The yellow pea protein market is anticipated to grow at a healthy CAGR of 5% in terms of value through the period of forecasting between 2020 and 2030. The market was valued at over US$ 1.7 Bn in 2019 and will progress on a positive growth trajectory on the back of rising demand in the F & B sector. Although the outbreak of COVID-19 has posed a challenge to steady growth, the healthy properties of yellow pea proteins are driving sales, thus ensuring that the long-term growth prospects remain intact.
“The healthy properties of yellow pea protein such as long optimum shelf life, easy-to-blend nature, strong nutritional composition, non-volatile pricing, and sustainability, will continue to fuel the sales in the production of beverages and bakery products” says the Fact.MR report.
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Yellow Pea Protein Market – Key Takeaways
- Production of meat substitutes is expected to remain the most lucrative application for yellow pea proteins, bestowing an absolute revenue opportunity of US$ 200 Mn during the forecast period.
- The dry yellow pea protein segment is projected to account for nearly 2/3rds overall market value owing to ease of storing as compared to liquid counterpart.
- Yellow pea proteins find significant adoption in the production of meat substitutes such as burger patties and minced meat owing to their functional properties.
- North America is forecasted to remain the most lucrative regional market, accounting for over 1/3rd of overall market share, on the back of shifting consumer preference towards plant-based food ingredients.
- The region’s dominance can also be attributed to growing demand in the region’s nutraceutical sector.
- East Asia is forecasted to rise at 7% through the assessment period backed by rising consumer awareness.
Yellow Pea Protein Market – Driving Factors
- The neutral taste and binding texture features of yellow pea proteins are major factors driving adoption in applications such as processing of high quality & easily digestible meat alternatives.
- Owing to low production costs coupled with convenient storage options of yellow pea protein are ensuring remunerative opportunities in the meat industry.
Yellow Pea Protein Market – Constraints
- Although awareness regarding the availability of yellow pea proteins is gradually increasing, it’s relatively lower in emerging economies which is restricting sales to developed regions.
Anticipated Market Impact by Coronavirus Outbreak
The COVID-19 outbreak has reshaped the global F&B sector with consumers resorting to panic buying and storing packed food products in the first quarter of 2020. Although the operations in the food production sector return to normalcy, it is far from the pre-pandemic scenarios and the impact is no different on the yellow pea protein market. The pandemic is exhibiting a dual impact on the demand. With the disruption of the supply chain, the sales took a dent. However, growing concerns regarding the intake of healthy food is asserting consumers to seek organic and plant-based alternatives over animal-based ingredients. Furthermore, rising awareness campaigns by governments across the world are favoring sales. The ‘Right to Protein’ campaign by the Indian government is one such example. On the back of these factors, the long-term growth prospects of the yellow pea protein market remain unhindered.
Explore the global yellow pea protein market with 180 figures, 64 data tables, along with the table of contents of the report. You can also find detailed segmentation on: https://www.factmr.com/connectus/sample?flag=RM&rep_id=4839
The major players operating in the yellow pea protein market include Roquette Frères, Cargill Inc., Kerry Group PLC, DuPont de Nemours, Inc., The Scoular Company, Shandong Jianyuan Group, Axiom Foods, Inc., Bata Food., Puris Proteins LLC, Burcon NutraScience Corporation, and The Green Lab LLC. among others. Market players are focusing on introducing novel products, ranging from plant-based burgers to chicken nuggets, and are acquiring brands to produce products in the alternative protein space.
More on the Report
The FACT.MR’s market research report provides in-depth insights on the yellow pea protein market. The market is scrutinized on the basis of product type (pea protein concentrates, pea protein isolates, textured pea protein, hydrolyzed pea protein), form (dry, liquid), and application (meat substitutes, bakery products, dietary supplements, beverages, other applications) across several different regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East and Africa).