.9 16.5%
Other Countries 18.8 21.2 23.9 61.8 14.5%
Total 289.0 328.1 374.1 1,020.2 15.4%

In 2021, the U.S. accounted for the largest share of 30.5% of the global conventional pea protein market. This market is projected
8.3. ORGANIC PEA PROTEIN

In 2021, the organic pea protein segment accounted for the larger share of 8.2% of the global pea protein market. This segment
forecast period.
Organic farming involves growing and nurturing crops used for protein processing with biological materials, preventing
synthetic-based fertilizers and pesticides. Organic pea protein is a rich source of Branched Chain Amino Acids (BCAAs), such
as Leucine, Isoleucine, and Valine.
Organic farming methods may yield less than conventional farming, but most organic products are sold 20-30% higher than
conventional produce. According to the Census of Agriculture Organic Survey (2019), there was a 17% increase in the number
of certified organic farms for all crop types in the U.S. between 2016 and 2019. The sales of all organic crops, including cereals
& grains, and fruits & vegetables, reached USD 9.9 billion in 2019, an increase of 31% from 2016. In the same year (2019),
organic farms reported USD 2 billion in direct sales of all organic crops to retail markets, institutions, and food hubs.

Forecast to 2029
Furthermore, the increasing trend of clean label products due to consumers’ preference for products, which are natural with
fewer chemicals and additives, is expected to drive the growth of the global organic pea protein market during the forecast
period.
Recently as per the trend, consumers are closely inspecting labels of products. According to a survey by the European Consumer
Organization (2019), around 70% of European customers read the front side of the pack, and due to which food manufacturers
are providing clean label products, such as ‘grass-fed,’ ‘no hormones,’ ‘no antibiotics,’ ‘organic’ etc. on the front side label.
Consumers in developed markets pay more attention to these specifications. Hence, the details on the front side label of
products play a vital role in the product's sales. Thus, to grab consumers' attention and improve the image of products,
manufacturers are offering clean label products, which is expected to stimulate the growth of the organic pea protein market
However, the higher pricing of organic pea protein compared to conventional protein is anticipated to restrain the growth of this
market during the forecast period. Organic food supply is limited compared to demand; higher raw materials and production
costs for organic foods; the higher costs involved in processing and transportation; and inefficient marketing and the distribution
chain as the handling of relatively small quantities are the factors anticipated to restrain the growth of organic pea protein
market.
In addition, the poor infrastructure of regulatory bodies for organic certification of plant protein in several countries of the Asia-
Pacific, excluding Japan (APEJ region), has resulted in low confidence among consumers about the authenticity of organic plant
protein products. Thus, key players are importing organic protein-based products with manufacturing origin of European or
North American countries, which translates into a substantial increase in the pricing. Hence, limiting the reach of organic pea
protein to the higher income group consumers is restraining the growth of the global organic pea protein market.
Cargill, Incorporated (U.S.), Ingredion Incorporated (U.S.), Cosucra Groupe Warcoing SA (Belgium), Farbest Brands (U.S.), and
Shandong Jianyuan Foods Co., Ltd. (China) are some of the leading companies that offer organic pea protein.

Forecast to 2029
TABLE 28 ORGANIC PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2020–2029

(USD MILLION)
U.S. 9.47 11.08 13.02 43.75 9.47
Canada 2.63 3.04 3.52 10.81 2.63
Germany 2.48 2.90 3.40 11.35 2.48
France 1.50 1.73 2.01 6.28 1.50
U.K. 1.10 1.28 1.50 4.85 1.10
Italy 0.58 0.67 0.77 2.40 0.58
Spain 0.34 0.39 0.45 1.32 0.34
China 1.55 1.87 2.26 9.42 1.55
Japan 1.06 1.25 1.46 4.94 1.06
India 1.02 1.22 1.46 5.67 1.02
Australia 0.42 0.49 0.58 1.95 0.42
Latin America 1.04 1.23 1.45 5.23 1.04
Middle East & Africa 0.38 0.44 0.51 1.67 0.38
Other Countries 1.44 1.68 1.95 6.23 1.44
Total 25.01 29.26 34.37 115.88 25.01

In 2021, the U.S. accounted for the largest share of 37.9% of the global organic pea protein market. This market is projected to

Forecast to 2029
9. GLOBAL PEA PROTEIN MARKET, BY PROCESSING METHOD
9.1. INTRODUCTION
Based on the processing method, the pea protein market is segmented into dry processing and wet processing. In 2021, the dry
processing segment accounted for the larger share of 63.6% of the global pea protein market. The large share of this segment
is mainly attributed to low capital requirement, reduced water & energy consumption compared to wet extraction, and the high
demand from food & beverage manufacturers.
However, the wet processing segment is expected to grow at a higher CAGR of 16.7% during the forecast period as this process
enables high protein content and purity than the dry processing method.
FIGURE 25 GLOBAL PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2022–2029

(USD MILLION)
800.0 18.0%
700.0 16.0%
600.0
14.0%
500.0
12.0%
400.0
10.0%
300.0
8.0%
200.0
100.0 6.0%
- 4.0%
Dry Processing Wet Processing
2022 258.4 150.0
2029 692.8 443.3
CAGR (2022-29) 15.1% 16.7%
TABLE 29 GLOBAL PLANT-BASED PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029

(USD MILLION)
Processing Method 2020 2021 2022 2029 CAGR (2022–2029)
Dry Processing 200.6 227.2 258.4 692.8 15.1%
Wet Processing 113.4 130.1 150.0 443.3 16.7%
Total 314.0 357.3 408.5 1,136.1 15.7%

In 2021, the dry processing segment accounted for the larger share of 63.6% of the global pea protein market. This segment is
forecast period.

Forecast to 2029
9.2. DRY PROCESSING

In 2021, the dry processing segment accounted for a share of 63.6% of the global pea protein market. This segment is projected
Dry processing is the process of drying, grinding, and milling whole or dehulled peas and separating protein and starch fractions
based on mass and different particle sizes with a spiral air stream. The products derived by dry processing have a protein
content between 50% to 60% of weight (Source: Boye et al., 2010). The dry processing method offers various benefits to
manufacturers over wet processing, including cost efficiency, reduced energy and water usage, and high demand from food &
beverage manufacturers. The dry processing method is ideal for pea flour, pea protein concentrate, and textured pea protein.
However, this method does not typically extract as much protein as wet methods, but the native structure of the protein is
maintained.
TABLE 30 DRY-PROCESSED PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2020–2029

(USD MILLION)
U.S. 62.4 70.7 80.4 214.2 15.0%
Canada 21.2 23.7 26.7 64.7 13.5%
Germany 17.9 20.2 22.9 60.5 14.9%
France 12.0 13.4 15.1 37.1 13.7%
U.K. 10.3 11.6 13.1 33.6 14.4%
Italy 6.3 7.1 8.0 19.7 13.8%
Spain 3.5 3.9 4.3 10.2 12.9%
China 17.4 20.3 23.9 78.5 18.5%
Japan 9.5 10.7 12.2 32.2 14.9%
India 8.0 9.3 10.8 32.8 17.3%
Australia 3.7 4.2 4.8 12.7 15.1%
Latin America 11.1 12.6 14.5 41.3 16.1%
Other Countries 13.0 14.6 16.5 41.6 14.2%
Total 200.6 227.2 258.4 692.8 15.1%

In 2021, the U.S. accounted for the largest share of 31.0% of the global dry-processed pea protein market. This market is
forecast period.

Forecast to 2029
9.3. WET PROCESSING

In 2021, the wet processing segment accounted for a share of 36.4% of the global pea protein market. This segment is projected
There are several wet processing methods to extract proteins from peas, as well as several other wet treatments that have been
applied to improve functionality or flavor. The wet process is based on the solubility properties of pea proteins. The proteins are
solubilized by dispersion of flour in water and pH adjustment. The protein extract is clarified by using cyclones or centrifugation
separators, and the proteins are recovered by ultrafiltration of iso-electric precipitation. These isolates have a protein content
of about 85% to 90% of weight (Source: Boye et al. 2010). This method offers 90% purity and the ease of modifying proteins to
suit end-use applications. This method is mainly used to extract pea protein isolates and concentrates.
However, this process is more expensive than dry processing due to the high initial investment for process equipment, increased
chances of functionality alternation due to some chemical treatments, and low yield of extractions, which is expected to hamper
the adoption of wet processing by pea protein manufacturers. In addition, the wet processing method for pea protein extraction
can cause microbial growth and a waste of water from a sustainability perspective which poses a challenge for pea protein
manufacturers.
TABLE 31 WET-PROCESSED PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2020–2029

(USD MILLION)
U.S. 35.37 40.60 46.80 137.16 16.6%
Canada 11.01 12.47 14.20 37.97 15.1%
Germany 11.24 12.87 14.81 43.08 16.5%
France 7.35 8.35 9.52 25.88 15.4%
U.K. 5.70 6.51 7.46 21.04 16.0%
Italy 3.66 4.15 4.73 12.81 15.3%
Spain 1.80 2.03 2.30 5.92 14.5%
China 9.35 11.07 13.17 47.80 20.2%
Japan 5.68 6.52 7.52 22.10 16.7%
India 4.50 5.27 6.20 20.95 19.0%
Australia 1.88 2.16 2.48 7.30 16.6%
Latin America 6.11 7.08 8.23 25.82 17.7%
Other Countries 7.24 8.24 9.43 26.39 15.8%
Total 113.36 130.12 150.05 443.32 16.7%

In 2021, the U.S. accounted for the largest share of 31.2% of the global wet-processed pea protein market. This market is
forecast period.

Forecast to 2029
10. GLOBAL PEA PROTEIN MARKET, BY FORM
10.1. INTRODUCTION
Based on form, the pea protein market is segmented into solid and liquid. In 2021, the solid segment accounted for the largest
share of 70.1% of the overall pea protein market. The large share of this segment is mainly attributed to the higher demand for
solid protein ingredients due to the ease of handling & transportation, cost-effectiveness, and the ability to avoid costly
formulation errors and maintain the stability of the ingredients.
However, the liquid segment is expected to grow at a higher CAGR of 16.3% during the forecast period due to its growing demand
from the dairy alternative industry and increasing applications in innovative products.
FIGURE 26 GLOBAL PEA PROTEIN MARKET SIZE, BY FORM, 2022–2029 (USD MILLION)
900.0 18.0%
800.0
16.0%
700.0
14.0%
600.0
500.0 12.0%
400.0 10.0%
300.0
8.0%
200.0
6.0%
100.0
- 4.0%
Solid Liquid
2022 285.5 122.9
2029 781.7 354.5
CAGR (2022-29) 15.5% 16.3%
TABLE 32 GLOBAL PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION)
Form 2020 2021 2022 2029 CAGR (2022-2029)
Solid 220.5 250.3 285.5 781.7 15.5%
Liquid 93.6 107.0 122.9 354.5 16.3%
Total 314.0 357.3 408.5 1,136.1 15.7%

In 2021, the solid segment accounted for the larger share of 70.1% of the global pea protein market. This segment is projected

Forecast to 2029
10.2. SOLID
In 2021, the solid segment accounted for a share of 70.1% of the global pea protein market. This market is projected to reach
USD 781.7 million by 2029 from an estimated USD 285.5 million in 2022, at a CAGR of 15.5% during the forecast period.
Solid pea protein is largely preferred by manufacturers of food & beverage, feed, and pharmaceutical products due to its better
stability, ease of handling & storage, and longer shelf life than the liquid form. The solid or powder form is extracted through a
few downstream processes, which helps obtain the desired moisture content and protein concentration in the end products.
Factors, including low bulk weight, usage conveniences, diverse applications, high stability, and the possibility of a high
production rate are driving the demand for solid forms of protein ingredients. The dried form of the ingredient has a low moisture
content, which reduces the degradation rate; hence, dried protein ingredients can be stored longer than liquid form. They also
provide technological solutions since they are relatively easy to preserve, store, and process.
In addition, these ingredients have long been valued by food and feed formulators for various properties, such as their ability to
gel, foam, emulsify, and form films and dough structures, which ultimately enables them to meet the development and
manufacturing requirements of various products.
Archer Daniels Midland Company (U.S.), Cargill Incorporated (U.S.), Roquette Frères Le Romain (France), and Ingredion
Incorporated (U.S.) are some leading companies that provide solid pea protein.
TABLE 33 SOLID PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2020–2029 (USD MILLION)
U.S. 69.87 79.35 90.51 246.35 15.4%
Canada 22.23 24.90 28.02 69.11 13.8%
Germany 21.06 23.87 27.19 73.55 15.3%
France 13.85 15.55 17.54 44.17 14.1%
U.K. 11.23 12.67 14.36 37.52 14.7%
Italy 6.92 7.76 8.74 22.01 14.1%
Spain 3.62 4.03 4.51 10.75 13.2%
China 19.07 22.34 26.28 88.22 18.9%
Japan 10.68 12.12 13.82 37.41 15.3%
India 8.69 10.06 11.69 36.37 17.6%
Australia 3.79 4.30 4.89 13.28 15.3%
Latin America 11.51 13.18 15.16 43.94 16.4%
Other Countries 13.54 15.24 17.22 44.37 14.5%
Total 220.45 250.31 285.51 781.65 15.5%


Forecast to 2029
In 2021, the U.S. accounted for the largest share of 31.6% of the global solid pea protein market. This market is projected to
10.3. LIQUID
In 2021, the liquid segment accounted for a share of 29.9% of the global pea protein market. This market is projected to reach
Pea protein in the dissolved liquid form is required in many areas, such as food & beverages, infant formula, and dietary
supplements. In product manufacturing, it helps to improve viscosity, mouthfeel, product stability, texture, shelf life, taste, and
visual aspects.
As consumer demand increases for healthier and more innovative products, liquid protein-based products are expected to help
create new products with greater ease. In addition, they provide beneficial advantages to manufacturers, such as constant and
specification-oriented quality; no investments in equipment for dissolving, filtering, and pasteurization; shorten lead times and
increase shelf life; drastically reduce the amount of warehouse space needed; ensure homogeneous blends with virtually no
segregation; and high microbiological stability of the protein ingredients. Roquette Frères Le Romain (France) and Ingredion
Incorporated (U.S.) are some of the leading companies that provide liquid pea protein.
TABLE 34 LIQUID PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2020–2029 (USD MILLION)
U.S. 27.94 31.95 36.71 105.03 16.2%
Canada 10.02 11.32 12.84 33.52 14.7%
Germany 8.08 9.22 10.57 30.01 16.1%
France 5.52 6.24 7.09 18.82 15.0%
U.K. 4.78 5.43 6.21 17.10 15.6%
Italy 3.09 3.49 3.96 10.49 14.9%
Spain 1.67 1.88 2.12 5.34 14.1%
China 7.68 9.07 10.75 38.09 19.8%
Japan 4.48 5.13 5.89 16.91 16.3%
India 3.86 4.50 5.27 17.39 18.6%
Australia 1.78 2.04 2.34 6.72 16.3%
Latin America 5.66 6.53 7.57 23.20 17.3%
Other Countries 6.70 7.60 8.66 23.66 15.4%
Total 93.56 107.00 122.95 354.47 16.3%

In 2021, the U.S. accounted for the largest share of 29.9% of the global liquid pea protein market. This market is projected to

Forecast to 2029
11. GLOBAL PEA PROTEIN MARKET, BY APPLICATION
11.1. INTRODUCTION
Based on application, the pea protein market is segmented into nutrition & health supplements, meat & alternative meat
products, bakery products, dairy & dairy alternatives, cereals & snacks, beverages, pet food, and others.
In 2021, the nutrition & health supplements segment accounted for the largest share of 35.4% of the global pea protein market.
The large share of this segment is mainly attributed to factors, such as rising incidences of diseases due to improper nutrition,
the benefits offered by pea protein in nutrition and sports performance products, and growing health and wellness trends. In
addition, the rising demand for high-protein nutritional & health supplements for weight management, muscle building, and
patients undergoing treatments further supports the growth of this segment.
However, the meat & alternative meat products segment is expected to witness a significant growth of 17.4% during the forecast
period. The high growth rate of this segment is mainly attributed to the growing vegan population, the increasing number of
product launches, and the rising incidences of meat-borne diseases.
FIGURE 27 GLOBAL PEA PROTEIN MARKET SIZE, BY APPLICATION, 2022–2029 (USD MILLION)
500.0 20.0%
450.0 18.0%
400.0 16.0%
350.0 14.0%
300.0 12.0%
250.0 10.0%
200.0 8.0%
150.0 6.0%
100.0 4.0%
50.0 2.0%
- 0.0%
Meat &
Nutrition &
Alternative Bakery Dairy & Dairy Cereals & Other
Health Beverages Pet Food
Meat Products Alternatives Snacks Applications
Supplements
Products
2022 146.0 92.2 63.3 53.0 19.4 13.0 8.3 13.4
2029 430.5 283.2 153.4 139.8 45.3 29.0 21.3 33.5
CAGR (2022-29) 16.7% 17.4% 13.5% 14.9% 12.9% 12.2% 14.5% 14.0%

Forecast to 2029
TABLE 35 GLOBAL PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION)
Application 2020 2021 2022 2029 CAGR (2022–2029)
Nutrition & Health Supplements 109.9 126.4 146.0 430.5 16.7%
Meat & Alternative Meat Products 68.8 79.5 92.2 283.2 17.4%
Bakery Products 50.6 56.5 63.3 153.4 13.5%
Dairy & Dairy Alternatives 41.3 46.7 53.0 139.8 14.9%
Cereals & Snacks 15.6 17.3 19.4 45.3 12.9%
Beverages 10.6 11.7 13.0 29.0 12.2%
Pet Food 6.5 7.3 8.3 21.3 14.5%
Other Applications 10.6 11.9 13.4 33.5 14.0%
Total 314.0 357.3 408.5 1,136.1 15.7%

In 2021, the nutrition & health supplements segment accounted for the largest share of 35.4% of the global pea protein market.
This segment is projected to reach USD 430.5 million by 2029 from an estimated USD 146.0 million in 2022, at a CAGR of 16.7%
11.2. NUTRITION & HEALTH SUPPLEMENTS

The nutrition & health supplements segment accounted for the largest share of 35.4% of the global pea protein market in 2021.
Pea proteins find their major application in the nutrition & health sector. Physical inactivity and poor diet and nutrition are
increasingly becoming part of today’s lifestyle, leading to the rapid rise of diseases, such as cardiovascular diseases, diabetes,
and obesity. Pea protein supplements benefit the brain, eye, and heart and enhance muscle mass and immunity. The
applications of pea protein in nutrition & health supplements are mainly driven by the aging population, health & wellness trends,
and the rising incidences of lifestyle diseases.
Patients are increasingly becoming exasperated due to expensive & high-tech medical therapies and changing disease
treatment approaches to complementary or alternative beneficial products, resulting in the increasing demand for various
ingredients, such as pea protein, that can produce nutritional and health beneficial compounds for dietary supplements. These
factors propel the demand for pea protein in nutrition and health supplements.
Furthermore, inadequate levels of protein hinder the body’s ability to repair muscles, increase muscle mass, or perform essential
human functions. Protein deficiencies are commonly associated with diets lacking nutrient-rich foods. According to the World
Health Organization (WHO), protein deficiency can lead to a loss of muscle mass, growth issues, and weakening of the heart,
immunity, and respiratory systems. Hence, there is an increasing awareness regarding the regular intake of pea protein-
containing supplements among consumers worldwide, spurring the growth of the pea protein market for nutrition and health
supplements.

Forecast to 2029
Some of the key players offering pea protein for nutrition & health supplements are Roquette Frères Le Romarin (France), DuPont
(U.S.), Axiom Foods Inc (U.S.), Burcon Nutrascience Corporation (Canada), Glanbia plc (Ireland), Cosucra Groupe Warcoing SA
(Belgium), Farbest Brands (U.S.), and Emsland Starke GmbH (Germany).
TABLE 36 PEA PROTEIN MARKET SIZE FOR NUTRITION & HEALTH SUPPLEMENTS,
BY COUNTRY/REGION, 2020–2029 (USD MILLION)
U.S. 34.59 39.83 46.05 135.79 16.7%
Canada 11.31 12.79 14.51 37.58 14.6%
Germany 12.42 14.24 16.38 47.15 16.3%
France 7.73 8.77 9.98 26.65 15.1%
U.K. 6.27 7.14 8.17 22.53 15.6%
Italy 3.45 3.94 4.51 12.52 15.7%
Spain 1.89 2.13 2.41 6.11 14.2%
China 8.63 10.28 12.29 45.45 20.5%
Japan 4.55 5.25 6.08 18.12 16.9%
India 3.58 4.21 4.98 17.06 19.2%
Australia 1.42 1.65 1.93 6.03 17.7%
Latin America 5.71 6.64 7.76 24.74 18.0%
Other Countries 6.26 7.14 8.18 22.78 15.8%
Total 109.88 126.40 145.98 430.53 16.7%

In 2021, the U.S. accounted for the largest share of 31.5% of the global pea protein market for nutrition & health supplements.
This market is projected to reach USD 135.79 million by 2029 from an estimated USD 46.05 million in 2022, at a CAGR of 16.7%

Forecast to 2029
11.3. MEAT & ALTERNATIVE MEAT PRODUCTS

The meat & alternative meat products segment accounted for a share of 22.2% of the global pea protein market in 2021. This
segment is projected to reach USD 283.2 million by 2029 from an estimated USD 92.2 million in 2022, at a CAGR of 17.4% during
The consumption of pea protein in meat substitutes or meat alternatives has been increasing over the years due to the rising
incidences of meat-borne diseases and the global shortage of animal protein. Pea protein, unlike meat protein, besides providing
a good source for protein, has low saturated fats and cholesterol. It also provides numerous other nutrients, such as
phytochemicals and fibers. Pea proteins also have physiologically active components, such as protease inhibitors, phytosterols,
saponins, and isoflavones. These components have been reported to demonstrate lipid-lowering effects, increase LDL-
cholesterol oxidation, and lower blood pressure. In addition, vegetarian food is digested more easily than non-vegetarian food.
These properties of pea proteins make a healthy image of meat analogue or meat alternatives by providing inherent qualities of
a cheap source of protein, suitable for gluten & soy-free products, health-conscious non-vegetarians, and lactose-intolerant
people, among others.
To explore the opportunities in this market, some key players and government organizations have entered into strategic
agreements and partnerships to make their mark in the pea protein-based meat alternatives market. For instance, in January
2020, Beyond Meat (U.S.) and Roquette Frères S.A. (France) announced a multi-year pea protein supply agreement. Also, as of
2018, the German government invested USD 780,000 in a research project that explores methods to produce vegan meat with
a more meat-like texture. The project, known as Texturing Mechanisms in the Wet Extrusion of Soy and Pea Protein, allows
researchers at Germany’s TU Berlin and Karlsruhe Institute of Technology (KIT) to innovate plant-based meat production
methods.
However, meat analogues such as tofu, tempeh, kinema, and seitan are generally made from soy protein and gluten, which is
expected to challenge the adoption of pea protein in meat analogue or meat alternatives to a notable extent.
For extension, sustainability, or succulence, pea protein plays a key role in meat, poultry, and seafood processing around the
globe due to the high acceptance of these proteins by consumers, processors, and regulatory agencies. Pea protein meets the
growing dietary demand and is also less expensive to produce and process than meat proteins. Protein concentrates, isolates,
and powders are mostly used in the meat, poultry, and seafood industry due to their rapid rehydration, neutral taste, and
texturizing properties.
Pea protein provides nutrition, flavor, and valuable functional properties when used as binders, emulsifiers, meat flavor
enhancers, and brine ingredients. For example, in the seafood industry, pea proteins are used especially in producing
comminuted products, such as surimi, where they help maintain texture, reduce water loss, slice ability, improve firmness, add
value to trim, and also reduce fat. Pea protein may partially replace animal protein and substitute for other binding agents, fillers,
modified starch, and hydrocolloids. Pea protein is widely used in hamburgers, ground meat, sausages, Bolognese sauces,
nuggets, meatloaf, fine-textured sausages, mortadella, kebab, and mincemeat-based products.

