Yellow pea protein is a supplement that is primarily extracted from yellow peas and is increasingly used across the food & beverages sector to increase protein content in shakes and smoothies. Over the past decade, new food trends have emerged at a consistent rate around the world, including veganism, free form, clean-label, and chemical-free. As a result, the demand for yellow pea protein has witnessed steady growth and the trend is expected to gain further momentum during the forecast period. The health benefits associated with yellow pea protein is another major factor that has attracted considerable interest from food manufacturers.
At the back of these factors, along with the entry of a number of food manufacturers that are pinning their hopes of the growth of plant-based and vegan products, the global yellow pea protein market is expected to attain a market value of ~US$ 3.1 Bn by the end of 2030.
Plant-based food products have gained fast-paced popularity over the course of the last decade due to which, the demand for plant-based proteins continues to move in the upward trajectory– an important factor that is likely to drive the expansion of the global yellow pea protein market during the assessment period. Some of the other factors that are likely to aid the growth of the market for yellow pea protein include its optimum shelf life, easy-to-add attribute, stable price, nutrients content, and sustainability, among others. At present, yellow pea protein is increasingly being used to manufacture protein shake powders, vegan burgers, plant-based milk, etc.
The FMI study delves deeper into the prevailing dynamics to offer interesting insights into the yellow pea protein market. Some of these are:
The yellow pea protein market has shown significant growth in recent years. The market is valued at US$ 1,737.2 Mn in 2019. The market is expected to show a dip in 2020 sales owing to the COVID-19 crisis. Market is forecasted to show significant growth during the recovery period of the COVID-19 crisis. North America accounted for 33.5% of the global volume share in 2020 as the largest buyer. Increasing demand for gluten-free products in the U.S., the sport nutrition industry’s robust growth are important factors that positively influence growth. Yellow pea protein processed by dry processing segment accounted for 68.2% of total revenue market share in 2020 and is expected to continue to lead over the forecast period. Major use of the form in the production of nutritional health supplements, bakery goods and meat products is expected to fuel the segment in the global market.
Yellow Pea Protein in Animal Nutrition Products
Since the last decade, yellow pea protein is significantly used in place of wheat, beet pulp, soy, and corn fibers in pet foods. The yellow pea protein, which is used in pet food primarily, has bland that doesn’t affect the palatability of the pet food. According to PetfoodIndustry.com, “In pet foods, yellow pea protein is used as nutritionally functional fiber due to laxation effects associated with water holding capacity (Nearly 13ml water per gram of yellow pea protein) of the insoluble fiber”. Yellow pea protein is a filler that is added by inexpensive mass-markers in pet food products for various reasons.
However, none of that reason is related to providing appropriate nutrition for pets as it is relatively high in crude fiber and low in fat. Owing to these factors the yellow pea protein is an essential ingredient required for lowering the calorie amount for weight management among pets. In June 2019, FDA (Food and Drug Administration) stated that many ingredients used in pet foods such as grains and meats are considered safe and does not require pre-market approval.
Who is winning?
Yellow pea protein manufacturers market products for utilization in meat substitutes, nutritional supplements, snacks, and baked goods to the food and beverage industries. Many of the manufacturers formed strategic relationships with distributors to ensure distribution of yellow pea protein. Roquette America entered into a strategic alliance with World Food Processing to produce and sell their North American pea protein isolates. World Food Processing also participates in the processing and cultivation of several grains, one of the primary ones being yellow peas.
Roquette Frères is focusing on expanding its production units to fulfil the demand of protein products. In 2017, the company built a pea protein production unit in Canada to meet fast-growing demand for vegetable protein in food and pharmaceutical products in North America. The company focuses on producing various innovative pea protein products, frequently. In 2019, the company launched two textured proteins products, one from the peas and one from the fava beans. Burcon NutraScience Corporation is focusing on increasing their production capacity through joint venture. The company has entered into a joint venture with Merit Functional Foods to develop a new canola-protein and pea-protein commercial production facility in Canada. This protein production plant, is expected to initially process more than 20,000 tonnes of peas per year beginning in mid-2020. Key Segments
- Food Processing
- Meat Alternatives
- Bakery Products
- Snacks & Cereals
- Meat-Based Products
- Animal Feed
- Pet Food
- Aqua feed
- Sports Nutrition
- Infant Nutrition
- Cosmetic & Personal Care
- Protein Concentrates
- Protein Isolates
- Textured Protein
- Hydrolyzed Protein
- Dry Processing
- Wet Processing
- North America
- Latin America
- East Asia
- South Asia
Yellow pea Protein Market Outlook & Key Findings
- Global yellow pea protein market to rise at a CAGR of 6.1% between 2020 and 2030
- Organic yellow pea protein ingredients segment is expected to have CAGR 7.1% in the forecast period
- Amongst yellow pea protein end use segment, the demand from food processing sector is estimated to lead market share with 50.4% share in 2020
- The market for food processing segment is valued at US$ 861.4 Mn in year 2020 which is expected to be valued at US$ 1,492.3 Mn by the end of 2030
- In the processing type segment, wet processing is expected to grow at a CAGR 6.8%
- North America is anticipated to have largest market share of yellow pea protein industry with a value share of 32.8% in the year 2020
Information Source: https://www.futuremarketinsights.com/reports/yellow-pea-protein-market