Global Yellow Pea Protein Market - 2023-2030

Overview:

Global Yellow Pea Protein Market reached US$ 2.1 billion in 2022 and is expected to reach US$ 5.3 billion by 2030, growing with a CAGR of 12.1% during the forecast period 2023-2030.

Yellow pea protein, which is primarily made from yellow peas, is increasingly used in the food and beverage industry to boost the protein content of shakes and smoothies. Around the world, healthy food trends have been appearing steadily for the past ten years. Some of these trends include veganism, free form, clean labels, and chemical-free. As a result, the market for yellow pea protein has experienced consistent growth, and this pattern is anticipated to continue during the forecast period. Another important aspect that has piqued the interest of food manufacturers is the potential health benefits of yellow pea protein.

Since plant-based food products have become increasingly popular over the past ten years, the demand for plant-based proteins has also increased, which is a significant factor that is likely to fuel the growth of the global yellow pea protein market during the assessment period. Among other things, yellow pea protein's excellent shelf life, ease of addition, stable price, nutrient content, and sustainability are some additional factors that are likely to support the market's expansion. Currently, plant-based milk, vegan burgers, protein shake powder, and other products are all made with yellow pea protein.

With a market share of more than 35% in 2022, North America is predicted to hold the largest share of the yellow pea protein market. The abundance of market participants has helped to make yellow pea protein more readily available and of higher quality in the U. S. market. The U. S. yellow pea protein industry has also been strengthened by the start of Benson Hill's advanced yellow pea breeding and commercialization programme in August 2021. By creating and commercialising superior yellow pea varieties, Benson Hill, a Missouri-based food technology company, hopes to promote growth in the alternative protein market.

Dynamics:

Consumers are Becoming More Aware of the Nutritional Advantages of Peas and Pea-Based Products

The need for protein substitutes has grown over the last decade. Due to the health benefits associated with the consumption of yellow pea protein and the rising number of health-conscious consumers around the world, the yellow pea protein market has experienced significant growth in recent years. Pea protein has become extremely popular in recent years, despite the fact that animal-based and soybean proteins continue to dominate the market for protein ingredients worldwide. The advantages of pea protein consumption over animal protein or other plant-based protein sources, including sustainable production, low allergenicity, and health benefits, have been linked with the increase in interest in pea protein. The market for yellow pea protein is anticipated to expand more quickly as millennial consumers look for easier-to-read labels, tasty products, and alternative protein sources to accommodate personalised dietary preferences.

Increase in Veganism's Popularity as a Result of Environmental and Health Concerns

A shift to a plant-based diet occurs gradually, but in recent years, more consumers have started living vegan, partially vegan, or flexitarian lifestyles. More people are switching to a vegan diet because the high levels of fat and cholesterol in meat are linked to serious health problems like cancer and heart disease. Animal cruelty, the rise of vegan meat substitutes, and the influence of veganism on social media are a few of the few additional factors influencing the growth of the vegan community. Processed food manufacturers are using more ingredients derived from plants to appeal to the expanding vegan population, which is anticipated to support market growth.

Limited Supply to Manufacturers as a Result of Low Processing Outputs

The extraction and processing of pea protein is complicated and expensive, so there aren't enough supplies to meet the demand on a global scale. Peas convert into pea protein at a relatively slow rate. In the industrial process, which includes drying, dehulling, and milling of peas, the ratio is around 15%. Comparatively, over 20% of the pea protein was extracted from the peas during the pilot process, which also involved soaking and wet milling.

For instance, if 40 tonnes of peas are used in an industrial process, only about 6 tonnes of pea protein isolate will be produced. In the pilot process, 50 kg of pea seeds will result in 10 kg of pea protein isolates. Following that, the remaining pea seeds are either turned into pea starches or pea fibres. As a result, the market is experiencing a shortage of pea protein needed by food and beverage producers.

Segment Analysis:

The global yellow pea protein market is segmented based on type, processing type, end-use and region.

Yellow Pea Protein Isolate has a High Protein Content and Excellent Emulsification and Stability Properties

The demand for yellow pea protein isolate is rising due to its numerous applications in high-performance nutrition and snack products. As a result of rising demand from producers of plant-based products, this segment is also anticipated to expand with a sizable CAGR during the forecast period. Yellow pea protein isolate and pea protein are distinct from one another because the former is produced chemically from peas. Yellow pea protein isolate is regarded as a processed food as a result of this attribute. In contrast, compared to other types of processed foods that are high in fillers and preservatives like sugar and sodium, yellow pea protein isolate has undergone less processing from its original state and is therefore less likely to cause adverse reactions.