Forecast to 2029
TABLE 37 PEA PROTEIN MARKET SIZE FOR MEAT & ALTERNATIVE MEAT PRODUCTS,
U.S. 20.42 23.58 27.35 83.54 17.3%
Canada 8.62 9.83 11.25 31.37 15.8%
Germany 5.85 6.74 7.80 23.65 17.2%
France 4.25 4.85 5.56 15.76 16.1%
U.K. 3.69 4.24 4.89 14.37 16.7%
Italy 1.93 2.20 2.52 7.13 16.0%
Spain 1.28 1.46 1.66 4.46 15.2%
China 5.65 6.73 8.05 30.46 20.9%
Japan 3.36 3.88 4.50 13.78 17.3%
India 2.90 3.42 4.04 14.24 19.7%
Australia 1.14 1.31 1.52 4.67 17.3%
Latin America 3.62 4.22 4.94 16.15 18.4%
Other Countries 4.79 5.49 6.32 18.44 16.5%
Total 68.84 79.47 92.16 283.20 17.4%

In 2021, the U.S. accounted for the largest share of 29.7% of the global pea protein market for meat & alternative meat products.
This market is projected to reach USD 83.54 million by 2029 from an estimated USD 27.35 million in 2022, at a CAGR of 17.3%

Forecast to 2029
11.4. BAKERY PRODUCTS

The bakery products segment accounted for a share of 15.8% of the global pea protein market in 2021. This segment is
forecast period.
Bakery products are a dietary mainstay of a large proportion of the population. The baked foods and items were initially only
baked and served during feasts and special occasions in emerging countries in the Asia-Pacific region, but in recent years due
to the advancements in technology, rising urbanization, changing lifestyles, and increased per capita income, the bakery industry
has developed significantly, which is resulting in the increased demand for these items.
The baking industry is evolving due to trends driven by changing consumer demographics. Millennials influence the demand for
conventional yet health-focused bakery products, such as bread and cookies, whereas fancy clean-label cakes and pastry treats
are gaining popularity globally as Gen Z shoppers come to the front.
Furthermore, innovation in ingredients, flavors, packaging, and marketing is attributed to the increase in manufacturers'
competitive market positions. Some bakery products contain a certain proportion of protein (such as gluten in bread). There are
several bakery products where protein levels can be low and could benefit from protein fortification. In addition, existing bakery
industry trends, such as consumer food choices, are shifting towards non-GMO, dairy-free, protein-rich, and limited sugar, as
well as the use of premium ingredients and functional or super-foods, such as caffeine, teas, berries, plant-based, and proteins,
ultimately increasing the adoption of pea protein ingredients.
According to the Institute of Food Technologists (IFT), protein has become a major attraction for consumers, influencing the
purchasing decisions of around 50% of consumers globally. Kodiak Cakes (U.S.), one of the most prominent brands in the
protein segment, reached USD 160 million in revenue in 2019 from just USD 6.7 million in 2014 through increased sales of its
protein-packed cakes, waffle mixes, crackers, and muffin cups.
Pea protein ingredients are being used for various functional and nutritional reasons in this industry. Pea proteins are used in
bread, rolls, cakes, cake mixtures, cookies, biscuits, pancakes, sweet pastry, doughnuts, and gluten-free products as it provides
improved water absorption & dough handling properties, a tenderizing effect, improve crust color & toasting characteristics,
emulsification of fats, sheeting characteristics, and finished product quality.
However, there is no perfect protein for use as a fortification agent in bakery products; it depends on the need and demands of
consumers. Hence, with the increase in the production of baked foods and the trend for healthy bakery products, the adoption
of pea protein in bakery products is also expected to increase in the next few years.

Forecast to 2029
TABLE 38 PEA PROTEIN MARKET SIZE FOR BAKERY PRODUCTS, BY COUNTRY/REGION,

2020–2029 (USD MILLION)
U.S. 16.70 18.63 20.87 49.98 13.3%
Canada 4.76 5.24 5.80 12.68 11.8%
Germany 3.70 4.12 4.61 10.95 13.2%
France 2.64 2.91 3.22 7.17 12.1%
U.K. 2.33 2.58 2.88 6.63 12.7%
Italy 1.77 1.95 2.15 4.77 12.0%
Spain 0.82 0.90 0.99 2.09 11.2%
China 4.28 4.93 5.69 16.89 16.8%
Japan 2.60 2.90 3.26 7.82 13.3%
India 2.31 2.63 3.00 8.29 15.6%
Australia 1.13 1.26 1.41 3.38 13.3%
Latin America 2.87 3.22 3.64 9.34 14.4%
Other Countries 3.53 3.91 4.35 10.01 12.6%
Total 50.63 56.50 63.35 153.39 13.5%

In 2021, the U.S. accounted for the largest share of 33.0% of the global pea protein market for bakery products. This market is
forecast period.

Forecast to 2029
11.5. DAIRY & DAIRY ALTERNATIVES

The dairy & dairy alternatives segment accounted for a share of 13.1% of the global pea protein market in 2021. This segment
forecast period.
The growing health-conscious consumers trying to find a balance between taste and nutrition have increased the consumption
of milk products in recent years. Consumers want natural, nutritious, and appetizing food products. Hence, the quality
characteristics of the finished product are very important. These characteristics can be successfully modified using pea-
sourced protein preparations in dairy products. The isolates and functional concentrates are the most acceptable products in
dairy applications because of their fine particle size, dispersibility, high protein content, and low flavor profile. For instance,
protein concentrates, which are most often used by yogurt manufacturers to replace skimmed milk powder with protein
concentrates, cause increased gel strength in solid yogurt, increase the viscosity of mixed yogurt, and reduce the risk of
syneresis in yogurt.
Furthermore, due to lactose and soy intolerance, general health, or concern for the environment, consumers look to pea-based
dairy alternatives for taste and nutrition because it’s both heart-healthy and cholesterol-free. Pea-based proteins are flexible
enough for application in almost any dairy-alternative product due to their properties, such as bland flavor, smooth mouthfeel,
low viscosity, stabilization, and bright white color. Hence, several dairy analog products have been developed with pea-based
protein products to improve nutrition, reduce allergy response, and improve functionality. Some recent pea protein-based dairy
products launches are as follows:
• In May 2021, Nestlé launched Wunda, a pea-based alternative milk made from yellow peas sourced from France and Belgium.
The product will be sold initially in France, the Netherlands, and Portugal.
• In April 2021, Agrocorp International (Singapore), an agrifood firm, launched a pea protein-based dairy-free paneer alternative
under the plant-based ‘HerbYvore’ brand.
• In December 2020, Prinova Group LLC (U.S.) launched a nutrient-rich premix for dairy replacement products. This product
was made using Prinova’s pea protein 85%.
Therefore, with the rise in the consumption of milk products and increasing health consciousness, the adoption of pea proteins
for dairy and dairy alternatives is expected to increase in the near future.

Forecast to 2029
TABLE 39 PEA PROTEIN MARKET SIZE FOR DAIRY AND DAIRY ALTERNATIVES,
U.S. 13.83 15.61 17.70 46.17 14.7%
Canada 3.78 4.21 4.71 11.21 13.2%
Germany 2.80 3.15 3.56 9.23 14.6%
France 2.04 2.28 2.55 6.18 13.5%
U.K. 1.84 2.07 2.33 5.85 14.1%
Italy 1.48 1.64 1.84 4.44 13.4%
Spain 0.66 0.74 0.82 1.88 12.6%
China 3.48 4.05 4.74 15.32 18.2%
Japan 2.16 2.43 2.76 7.22 14.7%
India 1.94 2.24 2.59 7.78 17.0%
Australia 0.97 1.10 1.24 3.25 14.7%
Latin America 2.36 2.69 3.07 8.58 15.8%
Other Countries 2.94 3.30 3.71 9.30 14.0%
Total 41.33 46.68 52.97 139.78 14.9%

In 2021, the U.S. accounted for the largest share of 33.4% of the global pea protein market for dairy and dairy alternatives. This
11.6. CEREALS & SNACKS

The cereals & snacks segment accounted for a share of 4.9% of the global pea protein market in 2021. This segment is projected
As consumers seek out more nutritious cereal and snack food options, pea proteins are increasingly being adopted in cereal &
snacks. The incorporation of pea protein in cereals and snacks is mainly fueled by their reasonable costs and label claims, such
as non-GMO, allergen-free, sustainably sourced, and vegetarian. Pea protein has excellent blending, water absorption, and
emulsification properties that deliver taste, improve texture, boost performance, and enhance nutrition and shelf life of cereals
& snacks. These benefits increase the adoption of pea protein in cereals & snacks.

Forecast to 2029
TABLE 40 PEA PROTEIN MARKET SIZE FOR CEREALS & SNACKS, BY COUNTRY/REGION,
U.S. 4.36 4.83 5.38 12.37 12.6%
Canada 1.70 1.87 2.05 4.30 11.2%
Germany 1.61 1.78 1.98 4.51 12.5%
France 0.71 0.78 0.86 1.83 11.4%
U.K. 0.64 0.70 0.78 1.72 12.0%
Italy 0.51 0.56 0.61 1.31 11.4%
Spain 0.23 0.25 0.27 0.55 10.6%
China 1.80 2.06 2.37 6.75 16.1%
Japan 0.68 0.75 0.84 1.93 12.7%
India 0.62 0.71 0.80 2.12 14.9%
Australia 0.34 0.38 0.42 0.96 12.7%
Latin America 1.07 1.20 1.35 3.31 13.7%
Other Countries 1.01 1.11 1.23 2.71 12.0%
Total 15.62 17.35 19.36 45.30 12.9%

In 2021, the U.S. accounted for the largest share of 27.9% of the global pea protein market for cereals & snacks. This market is
forecast period.
11.7. BEVERAGES
The beverages segment accounted for a share of 3.3% of the global pea protein market in 2021. This segment is projected to
The growing consumers’ focus on leading a more healthful lifestyle is a driving trend for protein beverages. According to the
Food & Health Survey from the International Food Information Council Foundation, protein is the most sought out nutrient by
U.S. shoppers, fueling innovation in the beverage sector. Furthermore, ready-to-drink and powdered mix beverages appeal to
consumers looking for quick and convenient ways to increase protein intake.
Pea proteins are often the preferred source for ready-to-drink protein beverages due to their excellent nutritional qualities,
solubility, heat stability, viscosity, bland flavor, ease of digestibility, and unique functionality in beverage systems. For example,
similar to soybean protein, pea protein isolates are also used in emulsified products, such as coffee whiteners, liquid whipped
toppings, pre-whipped toppings, and toppings for other food items to replace sodium caseinate. In addition, general trends,
such as convenience, pleasure, ethnic fusion, tradition, and health & wellness, which have influenced food & beverage
innovations, also create a demand for pea proteins in the beverage sector.

Forecast to 2029
However, for beverage manufacturers, formulating low pH drinks which contain protein can pose a challenge. The formulation
challenges, including protein aggregation, gritty/chalky mouthfeel, settling of nutraceutical ingredients, and visually non-
appealing beverages, are expected to hinder the demand for pea protein in beverages.
TABLE 41 PEA PROTEIN MARKET SIZE FOR BEVERAGES, BY COUNTRY/REGION, 2020–2029

(USD MILLION)
U.S. 2.93 3.23 3.58 7.90 12.0%
Canada 0.77 0.83 0.91 1.84 10.5%
Germany 1.14 1.25 1.39 3.03 11.8%
France 0.83 0.90 0.99 2.02 10.8%
U.K. 0.45 0.49 0.54 1.16 11.4%
Italy 0.36 0.39 0.43 0.88 10.7%
Spain 0.16 0.18 0.19 0.37 9.9%
China 1.13 1.28 1.47 4.01 15.4%
Japan 0.71 0.78 0.86 1.91 12.0%
India 0.40 0.45 0.51 1.30 14.3%
Australia 0.22 0.25 0.27 0.60 12.0%
Latin America 0.58 0.64 0.72 1.69 13.1%
Other Countries 0.69 0.75 0.83 1.74 11.3%
Total 10.59 11.69 12.97 29.04 12.2%

In 2021, the U.S. accounted for the largest share of 27.6% of the global pea protein market for beverages. This market is
period.

Forecast to 2029
11.8. PET FOOD

The pet food segment accounted for a share of 2.1% of the global pea protein market in 2021. This segment is projected to
Pets are considered companions and treated as family members, leading pet owners/customers to feed them high-quality,
nutritious, organic foods. Pets need protein sources that offer complete protein and contain the required levels of all essential
amino acids. A balanced diet with sufficient protein content is the simplest way to keep pets in good health. Animals require
proteins for body tissue development and cell regeneration. Protein consumption offers several benefits for pets, such as
improving muscles and ligaments, heart, eyesight, cartilage, fur, and skin. Protein also strengthens the immune systems, helping
ward off infections, and promoting healthy hormone production, which regulates other important body functions. It can also be
a source of calories to fuel the energy levels of pets.
Customers are interested in purchasing quality products that can ensure the health and wellbeing of their pets. They are
becoming increasingly aware of the products they buy for their companions' needs due to growing awareness of the impacts
of nutrition on their pets' wellbeing and longevity. Pea protein is the best alternative for soy and wheat protein due to its nutrition,
functionalities, versatility, and sustainability in pet food formulations. Pet food trends closely follow human food trends; thus,
with the increased focus on sustainable eating, pea protein has become increasingly popular in pet food applications. Hence,
the increasing consumer awareness about the benefits of protein for pets drives the pea protein market for pet food.

Forecast to 2029
TABLE 42 PEA PROTEIN MARKET SIZE FOR PET FOODS, BY COUNTRY/REGION, 2020–2029
(USD MILLION)
U.S. 1.68 1.89 2.13 5.39 14.2%
Canada 0.36 0.40 0.45 1.03 12.7%
Germany 0.75 0.85 0.95 2.39 14.0%
France 0.57 0.63 0.70 1.65 12.9%
U.K. 0.25 0.28 0.31 0.76 13.5%
Italy 0.23 0.25 0.28 0.66 12.9%
Spain 0.09 0.10 0.12 0.26 12.1%
China 0.77 0.89 1.04 3.25 17.7%
Japan 0.50 0.56 0.63 1.60 14.2%
India 0.24 0.27 0.32 0.92 16.5%
Australia 0.15 0.17 0.19 0.48 14.2%
Latin America 0.35 0.40 0.46 1.24 15.3%
Other Countries 0.42 0.47 0.53 1.28 13.4%
Total 6.51 7.33 8.29 21.34 14.5%

In 2021, the U.S. accounted for the largest share of 25.8% of the global pea protein market for pet foods. This market is projected
11.9. OTHER APPLICATIONS

The other applications segment accounted for a share of 3.3% of the global pea protein market in 2021. This segment is
period.
The other applications of pea proteins are in animal feed, infant food, confectionery, and encapsulation process. Pea protein is
one of the high-quality natural feed additives used in animal and poultry nutrition. Its antinutritional factor content being 30 to
40 times fewer than that of untoasted soybean cakes, can be directly used under certain conditions. Toasting and extrusion
improve the nutritional value of these grains. It effectively alters chicken product quality to meet consumer preferences and is
also used in aquaculture and fisheries. Consequently, it is emerging as a cost-effective means of improving animal productivity
for sustainable and viable food security.
Furthermore, due to factors such as lactose intolerance, general health, and concern for the environment, consumers look to
pea-based confectionery for taste and nutrition. Pea proteins are flexible enough to provide almost any confectionery product
with properties, such as bland flavor, smooth mouthfeel, low viscosity, stabilization, and required color. Hence, several

Forecast to 2029
confectionery products have been developed with pea protein products to improve nutrition, reduce allergy response, and
improve functionality.
In addition, pea protein is also being increasingly adopted in infant food products due to its nutrition, solubility, emulsification,
and colloidal stability to heat. It is also used as an alternative to soy protein in infant food products. Pea protein isolate is the
preferred ingredient in infant formulas where milk solids are replaced. Furthermore, pea protein encapsulates flavors, essential
oils, polyunsaturated fatty acids, and fat-soluble vitamins. Thus, due to these properties and benefits, pea proteins are in
demand from other applications, such as animal feed, infant food, and encapsulation.
TABLE 43 PEA PROTEIN MARKET SIZE FOR OTHER APPLICATIONS, BY COUNTRY/REGION, 2020–
2029 (USD MILLION)
U.S. 3.30 3.70 4.16 10.24 13.7%
Canada 0.95 1.05 1.17 2.62 12.3%
Germany 0.86 0.97 1.08 2.65 13.6%
France 0.61 0.68 0.75 1.72 12.5%
U.K. 0.54 0.60 0.67 1.60 13.1%
Italy 0.28 0.31 0.35 0.79 12.5%
Spain 0.14 0.15 0.17 0.36 11.7%
China 1.02 1.18 1.37 4.18 17.3%
Japan 0.62 0.70 0.78 1.94 13.8%
India 0.55 0.63 0.73 2.06 16.1%
Australia 0.20 0.22 0.25 0.62 13.8%
Latin America 0.62 0.70 0.79 2.09 14.9%
Other Countries 0.60 0.66 0.74 1.76 13.1%
Total 10.61 11.89 13.40 33.54 14.0%

In 2021, the U.S. accounted for the largest share of 31.1% of the global pea protein market for other applications. This market
forecast period.

Forecast to 2029
12. PEA PROTEIN MARKET, BY GEOGRAPHY
12.1. INTRODUCTION
Based on geography, the pea protein market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin
America, and the Middle East & Africa. In 2021, North America accounted for the largest share of 41.3% of the global pea protein
market. This market is estimated to be valued at USD 168.06 million in 2022 and is projected to grow at a CAGR of 15.2% during
the forecast period to reach USD 454.01 million by 2029. The large market share of North America is attributed to the well-
established food and beverage industry, huge pea production, and the large presence of pea protein manufacturers in the region,
the rising concerns over animal products and protein, the increasing vegan population, the growing preference for meat
alternatives, and the increasing demand for healthy & nutritional products.
However, the Asia-Pacific pea protein market is expected to record the highest CAGR of 17.7% during the forecast period to
reach USD 280.97 million by 2029. The high market growth in Asia-Pacific is mainly attributed to the increasing awareness
regarding the importance of protein-rich diet and the increasing health consciousness amongst consumers in the region, the
booming food & beverages industry, rapid urbanization, the large base of vegan population, and the increasing number of new
product launches containing pea protein.
FIGURE 28 GLOBAL PEA PROTEIN MARKET SIZE, BY REGION, 2022–2029 (USD MILLION)
500.0 20.0%
450.0 18.0%
400.0 16.0%
350.0 14.0%
300.0 12.0%
250.0 10.0%
200.0 8.0%
150.0 6.0%
100.0 4.0%
50.0 2.0%
0.0 0.0%
2022 168.1 119.1 90.0 22.7 8.5
2029 454.0 311.2 281.0 67.1 22.8
CAGR % 15.3% 14.7% 17.7% 16.7% 15.0%

Forecast to 2029
TABLE 44 GLOBAL PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2020–2029 (USD MILLION)
U.S. 97.81 111.30 127.21 351.38 15.6%
Canada 32.25 36.22 40.85 102.63 14.1%
Germany 29.13 33.09 37.76 103.56 15.5%
France 19.37 21.79 24.62 62.99 14.4%
U.K. 16.01 18.10 20.57 54.62 15.0%
Italy 10.01 11.25 12.70 32.50 14.4%
Spain 5.29 5.91 6.63 16.09 13.5%
China 26.75 31.41 37.03 126.31 19.2%
Japan 15.16 17.25 19.71 54.33 15.6%
India 12.54 14.55 16.97 53.77 17.9%
Australia 5.57 6.34 7.24 20.00 15.6%
Latin America 17.18 19.71 22.73 67.14 16.7%
Other Countries 20.24 22.83 25.88 68.03 14.8%
Total 314.01 357.31 408.46 1,136.12 15.7%

In terms of value, the U.S. accounted for the largest share of 31.2% of the global pea protein market in 2021. This market is
forecast period.
FIGURE 29 GLOBAL PEA PROTEIN MARKET SIZE, BY REGION, 2022–2029 (TONS)
1,80,000.0 16.0%
1,60,000.0 14.0%
1,40,000.0
Market Size (Tons)
12.0%
1,20,000.0
10.0%
1,00,000.0
8.0%
80,000.0
6.0%
60,000.0
40,000.0 4.0%
20,000.0 2.0%
- 0.0%
2022 75,673.8 59,445.9 48,352.7 13,775.0 5,372.4
2029 1,69,144.8 1,26,380.0 1,26,277.2 34,177.3 11,956.8
CAGR % 12.2% 11.4% 14.7% 13.9% 12.1%

Forecast to 2029
TABLE 45 GLOBAL PEA PROTEIN MARKET SIZE, BY COUNTRY/REGION, 2020–2029 (TONS)
U.S. 46,601.9 51,813.2 57,814.5 131,776.6 12.5%
Canada 14,750.2 16,202.1 17,859.3 37,368.1 11.1%
Germany 15,385.3 17,042.6 18,947.9 42,273.6 12.1%
France 10,573.8 11,598.8 12,771.2 26,543.3 11.0%
U.K. 8,264.7 9,113.4 10,087.5 21,762.4 11.6%
Italy 5,148.6 5,643.6 6,209.7 12,933.7 11.1%
Spain 2,678.7 2,920.7 3,196.8 6,332.4 10.3%
China 14,930.5 17,169.3 19,809.3 56,540.5 16.2%
Japan 8,704.8 9,697.4 10,843.7 24,983.4 12.7%
India 7,022.9 7,980.9 9,103.7 24,127.9 14.9%
Australia 3,070.9 3,418.8 3,820.5 8,829.9 12.7%
Latin America 10,860.9 12,208.6 13,775.0 34,177.3 13.9%
Other Countries 10,652.1 11,747.9 13,008.4 28,330.0 11.8%
Total 163,041.0 181,407.6 202,619.9 467,936.1 12.7%

In terms of volume, the U.S. accounted for the largest share of 28.6% of the global pea protein market in 2021. This market is
projected to reach 131,776.6 tons by 2029 from an estimated 57,814.5 tons in 2022, at a CAGR of 12.5% during the forecast
period.

Forecast to 2029
12.2. NORTH AMERICA

In 2021, North America accounted for a share of 41.3% of the global pea protein market. This market is projected to reach USD
453.64 million by 2029 from an estimated USD 168.06 million in 2022, at a CAGR of 15.3% during the forecast period.
The changing trends, such as low carb, go green, gluten-free, soy-free, and clean label, increase pea protein applications in
functional food, nutritional & health supplements, infant formula, and animal feed products, driving the North American pea
protein market. There is increasing popularity of meat and dairy substitutes due to growing concern about animal cruelty
catering to the application proliferation of pea protein in plant-based products and supplements industry. Additionally, as
consumers across North America pay more attention to the label claims on the food and beverage products they purchase,
protein is one of the claims which has gained momentum among consumers in recent years. These factors fuel the growth of
pea protein in North America.
The key players operating in the pea protein market in North America are Roquette Freres Le Romarin (France), AGT Food and
Ingredients Inc. (Canada), Cargill, Incorporated (U.S.), Archer Daniels Midland Company (U.S.), E.I. Du Pont de Nemours and
Company (U.S.), Ingredion Inc. (U.S.), Axiom Foods Inc. (U.S.), Burcon Nutrascience Corporation (Canada), Glanbia plc. (Ireland),
Sotexpro SA (France), Farbest Brands/Farbest-Tallman Foods Corporation (U.S.), and Nutri-Pea Limited (Canada).
TABLE 46 NORTH AMERICA: PEA PROTEIN MARKET SIZE, BY COUNTRY, 2020–2029

(USD MILLION)
Country 2020 2021 2022 2029 CAGR (2022–2029)
U.S. 97.8 111.3 127.2 351.4 15.6%
Canada 32.3 36.2 40.9 102.6 14.1%
Total 130.1 147.5 168.1 454.0 15.3%

In terms of value, the U.S. accounted for the larger share of 75.4% of the pea protein market in North America in 2021. This
TABLE 47 NORTH AMERICA: PEA PROTEIN MARKET SIZE, BY COUNTRY, 2020–2029 (TONS)
Country 2020 2021 2022 2029 CAGR (2022–2029)
U.S. 46,601.9 51,813.2 57,814.5 131,776.6 12.5%
Canada 14,750.2 16,202.1 17,859.3 37,368.1 11.1%
Total 61,352.1 68,015.3 75,673.8 169,144.8 12.2%

In terms of volume, the U.S. accounted for the larger share of 76.2% of the pea protein market in North America in 2021. This
forecast period.

Forecast to 2029
TABLE 48 NORTH AMERICA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Protein Isolate 59.57 67.97 77.88 218.86 15.9%
Hydrolyzed Pea Protein 6.67 7.60 8.70 24.31 15.8%
Pea Flour 3.56 3.98 4.46 10.74 13.4%
Other Pea Protein 1.40 1.55 1.73 3.86 12.2%
Total 130.06 147.53 168.06 454.01 15.3%

In terms of value, the pea protein isolates segment accounted for the largest share of 46.1% of the pea protein market in North
America in 2021. This segment is projected to reach USD 218.86 million by 2029 from an estimated USD 77.88 million in 2022,
at a CAGR of 15.9% during the forecast period.
TABLE 49 NORTH AMERICA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Protein Isolate 13,669.7 15,291.0 17,167.4 40,987.8 13.2%
Hydrolyzed Pea Protein 3,363.3 3,759.2 4,219.9 10,259.7 13.5%
Pea Flour 10,954.7 12,074.0 13,349.3 28,049.0 11.2%
Other Pea Protein 4,664.1 5,071.6 5,529.2 10,360.3 9.4%
Total 61,352.1 68,015.3 75,673.8 169,144.8 12.2%

In terms of volume, the pea protein concentrates segment accounted for the largest share of 30.9% of the pea protein market
in North America in 2021. This segment is projected to reach 51,655.4 tons by 2029 from an estimated 23,375.9 tons in 2022,

Forecast to 2029
TABLE 50 NORTH AMERICA: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION)
Source 2020 2021 2022 2029 CAGR (2022–2029)
Yellow Pea 123.14 139.81 159.43 433.58 15.4%
Green Pea 6.92 7.71 8.63 20.43 13.1%
Total 130.06 147.53 168.06 454.01 15.3%

In 2021, the yellow pea segment accounted for the larger share of 94.8% of the pea protein market in North America. This
segment is projected to reach USD 433.58 million by 2029 from an estimated USD 159.43 million in 2022, at a CAGR of 15.4%
TABLE 51 NORTH AMERICA: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029
(USD MILLION)
Conventional Pea Protein 118.0 133.4 151.5 399.4 14.9%
Total 130.1 147.5 168.1 454.0 15.3%

In 2021, the conventional pea protein segment accounted for the larger share of 90.4% of the pea protein market in North
America. This segment is projected to reach USD 399.4 million by 2029 from an estimated USD 151.5 million in 2022, at a CAGR
TABLE 52 NORTH AMERICA: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029
(USD MILLION)
Dry Processing 83.7 94.5 107.1 278.9 14.7%
Wet Processing 46.4 53.1 61.0 175.1 16.3%
Total 130.1 147.5 168.1 454.0 15.3%

In 2021, the dry processing method segment accounted for the larger share of 64.0% of the pea protein market in North America.

Forecast to 2029
TABLE 53 NORTH AMERICA: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION)
Form 2020 2021 2022 2029 CAGR (2022–2029)
Solid 92.1 105.0 120.1 333.2 15.7%
Liquid 38.0 42.6 47.9 120.8 14.1%
Total 130.1 147.5 168.1 454.0 15.3%

In 2021, the solid segment accounted for the larger share of 71.1% of the pea protein market in North America. This segment
forecast period.
TABLE 54 NORTH AMERICA: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029

(USD MILLION)
Bakery Products 21.46 23.87 26.67 62.66 13.0%
Cereals & Snacks 6.06 6.70 7.43 16.67 12.2%
Beverages 3.70 4.07 4.49 9.73 11.7%
Pet Food 2.04 2.29 2.58 6.42 13.9%
Total 130.06 147.53 168.06 454.01 15.3%

In 2021, the nutrition & health supplements segment accounted for the largest share of 35.7% of the pea protein market in North
America. This segment is projected to reach USD 173.36 million by 2029 from an estimated USD 60.56 million in 2022, at a
12.2.1. U.S.
In 2021, the U.S. accounted for a share of 75.4% of the North American pea protein market. This market is projected to reach
In higher-income countries, people are increasing their protein consumption to help manage their weight, build strength, and
avoid age-related muscle loss. According to the United States Department of Agriculture (USDA), the U.S. functional foods
market was valued at USD 31.51 billion in 2015 and grew to USD 46.9 billion in 2019, an increase of 48.8%. The U.S. has a well-
established sector for nutrition & health supplements and food & beverages. Major factors influencing the growth of these
industries are the aging population, strong economic growth, technological advancements, research & development, and

Forecast to 2029
continuous innovations. Also, in recent years, personal health and wellness have begun to take center stage amongst U.S.
consumers, and health supplements and food play an important role in this trend.
The U.S. food and beverage industry is extremely large and booming. The demand for pea protein in the country is increasing
in the food industry due to the consumers' holistic view of health & nutrition, which results in increasing demand for healthy,
nutritious, novel, and functional food. Furthermore, the demand for functional, healthy, and nutritional food products is
increasing due to the factors such as the growing awareness of diet & health, maintenance of good health through diet,
increasing per capita income, changing lifestyle & food consumption patterns, and increasing number of people with obesity.
Also, in recent years the U.S. bakery industry has undergone significant changes as it responds to shifting consumer trends—
particularly the growing preference for products providing health benefits and convenience, which further creates a demand for
pea protein from bakery manufacturers.
In addition, the meat & poultry processing industry is one of the largest segments of the U.S. food industry. According to the
United States Department of Agriculture (USDA), per capita meat consumption in the U.S. increased from 208.9 pounds in 2010
to 215.2 pounds in 2019, an increase of 6.3 pounds or 3.0% between 2010–2019; this per capita meat consumption in the
country is further expected to increase to approximately 219 pounds by 2025.
Plant-based food retail sales were worth USD 7 billion in 2021, posting a 27% growth rate from 2020 overall for products that
specifically replace animal-derived options in the U.S. In addition, according to SPINS data released by the Good Food Institute
and the Plant Based Foods Association (PBFA), 57% of U.S. households purchased plant-based food in 2021, up from 53% in
2019. This increase in the functional food market, meat consumption, and plant-based products sales show the potential for
the pea protein market in the U.S. because of their nutritional and functional benefits.
Furthermore, pea ingredients find their usage in several applications, including cereals, flour, protein bars, health drinks, and
animal feed. Farmers in the U.S. are looking for new cash crop options and have been responding to the increasing demand for
plant-based proteins in the food and specialty pet food market. According to USDA, dry edible pea production in the U.S. was
22.35 million CWT in 2019 (15.93 million CWT in 2018). Some food ingredient companies are already making inroads on acres.
For instance, in 2020, PURIS contracts with growers in 14 states to manufacture plant-based ingredients made from non-GMO
soybeans, pulses, lentils, peas, and corn. In the U.S., PURIS's growers accounted for more than 300,000 acres planted of peas
and other pulses in 2020.
According to USDA, the U.S. area planted with dry edible pea was 1,103.0 thousand acres in 2019, up 28.8% from 2018. This
increasing focus of key players to increase the supply of raw material along with rising production and increasing focus by
farmers on cash crops, such as pea, eventually drives the market for pea protein.
The key players operating in the U.S. pea protein market are Roquette Freres Le Romarin (France), AGT Food and Ingredients
Inc. (Canada), Cargill, Incorporated (U.S), Archer Daniels Midland Company (U.S.), E.I. Du Pont de Nemours and Company (U.S.),

Forecast to 2029
Ingredion Inc. (U.S.), Axiom Foods Inc. (U.S.), Farbest Brands/Farbest-Tallman Foods Corporation (U.S.), and World Food
Processing LLC. (U.S.).
TABLE 55 U.S.: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 2.83 3.17 3.57 8.74 13.7%
Total 97.81 111.30 127.21 351.38 15.6%

In terms of value, the pea protein isolates segment accounted for the largest share of 46.7% of the pea protein market in the
U.S. in 2021. This segment is projected to reach USD 171.50 million by 2029 from an estimated USD 59.79 million in 2022, at a
TABLE 56 U.S.: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 8,714.6 9,630.0 10,674.8 22,829.2 11.5%
Total 46,601.9 51,813.2 57,814.5 131,776.6 12.5%

in the U.S. in 2021. This segment is projected to reach 38,346.5 tons by 2029 from an estimated 16,935.5 tons in 2022, at a

Forecast to 2029
TABLE 57 U.S.: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION)
Source 2020 2021 2022 2029 CAGR (2022–2029)
Yellow Pea 92.7 105.6 120.8 335.8 15.7%
Green Pea 5.1 5.7 6.4 15.6 13.5%
Total 97.8 111.3 127.2 351.4 15.6%

In 2021, the yellow pea segment accounted for the larger share of 94.8% of the pea protein market in the U.S. This segment is
forecast period.
TABLE 58 U.S.: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION)
Total 97.8 111.3 127.2 351.4 15.6%

In 2021, the conventional pea protein segment accounted for the larger share of 90.0% of the pea protein market in the U.S.
TABLE 59 U.S.: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029

(USD MILLION)

Dry Processing 62.4 70.7 80.4 214.2 15.0%
Wet Processing 35.4 40.6 46.8 137.2 16.6%
Total 97.8 111.3 127.2 351.4 15.6%
In 2021, the dry processing method segment accounted for the larger share of 63.5% of the pea protein market in the U.S. This

Forecast to 2029
TABLE 60 U.S.: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION)
Form 2020 2021 2022 2029 CAGR (2022–2029)
Solid 69.9 79.9 91.7 259.8 16.0%
Liquid 27.9 31.4 35.5 91.6 14.5%
Total 97.8 111.3 127.2 351.4 15.6%

In 2021, the solid segment accounted for the larger share of 71.8% of the pea protein market in the U.S. This segment is
forecast period.
TABLE 61 U.S.: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION)
Bakery Products 16.70 18.63 20.87 49.98 13.3%
Cereals & Snacks 4.36 4.83 5.38 12.37 12.6%
Beverages 2.93 3.23 3.58 7.90 12.0%
Pet Food 1.68 1.89 2.13 5.39 14.2%
Total 97.81 111.30 127.21 351.38 15.6%

In 2021, the nutrition & health supplements segment accounted for the largest share of 35.8% of the pea protein market in the
U.S. This segment is projected to reach USD 135.79 million by 2029 from an estimated USD 46.05 million in 2022, at a CAGR of
16.7% during the forecast period.

Forecast to 2029
12.2.2. CANADA
In 2021, Canada accounted for a share of 24.6% of the North American pea protein market. This market is projected to reach
Food & beverage processing is one of the important contributors to the Canadian economy. Canada has emerged as a global
supplier of foods with enhanced functional and natural health products. The growth of the Canadian food & beverage
manufacturing industry is mainly attributed to consumers' growing interest in global cuisine, rising aging population, evolving
society, changing meal patterns, and increasing health & wellness trends. Also, natural resources, collaborative teamwork,
world-class standards, and innovative research activities fuel the growth of the food & beverages industry in Canada.
According to the Canadian Food Inspection Agency, there are more than 750 companies specializing in functional foods and
natural health products, and these companies generated total revenue of USD 18.3 billion in 2018 (USD 16.4 in 2015) in Canada.
Additionally, growing awareness for nutrition, rise in organized retail marketing, and the aging population are some of the factors
boosting the growth of the Canadian nutritional supplements market. In February 2018, Health Canada proposed a regulation
that would require a front-of-package nutrition symbol on foods high in sodium, sugars, and saturated fats. This symbol will
help Canadians make healthier food choices. Hence, the flourishing food & beverages and health & nutritional supplements in
Canada increase demand for pea protein.
Furthermore, Canada is the largest exporter of dried peas in the world. According to Statistics Canada, this country accounted
for approximately 56% share in global export value in 2021, an increase of 8.7% from 2019. Given the high export and the growing
global demand for pea protein, the Canadian Government is taking initiatives to increase the yield of peas. Government-funded
research institutes, in collaboration with the farmers and the pea producing companies, are taking various steps, such as
enhancing the quality of pea and ensuring maximum value for both the farmers and the companies to increase the market value
of the country's pea protein. As of 2020, Roquette has invested nearly EUR 400 million (USD 463 million) in pea protein over a
period of five years in a brand-new factory in Manitoba, Canada. The construction of this new plant aims to better meet the
growing demand for pea protein worldwide.
In addition, as of December 2020, under an agreement signed with Protein Industries Canada, the Government has invested up
to nearly USD 153 million in the protein industry supercluster. The Protein Industries Supercluster is expected to create more
than 4,500 jobs and add more than USD 4.5 billion to Canada's economy over ten years. Hence, with the growing domestic
demand and the growing exports of pea protein worldwide, the pea protein market in Canada is expected to witness high growth.
The key players operating in the pea protein market in Canada are AGT Food and Ingredients Inc. (Canada), Cargill, Incorporated
(U.S.), Burcon Nutrascience Corporation (Canada), and Nutri-Pea Limited (Canada).

Forecast to 2029
TABLE 62 CANADA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 0.73 0.81 0.89 2.00 12.2%
Total 32.25 36.22 40.85 102.63 14.1%

In terms of value, the pea protein isolates segment accounted for the largest share of 44.0% of the pea protein market in Canada
in 2021. This segment is projected to reach USD 47.36 million by 2029 from an estimated USD 18.09 million in 2022, at a CAGR
TABLE 63 CANADA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Hydrolyzed Pea Protein 945.5 1,047.1 1,164.5 2,647.8 12.5%
Pea Flour 2,240.1 2,444.0 2,674.4 5,219.8 10.0%
Other Pea Protein 845.3 909.6 981.2 1,704.3 8.2%
Total 14,750.2 16,202.1 17,859.3 37,368.1 11.1%

in Canada in 2021. This segment is projected to reach 13,308.8 tons by 2029 from an estimated 6,440.5 tons in 2022, at a CAGR
TABLE 64 CANADA: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION)
Source 2020 2021 2022 2029 CAGR (2022–2029)
Yellow Pea 30.5 34.3 38.7 97.8 14.2%
Green Pea 1.8 2.0 2.2 4.8 12.0%
Total 32.3 36.2 40.9 102.6 14.1%

In 2021, the yellow pea segment accounted for the larger share of 94.6% of the pea protein market in Canada. This segment is
period.

Forecast to 2029
TABLE 65 CANADA: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029

(USD MILLION)
Total 32.3 36.2 40.9 102.6 14.1%

In 2021, the conventional pea protein segment accounted for the larger share of 91.6% of the pea protein market in Canada.
TABLE 66 CANADA: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029

(USD MILLION)
Dry Processing 21.2 23.7 26.7 64.7 13.5%
Wet Processing 11.0 12.5 14.2 38.0 15.1%
Total 32.3 36.2 40.9 102.6 14.1%

In 2021, the dry processing method segment accounted for the larger share of 65.6% of the pea protein market in Canada. This
TABLE 67 CANADA: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION)
Form 2020 2021 2022 2029 CAGR (2022–2029)
Solid 22.2 25.1 28.4 73.4 14.5%
Liquid 10.0 11.1 12.4 29.2 13.0%
Total 32.3 36.2 40.9 102.6 14.1%

In 2021, the solid segment accounted for the larger share of 69.3% of the pea protein market in Canada. This segment is
period.

Forecast to 2029
TABLE 68 CANADA: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION)
Bakery Products 4.76 5.24 5.80 12.68 11.8%
Cereals & Snacks 1.70 1.87 2.05 4.30 11.2%
Beverages 0.77 0.83 0.91 1.84 10.5%
Pet Food 0.36 0.40 0.45 1.03 12.7%
Total 32.25 36.22 40.85 102.63 14.1%

In 2021, the nutrition & health supplements segment accounted for the largest share of 35.3% of the pea protein market in
Canada. This segment is projected to reach USD 37.58 million by 2029 from an estimated USD 14.51 million in 2022, at a CAGR
12.3. EUROPE
In 2021, Europe accounted for a share of 29.4% of the global pea protein market. This market is projected to reach USD 311.22
million by 2029 from an estimated USD 119.14 million in 2022, at a CAGR of 14.7% during the forecast period.
European consumers are more concerned about self-care and personal health and seemingly demand more information on
achieving better health through diet. The health & wellness trend in Europe is mainly driven by a desire for a healthy life, changing
food consumption patterns in favor of functional food, high disposable income, and increasing incidences of chronic diseases
due to the growing aging population. As a result, consumable food products are intended not only to provide necessary nutrients
for humans but also to prevent nutrition-related diseases and improve the physical and mental well-being of consumers. These
factors increase the demand for various natural ingredients, including pea protein, from food & beverage manufacturers in
Europe.
The largest amount of protein is being used in food & beverages, followed by animal feed in the region. The European food &
beverage industry is generally competitive globally and produces high-quality, healthy, and safe food. Also, there is increasing
demand for natural ingredients and versatile functionality products in the nutrition & health supplement industry, which creates
the demand for pea protein in Europe.
The key players operating in the European pea protein market are Roquette Freres Le Romarin (France), Ingredion Inc. (U.S.),
Axiom Foods Inc. (U.S.), Glanbia plc. (Ireland), Cosucra Groupe Warcoing SA (Belgium), and Sotexpro SA (France).

Forecast to 2029
TABLE 69 EUROPE: PEA PROTEIN MARKET SIZE, BY COUNTRY, 2020–2029 (USD MILLION)
Country 2020 2021 2022 2029 CAGR (2022–2029)
Germany 29.1 33.1 37.8 103.6 15.5%
France 19.4 21.8 24.6 63.0 14.4%
U.K. 16.0 18.1 20.6 54.6 15.0%
Italy 10.0 11.2 12.7 32.5 14.4%
Spain 5.3 5.9 6.6 16.1 13.5%
Rest of Europe 13.4 15.0 16.9 41.5 13.7%
Total 93.2 105.1 119.1 311.2 14.7%

In terms of value, Germany accounted for the largest share of 31.5% of the pea protein market in Europe in 2021. This market
forecast period.
TABLE 70 EUROPE: PEA PROTEIN MARKET SIZE, BY COUNTRY, 2020–2029 (TONS)
Country 2020 2021 2022 2029 CAGR (2022–2029)
Germany 15,385.3 17,042.6 18,947.9 42,273.6 12.1%
France 10,573.8 11,598.8 12,771.2 26,543.3 11.0%
U.K. 8,264.7 9,113.4 10,087.5 21,762.4 11.6%
Italy 5,148.6 5,643.6 6,209.7 12,933.7 11.1%
Spain 2,678.7 2,920.7 3,196.8 6,332.4 10.3%
Rest of Europe 6,892.3 7,518.5 8,232.8 16,534.5 10.5%
Total 48,943.5 53,837.5 59,445.9 126,380.0 11.4%

In terms of volume, Germany accounted for the largest share of 31.7% of the pea protein market in Europe in 2021. This market
period.

Forecast to 2029
TABLE 71 EUROPE: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 3.3 3.7 4.1 9.5 12.8%
Total 93.2 105.1 119.1 311.2 14.7%

In terms of value, the pea protein isolates segment accounted for the largest share of 48.2% of the pea protein market in Europe
TABLE 72 EUROPE: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 9,295.4 10,195.4 11,221.0 22,995.8 10.8%
Total 48,943.5 53,837.5 59,445.9 126,380.0 11.4%

In terms of volume, the pea protein isolates segment accounted for the largest share of 32.3% of the pea protein market in
Europe in 2021. This segment is projected to reach 43,790.7 tons by 2029 from an estimated 19,361.2 tons in 2022, at a CAGR
TABLE 73 EUROPE: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION)
Source 2020 2021 2022 2029 CAGR (2022–2029)
Yellow Pea 88.2 99.6 112.9 297.0 14.8%
Green Pea 5.0 5.6 6.2 14.2 12.6%
Total 93.2 105.1 119.1 311.2 14.7%

In 2021, the yellow pea segment accounted for the larger share of 94.7% of the pea protein market in Europe. This segment is
forecast period.

Forecast to 2029
TABLE 74 EUROPE: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029

(USD MILLION)
Total 93.2 105.1 119.1 311.2 14.7%

In 2021, the conventional pea protein segment accounted for the larger share of 92.3% of the pea protein market in Europe. This
TABLE 75 EUROPE: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029

(USD MILLION)
Dry Processing 58.7 65.9 74.3 186.6 14.1%
Wet Processing 34.5 39.3 44.9 124.6 15.7%
Total 93.2 105.1 119.1 311.2 14.7%

In 2021, the dry processing method segment accounted for the larger share of 62.7% of the pea protein market in Europe. This
TABLE 76 EUROPE: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION)
Form 2020 2021 2022 2029 CAGR (2022–2029)
Solid 65.7 74.4 84.7 227.4 15.1%
Liquid 27.6 30.7 34.4 83.8 13.6%
Total 93.2 105.1 119.1 311.2 14.7%

In 2021, the solid segment accounted for the larger share of 70.8% of the pea protein market in Europe. This segment is
forecast period.

Forecast to 2029
TABLE 77 EUROPE: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION)
Bakery Products 13.5 14.9 16.5 37.4 12.3%
Cereals & Snacks 4.3 4.8 5.3 11.5 11.8%
Beverages 3.4 3.7 4.1 8.5 11.1%
Pet Food 2.2 2.4 2.7 6.5 13.3%
Total 93.2 105.1 119.1 311.2 14.7%

Europe. This segment is projected to reach USD 130.0 million by 2029 from an estimated USD 47.2 million in 2022, at a CAGR
12.3.1. GERMANY
In 2021, Germany accounted for a share of 31.5% of the European pea protein market. This market is projected to reach USD
The food & beverages market is relatively stagnating in Germany. It is the third-largest market in the world for new superfoods.
Germany has a growing vegetarian and vegan population and is one of the leading countries that follow vegetarian and vegan
diets in Europe. Also, meat consumption is slowly decreasing due to ethical and environmental reasons, rising meat prices, and
changes in demographic structure.
According to the Worldometer, with an 83.78 million population (2020), Germany has the largest economy and one of the leading
markets for food & beverages in Europe. According to The Bundesvereinigung der Deutschen Ernährungsindustrie (BVE) — the
Federation of German Food and Drink Industries, the food industry in Germany reported EUR 180.3 billion (USD 204.87 billion)
sales in 2018. Also, according to Germany Trade and Invest (GTAI), the meat and sausages market holds around 25% share of
the German food industry. Germany's annual per capita expenditure on meat products was valued at USD 709.9 in 20821, an
increase from USD 31.6 in 2014.
Factors such as the increasing health awareness, growing aging population, and health & wellness trend fuel the demand for
healthy & functional food products, ultimately increasing the demand for pea protein ingredients from food & beverage
manufacturers in Germany.
Furthermore, according to the Donor Tracker Organization, Germany is one of the largest donors to health, among the donors
of the Development Assistance Committee (DAC), a part of the Organization for Economic Co-operation and Development

Forecast to 2029
(OECD). As a member of the DAC, Germany has committed USD 1.1 billion (EUR 800 million) for the Global Fund (2017-2019),
targeting health, food security, and climate protection. The country has also committed USD 720 million for Gavi (2016–2020)
and USD 260 for the Nutrition for Growth initiative (2013-2020).
In addition, the national action plan "IN FORM-German national initiative to promote healthy diets and physical activity" is aimed
at bringing about lasting improvements in dietary and exercise habits in Germany by 2020. This scenario is expected to boost
the growth of the healthy plant-based protein food market and thereby support the pea protein ingredient manufacturing &
consumption in this country.
The key players operating in the German pea protein market are Roquette Freres Le Romarin (France), Ingredion Inc. (U.S.), and
Emsland-Strke GmbH (Germany).
TABLE 78 GERMANY: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 1.12 1.25 1.40 3.41 13.5%
Total 29.13 33.09 37.76 103.56 15.5%

In terms of value, the pea protein isolates segment accounted for the largest share of 50.0% of the pea protein market in
Germany in 2021. This segment is projected to reach USD 54.07 million by 2029 from an estimated USD 19.00 million in 2022,
TABLE 79 GERMANY: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Hydrolyzed Pea Protein 568.0 635.2 713.0 1,700.4 13.2%
Pea Flour 3,136.9 3,463.7 3,837.4 8,236.9 11.5%
Total 15,385.3 17,042.6 18,947.9 42,273.6 12.1%


Forecast to 2029
In terms of volume, the pea protein isolate segment accounted for the largest share of 33.4% of the pea protein market in
Germany in 2021. This segment is projected to reach 15,094.9 tons by 2029 from an estimated 6,373.0 tons in 2022, at a CAGR
TABLE 80 GERMANY: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION)
Source 2020 2021 2022 2029 CAGR (2022–2029)
Yellow Pea 27.6 31.4 35.8 99.0 15.6%
Green Pea 1.5 1.7 1.9 4.6 13.3%
Total 29.1 33.1 37.8 103.6 15.5%

In 2021, the yellow pea segment accounted for the larger share of 94.9% of the pea protein market in Germany. This segment
forecast period.
TABLE 81 GERMANY: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029

(USD MILLION)
Total 29.1 33.1 37.8 103.6 15.5%

In 2021, the conventional pea protein segment accounted for the larger share of 91.2% of the pea protein market in Germany.
TABLE 82 GERMANY: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029

(USD MILLION)
Dry Processing 17.9 20.2 22.9 60.5 14.9%
Wet Processing 11.2 12.9 14.8 43.1 16.5%
Total 29.1 33.1 37.8 103.6 15.5%

In 2021, the dry processing method segment accounted for the larger share of 61.1% of the pea protein market in Germany.

Forecast to 2029
TABLE 83 GERMANY: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION)
Form 2020 2021 2022 2029 CAGR (2022–2029)
Solid 21.1 24.0 27.5 77.4 15.9%
Liquid 8.1 9.1 10.2 26.2 14.4%
Total 29.1 33.1 37.8 103.6 15.5%

In 2021, the solid segment accounted for the larger share of 72.6% of the pea protein market in Germany. This segment is
period.
TABLE 84 GERMANY: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION)
Bakery Products 3.70 4.12 4.61 10.95 13.2%
Cereals & Snacks 1.61 1.78 1.98 4.51 12.5%
Beverages 1.14 1.25 1.39 3.03 11.8%
Pet Food 0.75 0.85 0.95 2.39 14.0%
Total 29.13 33.09 37.76 103.56 15.5%

Germany. This segment is projected to reach USD 47.15 million by 2029 from an estimated USD 16.38 million in 2022, at a
12.3.2. FRANCE
In 2021, France accounted for a share of 20.7% of the European pea protein market. This market is projected to reach USD 63.0
The food & beverage market in France has experienced positive growth for fortified/functional, natural & healthy, and organic
food. According to the National Association of Food Industries (ANIA), around 34% of French people consume functional food
and beverages. In addition, according to the French Ministry of Agriculture, the revenue of the processed meat segment in
France is valued at USD 16,324 million in 2019. Furthermore, consistent with global trends, French consumers have developed
a greater awareness of the benefits of living a healthy lifestyle due to rising incidences of chronic diseases, demographic
changes, and an aging population.

Forecast to 2029
France is highly dependent on protein imports due to a deficit in the animal feed sector. Also, the rising incidences of animal
cruelty and the increasing vegetarianism & flexitarians have resulted in the decline in meat consumption, resulting in an
increased demand for plant-sourced protein. According to the Paris Ministry of Agriculture (2021), the average per day meat
consumption in France has dropped by 10% over the past ten years. However, limited awareness of alternative protein sources
and strong culinary traditions related to meat and cheese is the greatest challenge for the growth of the pea protein market in
France.
The key players operating in the France pea protein market are Roquette Freres Le Romarin (France), Ingredion Inc. (U.S.), and
Sotexpro SA (France).
TABLE 85 FRANCE: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 0.82 0.90 1.00 2.28 12.4%
Total 19.37 21.79 24.62 62.99 14.4%

In terms of value, the pea protein isolates segment accounted for the largest share of 49.0% of the pea protein market in France
TABLE 86 FRANCE: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Textured Pea Protein 843.0 927.9 1,025.5 2,202.8 11.5%
Pea Flour 2,288.0 2,503.0 2,747.7 5,515.6 10.5%
Total 10,573.8 11,598.8 12,771.2 26,543.3 11.0%

In terms of volume, the pea protein isolate segment accounted for the largest share of 31.6% of the pea protein market in France
in 2021. This segment is projected to reach 9,020.8 tons by 2029 from an estimated 4,072.5 tons in 2022, at a CAGR of 12.0%

Forecast to 2029
TABLE 87 FRANCE: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION)
Source 2020 2021 2022 2029 CAGR (2022–2029)
Yellow Pea 18.3 20.6 23.3 60.1 14.5%
Green Pea 1.0 1.2 1.3 2.9 12.3%
Total 19.4 21.8 24.6 63.0 14.4%

In 2021, the yellow pea segment accounted for the larger share of 94.7% of the pea protein market in France. This segment is
period.
TABLE 88 FRANCE: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029

(USD MILLION)
Total 19.4 21.8 24.6 63.0 14.4%

In 2021, the conventional pea protein segment accounted for the larger share of 92.0% of the pea protein market in France. This
TABLE 89 FRANCE: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029

(USD MILLION)
Dry Processing 12.0 13.4 15.1 37.1 13.7%
Wet Processing 7.4 8.3 9.5 25.9 15.4%
Total 19.4 21.8 24.6 63.0 14.4%

In 2021, the dry processing method segment accounted for the larger share of 61.7% of the pea protein market in France. This

Forecast to 2029
TABLE 90 FRANCE: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION)
Form 2020 2021 2022 2029 CAGR (2022–2029)
Solid 13.9 15.7 17.8 46.6 14.8%
Liquid 5.5 6.1 6.9 16.4 13.3%
Total 19.4 21.8 24.6 63.0 14.4%

In 2021, the solid segment accounted for the larger share of 71.8% of the pea protein market in France. This segment is
period.
TABLE 91 FRANCE: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION)
Bakery Products 2.64 2.91 3.22 7.17 12.1%
Cereals & Snacks 0.71 0.78 0.86 1.83 11.4%
Beverages 0.83 0.90 0.99 2.02 10.8%
Pet Food 0.57 0.63 0.70 1.65 12.9%
Total 19.37 21.79 24.62 62.99 14.4%

France. This segment is projected to reach USD 26.65 million by 2029 from an estimated USD 9.98 million in 2022, at a CAGR
12.3.3. U.K.
In 2021, the U.K. accounted for a share of 17.2% of the European pea protein market. This market is projected to reach USD
The demand for pea protein in the U.K. is fueled by the healthy lifestyle trend, propelling the market for sports nutrition, weight
management & wellbeing, low-calorie products, and healthy food. According to European Health & Fitness Association (EHFA),
the U.K. is the second-largest fitness market in Europe with total revenues of approximately USD 6.17 billion in 2021, an increase
of 3.1% from 2019. The U.K. is witnessing a growing number of people actively pursuing a healthy lifestyle and engaging in sport
regularly. In the U.K., public health policy relating to food & nutrition has largely focused on influencing healthy dietary behaviors.
Also, increasing incidences of obesity and non-communicable diseases and government recommendations for nutrition are the
major factors increasing the demand for health & nutritional supplements.

Forecast to 2029
The food & drink industry is the core element of the U.K. manufacturing economy, representing over 15% of manufacturing
turnover and employment. According to the U.K Food and Drink Federation, in 2020, total sales of manufactured food and drink
exceeded GBP 75 billion (USD 102.26 billion).
Fortified food & beverages have received wide acceptance in the U.K. over the years due to the growing awareness about their
potential benefits. Consumers have started to seek food products enriched with added health-oriented ingredients. In addition,
according to the Agriculture and Horticulture Board, the average purchase per person per week of meat and meat products
consumption in the U.K. increased from 78g in 2015 to 86g in 2018. Also, consumers have started adopting preventative health
measures, such as low calorie, low sugar, and protein-rich diets to retain fitness and health, which boosts the demand for pea
protein from food manufacturers.
Additionally, the rising meat protein prices have resulted in an increased interest in alternative protein sources, such as meat
alternatives/analogs and dairy alternatives. In 2018, the U.K. launched more vegan products than any other nation globally. For
instance, one in six (16%) food products launched in the U.K. in 2018 were vegan or without animal ingredients, which doubled
from just 8% in 2015. These developments indicate the strong current growth and prospects for protein-based products in the
county. Thus, increasing self-care and fitness trends are driving the nutritional & health supplements and meat alternatives
markets which further boosts the demand for pea protein market in the U.K.
The key players operating in the U.K. pea protein market are Roquette Freres Le Romarin (France) and Nuzest (U.K.).
TABLE 92 U.K.: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 0.43 0.48 0.54 1.28 13.0%
Total 16.01 18.10 20.57 54.62 15.0%

U.K. in 2021. This segment is projected to reach USD 27.44 million by 2029 from an estimated USD 9.94 million in 2022, at a

Forecast to 2029
TABLE 93 U.K.: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Textured Pea Protein 745.1 824.5 916.0 2,041.4 12.1%
Pea Flour 1,219.2 1,340.9 1,479.8 3,081.7 11.0%
Total 8,264.7 9,113.4 10,087.5 21,762.4 11.6%

in the U.K. in 2021. This segment is projected to reach 7,128.8 tons by 2029 from an estimated 3,409.8 tons in 2022, at a CAGR
TABLE 94 U.K.: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION)
Source 2020 2021 2022 2029 CAGR (2022–2029)
Yellow Pea 15.1 17.1 19.5 52.1 15.1%
Green Pea 0.9 1.0 1.1 2.5 12.8%
Total 16.0 18.1 20.6 54.6 15.0%

In 2021, the yellow pea segment accounted for the larger share of 94.6% of the pea protein market in the U.K. This segment is
period.
TABLE 95 U.K.: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION)
Total 16.0 18.1 20.6 54.6 15.0%

In 2021, the conventional pea protein segment accounted for the larger share of 92.9% of the pea protein market in the U.K.

Forecast to 2029
TABLE 96 U.K.: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029

(USD MILLION)
Dry Processing 10.3 11.6 13.1 33.6 14.4%
Wet Processing 5.7 6.5 7.5 21.0 16.0%
Total 16.0 18.1 20.6 54.6 15.0%

In 2021, the dry processing method segment accounted for the larger share of 64.1% of the pea protein market in the U.K. This
TABLE 97 U.K.: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION)
Form 2020 2021 2022 2029 CAGR (2022–2029)
Solid 11.2 12.8 14.6 39.7 15.4%
Liquid 4.8 5.3 6.0 14.9 13.9%
Total 16.0 18.1 20.6 54.6 15.0%

In 2021, the solid segment accounted for the larger share of 70.5% of the pea protein market in the U.K. This segment is
period.
TABLE 98 U.K.: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION)
Bakery Products 2.33 2.58 2.88 6.63 12.7%
Cereals & Snacks 0.64 0.70 0.78 1.72 12.0%
Beverages 0.45 0.49 0.54 1.16 11.4%
Pet Food 0.25 0.28 0.31 0.76 13.5%
Total 16.01 18.10 20.57 54.62 15.0%

In 2021, the nutrition & health supplements segment accounted for the largest share of 39.4% of the pea protein market in the
U.K. This segment is projected to reach USD 22.53 million by 2029 from an estimated USD 8.17 million in 2022, at a CAGR of

Forecast to 2029
12.3.4. ITALY
In 2021, Italy accounted for a share of 10.7% of the European pea protein market. This market is projected to reach USD 32.5
Italian consumers are becoming more aware of their health. In addition, the high medical expenditure has led people to practice
an active lifestyle, increasing the demand for nutritional and healthy products that provide long-term nutritional & health benefits,
resulting in the growth of the pea protein market in Italy.
According to the Italian Chamber of Commerce, Italy is the 4th largest food and drinks manufacturer in the European Union
(EU). Italy's food and drinks industry is the country's second-largest manufacturing sector and accounted for about 12% of gross
domestic product (GDP) in 2020. Products that emphasize health or functional properties, such as low calorific value, high
protein content, and health benefits, are witnessing a significant increase in demand. Also, the Italian processed meat industry
has seen favorable growth in recent years due to the growing focus on convenience and ready-to-eat foods. According to USDA'S
Global Agriculture Information Network (GAIN), the revenue of processed meat in Italy reached USD 8,763 million in 2019.
In addition, a variety of food supplements are available for human use in Italy, which are marketed as pills, capsules, powder
sachets, chewable tablets, granulates, and suspensions. Furthermore, in Italy, dietary supplements have gained huge popularity
due to their significant health benefits, such as immune health, oral health, and personal health, creating a strong growth
opportunity. According to the Italian Association of Health Products Manufacturers and Distributors and FederSalus
Organization, the Italian supplements market was valued at EUR 3.6 million (USD 4.03 million) in 2019 (EUR 3.4 million [USD
3.82 million] in 2018).
Thus, the rising demand for high protein food products, the growth of the meat and alternative meat processing industry, and
the increasing demand for health supplements ultimately drive the demand for pea protein in Italy.
The key players operating in the Italian pea protein market are Roquette Freres Le Romarin (France) and Sinerga SpA (Italy).
TABLE 99 ITALY: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 0.35 0.39 0.43 0.98 12.4%
Total 10.01 11.25 12.70 32.50 14.4%


Forecast to 2029
In terms of value, the pea protein isolates segment accounted for the largest share of 46.7% of the pea protein market in Italy
TABLE 100 ITALY: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Protein Hydrolysate 180.0 199.2 221.2 491.8 12.1%
Pea Flour 989.1 1,080.6 1,184.6 2,370.3 10.4%
Total 5,148.6 5,643.6 6,209.7 12,933.7 11.1%

In terms of volume, the pea protein isolate segment accounted for the largest share of 32.0% of the pea protein market in Italy
in 2021. This segment is projected to reach 4,418.1 tons by 2029 from an estimated 2,001.0 tons in 2022, at a CAGR of 12.0%
TABLE 101 ITALY: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION)
Source 2020 2021 2022 2029 CAGR (2022–2029)
Yellow Pea 9.44 10.62 12.00 30.94 14.5%
Green Pea 0.57 0.63 0.70 1.56 12.2%
Total 10.01 11.25 12.70 32.50 14.4%

In 2021, the yellow pea segment accounted for the larger share of 94.4% of the pea protein market in Italy. This segment is
forecast period.
TABLE 102 ITALY: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION)
Total 10.0 11.2 12.7 32.5 14.4%

In 2021, the conventional pea protein segment accounted for the larger share of 94.1% of the pea protein market in Italy. This

Forecast to 2029
TABLE 103 ITALY: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029
(USD MILLION)
Dry Processing 6.3 7.1 8.0 19.7 13.8%
Wet Processing 3.7 4.2 4.7 12.8 15.3%
Total 10.0 11.2 12.7 32.5 14.4%

In 2021, the dry processing method segment accounted for the larger share of 63.1% of the pea protein market in Italy. This
TABLE 104 ITALY: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION)
Form 2020 2021 2022 2029 CAGR (2022–2029)
Solid 6.9 7.8 8.9 23.4 14.8%
Liquid 3.1 3.4 3.8 9.1 13.2%
Total 10.0 11.2 12.7 32.5 14.4%

In 2021, the solid segment accounted for the larger share of 69.4% of the pea protein market in Italy. This segment is projected
TABLE 105 ITALY: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION)
Bakery Products 1.77 1.95 2.15 4.77 12.0%
Cereals & Snacks 0.51 0.56 0.61 1.31 11.4%
Beverages 0.36 0.39 0.43 0.88 10.7%
Pet Food 0.23 0.25 0.28 0.66 12.9%
Total 10.01 11.25 12.70 32.50 14.4%

In 2021, the nutrition & health supplements segment accounted for the largest share of 35.0% of the pea protein market in Italy.

Forecast to 2029
12.3.5. SPAIN
In 2021, Spain accounted for a share of 5.6% of the pea protein market in Europe. This market is projected to reach USD 16.1
According to the Irish Food Board, despite the economic difficulties, Spanish consumers are looking for healthy nutrition and
are interested in functional products. The most developed sectors are dairy & dairy alternatives, bakery, meat products, and
meat alternatives. The free-from (free from allergens, free from dairy, free from gluten, free from lactose, and free from meat)
functional food market in Spain was valued at around USD 1.6 billion in 2018, an increase of 7.9% from the previous year. Also,
increasing awareness for a healthy lifestyle and a proactive approach to health creates a demand for healthy and functional
food products. Further, according to the World Health Organization, in 2020, 25% of children and adolescents (11–18 Years),
64% of adults (18–69 Years), and 65% of older adults (60–69 Years) in Spain were physically active. Also, the growing number
of people taking part in sports, especially running, supports the sports nutrition industry in the country. Thus, the rising functional
food industry, increasing adoption of healthy diets, the growing number of physically active people, and increasing emphasis
on sports nutrition drive the pea protein market for nutrition and health supplements in the country.
The key player operating in the pea protein market in Spain is Roquette Freres Le Romarin (France) and Pevesa Biotech Kerry
Group Compan (Spain).
TABLE 106 SPAIN: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 0.157 0.173 0.191 0.411 11.6%
Total 5.287 5.909 6.634 16.088 13.5%

In terms of value, the pea protein isolates segment accounted for the largest share of 46.0% of the pea protein market in Spain

Forecast to 2029
TABLE 107 SPAIN: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Protein Isolate 848.7 932.6 1,028.8 2,159.8 11.2%
Pea Protein Concentrates 965.7 1,047.3 1,140.2 2,177.7 9.7%
Pea Flour 440.9 479.2 522.6 994.1 9.6%
Total 2,678.7 2,920.7 3,196.8 6,332.4 10.3%

in Spain in 2021. This segment is projected to reach 2,177.7 tons by 2029 from an estimated 1,140.2 tons in 2022, at a CAGR
TABLE 108 SPAIN: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION)
Source 2020 2021 2022 2029 CAGR (2022–2029)
Yellow Pea 5.00 5.59 6.29 15.35 13.6%
Green Pea 0.29 0.32 0.35 0.74 11.4%
Total 5.29 5.91 6.63 16.09 13.5%

In 2021, the yellow pea segment accounted for the largest share of 94.7% of the pea protein market in Spain. This segment is
forecast period.
TABLE 109 SPAIN: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION)
Total 5.29 5.91 6.63 16.09 13.5%

In 2021, the conventional pea protein segment accounted for the largest share of 93.5% of the pea protein market in Spain. This

Forecast to 2029
TABLE 110 SPAIN: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029
(USD MILLION)
Dry Processing 3.49 3.88 4.34 10.17 12.9%
Wet Processing 1.80 2.03 2.30 5.92 14.5%
Total 5.29 5.91 6.63 16.09 13.5%

In 2021, the dry processing method segment accounted for the largest share of 65.7% of the pea protein market in Spain. This
TABLE 111 SPAIN: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION)
Form 2020 2021 2022 2029 CAGR (2022–2029)
Solid 3.6 4.1 4.6 11.4 14.0%
Liquid 1.7 1.8 2.1 4.7 12.4%
Total 5.3 5.9 6.6 16.1 13.5%

In 2021, the solid segment accounted for the largest share of 68.7% of the pea protein market in Spain. This segment is projected
TABLE 112 SPAIN: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION)
Bakery Products 0.82 0.90 0.99 2.09 11.2%
Cereals & Snacks 0.23 0.25 0.27 0.55 10.6%
Beverages 0.16 0.18 0.19 0.37 9.9%
Pet Food 0.09 0.10 0.12 0.26 12.1%
Total 5.29 5.91 6.63 16.09 13.5%

In 2021, the nutrition & health supplements segment accounted for the larger share of 36.1% of the pea protein market in Spain.

Forecast to 2029
12.3.6. REST OF EUROPE

In 2021, Rest of Europe accounted for a share of 14.3% of the pea protein market in Europe. This market is projected to reach
USD 41.5 million by 2029 from an estimated USD 16.9 million in 2022, at a CAGR of 13.7% during the forecast period. Apart
from the E5 countries, Europe has a growing pea protein market in Belgium, Denmark, Finland, Poland, Sweden, and the
Netherlands.
Factors such as vegetarianism and flexitarianism are on the rise in Rest of Europe. For instance, around 7% and 6% of the
population was vegetarian in Denmark and Finland in 2021. Also, the consumers are paying more and more attention to health
and wellness, which fuels the demand for natural, clean, and functional foods. Further, according to the WHO, the impact of the
major NCDs (diabetes, cardiovascular diseases, cancer, chronic respiratory diseases, and mental disorders) is equally alarming:
taken together, these five conditions accounted for an estimated 86% of the deaths and 77% of the disease burden in the region
in 2021. This region is also considered to be one of the largest markets for nutrients & dietary supplements in the world.
Consumers are taking an increasingly proactive approach to their health and are seeking to improve underlying conditions rather
than merely treating the symptoms. These factors are elating the demand for pea protein-enriched food and supplements in
Rest of Europe.
The key players operating in the pea protein market in Rest of Europe are Roquette Freres Le Romarin (France), Ingredion Inc.
(U.S.), Pevesa Biotech Kerry Group Compan (Spain), Glanbia plc. (Ireland), and Cosucra Groupe Warcoing SA (Belgium).
TABLE 113 REST OF EUROPE: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 0.435 0.479 0.530 1.158 11.8%
Total 13.416 15.001 16.851 41.467 13.7%

In terms of value, the pea protein isolates segment accounted for the largest share of 44.9% of the pea protein market in Rest
of Europe in 2021. This segment is projected to reach USD 19.473 million by 2029 from an estimated USD 7.607 million in 2022,

Forecast to 2029
TABLE 114 REST OF EUROPE: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 1,221.3 1,328.0 1,449.0 2,797.1 9.9%
Total 6,892.3 7,518.5 8,232.8 16,534.5 10.5%

in Rest of Europe in 2021. This segment is projected to reach 5,478.0 tons by 2029 from an estimated 2,826.4 tons in 2022, at
a CAGR of 9.9% during the forecast period.
TABLE 115 REST OF EUROPE: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION)
Source 2020 2021 2022 2029 CAGR (2022–2029)
Yellow Pea 12.67 14.19 15.95 39.52 13.8%
Green Pea 0.74 0.82 0.90 1.95 11.6%
Total 13.42 15.00 16.85 41.47 13.7%

In 2021, the yellow pea segment accounted for the largest share of 39.52 % of the pea protein market in Rest of Europe. This
TABLE 116 REST OF EUROPE: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029
(USD MILLION)
Total 13.4 15.0 16.9 41.5 13.7%

In 2021, the conventional pea protein segment accounted for the largest share of 92.4% of the pea protein market in Rest of
Europe. This segment is projected to reach USD 37.5 million by 2029 from an estimated USD 15.5 million in 2022, at a CAGR of

Forecast to 2029
TABLE 117 REST OF EUROPE: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029
(USD MILLION)
Dry Processing 8.7 9.6 10.8 25.6 13.1%
Wet Processing 4.8 5.4 6.1 15.9 14.7%
Total 13.4 15.0 16.9 41.5 13.7%

In 2021, the dry processing method segment accounted for the largest share of 64.3% of the pea protein market in Rest of
Europe. This segment is projected to reach USD 25.6 million by 2029 from an estimated USD 10.8 million in 2022, at a CAGR of
TABLE 118 REST OF EUROPE: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION)
Form 2020 2021 2022 2029 CAGR (2022–2029)
Solid 9.0 10.1 11.4 29.0 14.2%
Liquid 4.4 4.9 5.4 12.5 12.6%
Total 13.4 15.0 16.9 41.5 13.7%

In 2021, the solid segment accounted for the largest share of 67.4% of the pea protein market in Rest of Europe. This segment
forecast period.
TABLE 119 REST OF EUROPE: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029
(USD MILLION)
Bakery Products 2.23 2.44 2.69 5.75 11.5%
Cereals & Snacks 0.63 0.69 0.76 1.55 10.8%
Beverages 0.45 0.48 0.53 1.04 10.2%
Pet Food 0.27 0.30 0.33 0.75 12.3%
Total 13.42 15.00 16.85 41.47 13.7%

In 2021, the nutrition & health supplements segment accounted for the larger share of 33.9% of the pea protein market in Rest
of Europe. This segment is projected to reach USD 15.03 million by 2029 from an estimated USD 5.77 million in 2022, at a CAGR

Forecast to 2029
12.4. ASIA-PACIFIC
In 2021, Asia-Pacific accounted for a share of 21.7% of the global pea protein market. This market is projected to reach USD
The Asia-Pacific region is witnessing tremendous growth in demand for pea proteins, primarily due to the major prevalence of
vegetarian people, increasing population along with urbanization and industrialization, health awareness, growing disposable
income, and increasing lactose intolerance. The popularity of pea protein in food and beverage products is increasing due to
the shift in demand from animal protein to plant protein. This inclination towards a plant-based diet is associated with factors
such as sustainability, health, religious views, and environmental and animal rights. Pea protein is generally used as a dairy
alternative and health supplement. Moreover, big plant-based product launches by Impossible Foods and Beyond Meat in
developed countries such as Hong Kong and Singapore, Southeast Asia as a whole saw very significant growth in the industry.
These alternative meat processors actively use pea protein in their product formulations. As a result, in recent times, pea
proteins have emerged as a viable alternative to protein ingredients in Asia-Pacific.
The key players operating in the pea protein market in Asian-Pacific are Roquette Freres Le Romarin (France), AGT Food and
Ingredients Inc. (Canada), Cargill, Incorporated (U.S.), Ingredion Inc. (U.S.), Pevesa Biotech Kerry Group Compan (Spain), NOW
Foods/NOW Health Group, Inc. (U.S.), Axiom Foods Inc. (U.S.), Glanbia plc. (Ireland), Sotexpro SA (France), Shandong Jianyuan
Foods Co., Ltd. (China).
TABLE 120 ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY COUNTRY, 2020–2029 (USD MILLION)
Country 2020 2021 2022 2029 CAGR (2022–2029)
China 26.8 31.4 37.0 126.3 19.2%
Japan 15.2 17.2 19.7 54.3 15.6%
India 12.5 14.6 17.0 53.8 17.9%
Australia 5.6 6.3 7.2 20.0 15.6%
Rest of Asia Pacific 6.8 7.8 9.0 26.6 16.7%
Total 66.9 77.4 90.0 281.0 17.7%

In terms of value, China accounted for the larger share of 40.6% of the pea protein market in Asia-Pacific in 2021. This market
forecast period.

Forecast to 2029
TABLE 121 ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY COUNTRY, 2020–2029 (TONS)
Country 2020 2021 2022 2029 CAGR (2022–2029)
China 14,930.5 17,169.3 19,809.3 56,540.5 16.2%
Japan 8,704.8 9,697.4 10,843.7 24,983.4 12.7%
India 7,022.9 7,980.9 9,103.7 24,127.9 14.9%
Australia 3,070.9 3,418.8 3,820.5 8,829.9 12.7%
Rest of Asia-Pacific 3,759.8 4,229.4 4,775.6 11,795.5 13.8%
Total 37,488.9 42,495.9 48,352.7 126,277.2 14.7%

In terms of volume, China accounted for the larger share of 40.4% of the pea protein market in Asia-Pacific in 2021. This market
period.
TABLE 122 ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 2.7 3.0 3.5 9.6 15.7%
Total 66.9 77.4 90.0 281.0 17.7%

In terms of value, the pea protein isolates segment accounted for the largest share of 42.5% of the pea protein market in Asia-
Pacific in 2021. This segment is projected to reach USD 125.4 million by 2029 from an estimated USD 38.5 million in 2022, at a

Forecast to 2029
TABLE 123 ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 5,105.1 5,733.9 6,462.3 15,601.3 13.4%
Others Pea Protein 2,631.1 2,920.2 3,250.0 7,007.2 11.6%
Total 37,488.9 42,495.9 48,352.7 126,277.2 14.7%

in Asia-Pacific in 2021. This segment is projected to reach 47,173.0 tons by 2029 from an estimated 17,995.6 tons in 2022, at
TABLE 124 ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION)
Source 2020 2021 2022 2029 CAGR (2022–2029)
Yellow Pea 63.4 73.4 85.5 268.6 17.8%
Green Pea 3.5 4.0 4.5 12.4 15.5%
Total 66.9 77.4 90.0 281.0 17.7%

In 2021, the yellow pea segment accounted for the largest share of 94.9% of the pea protein market in Asia-Pacific. This segment
forecast period.
TABLE 125 ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029
(USD MILLION)
Total 66.9 77.4 90.0 281.0 17.7%

In 2021, the conventional pea protein segment accounted for the largest share of 93.1% of the pea protein market in Asia-
Pacific. This segment is projected to reach USD 256.7 million by 2029 from an estimated USD 83.6 million in 2022, at a CAGR

Forecast to 2029
TABLE 126 ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029
(USD MILLION)
Dry Processing 43.0 49.5 57.3 172.3 17.0%
Wet Processing 23.9 27.9 32.7 108.7 18.7%
Total 66.9 77.4 90.0 281.0 17.7%

In 2021, the dry processing method segment accounted for the largest share of 63.9% of the pea protein market in Asia-Pacific.
TABLE 127 ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION)
Form 2020 2021 2022 2029 CAGR (2022–2029)
Solid 46.8 54.4 63.6 203.9 18.1%
Liquid 20.1 23.0 26.4 77.1 16.5%
Total 66.9 77.4 90.0 281.0 17.7%

In 2021, the solid segment accounted for the largest share of 70.3% of the pea protein market in Asia-Pacific. This segment is
forecast period.
TABLE 128 ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029

(USD MILLION)
Bakery Products 11.62 13.18 15.02 40.63 15.3%
Cereals & Snacks 3.82 4.32 4.91 12.94 14.9%
Beverages 2.70 3.03 3.41 8.52 14.0%
Pet Food 1.80 2.06 2.37 6.77 16.2%
Total 66.86 77.38 89.98 280.97 17.7%

In 2021, the nutrition & health supplements segment accounted for the larger share of 30.3% of the pea protein market in Asia-
Pacific. This segment is projected to reach USD 94.42 million by 2029 from an estimated USD 27.69 million in 2022, at a CAGR

Forecast to 2029
12.4.1. CHINA
In 2021, China accounted for a share of 40.6% of the pea protein market in Asia-Pacific. This market is projected to reach USD
According to the World Bank, China, with a population of 1.4 billion in 2015, which is expected to reach 1.43 billion in 2028, has
emerged as one of the world’s largest agri-food markets. Factors such as rising income, rapid urbanization, changing lifestyle,
changes in tastes and preferences, and better organizations of food production & marketing have led to changes in Chinese
diets in terms of quantity, quality, and composition. Additionally, China’s dietary supplement industry has great potential, and a
growing number of consumers are interested in purchasing products that will enhance their overall health.
Further, Chinese consumers have started showing interest in vegetarian diets. Even though meat-eating traditions are deep-
rooted in China, some consumers have embraced vegetarianism which is motivated by health, animal welfare, and
environmental concerns, as well as the revival of Buddhism. In 2020 (Public Radio International), China’s vegetarian population
reached more than 70 million, equivalent to around 4% to 5%. According to the Good Food Institute report, China’s plant-based
meat market was projected to grow between 20 and 25% annually from 2018. Growing interest in nutritional supplements,
vegetarian foods, and diets in China has provided opportunities for the development of vegetarian food products. China is driving
growth in Asia’s pea protein market as health-consciousness among consumers embraces an array of innovative and
sustainable products. In the past decade, pea protein has been in a stage of rapid development in China. As a major producer
of pea protein among Asian countries, China has continuously added new companies to the pea protein industry and is also
actively focusing on increasing the production capacity and output in order to meet the rapidly growing demand. Moreover,
according to the China-Britain business council, China is the fastest-growing food and beverage market in Asia, with an average
annual growth of 27% between 2009 and 2019. According to the report ‘Prospects for the development of China’s health food
industry, the health food market in China grew from USD 24.7 billion in 2009 to USD 61.7 billion in 2021, recording an annual
average growth rate of 9.5% year to year. Further, according to Agriculture and Agri-Food Canada, China’s health food market,
including nutrient supplements, is one of the largest markets in the world and was valued at around USD 47 billion in 2020.
Moreover, consumers’ mindset about health food has shifted from seeing them as being luxury goods to ordinary consumer
products. Functional baby food (milk formula) and functional dairy are the leaders in the functional food sector in China. Also,
there is an increasing preference towards processed & packaged food, meals away from home, and safer food because of a
greater variety of food choices. This scenario pushes up demand for pea protein in the Chinese food industry, driving the growth
of the pea protein market.
However, despite the huge potential of China’s health food sector, much of its appeal is offset by the time-consuming, costly,
and somewhat irrational health food regulatory system used in the country. All health foods legally circulated in China must
undergo the lengthy registration process commonly known as “Blue Hat” prior to approval. The existence of such strict
regulations restricts the growth of the pea protein market in China.

Forecast to 2029
The key players operating in the pea protein market in China are Roquette Freres Le Romarin (France), AGT Food and Ingredients
Inc. (Canada), Cargill, Incorporated (U.S.), Ingredion Inc. (U.S.), Axiom Foods Inc. (U.S.), and Shandong Jianyuan Foods Co., Ltd.
(China).
TABLE 129 CHINA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 1.11 1.28 1.49 4.52 17.2%
Total 26.75 31.41 37.03 126.31 19.2%

In terms of value, the pea protein isolates segment accounted for the largest share of 43.4% of the pea protein market in China
TABLE 130 CHINA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 2,139.3 2,437.9 2,786.4 7,357.0 14.9%
Others Pea Protein 991.8 1,116.5 1,259.7 2,965.3 13.0%
Total 14,930.5 17,169.3 19,809.3 56,540.5 16.2%

in China in 2021. This segment is projected to reach 20,643.0 tons by 2029 from an estimated 7,208.6 tons in 2022, at a CAGR

Forecast to 2029
TABLE 131 CHINA: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION)
Source 2020 2021 2022 2029 CAGR (2022–2029)
Yellow Pea 25.4 29.8 35.2 120.7 19.3%
Green Pea 1.4 1.6 1.9 5.6 17.0%
Total 26.8 31.4 37.0 126.3 19.2%

In 2021, the yellow pea segment accounted for the largest share of 94.8% of the pea protein market in China. This segment is
forecast period.
TABLE 132 CHINA: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION)
Total 26.8 31.4 37.0 126.3 19.2%

In 2021, the conventional pea protein segment accounted for the largest share of 94.1% of the pea protein market in China. This
TABLE 133 CHINA: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029
(USD MILLION)
Dry Processing 17.4 20.3 23.9 78.5 18.5%
Wet Processing 9.3 11.1 13.2 47.8 20.2%
Total 26.8 31.4 37.0 126.3 19.2%

In 2021, the dry processing method segment accounted for the largest share of 64.8% of the pea protein market in China. This
TABLE 134 CHINA: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION)
Form 2020 2021 2022 2029 CAGR (2022–2029)
Solid 19.1 22.5 26.6 93.1 19.6%
Liquid 7.7 8.9 10.4 33.2 18.0%
Total 26.8 31.4 37.0 126.3 19.2%


Forecast to 2029
In 2021, the solid segment accounted for the largest share of 71.6% of the pea protein market in China. This segment is
period.
TABLE 135 CHINA: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION)
Bakery Products 4.28 4.93 5.69 16.89 16.8%
Cereals & Snacks 1.80 2.06 2.37 6.75 16.1%
Beverages 1.13 1.28 1.47 4.01 15.4%
Pet Food 0.77 0.89 1.04 3.25 17.7%
Total 26.75 31.41 37.03 126.31 19.2%

In 2021, the nutrition & health supplements segment accounted for the larger share of 32.7% of the pea protein market in China.
12.4.2. JAPAN
In 2021, Japan accounted for a share of 22.3% of the pea protein market in Asia-Pacific. This market is projected to reach USD
The economic development generally leads to more access to education and employment, which decreases the consumption
of traditional Japanese food as food patterns shift to include more westernized products. According to the Ministry of Internal
Affairs and Communications (2019), over the last 50 years, the consumption of rice, the main staple in Japanese people’s diets,
has been cut in half. Thus, to fulfill the nutritional requirement, there is an increase in applications of pea protein in nutritional
supplements and functional food products. According to Agriculture & Agri-Food Canada, the market for functional packaged
food in Japan increased from $8.5 billion in 2015 to $9.63 billion in 2019, at a growth of 13.3%. From a 2019 GlobalData
consumer survey, 88% of Japanese consumers believed that healthy eating is important towards maintaining their overall well-
being. In 2019, the shipment value of sports nutrition supplements in Japan grew by 2.7% compared to the previous year. The
protein supplements segment held around 60% share in Japan’s sports supplements market in 2019. High rates of lactose
intolerance in the population in Japan give a boost to the plant proteins market in the country. The health awareness and
increase in the burden of NCD diseases are the leading factors propelling Japanese consumers to purchase protein-fortified
dietary and health supplements. Thus, the growing demand for sports nutrition products & health supplements is driving the
growth of the pea protein market in Japan.

Forecast to 2029
However, Japan was the first country to attempt to regulate its health food market by introducing “Food for Specified Health
Uses” (FOSHU) standardization. For a product to become recognized as FOSHU certified, it needs to be submitted for review to
test its efficacy and safety. The process could take anywhere between 6 months to 3 years or more and requires substantial
investment on behalf of the producer. Recently, the Consumer Affairs Agency (CAA) created another product certification called
“Food for Specified Dietary Uses” (FOSDU). In order to carry the FOSDU label, products must be reviewed and approved by the
CAA. These products are the food products that are produced specifically for seniors, pregnant women, infants, or people with
certain diseases. The need for such certifications may restrict the growth of the pea protein market in Japan.
The key player operating in the pea protein market in Japan is Roquette Freres Le Romarin (France) and Yantai Oriental Protein
Tech Co. Ltd (China).
TABLE 136 JAPAN: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 0.70 0.78 0.88 2.16 13.7%
Total 15.16 17.25 19.71 54.33 15.6%

In terms of value, the pea protein isolates segment accounted for the largest share of 43.2% of the pea protein market in Japan

Forecast to 2029
TABLE 137 JAPAN: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 1,343.5 1,483.9 1,644.4 3,516.8 11.5%
Others Pea Protein 649.0 708.1 774.6 1,476.9 9.7%
Total 8,704.8 9,697.4 10,843.7 24,983.4 12.7%

in Japan in 2021. This segment is projected to reach 9,197.1 tons by 2029 from an estimated 3,965.1 tons in 2022, at a CAGR
TABLE 138 JAPAN: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION)
Source 2020 2021 2022 2029 CAGR (2022–2029)
Yellow Pea 14.3 16.3 18.7 51.8 15.7%
Green Pea 0.8 0.9 1.0 2.5 13.5%
Total 15.2 17.2 19.7 54.3 15.6%

In 2021, the yellow pea segment accounted for the largest share of 94.7% of the pea protein market in Japan. This segment is
period.
TABLE 139 JAPAN: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION)
Total 15.2 17.2 19.7 54.3 15.6%

In 2021, the conventional pea protein segment accounted for the largest share of 92.8% of the pea protein market in Japan.

Forecast to 2029
TABLE 140 JAPAN: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029
(USD MILLION)
Dry Processing 9.5 10.7 12.2 32.2 14.9%
Wet Processing 5.7 6.5 7.5 22.1 16.7%
Total 15.2 17.2 19.7 54.3 15.6%

In 2021, the dry processing method segment accounted for the largest share of 62.2% of the pea protein market in Japan. This
TABLE 141 JAPAN: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION)
Form 2020 2021 2022 2029 CAGR (2022–2029)
Solid 10.7 12.2 14.0 39.6 16.0%
Liquid 4.5 5.0 5.7 14.7 14.5%
Total 15.2 17.2 19.7 54.3 15.6%

In 2021, the solid segment accounted for the largest share of 70.8% of the pea protein market in Japan. This segment is
period.
TABLE 142 JAPAN: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION)
Bakery Products 2.60 2.90 3.26 7.82 13.3%
Cereals & Snacks 0.68 0.75 0.84 1.93 12.7%
Beverages 0.71 0.78 0.86 1.91 12.0%
Pet Food 0.50 0.56 0.63 1.60 14.2%
Total 15.16 17.25 19.71 54.33 15.6%

In 2021, the nutrition & health supplements segment accounted for the larger share of 30.4% of the pea protein market in Japan.

Forecast to 2029
12.4.3. INDIA
In 2021, India accounted for a share of 18.8% of the pea protein market in Asia-Pacific. This market is projected to reach USD
As per the global economic prospects, India is placed in the Emerging Market and Developing Economies (EMDE) list. Indian
economy grew at 7.1% in 2019 and expected significant growth of about 7.5% by 2021. The agriculture and food & beverage
industry is one of the key drivers for Indian economic growth and development. According to the IBEF (India Brand Equity
Foundation), the Indian food & beverage market is estimated at over US$ 175 billion by 2025 from USD 70 billion in 2018. The
factors such as increasing population, urbanization, adoption of western culture, higher disposable income & higher propensity
to spend, busy lifestyle, and increasing health awareness drives the market for low calorie, protein-rich, and healthy food
products, which further results in the demand of pea proteins from Indian food and nutritional supplement manufacturers.
Further, according to the Agricultural and Processed Food Products Exports Development Authority (APEDA), India's exports of
animal products were increased from Rs. 1,351.94 lacs (USD 1.92 million) in 2019 to Rs. 1,472.24 lacs (USD 1.99 million) in
2020. Nowadays, in India, consumers are motivated to buy a meat alternative by health, ethics, and the rising cost of meat
products. More and more people are turning vegan across India. Mock meat brand is emerging in India and is armed with
numerous kinds of textured meat. With such rising popularity for mock meat, various companies are joining to produce a variety
of vegan meat products across the country. This indicates the potential for the pea protein market in India.
Also, Indians are becoming more conscious about their health and concerned about various diseases that result in picking up
speed for weight loss products, low sugar & low-calorie products, sports nutrition, nutraceutical products, and health
supplements. India is one of the largest suppliers of herbal extracts and raw materials for the dietary supplements market
worldwide. According to a 2018 Assocham Knowledge report, the Indian nutraceuticals market is expected to grow from USD 4
billion in 2017 to USD 18 billion in 2025. Hence, the growing nutraceutical market boosts pea protein demand in the Indian
market.
The key player operating in the Indian pea protein market is Roquette Freres Le Romarin (France), Stdm Food And Beverages
Private Limited (India), and Titan Biotech. (India).

Forecast to 2029
TABLE 143 INDIA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 0.39 0.44 0.51 1.44 16.0%
Total 12.54 14.55 16.97 53.77 17.9%

In terms of value, the pea protein isolates segment accounted for the largest share of 41.8% of the pea protein market in India
TABLE 144 INDIA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Textured Pea Protein 907.7 1,030.5 1,174.0 3,055.0 14.6%
Pea Flour 749.0 843.8 953.8 2,344.0 13.7%
Total 7,022.9 7,980.9 9,103.7 24,127.9 14.9%

in India in 2021. This segment is projected to reach 9,365.0 tons by 2029 from an estimated 3,513.4 tons in 2022, at a CAGR of
TABLE 145 INDIA: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION)
Source 2020 2021 2022 2029 CAGR (2022–2029)
Yellow Pea 11.93 13.86 16.17 51.54 18.0%
Green Pea 0.61 0.70 0.80 2.23 15.8%
Total 12.54 14.55 16.97 53.77 17.9%

In 2021, the yellow pea segment accounted for the largest share of 95.2% of the pea protein market in India. This segment is
forecast period.

Forecast to 2029
TABLE 146 INDIA: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029 (USD MILLION)
Total 12.5 14.6 17.0 53.8 17.9%

In 2021, the conventional pea protein segment accounted for the largest share of 91.6% of the pea protein market in India. This
TABLE 147 INDIA: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029
(USD MILLION)
Dry Processing 8.0 9.3 10.8 32.8 17.3%
Wet Processing 4.5 5.3 6.2 20.9 19.0%
Total 12.5 14.6 17.0 53.8 17.9%

In 2021, the dry processing method segment accounted for the largest share of 63.8% of the pea protein market in India. This
TABLE 148 INDIA: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION)
Form 2020 2021 2022 2029 CAGR (2022–2029)
Solid 8.7 10.1 11.9 38.6 18.4%
Liquid 3.9 4.4 5.1 15.2 16.8%
Total 12.5 14.6 17.0 53.8 17.9%

In 2021, the solid segment accounted for the largest share of 69.6% of the pea protein market in India. This segment is projected

Forecast to 2029
TABLE 149 INDIA: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION)
Bakery Products 2.31 2.63 3.00 8.29 15.6%
Cereals & Snacks 0.62 0.71 0.80 2.12 14.9%
Beverages 0.40 0.45 0.51 1.30 14.3%
Pet Food 0.24 0.27 0.32 0.92 16.5%
Total 12.54 14.55 16.97 53.77 17.9%

In 2021, the nutrition & health supplements segment accounted for the larger share of 28.9% of the pea protein market in India.
12.4.4. AUSTRALIA
In 2021, Australia accounted for a share of 8.2% of the pea protein market in Asia-Pacific. This market is projected to reach USD
According to the Australian Food and Grocery Council (AFGC), the Australian food & beverage industry was valued at USD 122
billion in 2019, increasing from USD118.8 billion in 2015. Health and wellness concerns remain a key focus area, guiding the
food and beverage purchasing decisions of Australian consumers. Also, the growing prevalence of chronic diseases such as
diabetes, cardiovascular disease, and osteoporosis is prompting consumers to seek out products containing ingredients such
as pea proteins which can help prevent or manage these conditions. To meet the growing demand for pea protein in Australia,
a global grain trader and agri-food company Bunge Limited (U.S.), has invested A$45.7 million in Australian Plant Proteins (APP).
The investment will enable APP to further expand its plant protein isolate fractionation facility. This development is expected to
double the output of APP’s plant protein isolates, mainly derived from faba bean, yellow pea, mung bean, and lentil, by March
2022. Also, meat processing, fruits and vegetables, and poultry processing were the key subsectors in terms of revenue
generation. Australia is considered as meat-eating capital of the world. According to the Organization for Economic Co-
operation and Development (OECD), per capita meat consumption was 92.57 kilograms of meat per person in 2019 in Australia,
170 grams more per person than the Americans

Forecast to 2029
Furthermore, according to the Complementary Medicines Australia (CMA), the supplement sector was valued at AUD 5.6 billion
in 2019 (the USD 3.9 billion), up from AUD 5.2 billion (the USD 3.5 billion) in 2018, while exports grew by another 15% to AUD
1.1 billion (the USD 766 million). The biggest category went to the vitamin and dietary supplement, which was worth AUD 3.1
billion (the USD 2.1 billion). This was followed by sports nutrition at AUD 1.31 billion (the USD 910 million), herbal/traditional
products at AUD 760 million (the USD 529 million), and weight loss at AUD 430 million (the USD 299 million). Thus, the large
growth in the Australian supplement sector boosts the demand for pea protein.
Moreover, there is increasing demand for protein alternatives from people who have aggressively reduced their meat
consumption; thus, plant protein or meat alternatives are proving to be a viable market for Australian growers and manufacturers
as more consumers are turning to plant-based diets. These factors further increase the incorporation of pea protein into health
and nutritional supplements, food products, and meat & meat alternatives.
The key player operating in the pea protein market in Australia is Axiom Foods Inc. (U.S.), AGT Food and Ingredients Inc.
(Canada), and Australian Plant Proteins (Australia).
TABLE 150 AUSTRALIA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 0.219 0.246 0.276 0.678 13.7%
Total 5.574 6.336 7.236 19.999 15.6%

In terms of value, the pea protein isolates segment accounted for the largest share of 40.9% of the pea protein market in
Australia in 2021. This segment is projected to reach USD 8.564 million by 2029 from an estimated USD 2.977 million in 2022,

Forecast to 2029
TABLE 151 AUSTRALIA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Protein Isolate 782.9 880.4 993.8 2,479.6 14.0%
Pea Flour 422.5 466.1 516.0 1,103.2 11.5%
Total 3,070.9 3,418.8 3,820.5 8,829.9 12.7%

in Australia in 2021. This segment is projected to reach 3,200.5 tons by 2029 from an estimated 1,380.2 tons in 2022, at a CAGR
TABLE 152 AUSTRALIA: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION)
Source 2020 2021 2022 2029 CAGR (2022–2029)
Yellow Pea 5.29 6.02 6.88 19.14 15.7%
Green Pea 0.28 0.32 0.35 0.86 13.5%
Total 5.57 6.34 7.24 20.00 15.6%

In 2021, the yellow pea segment accounted for the largest share of 95.0% of the pea protein market in Australia. This segment
forecast period.
TABLE 153 AUSTRALIA: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029
(USD MILLION)
Total 5.57 6.34 7.24 20.00 15.6%

In 2021, the conventional pea protein segment accounted for the largest share of 92.2% of the pea protein market in Australia.

Forecast to 2029
TABLE 154 AUSTRALIA: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029
(USD MILLION)
Dry Processing 3.69 4.18 4.75 12.70 15.1%
Wet Processing 1.88 2.16 2.48 7.30 16.6%
Total 5.57 6.34 7.24 20.00 15.6%

In 2021, the dry processing method segment accounted for the largest share of 66.0% of the pea protein market in Australia.
TABLE 155 AUSTRALIA: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION)
Form 2020 2021 2022 2029 CAGR (2022–2029)
Solid 3.8 4.3 5.0 14.1 16.1%
Liquid 1.8 2.0 2.3 5.9 14.5%
Total 5.6 6.3 7.2 20.0 15.6%

In 2021, the solid segment accounted for the largest share of 68.3% of the pea protein market in Australia. This segment is
period.
TABLE 156 AUSTRALIA: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029 (USD MILLION)
Bakery Products 1.13 1.26 1.41 3.38 13.3%
Cereals & Snacks 0.34 0.38 0.42 0.96 12.7%
Beverages 0.22 0.25 0.27 0.60 12.0%
Pet Food 0.15 0.17 0.19 0.48 14.2%
Total 5.57 6.34 7.24 20.00 15.6%

In 2021, the nutrition & health supplements segment accounted for the larger share of 26.1% of the pea protein market in
Australia. This segment is projected to reach USD 6.03 million by 2029 from an estimated USD 1.93 million in 2022, at a CAGR

Forecast to 2029
12.4.5. REST OF ASIA PACIFIC

In 2021, Rest of Asia-Pacific accounted for a share of 10.1% of the Asia-Pacific pea protein market. This market is projected to
Rest of Asia-Pacific region includes other growing pea protein markets such as Indonesia, New Zealand, Philippines, Vietnam,
Malaysia, South Korea, and Singapore, among others. There is a huge demand for processed and functional food, feed, and
supplements rather than a traditional staple food in other Asia Pacific countries, owing to increasing population &
westernization, economic growth, and rising preference for healthy & nutritional diet, which fuels the demand of pea proteins in
this region. For instance, New Zealand has a reputation for high-quality natural produce and environmental sustainability. The
country has a growing food industry as its agri-food exports are predicted to reach around USD 58 billion by 2025. This growth
will be through the production of new high-value food and beverage products. This growth in New Zealand's food and beverages
industry is expected to drive the demand for pea proteins in the country.
The key players operating in the Rest of Asia-Pacific pea protein market are Roquette Freres Le Romarin (France), Cargill,
Incorporated (U.S.), Axiom Foods Inc. (U.S.), and Glanbia plc. (Ireland).
TABLE 157 REST OF ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029
(USD MILLION)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 0.23 0.26 0.30 0.79 14.7%
Total 6.82 7.83 9.03 26.56 16.7%

In terms of value, the pea protein isolates segment accounted for the largest share of 40.1% of the pea protein market in Rest
of Asia-Pacific in 2021. This segment is projected to reach USD 11.17 million by 2029 from an estimated USD 3.64 million in
2022, at a CAGR of 17.4% during the forecast period.

Forecast to 2029
TABLE 158 REST OF ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Protein Isolate 938.7 1,066.3 1,215.9 3,234.4 15.0%
Pea Flour 450.7 502.3 561.6 1,280.3 12.5%
Total 3,759.8 4,229.4 4,775.6 11,795.5 13.8%

in Rest of Asia-Pacific in 2021. This segment is projected to reach 4,767.4 tons by 2029 from an estimated 1,928.2 tons in 2022,
TABLE 159 REST OF ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029
(USD MILLION)
Source 2020 2021 2022 2029 CAGR (2022–2029)
Yellow Pea 6.46 7.42 8.57 25.36 16.8%
Green Pea 0.36 0.41 0.46 1.20 14.5%
Total 6.82 7.83 9.03 26.56 16.7%

In 2021, the yellow pea segment accounted for the largest share of 94.8% of the pea protein market in Rest of Asia-Pacific. This
TABLE 160 REST OF ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029
(USD MILLION)
Total 6.82 7.83 9.03 26.56 16.7%

In 2021, the conventional pea protein segment accounted for the largest share of 93.1% of the pea protein market in Rest of
Asia-Pacific. This segment is projected to reach USD 24.27 million by 2029 from an estimated USD 8.40 million in 2022, at a

Forecast to 2029
TABLE 161 REST OF ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD,
Dry Processing 4.3 5.0 5.7 16.1 16.0%
Wet Processing 2.5 2.9 3.4 10.5 17.7%
Total 6.8 7.8 9.0 26.6 16.7%

In 2021, the dry processing method segment accounted for the largest share of 63.2% of the pea protein market in Rest of Asia-
Pacific. This segment is projected to reach USD 16.1 million by 2029 from an estimated USD 5.7 million in 2022, at a CAGR of
TABLE 162 REST OF ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029
(USD MILLION)
Form 2020 2021 2022 2029 CAGR (2022–2029)
Solid 4.5 5.3 6.1 18.4 17.2%
Liquid 2.3 2.6 2.9 8.1 15.6%
Total 6.8 7.8 9.0 26.6 16.7%

In 2021, the solid segment accounted for the largest share of 67.0% of the pea protein market in Rest of Asia-Pacific. This
TABLE 163 REST OF ASIA-PACIFIC: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029
(USD MILLION)
Bakery Products 1.30 1.47 1.66 4.25 14.4%
Cereals & Snacks 0.38 0.42 0.47 1.16 13.7%
Beverages 0.24 0.27 0.30 0.70 13.0%
Pet Food 0.15 0.17 0.19 0.52 15.2%
Total 6.82 7.83 9.03 26.56 16.7%


Forecast to 2029
In 2021, the nutrition & health supplements segment accounted for the larger share of 26.3% of the pea protein market in Rest
of Asia-Pacific. This segment is projected to reach USD 7.75 million by 2029 from an estimated USD 2.41 million in 2022, at a
12.5. LATIN AMERICA

In 2021, Latin America accounted for a share of 5.5% of the global pea protein market. This market is projected to reach USD
Latin America has a great diversity in geography, population, and level of economic development. This region is an emerging
market for pea protein which includes Brazil, Mexico, Argentina, Chile, Colombia, Venezuela, Peru, Uruguay, and Ecuador, among
others. The Latin American region has seen significant economic changes over the last decade. The growth and development
of food & beverages and health & nutritional supplements in this region is primarily driven by globalization, increasing
urbanization, growing focus on health wellness & wellbeing, and food safety & security. According to HealthFocus International,
in 2019, almost one-third of Latin Americans regularly chose plant-based food and beverages, driven by a desire to eat clean. In
2019, 32% of Latin American shoppers usually chose plant-based food and beverages. In addition, the launch of plant-based
food products is also on the rise across the region. For instance, between 2015 and 2018, the new plant-based product launches
have raised by 115%. Meat substitutes have the largest share in the plant-based product market in Latin America, primarily led
by the popularity of ethnic cuisines. Additionally, changing consumption patterns and lifestyle behaviors in Latin America are
further increasing preference for the products which provide functional as well as nutritional benefits to health. All these factors
are driving the demand for pea proteins in Latin America.
Brazil is one of the fastest-growing markets in terms of value and volume among the Latin American countries, attributed to its
large population size and growing disposable income in the country. Brazil is self-sufficient in food supply and has a dynamic
food processing and distribution industry. According to the Brazilian Food Processing Association (ABIA), in 2019, sales of
Brazil’s food processing sector reached USD 177 billion, increased by 6.9% as compared to the previous year. According to the
Brazilian Agriculture Research Corporation and Ministry of Agriculture, livestock and food supply, the Brazilian meat products
market is expected to increase by 30.7% between 2015 to 2025, resulting in 33.7 MT output in 2025. This increasing meat
product ultimately fuels the demand for relative ingredients during processing in Brazil. Thus, the growing food and beverage
industry boosts the demand for pea protein in Brazil.
The key players operating in the pea protein market in Latin America are Roquette Freres Le Romarin (France), Cargill,
Incorporated (U.S.), Axiom Foods Inc. (U.S.), and Sotexpro SA (France).

Forecast to 2029
TABLE 164 LATIN AMERICA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (USD MILLION)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 0.56 0.64 0.72 1.89 14.8%
Total 17.18 19.71 22.73 67.14 16.7%

In terms of value, the pea protein isolates segment accounted for the largest share of 44.5% of the pea protein market in Latin
America in 2021. This segment is projected to reach USD 31.23 million by 2029 from an estimated USD 10.17 million in 2022,
TABLE 165 LATIN AMERICA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 1,403.1 1,560.9 1,742.3 3,948.6 12.4%
Total 10,860.9 12,208.6 13,775.0 34,177.3 13.9%

in Latin America in 2021. This segment is projected to reach 12,418.2 tons by 2029 from an estimated 5,087.5 tons in 2022, at
TABLE 166 LATIN AMERICA: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029 (USD MILLION)
Source 2020 2021 2022 2029 CAGR (2022–2029)
Yellow Pea 16.3 18.7 21.5 64.1 16.8%
Green Pea 0.9 1.0 1.2 3.1 14.6%
Total 17.2 19.7 22.7 67.1 16.7%

In 2021, the yellow pea segment accounted for the largest share of 94.7% of the pea protein market in Latin America. This

Forecast to 2029
TABLE 167 LATIN AMERICA: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS, 2020–2029
(USD MILLION)
Total 17.2 19.7 22.7 67.1 16.7%

In 2021, the conventional pea protein segment accounted for the largest share of 93.8% of the pea protein market in Latin
TABLE 168 LATIN AMERICA: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–2029
(USD MILLION)
Dry Processing 11.1 12.6 14.5 41.3 16.1%
Wet Processing 6.1 7.1 8.2 25.8 17.7%
Total 17.2 19.7 22.7 67.1 16.7%

In 2021, the dry processing method segment accounted for the largest share of 64.1% of the pea protein market in Latin America.
TABLE 169 LATIN AMERICA: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029 (USD MILLION)
Form 2020 2021 2022 2029 CAGR (2022–2029)
Solid 11.5 13.3 15.4 46.9 17.2%
Liquid 5.7 6.4 7.3 20.2 15.6%
Total 17.2 19.7 22.7 67.1 16.7%

In 2021, the solid segment accounted for the largest share of 67.4% of the pea protein market in Latin America. This segment
forecast period.

Forecast to 2029
TABLE 170 LATIN AMERICA: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029
(USD MILLION)
Bakery Products 2.87 3.22 3.64 9.34 14.4%
Cereals & Snacks 1.07 1.20 1.35 3.31 13.7%
Beverages 0.58 0.64 0.72 1.69 13.1%
Pet Food 0.35 0.40 0.46 1.24 15.3%
Total 17.18 19.71 22.73 67.14 16.7%

In 2021, the nutrition & health supplements segment accounted for the larger share of 33.7% of the pea protein market in Latin
12.6. MIDDLE EAST AND AFRICA

In 2021, the Middle East & Africa accounted for a share of 2.1% of the global pea protein market. This market is projected to
The Middle East & Africa is an emerging market for pea protein which includes Kenya, South Africa, Ethiopia, Uganda, Tanzania,
UAE, and Saudi Arabia, among others.
Increasing urbanization, busy lifestyle, rising disposable income, growing foreign investors’ confidence, and continued
government investment show positive growth for the food and beverages sector in Africa. According to the Food Processing
Machinery and Packaging Machinery Association in the Verband Deutscher Maschinen and Anlagenbau (VDMA), the growth in
the overall beverage industry is expected to be as high as 13% for the next few years from 2018 in this region. The entire
Southern African region is experiencing continuous growth, accounting for more than 40% of Africa’s economic strength. Also,
the constantly growing dairy industry and the sectors for yogurt and milk-based drinks indicate that the beverage industry is on
the right track in Africa. Additionally, Africa has growing meat and processed meat products market in Nigeria, South Africa,
Angola, Ethiopia, Kenya, Somalia, Sudan, Tanzania, and Uganda, among others.
South Africa is one of the largest consumers of plant-derived products among other Middle East & African countries. Milk
alternatives are extensively enjoyed by the consumers in the country, which is supported by increased awareness of plant-based
milk along with changing dietary preferences of consumers. The increasing health concerns among the consumers have led to
innovations in plant-based products and are providing opportunities to the manufacturers. Correspondingly, demand for health
and wellness products, including dietary supplements, sports nutrition, and herbal medicines, has seen strong growth over the

Forecast to 2029
last decade in this region. Such promising food & beverage and health and nutritional supplements industry trends boost the
demand for pea proteins in African countries.
The key players operating in the pea protein market in the Middle East & Africa are Roquette Freres Le Romarin (France), AGT
Food and Ingredients Inc. (Canada), Cargill, Incorporated (U.S.), and Ingredion Inc. (U.S.).
TABLE 171 MIDDLE EAST & AFRICA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029
(USD MILLION)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 0.23 0.25 0.28 0.66 13.1%
Total 6.69 7.54 8.55 22.79 15.0%

Middle East & Africa in 2021. This segment is projected to reach USD 10.51 million by 2029 from an estimated USD 3.79 million
in 2022, at a CAGR of 15.7% during the forecast period.
TABLE 172 MIDDLE EAST & AFRICA: PEA PROTEIN MARKET SIZE, BY TYPE, 2020–2029 (TONS)
Type 2020 2021 2022 2029 CAGR (2022–2029)
Pea Flour 599.8 655.5 718.9 1,469.9 10.8%
Total 4,395.6 4,850.2 5,372.4 11,956.8 12.1%

in the Middle East & Africa in 2021. This segment is projected to reach 4,233.2 tons by 2029 from an estimated 1,922.6 tons in
2022, at a CAGR of 11.9% during the forecast period.

Forecast to 2029
TABLE 173 MIDDLE EAST & AFRICA: PEA PROTEIN MARKET SIZE, BY SOURCE, 2020–2029
(USD MILLION)
Source 2020 2021 2022 2029 CAGR (2022–2029)
Yellow Pea 6.35 7.17 8.13 21.81 15.1%
Green Pea 0.34 0.37 0.42 0.97 12.9%
Total 6.69 7.54 8.55 22.79 15.0%

In 2021, the yellow pea segment accounted for the largest share of 95.0% of the pea protein market in the Middle East & Africa.
TABLE 174 MIDDLE EAST & AFRICA: PEA PROTEIN MARKET SIZE, BY SOURCE PROCESS,
Total 6.69 7.54 8.55 22.79 15.0%

In 2021, the conventional pea protein segment accounted for the largest share of 94.2% of the pea protein market in the Middle
East & Africa. This segment is projected to reach USD 21.12 million by 2029 from an estimated USD 8.03 million in 2022, at a
TABLE 175 MIDDLE EAST & AFRICA: PEA PROTEIN MARKET SIZE, BY PROCESSING METHOD, 2020–
2029 (USD MILLION)
Dry Processing 4.2 4.7 5.3 13.7 14.4%
Wet Processing 2.5 2.8 3.2 9.1 16.0%
Total 6.7 7.5 8.5 22.8 15.0%

In 2021, the dry processing method segment accounted for the largest share of 62.7% of the pea protein market in the Middle
East & Africa. This segment is projected to reach USD 13.7 million by 2029 from an estimated USD 5.3 million in 2022, at a

Forecast to 2029
TABLE 176 MIDDLE EAST & AFRICA: PEA PROTEIN MARKET SIZE, BY FORM, 2020–2029
(USD MILLION)
Form 2020 2021 2022 2029 CAGR (2022–2029)
Solid 4.4 5.0 5.7 15.6 15.6%
Liquid 2.3 2.6 2.9 7.1 13.9%
Total 6.7 7.5 8.5 22.8 15.0%

In 2021, the solid segment accounted for the largest share of 66.1% of the pea protein market in the Middle East & Africa. This
TABLE 177 MIDDLE EAST & AFRICA: PEA PROTEIN MARKET SIZE, BY APPLICATION, 2020–2029
(USD MILLION)
Bakery Products 1.20 1.32 1.47 3.40 12.7%
Cereals & Snacks 0.34 0.37 0.41 0.91 12.1%
Beverages 0.23 0.25 0.28 0.59 11.4%
Pet Food 0.14 0.16 0.18 0.44 13.6%
Total 6.69 7.54 8.55 22.79 15.0%

In 2021, the nutrition & health supplements segment accounted for the larger share of 31.6% of the pea protein market in the
Middle East & Africa. This segment is projected to reach USD 8.01 million by 2029 from an estimated USD 2.74 million in 2022,

Forecast to 2029
13. COMPETITIVE LANDSCAPE
13.1. INTRODUCTION
The competitive landscape studies the growth strategies adopted by key players between 2018 and 2021 and the competition
among major market players (in terms of competitive benchmarking) in the global pea protein market. This section also
benchmarks the key players based on the strength of their respective product portfolios.
13.2. KEY GROWTH STRATEGIES

Major companies in the global pea protein market have implemented various strategies to expand their product offerings and
global footprints and augment their market shares. The key strategies followed by most companies in the pea protein market
were agreements and partnerships, product launches, expansions, and acquisitions.
Some of the prominent players operating in the pea protein market are 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.), Axiom Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), Glanbia Plc.
(Ireland), Cosucra Groupe Warcoing SA (Belgium), Sotexpro (France), Farbest Brands (U.S.), Shandong Jianyuan Foods Co., Ltd.
(China), The Emsland Group (Germany), and Nutri-Pea Ltd. (Canada).
FIGURE 30 KEY GROWTH STRATEGIES ADOPTED BY LEADING PLAYERS (2018–2021)
Expansions
33.3%
2
Agreements and
Product
Partnerships
Launches
25.6% 3 35.9%
1
Acquisitions
5.1% 4
Product launches were the most preferred growth strategy, accounting for 37.5% of the total growth strategies adopted by key
players during 2018–2021. This strategy helped companies broaden their product portfolios and enable product innovation to

Forecast to 2029
increase application areas and ensure a competitive edge in the pea protein market. Roquette Frères Le Romain (France), Cargill,
Incorporated (U.S.), Ingredion Incorporated (U.S.), Archer-Daniels-Midland Company (U.S.), E.I. Dupont De Nemours and
Company (U.S.), Axiom Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), and The Emsland Group (Germany) were
some of the companies that actively adopted this strategy.
Expansions accounted for 32.5% of the total strategic developments by key players in this market during 2018–2021.
Expansions enabled companies to expand their geographical footprints and manufacturing & distribution capabilities, fulfill the
growing needs of global customers, and strengthen their competitive positions in the market. Roquette Frères Le Romain
(France), Cargill, Incorporated (U.S.), Ingredion Incorporated (U.S.), Archer-Daniels-Midland Company (U.S.), and E.I. Dupont De
Nemours and Company (U.S.) were some of the companies that actively adopted this strategy.
TABLE 178 TOTAL NUMBER OF RECENT DEVELOPMENTS, BY KEY PLAYERS (2018–2021)
Company Name Agreements and Partnerships Product Launches Expansions Acquisitions
Roquette Frères Le Romain (France) 2 1 3 1
Cargill, Incorporated (U.S.) 1 2 4 -
Ingredion Incorporated (U.S.) - 4 1 1
Archer-Daniels-Midland Company (U.S.) - 1 4 -
E.I. Dupont De Nemours and Company (U.S.) 1 3 1 -
Axiom Foods Inc. (U.S.) 1 1 - -
Burcon NutraScience Corporation (Canada) 3 1 - -
The Emsland Group (Germany) 2 1 - -
Total 10 14 13 2

Forecast to 2029
13.3. COMPETITIVE BENCHMARKING

The competitive benchmarking summarizes the product offerings of the 15 key players in this industry. These products are
benchmarked based on product type, i.e., Pea protein Isolates, Pea protein Concentrates, Textured Pea Protein, Pea Protein
Hydrolysate, Pea Flour, and Others.
This benchmarking highlights the products of players, such as 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.), Axiom Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), Glanbia Plc. (Ireland),
Cosucra Groupe Warcoing SA (Belgium), Sotexpro (France), Farbest Brands (U.S.), Shandong Jianyuan Foods Co., Ltd. (China),
The Emsland Group (Germany), and Nutri-Pea Ltd. (Canada).
Other than the players mentioned above, there are numerous smaller players that offer various pea proteins and operate at the
regional and country levels.
FIGURE 31 PEA PROTEIN MARKET: COMPETITIVE BENCHMARKING, BY TYPE
PEA PROTEIN PEA PROTEIN

COMPANY NAME PEA PROTEIN ISOLATES TEXTURED PEA PROTEIN PEA FLOUR OTHERS PEA PROTEIN
CONCENTRATES HYDROLYSATE
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.) ●●● ●●● ●●● ●●● ●●● ●●●
Axiom Foods Inc. (U.S.) ●●● ●●● ●●● ●●● ●●● ●●●
Burcon NutraScience Corporation (Canada) ●●● ●●● ●●● ●●● ●●● ●●●
Glanbia Plc. (Ireland) ●●● ●●● ●●● ●●● ●●● ●●●
Cosucra Groupe Warcoing SA (Belgium) ●●● ●●● ●●● ●●● ●●● ●●●
Sotexpro (France) ●●● ●●● ●●● ●●● ●●● ●●●
Farbest Brands (U.S.) ●●● ●●● ●●● ●●● ●●● ●●●
Shandong Jianyuan Foods Co., Ltd. (China) ●●● ●●● ●●● ●●● ●●● ●●●
The Emsland Group (Germany) ●●● ●●● ●●● ●●● ●●● ●●●
Nutri-Pea Ltd. (Canada) ●●● ●●● ●●● ●●● ●●● ●●●
HIGH MEDIUM LOW N.A.
RATING
●●● ●●● ●●● ●●●
Note: 1. The Strength/Presence of the Companies has been Ascertained Based on Ratings Provided for the Companies’ Breadth of Product Portfolios and Geographic Presence in the
Pea Protein Market.

Forecast to 2029
14. COMPANY PROFILES
14.1. ROQUETTE FRÈRES LE ROMAIN

14.1.1. BUSINESS OVERVIEW
Founded in 1933 and headquartered in France, Roquette Frères Le Romain is involved in producing specialty food ingredients
and pharmaceutical excipients. The company offers its products through three segments: Pharma, Food & Nutrition, and
Industrial Solutions. The company offers non-GMO yellow pea-derived pea protein through its Food & Nutrition segment.
With 20 operating plants and several sales subsidiaries, the company has its geographic presence in France, the U.S., China,
Korea, Japan, Singapore, India, Mexico, France, Italy, Spain, Romania, the U.K., Germany, Finland, and the Russian Federation.
As of December 2020, the company had a headcount of 8,360 employees globally.
14.1.2. FINANCIAL OVERVIEW
FIGURE 32 ROQUETTE FRÈRES LE ROMARIN: FINANCIAL OVERVIEW (2020)
COMPANY OVERVIEW RECENT FINANCIALS (USD MILLION)

4,300
4,200
Founded: 1933
Annual Revenue (USD Million)
4,100
Headquarters: France
4,000
Employees: 8,360 3,900
Revenue: USD 4,218.0 Million 3,800
Ownership: Public 3,700
3,600
3,500
3,729.2 4,133.5 4,218.0
3,400
2018 2019 2020
Source: Company Website and Annual Reports
Note: The Business Revenue Mix and Geographic Revenue Mix of the Company are not available in the Public Domain.
Note- Variations in the Values/Figures Reported may be attributed to the Conversion of EUR to USD Based on the Exchange Rates Considered for the Years 2018, 2019, and 2020.

Forecast to 2029
14.1.3. PRODUCT PORTFOLIO
Product Category Product Sub-category Product Name

• NUTRALYS TP65M
• NUTRALYS T70S
• NUTRALYS TP70G
• NUTRALYS TP-C
• NUTRALYS S85F
• NUTRALYS S85XF
• NUTRALYS S85 Plus D
• NUTRALYS S85 Plus N
Pea Proteins
• NUTRALYS F85F
• NUTRALYS F85M
• NUTRALYS F85G
• NUTRALYS B85F
• NUTRALYS L85M
• NUTRALYS F
• NUTRALYS B
• NUTRALYS S
Source: Company Website
14.1.4. STRATEGIC DEVELOPMENTS
Month & Year Approach Description
Roquette opened a pea protein processing plant in Manitoba, Canada, to meet the
November 2021 Expansion surging global demand for alternative proteins. This 200,000 square-foot plant is
expected to process 125,000 tons of yellow peas per year.
Roquette launched NUTRALYS L85M, a new specialty ingredient, further expanding the
February 2020 Product Launch
existing range of NUTRALYS pea protein.
Roquette Frères signed a multi-year pea protein supply agreement with Beyond Meat
January 2020 Agreement (U.S.). This supply agreement was aimed at increasing the volume of pea protein to be
supplied by Roquette to Beyond Meat over the next three years.
Roquette opened a new research & development laboratory premises in Panevezys,

May 2019 Expansion Lithuania, to strengthen its position in Northern Europe and better address industrial,
nutrition, and health challenges.
Roquette Frères and Equinom Ltd. (Israel), an innovative breeding technology

October 2018 Agreement company, signed a partnership agreement to develop and source new pea varieties
with high protein content.
Roquette Feres acquired an extrusion unit from Texpall in the Netherlands. This
September 2018 Acquisition acquisition was aimed at expanding its range of premium textured plant-based
ingredients for the global meat alternatives market.
Roquette announced the expansion of its food technical canter in Tokyo. This
May 2018 Expansion expansion was aimed at developing tailored nutrition solutions for Japanese and Asian
customers and consumers.
Source: Press Releases

Forecast to 2029
14.2. AGT FOOD AND INGREDIENTS INC.

Founded in 2007 and headquartered in Saskatchewan (Canada), AGT Food and Ingredients Inc. is engaged in buying, processing,
and distributing pulses and manufacturing and distributing ingredients and packaged foods. The company operates through
four business segments: Pulses, Milled Grains, Rice, and Other Products. The company offers pea protein for snack foods, meat
replacement and extension applications, and other alternative products.
The company has its offices and processing facilities in Canada, the U.S., Turkey, China, Australia, and South Africa, and its
merchandising and sales offices in the U.K., the Netherlands, Spain, Switzerland, and India, and origination offices in Russia.
Through these offices, the company sells its products in the Americas, Europe, Africa, and Asia. As of 2020, the company had
a headcount of 2,200 employees.

The company generated net sales of USD 1,550 million in 2018. No other financial information is available in the public domain.

• Pea Protein 55
PulsePlus Protein Pea Protein • Pea Protein 80 Isolate
• Pea Protein 85 Isolate
Note: The company registered no significant developments in the pea protein market in the last three years.

Forecast to 2029
14.3. CARGILL, INCORPORATED

Founded in 1865 and headquartered in Minneapolis (U.S.), Cargill, Incorporated is involved in manufacturing and marketing
food, agriculture, and financial & industrial products & services worldwide. The company operates through five business
segments: Food Ingredients & Bio-industrial, Animal Nutrition, Protein & Salt, Agriculture Supply Chain & Energy, and
Transportation & Metals. The company offers pea protein for bakery, beverage/beverage powders, dairy alternatives, meat
analogs, pet food, and snacks.
With manufacturing facilities in 70 countries, the company sells its products in more than 125 countries worldwide. The
company runs operations for plant protein ingredients in the U.S., Canada, Central America, China & Southeast Asia, and the
U.K. As of 2020, the company had a headcount of 155,000 employees globally.
FIGURE 33 CARGILL, INCORPORATED: FINANCIAL OVERVIEW (2020)
1,40,000
Founded: 1865 1,35,000

1,30,000
Headquarters: Minneapolis, U.S.
1,25,000
Employees: 155,000
1,20,000
Revenue: USD 134,400 Million 1,15,000
1,10,000
1,05,000
1,14,700 1,13,500 1,34,400
1,00,000
2018 2019 2020
GEOGRAPHIC REVENUE MIX (2019)
13%
North America
34%
Asia-Pacific
24%
Europe, Middle East, and Africa
Latin America
29%
Source: Company Website, Annual Reports, and SEC Fillings
Note: The Business Revenue Mix of the Company Is not Available in the Public Domain.

Forecast to 2029

• PURIS Pea 860
• PURIS Pea 870
PURIS Pea Protein • PURIS Pea 870H
Pea Protein • PURIS Pea Organic
• 870 HLS
RadiPure Pea Protein • Radipure
Cargill launched pea protein under its European ingredients’ portfolio. This development
December 2020 Product Launch was focused on helping European food and beverage manufacturers to meet the
increasing demand for nutritious and plant-based products.
Cargill launched its Radipure pea protein in the Asian market to support the ever-
December 2019 Product Launch
increasing demand for plant-based proteins.
Cargill invested USD 75 million in expanding its PURIS pea protein production in the U.S. to
August 2019 Expansion
meet the surging demand.
Cargill opened its innovation lab at the University of Illinois at Urbana Champaign to
August 2019 Expansion
modernize global food and agriculture systems through new technologies.
Cargill opened its first innovation center in Singapore to address nutrition and food safety
June 2019 Expansion
needs.
Cargill opened its new headquarters in Wichita (U.S.), investing USD 70 million in its North
December 2018 Expansion
American protein operations.
Cargill signed an agreement with PURIS (U.S.), a company engaged in cultivating plant-
January 2018 Agreement based foods and ingredients from U.S.-based organic and non-GMO sources to accelerate
pea protein production for the North American and global markets.

Forecast to 2029
14.4. INGREDION INC.

Founded in 1906 and headquartered in Westchester, U.S., Ingredion Incorporated was formerly known as Corn Products
International, Inc. and changed its name to Ingredion Incorporated in June 2012. The company is involved in producing and
selling ingredient solutions for various industries. The company offers its products through six business segments: Food,
Beverage, Paper & Corrugating, Animal Nutrition, Brewing, and Others. The company offers pea protein used in processed foods,
such as bakery products, snacks & cereals, and meat substitutes through its Food segment.
The company has its geographic presence in North America, South America, Asia-Pacific, Europe, and the Middle East & Africa.
As of December 2020, the company had a headcount of 12,000 employees globally.
FIGURE 34 INGREDION INCORPORATED: FINANCIAL OVERVIEW (2020)
7,500 46.0 44.0 50

43.0
Founded: 1906
R&D Expenditure (USD Million)

6,500 40
Headquarters: Westchester, U.S. 5,500
30
Employees: 12,000
4,500
Revenue: USD 5,987.0 Million 20
3,500
R&D Expenditure: USD 43.0 Million
2,500 10
Ownership: Public (NYSE: INGR)
6,289.0 6,209.0 5,987.0
1,500 0
2018 2019 2020
GEOGRAPHIC REVENUE MIX BUSINESS REVENUE MIX
10% Food
North America 19%
14% Beverage
South America 7%
Animal Nutrition
54%
15% 61% Asia-Pacific 10%
Brewing
10%
EMEA Other

Forecast to 2029

• VITESSENCE Pulse 1803 pea protein isolate
• VITESSENCE Pulse 1803 organic pea protein
isolate
• VITESSENCE Pulse 1853 pea protein isolate
Proteins Isolates/Concentrates
• VITESSENCE Pulse 1550 yellow pea protein
(60-85% Protein) concentrate
• VITESSENCE Pulse CT 1552 pea protein
• VITESSENCE Prista P 155 pea protein
Pea Protein concentrate
• HOMECRAFT Pulse 1101 yellow pea flour
Pulse Flours (20% Protein)
• HOMECRAFT Pulse 6101 green pea flour
Extruded crisps and snacks, pasta • HOMECRAFT Pulse 1135 yellow pea flour

• HOMECRAFT Prista P 101 pea flour
Instant beverages and ready-to-eat products
• HOMECRAFT Pulse 1103 yellow pea flour
• HOMECRAFT Pulse CT 1203 yellow pea flour
Ingredion launched Prista, a line of pulse concentrates and flours. The new line includes
September 2021 Product Launch Homecraft Prista P 101 pea flour and Vitessence Prista P 155 pea protein concentrate, mainly
for instant beverages and ready-to-eat applications.
Ingredion Incorporated launched VITESSENCE Pulse 1853 pea protein isolate. The product
March 2021 Product Launch
offers 85% protein on a dry basis.
Ingredion acquired Verdient Foods Inc. (Canada). This acquisition enabled Ingredion to
November 2020 Acquisition accelerate its net sales growth, expand its manufacturing capability, and serve the increasing
consumer demand for plant-based foods.
April 2019 Product Launch Ingredion launched VITESSENCE Pulse 1550 pea protein concentrate for pet food.
Ingredion launched VITESSENCE Pulse 1803 organic pea protein isolate to help manufacturers
March 2019 Product Launch meet the growing consumer demand for high-protein products that support nutrition and
organic claims.
Ingredion invested USD 140 million to accelerate growth in the plant-based proteins space.
This strategic investment accelerated its production and expanded the company’s portfolio of
plant-based proteins, including pulse flours, concentrates, and isolates, to cater to the
increased global demand.

Forecast to 2029
14.5. ARCHER DANIELS MIDLAND COMPANY

Founded in 1902 and headquartered in Illinois (U.S.), Archer Daniels Midland Company (ADM) is involved in procuring,
transporting, storing, processing, and merchandising agricultural commodities, products, and ingredients. The company
operates through three business segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition.
The company provides plant protein ingredients through its Nutrition segment. Through the Nutrition segment, the company
manufactures, markets, and distributes natural flavor ingredients, flavor systems, natural colors, proteins, emulsifiers, soluble
fiber, polyols, hydrocolloids, and natural health and nutrition products, including probiotics, prebiotics, enzymes, and botanical
extracts; other specialty food and feed ingredients; edible beans; formula feeds, animal health and nutrition products; and
contract and private-label pet treats and foods. The company offers isolate and textured pea proteins for functional food and
beverages.
With around 450 crop procurement locations, 271 ingredient manufacturing facilities, and 44 innovation centers, the company
serves customers in more than 170 countries worldwide. As of December 2020, the company had a headcount of 30,088
employees globally.
FIGURE 35 ARCHER DANIELS MIDLAND COMPANY: FINANCIAL OVERVIEW (2020)
64,700 165
160.0

Founded: 1902
64,600 160
154.0
Headquarters: Illinois, U.S. 155
64,500
Employees: 39,088 150
64,400
Revenue: USD 64,355.0 Million 141.0 145
64,300
R&D Expenditure: USD 160.0 Million 140
64,200 135
Ownership: Public (NYSE: ADM) 64,341.0 64,656.0 64,355.0
64,100 130
2018 2019 2020
1%
U.S.
9%
22% Switzerland Ag Services and Oilseeds
Cayman Islands 13%

40% Carbohydrate Solutions
3%
4% Brazil
4% Mexico Nutrition
6%
77%
Germany
21% Other
Other Foreign

Forecast to 2029

• PurelyNature ProFam Pea 580
Powdered Pea Proteins
• PurelyNature ProFam Pea 570
Pea Protein
• PurelyNature Arcon T 513 Textured Pea Protein
Textured Pea Proteins
• PurelyNature Arcon T 514 Textured Pea Protein
ADM opened a new cutting-edge, plant-based innovation lab in the company’s

Biopolis research hub in Singapore. The lab was established to develop next-level,
April 2021 Expansion
on-trend, and nutritious products to meet growing food and beverage demand in
the Asia-Pacific region.
ADM launched Arcon T textured pea protein. This highly functional protein solution
September 2020 Product Launch helps improve the texture and density of meat alternatives by giving it a meat-like
texture.
ADM opened a new Animal Nutrition Technology Center in Decatur, Illinois. This
technology center was designed to serve the needs of the broad animal nutrition
market, with a focus on ingredients and nutritional solutions development for pet
foods, pet treats, and aquaculture feeds.
ADM opened its technical innovation center in Shanghai to support the

August 2018 Expansion development of innovative, on-trend, nutritious products to meet the growing
demand for food and beverages in Asia-Pacific.
ADM opened an innovation center in Singapore to support the development of

January 2018 Expansion innovative, on-trend, nutritious products and meet the growing demand for food
and beverages in Asia-Pacific.

Forecast to 2029
14.6. DUPONT DE NEMOURS AND COMPANY

Founded in 1802 and headquartered in Delaware (U.S.), DuPont is involved in the research & development, manufacture,
innovation, and marketing of various products for the electronics, transportation, food, water, health & wellness, and
construction industries.
On June 1, 2019, DowDuPont changed its registered name from "DowDuPont Inc." to "DuPont de Nemours, Inc." The company
operates through five business segments: Electronics & Imaging; Nutrition & Biosciences; Transportation & Industrial; Safety &
Construction, and Non-Core. The company offers plant proteins through its subsidiary DuPont and Nutrition & Biosciences, Inc.
The company sells pea protein ingredients under the product range—TRUPRO.
TRUPRO pea protein provides plant-based proteins for various applications, including powdered protein beverages, ready-to-
drink protein beverages, snack bars & cereals, dairy alternatives, non-dairy yogurts, non-dairy frozen desserts, and meat
alternatives.
With 135 manufacturing and processing facilities in 70 countries worldwide, the company has its geographic presence
throughout Europe, North America, Latin America, Asia-Pacific, and the Middle East & Africa. As of 2020, the company had a
headcount of 34,000 employees worldwide.

Forecast to 2029
FIGURE 36 DUPONT DE NEMOURS, INC.: FINANCIAL OVERVIEW (2020)
26,500 1,250
1,070.0

Founded: 1802 955.0

21,500 1,050
860.0
Headquarters: Delaware, U.S. 850
16,500
Employees: 34,000
650
Revenue: USD 20,397 Million 11,500
450
R&D Expenditure: USD 860 Million
6,500 250
Ownership: Public (NYSE: CTA-B)
22,594.0 21,512.0 20,397.0
1,500 50
2018 2019 2020

2%
6% 7%
Asia-Pacific Nutrition & Biosciences
19% 30%
22% 40% U.S. Safety & Construction
Europe, Middle East, and Africa Transportation & Industrial
Latin America 20% Electronics & Imaging

30% 24%
Canada Non-Core
Source: Company Website, Annual Reports, and SEC Filings

• TRUPRO 1614
TRUPRO Pea Protein Nuggets • TRUPRO 1670
Pea Protein • TRUPRO 1673
TRUPRO Pea Protein for Beverages • TRUPRO 2000

Forecast to 2029
DuPont Nutrition & Health opened its innovation center in Kanagawa Prefecture, Japan.
August 2020 Expansion This innovation center offers solutions and innovations for Japan- and Korea-based
customers, primarily in the bakery, beverage, and dairy industries.
DuPont launched its plant-based Danisco Planit portfolio to widen product options. The
new line features plant proteins, hydrocolloids, cultures, probiotics, fibers, food protection,
July 2020 Product Launch
antioxidants, natural extracts, emulsifiers, enzymes, and tailor-made systems. These
ingredients are further used in the co-creation of dairy and meat alternatives.
DuPont and International Flavors & Fragrances (U.S.) signed an agreement to merge IFF
and DuPont’s Nutrition & Biosciences (N&B) business. The combination of IFF and N&B is
December 2019 Agreement
expected to enable both companies to become leading ingredients solutions providers
with a broader set of capabilities and meet the evolving needs of consumers.
DuPont Nutrition & Health launched TRUPRO 1670 and TRUPRO 1673, pea protein for
March 2019 Product Launch
manufacturers of snacks, cereals, nutrition bars, and toppings.
DuPont launched the TRUPRO 2000 pea protein under the DuPont Danisco range of
October 2018 Product Launch
ingredients.

Forecast to 2029
14.7. AXIOM FOODS INC.

Founded in 2005 and headquartered in California (U.S.), Axiom Foods manufactures and distributes protein solutions, dairy
alternatives, and sugars & syrups. The company provides North American-grown yellow pea-derived pea protein in the pea
protein space. The company’s pea protein is used in applications, such as meat analogs and extensions for patties, hot dogs,
meatballs, and allergen-friendly foods.
The company has its geographic presence across North America, Europe, and Asia-Pacific. As of 2020, the company had a
headcount of approximately 50 employees.
Note: This is a privately held company, and no financial information is available in the public domain. Hence, no financial details are added in this section.

• VegOtein P
• VegOtein N
Pea Protein VegOtein • VegOtein HP80
• Vegotein MA
• VegOtein TX
December 2020 Product Launch Axiom launched VegOtein N, a pea protein ingredient for plant protein beverages.
Axiom Foods partnered with Univar Solutions (U.S.) to distribute its plant-based
April 2019 Partnership
products in the U.S.

Forecast to 2029
14.8. BURCON NUTRASCIENCE CORPORATION

Founded in 1998 and headquartered in British Columbia (Canada), Burcon NutraScience Corporation is engaged in developing
and manufacturing functional and renewable plant-based proteins and ingredients for use in the food & beverage industry. The
company offers pea protein for various foods and beverages, including dairy alternatives, ready-to-drink beverages, dry blended
beverages, bars, baked goods, and meat substitute products. The company has a geographic presence in North America,
Europe, and Asia-Pacific. As of 2020, the company had a headcount of 25 employees.
FIGURE 37 BURCON NUTRASCIENCE CORPORATION: FINANCIAL OVERVIEW (2020)
35 1.3 1.40
1.2
Founded: 1998 30 1.20

Headquarters: British Columbia, Canada 25 1.00
Employees: 25 20 0.80
Revenue: USD 23.2 Million 15
0.5
0.60
10 0.40
Ownership: Public (TSE: BU)
5 0.20
29.2 30.3 23.3
0 0.00
Source: Company Website, Annual Reports, and SEC Filings
Note: The Business Revenue Mix and Geographic Revenue Mix of the Company are not available in the Public Domain.
Note- Variations in the Values/Figures Reported may be Attributed to the Conversion of CAD to USD Based on the Exchange Rates Considered for the Years 2018, 2019, and 2020.
Exchange Rates: (Utilized for Converting CAD to USD)
Year 2018 2019 2020
Rate 0.7716 0.7536 0.7465

Source: www.ofx.com

• Peazazz
Pea Protein • Peazac 850
Specialty Protein • Peazac
• Nutratein-PS
Pea Protein Blends
• Nutratein-TZ

Forecast to 2029
Burcon NutraScience Corporation’s joint venture company, Merit Functional Foods

Corporation, partnered with Bunge Limited (U.S.), a leading international agribusiness and
August 2020 Partnership food company. As a part of this partnership, Bunge Limited invested USD 30 million for
constructing Merit’s state-of-the-art plant-based protein production facility in Manitoba,
Canada, to produce Burcon’s novel pea and canola protein ingredients.
Burcon’s joint venture company Merit Functional Foods partnered with Nestlé
January 2020 Partnership (Switzerland) to tailor Burcon and Merit’s novel plant-based proteins for Nestlé’s food and
beverage applications.
Burcon NutraScience Corporation signed a joint venture partnership with a Canadian

May 2019 Partnership investor group to build a new USD 65 million pea-protein and canola-protein commercial
production facility in Western Canada.
Burcon launched Nutratein, its new line of pea-protein and canola-protein blends:
May 2019 Product Launch
Nutratein-PS and Nutratein-TZ, which provide protein quality equivalent to dairy and meat.

Forecast to 2029
14.9. GLANBIA PLC

Founded in 1997 and headquartered at Kilkenny (Ireland), Glanbia is engaged in the research & development, innovation,
manufacture, and marketing of nutritional solutions. The company operates through two business segments: Glanbia
Nutritionals and Glanbia Performance Nutrition. The Glanbia Nutritionals segment has a portfolio focused on pea protein and
other plant-based proteins and delivers nutritional and functional protein ingredient solutions for health supplements, bakery
products, and other functional food markets.
With major production facilities in Ireland, the U.S., the U.K., Germany, and China, the company serves customers in more than
130 countries. As of 2020, the company had a headcount of 7,632 employees across 34 countries worldwide.
FIGURE 38 GLANBIA PLC: FINANCIAL OVERVIEW (2020)
5,000 25
Founded: 1997 19.8

4,000 20
Headquarters: Kilkenny, Ireland
14.2
3,000 13.2 15
Employees: 7,632
Revenue: USD 4,366.8 Million 2,000 10
1,000 5
Ownership: Public (LON: GLB)
2,815.8 4,341.3 4,366.8
0 0
2018 2019 2020
0.4%
6.5% North America

8.2%
30% Glanbia Nutritionals
Europe
Asia Pacific & LATAM Glanbia Performance

84.9% 70% Nutrition
Rest of World
Source: Company Website and Annual Reports
Note- Variations in the Values/Figures reported may be Attributed to the Conversion of EUR to USD Based on the Exchange Rates Considered for the Years 2018, 2019, and 2020.

Forecast to 2029
Exchange Rates: (Utilized for converting EUR to USD)
Year 2018 2019 2020
Rate 1.1800 1.1201 1.1422

Source: www.ofx.com

• BevEdge Pea Protein
Glanbia Nutritionals Plant-Based • HarvestPro Pea Proteins
• BarHarvest Pea Proteins
Note: The company registered no significant developments in the pea proteins market in the last three years.

Forecast to 2029
14.10. COSUCRAGROUPE WARCOING SA

Founded in 1852 and headquartered at Pecq (Belgium), Cosucra Groupe Warcoing SA is engaged in developing and producing
natural food ingredients from pea and chicory to food manufacturers. The Company offers yellow pea-derived pea protein
isolates. The company serves food & beverage, specific nutrition, meat and savory, and animal feed markets.
The Company has its geographic presence in North America, Latin America, Europe, and Asia. As of 2020, the company had a
headcount of around 150 employees.

• Pisane C9
• Pisane B9
Pea Protein Pisane
• Pisane M9
• Pisane Organic

Forecast to 2029
14.11. SOTEXPRO
Founded in 1995 and headquartered in Bermericourt (France), Sotexpro is a subsidiary of GEMEF industries. The company is
engaged in the research & development and manufacture of nutritional and functional ingredients from yellow peas, faba beans,
and soya. The company offers pea protein in textured flakes, flour, and grits forms for meat and meat analogs, snacks, soups,
and animal feed.
The company has its geographic presence throughout Europe, North America, Latin America, and Asia.

• Textured Pea Protein
Food • Pea Flakes
Pea Proteins • Pea Flour
Feed • Pea Grits

Forecast to 2029
14.12. FARBEST BRANDS

Founded in 1955 and headquartered in New Jersey (U.S.), Farbest Brands is engaged in manufacturing and delivering food and
nutrition ingredients. The company’s product portfolio includes dairy proteins, plant proteins, gum acacia, natural colors, organic
ingredients, sweeteners, and vitamins & carotenoids. The company offers pea proteins derived from North American yellow pea.
These proteins are further used in dairy products, snacks and cereals, beverages, nutrition & energy bars, and vegetarian meat
analogs. The company has a geographic presence in North America.

• Naturz Organics Organic Pea Protein 80%
• Jianyuan Pea Protein 85%
• Jianyuan Pea Protein 80%
• Jianyuan Organic Pea Protein 80%
Proteins Pea Protein
• Jianyuan Pea Protein 80%, Low Sodium
• Naturz Organics Pea Protein Plus 80%
• Naturz Organics Conventional Pea Protein 80%
• Farbest Pea Protein 80%, Fine Mesh

Forecast to 2029
14.13. SHANDONG JIANYUAN FOODS CO., LTD.

Founded in 2003 and headquartered in Shandong (China), Shandong Jianyuan Foods Co., Ltd. is engaged in sourcing peas and
manufacturing and trading pea protein isolates, pea starch, pea dietary fiber, and longkou vermicelli. The organic pea protein
offered by the company is used in bakeries, beverages, dairy, desserts, food supplements, frozen food, infant nutrition, meat &
alternative meat products, pharmaceutical, proteins, ready meals, and sauces & seasoning.
The company has its geographic presence in Europe, the Middle East and Africa, Asia, North America, and South America. As
of 2020, the company had a headcount of approximately 500 employees.

• JYPP-B 80%
• JYPP-A 85%
Plant Proteins Pea Isolates • JYPP-OP organic
• JYPP-BLS
• JYPP-BM 11

Forecast to 2029
14.14. THE EMSLAND GROUP

Founded in 1928 and headquartered in Emlichheim (Germany), The Emsland Group manufactures refined starch and derivatives,
proteins, and fibers based on potatoes and peas for the processing industry. These products are marketed under the brands:
Emflake, Emgranule, Emes, Emflo, Emox, Emjel, Emdex, Emden, Kyrosan, Embat, Emgum, and Emfix.
The company operates through three business segments: Food Innovation, Specialties, and Animal Food & Feed. The company
offers pea protein for nutrition, soups and sauces; dairy and dairy substitutes; diet products; nutritional supplements; and meat
substitutes and processed meats.
With seven manufacturing sites in Germany and sales offices in Germany, the U.S., U.K., Turkey, UAE, Thailand, and Singapore,
the company markets its products in more than 120 countries. As of 2020, the company had a headcount of approximately
1,350 employees.

The company generated net sales of USD 742.4 million in 2020, an increase of 8.99% from 2018. No other financial information
is available in the public domain.
Note- Variations in the Values/Figures Reported may be attributed to the Conversion of EUR to USD Based on the Exchange Rates Considered for the Years 2018 and 2020.

• Empro E 86
Pea Protein Isolates
Pea Protein • Empro E 86 HV
Extruded Pea Protein Crisps • Empro Tex.
The Emsland Group extended its partnership with the Brenntag Group in Russia. Through
this partnership, Brenntag Group started the distribution of Emsland’s product portfolio for
July 2020 Partnership
the food industry as well as technical specialties, which includes native starches, modified
starches, proteins, and fibers made from peas and potatoes.
The Emsland Group partnered with U.S.-based Eat JUST, Inc., manufacturer of plant-based
May 2020 Partnership products. This partnership enabled the company to expand its product portfolio and create
additional sales opportunities in the food industry.
Emsland Group launched two new pea protein ingredients, Empro E 86 and Empro E 86
HV, mainly for food applications, such as beverages, ice cream, desserts, and others. The
December 2019 Product Launch
two new protein isolates are designed to be integrated into functional foods and healthy
food products.

Forecast to 2029
14.15. NUTRI-PEA LIMITED

Founded in 1978 and headquartered in Manitoba (Canada), Nutri-Pea Ltd. is engaged in developing, manufacturing, and
marketing functional ingredients from peas in the form of isolates, starches, and fibers. The pea protein offered by the company
is used in health food, sports supplements, and baked goods. The company has its geographic presence in North America,
Europe, and Asia-Pacific. As of 2021, the company employed around 50 people.

• Propulse
Plant Protein Pea Protein • Propulse-N
• Propulse-S

Forecast to 2029
15. APPENDIX
15.1. QUESTIONNAIRE
Q. 1. Please Validate the Following Information on Market Dynamics for the Global Pea Protein Market:
Table 1.1: Market Dynamics
Market Dynamics Description Your Remarks

• Rising Interest in Plant-Based Nutrition
• Growing Health and Wellness Trend
• Increasing Plant-Based Food Market
Drivers • Rising Consumer Awareness Regarding Nutritional Benefits Offered by Pea and Pea-
Based Products
• Accelerated focus of key players on the development of innovative pea protein
ingredients
Restraints • Significant Preference for Animal-based Protein
• Growth Opportunities in Emerging Markets

Opportunities
• Increasing Launches of Pea Protein-Based Products
Trends • Growing Investments in Pea Protein Market
Challenges • Consumer Preferences for Other Plant Proteins Over Pea Protein

Forecast to 2029
Q. 2. Please Validate the Following Market Segmentation:
BY SOURCE
BY TYPE BY SOURCE BY FORM
PROCESS
• Pea Protein Isolates • Yellow Peas • Conventional Pea • Solid

• Pea Protein • Green Peas Protein Ingredients • Liquid
Concentrates • Organic Pea Protein
• Textured Pea Protein Ingredients
• Pea Protein
Hydrolysate
• Pea Protein Flour
• Others Pea Protein
BY PROCESSING
BY APPLICATION BY GEOGRAPHY
METHOD
• Dry Processing • Nutrition and Health • North America

• Wet Processing Supplements • Europe
• Bakery • Asia-Pacific
• Cereals and Snacks • Latin America
• Meat Alternatives • Middle East &
• Dairy and Dairy Africa
Alternatives
• Beverages
• Pet Food
• Others
Your Remarks:
Q. 3. Please Validate the Global Market Size & Forecast:
▪ Pea Protein Market Size & Growth Rate: The market size was roughly USD 350–400 million in
2021, and the CAGR is expected to be around 15–16% for the next 5–10 years
Your Remarks:

Forecast to 2029
Q. 4. Please Validate Key Players in the Market and their Global Market Shares in 2021:
Table 4.1 Global Pea Protein Market Share, by Company
Business Share of Pea Protein

Total Revenue Closest Market
Segment in the Closest KOL’s Viewpoint on
Company Name (2021) (USD Business Share (%)
Revenue Business Segment Market Share & Revenue
Bn) Segment (2021)
(USD Bn) (%)
Company A
Company B
Company C
Your Remarks:
Q. 5. Please Validate 2021 Market Shares by Type:
Table 5.1: Pea Protein Market, by Type
Type Percentage Contribution, 2021 % CAGR (2022–2029) KOL’s Viewpoint (%)
Pea Protein Isolates xx% xx%
Pea Protein Concentrates xx% xx%
Textured Pea Protein xx% xx%
Pea Protein Hydrolysate xx% xx%
Pea Protein Flour xx% xx%
Others Pea Protein xx% xx%
Total 100% xx%

Your Remarks:
Q. 6. Please Validate 2021 Market Shares by Source:
Table 6.1: Pea Protein Market, by Source
Percentage Contribution, % CAGR (2022–

Source KOL’s Viewpoint (%)
2021 2029)
Yellow Peas xx% xx%
Green Peas xx% xx%
Total 100% xx%
Your Remarks:

Forecast to 2029
Q. 7. Please Validate 2021 Market Shares by Source Process:
Table 7.1 Pea Protein Market, by Source Process
Percentage Contribution,
Source Process % CAGR (2022–2029) KOL’s Viewpoint (%)
2021
Conventional Pea Protein Ingredients xx% xx%
Organic Pea Protein Ingredients xx% xx%
Total 100% xx%
Your Remarks:
Q. 8. Please Validate 2021 Market Shares by Form:
Table 8.1 Pea Protein Market, By Form
Form % CAGR (2022–2029) KOL’s Viewpoint (%)
2021
Dry xx% xx%
Liquid xx% xx%
Total 100% xx%
Your Remarks:
Q. 9. Please Validate 2021 Market Shares by Processing Method:
Table 9.1 Pea Protein Market, by Processing Method
Processing Method % CAGR (2022–2029) KOL’s Viewpoint (%)
2021
Dry Processing xx% xx%
Wet Processing xx% xx%
Total 100% xx%
Your Remarks:

Forecast to 2029
Q. 10. Please Validate 2021 Market Shares by Application:
Table 10.1: Pea Protein Market, by Application
Application % CAGR (2022–2029) KOL’s Viewpoint (%)
2021
Nutrition and Health Supplements xx% xx%
Bakery xx% xx%
Cereals and Snacks xx% xx%
Meat Alternatives xx% xx%
Dairy and Dairy Alternatives xx% xx%
Beverages xx% xx%
Other Applications xx% xx%
Total 100% xx%
Your Remarks:
Q. 11. Please Validate the 2021 Market Shares Based on Geography:
Table 11.1: Pea Protein Market, by Geography
Region Market Share (%), 2021 % CAGR (2022–2029) KOL’s Viewpoint (%)
North America xx% xx%
Europe xx% xx%
Asia-Pacific xx% xx%
Latin America xx% xx%
Middle East & Africa xx% xx%
Total 100% xx%
Your Remarks:

Forecast to 2029
Table 11.2: Pea Protein Market, By Country/Region
Country/Region Market Share (%), 2021 % CAGR (2022–2029) KOL’s Viewpoint (%)
U.S. xx% xx%
Canada xx% xx%
Total North America xx% xx%
Germany xx% xx%
France xx% xx%
U.K. xx% xx%
Italy xx% xx%
Spain xx% xx%
RoE xx% xx%
Total Europe xx% xx%
China xx% xx%
Japan xx% xx%
India xx% xx%
RoAPAC xx% xx%
Total Asia-Pacific xx% xx%
Latin America xx% xx%
Middle East & Africa xx% xx%
Total 100% xx%
Your Remarks:

Forecast to 2029
15.2. AVAILABLE CUSTOMIZATION

Country-level analysis of Latin America, the Pacific, the Middle East, Africa, and South East Asia will be customized as per your
requirements.
Customization is Available for the Following Countries:
• Latin America:
 Brazil
 Mexico
 Rest of Latin America
• Pacific:
 Australia
 New Zealand
• Middle East:
 United Arab Emirates (UAE)
 Qatar
 Saudi Arabia
 Rest of the Middle East
• Africa:
 South Africa
 Rest of Africa
• South-East Asia:
 Singapore
 Malaysia
 Thailand
 Rest of South-East Asia

DISCLAIMER
Forecast to 2029
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to a selected group of customers in response to orders. Our customers acknowledge when ordering that Meticulous
Research® strategic analysis services are for our customers’ internal use and not for general publications or disclosure to
third parties. Quantitative market information is based on primarily interviews and therefore, is subject to vary.
Meticulous Research® takes no responsibility for any incorrect information supplied to us by manufacturers or users. No
part of this strategic analysis service may be given, lent, resold or disclosed to non-customers without written permission.
Furthermore, no part may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic,
mechanical, photocopying, recording or otherwise, without the permission of the publisher.
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PEA PROTEIN MARKET

© Meticulous Research | sales@meticulousresearch.com Page 1 of 197

2. RESEARCH METHODOLOGY __________________________________________________________________ 20

2.3. MARKET ASSESSMENT ___________________________________________________________________________________25

2.3.1.2. TOP-DOWN APPROACH _________________________________________________________________________________________________26

2.3.1.3. GROWTH FORECAST ____________________________________________________________________________________________________26

2.4. ASSUMPTIONS FOR THE STUDY __________________________________________________________________________26

3. EXECUTIVE SUMMARY _______________________________________________________________________ 28

3.2.2. PEA PROTEIN MARKET, BY SOURCE ____________________________________________________________________________ 30

3.2.3. PEA PROTEIN MARKET, BY SOURCE PROCESS __________________________________________________________________ 31

3.2.5. PEA PROTEIN MARKET, BY FORM ______________________________________________________________________________ 33

3.2.6. PEA PROTEIN MARKET, BY APPLICATION ______________________________________________________________________ 34

3.3. PEA PROTEIN MARKET: REGIONAL ANALYSIS _____________________________________________________________35

© Meticulous Research | sales@meticulousresearch.com Page 2 of 197

4. MARKET INSIGHTS ___________________________________________________________________________ 37

4.2.2. GROWING HEALTH AND WELLNESS TREND ____________________________________________________________________ 39

4.2.3. INCREASING PLANT-BASED FOOD MARKET ____________________________________________________________________ 40

4.2.5. ACCELERATED FOCUS OF KEY PLAYERS ON DEVELOPMENT OF INNOVATIVE PEA PROTEIN

4.3. RESTRAINTS ______________________________________________________________________________________________43

4.4. CHALLENGES _____________________________________________________________________________________________43

4.5. OPPORTUNITIES __________________________________________________________________________________________44

4.5.2. INCREASING LAUNCHING OF PEA PROTEIN-BASED PRODUCTS _________________________________________________ 45

4.7. PRICING ANALYSIS _______________________________________________________________________________________46

4.7.3. PEA PROTEIN CONCENTRATES_________________________________________________________________________________ 48

4.7.4. TEXTURED PEA PROTEIN _______________________________________________________________________________________ 49

4.7.6. PEA FLOUR ____________________________________________________________________________________________________ 51

4.7.7. OTHERS PEA PROTEIN _________________________________________________________________________________________ 52

5. THE IMPACT OF COVID-19 ON THE PEA PROTEIN MARKET ____________________________________ 53

6. GLOBAL PEA PROTEIN MARKET, BY TYPE _____________________________________________________ 55

6.1.3. TEXTURED PEA PROTEIN _______________________________________________________________________________________ 61

6.1.4. PEA PROTEIN HYDROLYSATE __________________________________________________________________________________ 63

© Meticulous Research | sales@meticulousresearch.com Page 3 of 197

7. GLOBAL PEA PROTEIN MARKET, BY SOURCE__________________________________________________ 70

8. GLOBAL PEA PROTEIN MARKET, BY SOURCE PROCESS _______________________________________ 74

9. GLOBAL PEA PROTEIN MARKET, BY PROCESSING METHOD ___________________________________ 79

10. GLOBAL PEA PROTEIN MARKET, BY FORM ____________________________________________________ 82

11. GLOBAL PEA PROTEIN MARKET, BY APPLICATION ____________________________________________ 85

© Meticulous Research | sales@meticulousresearch.com Page 4 of 197

12. PEA PROTEIN MARKET, BY GEOGRAPHY ______________________________________________________ 99

12.2.2. CANADA ______________________________________________________________________________________________________ 110

12.3. EUROPE _________________________________________________________________________________________________ 113

12.3.2. FRANCE _______________________________________________________________________________________________________ 120

12.3.3. U.K. ___________________________________________________________________________________________________________ 123

12.3.4. ITALY _________________________________________________________________________________________________________ 127

12.3.6. REST OF EUROPE _____________________________________________________________________________________________ 133

12.4. ASIA-PACIFIC ___________________________________________________________________________________________ 136

12.4.2. JAPAN ________________________________________________________________________________________________________ 143

12.4.3. INDIA _________________________________________________________________________________________________________ 147

12.4.5. REST OF ASIA PACIFIC ________________________________________________________________________________________ 154

12.5. LATIN AMERICA_________________________________________________________________________________________ 157

13. COMPETITIVE LANDSCAPE __________________________________________________________________ 164

14. COMPANY PROFILES ________________________________________________________________________ 167

14.1.2. FINANCIAL OVERVIEW ________________________________________________________________________________________ 167

14.1.3. PRODUCT PORTFOLIO_________________________________________________________________________________________ 168

14.1.4. STRATEGIC DEVELOPMENTS __________________________________________________________________________________ 168

14.2. AGT FOOD AND INGREDIENTS INC. _____________________________________________________________________ 169

14.2.2. FINANCIAL OVERVIEW ________________________________________________________________________________________ 169

14.3. CARGILL, INCORPORATED ______________________________________________________________________________ 170