Geographical Penetration:

Growing Preference for Plant-based Products in North America

The market in North America is anticipated to expand over the course of the forecast period as a result of rising consumer demand for plant-based products, a robust food and beverage sector, and a plentiful supply of yellow split peas in the agricultural sector. According to a survey done in 2021 by Sprouts Farmers Market, more Americans (47%) who identify as flexitarians and eat more plant-based meals than meat indicate that the popularity of plant-based diets and meat substitutes is rising in the U.S. The North American yellow pea protein market is also being driven by rising new market entrances, massive investments, urbanization, and the availability of raw materials. The demand for high-protein dietary supplements and natural products is growing, along with consumer awareness of health issues.

COVID-19 Impact Analysis:

The growth of healthy food products has been fueled in recent years by the trend of eating well. Due to their high protein content, other nutritional benefits, and relative affordability compared to other novel proteins, yellow pea proteins are emerging as a key component in the development of dairy and meat alternatives as well as health supplements. The COVID-19 pandemic outbreak has also increased demand for novel, sustainable dietary practices that have immunity-boosting advantages. As a result, the market for foods made with yellow pea protein is experiencing a sharp increase in demand for immune-boosting products.

Because of the COVID-19 outbreak, people started changing to healthier diets in order to strengthen their immune systems. The pandemic significantly increased the demand for pea protein products, which in turn fueled the expansion of the yellow pea protein market. There is a rise in the demand for plant-based products, a shortage of meat and processed meat products in certain regions, and consumer preferences for healthier lifestyles are all contributing factors to this increase in demand. According to the International Food Information Council's (IFIC) 2020 Food and Health Survey, 28% of respondents increased their consumption of plant-based meat substitutes, while 41% of participants increased their intake of plant-based proteins. Consumer preference for plant-based protein was close to 70%.

Russia-Ukraine War Impact Analysis

Yellow peas, which are essential for the production of pea protein, are produced in large quantities in Russia and Ukraine. Due to supply chain disruptions brought on by the war, the market for yellow pea protein experienced shortages and price volatility. The availability of raw materials for protein processing was impacted by decreased pea production and transportation disruptions. Price increases for yellow peas and subsequent pea protein products are caused by supply disruptions. This had an effect on the cost structure for businesses using pea protein in their products, which might result in higher costs for consumers.

By Type

• Protein Concentrates
• Protein Isolates
• Textured Protein
• Hydrolyzed Protein

By Processing Type

• Dry
• Wet

By End-Use

• Food Processing
• Animal Feed
• Nutraceuticals
• Sports Nutrition
• Cosmetics & Personal Care
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico

• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe

• South America
  • Brazil
  • Argentina
  • Rest of South America

• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific

• Middle East and Africa

Key Developments

• In January 2023, the United States Patent and Trademark Office has granted a patent to Burcon NutraScience that covers important aspects of the company's 'Peazazz' pea protein. This development guarantees protection and market differentiation for Merit Functional Foods, the pea protein's licensee.
• In January 2023, the Japanese food technology startup DAIZ Inc. , which specialises in creating technologies and procedures to enhance the flavour, texture, and nutritional profile of plant-based food products, has received a sizable investment from Roquette. The Ochiai Germination Method JP-5795679, a DAIZ-exclusive germination technique, was initially created for soy and has recently been extended to pea.
• In March 2023, Yellow pea revolution arrived at Expo West through real ingredients pioneer and plant-based food company ZENB.

Competitive Landscape

The major global players in the market Roquette Freres, AGT Food and Ingredients Inc., Cargill, Incorporated, Ingredion Incorporated, Archer-Daniels-Midland Company, Axiom Foods Inc., Emsland Group, Glanbia Plc., Cosucra Groupe Warcoing SA and Sotexpro.

Why Purchase the Report?

• To visualize the global yellow pea protein market segmentation based on type, processing type, end-use and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of yellow pea protein market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global yellow pea protein market report would provide approximately 69 tables, 72 figures and 186 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies