Yellow Pea Protein Sales to Ride on High Popularity of Meat Alternatives, Market Sees a Downtrend in 2020 as COVID-19 Suspends Production: Fact.MR
Published : 12 Jun 2020 Industry: Food & Beverage
The global yellow pea protein market is anticipated to reach a valuation of over US$ 3 Bn by 2030, with the growth rate pegged at over 5% during the forecast period (2020-2030). In the recent past, yellow pea protein has found its application in several segments of the booming food & beverage industry. With consumers continuing to push for both healthier and more sustainable diets, room for continued growth of the yellow pea protein market is inevitable.
What seemed like the distant measure has now arrived. Meat alternatives are disrupting the traditional food chain and plant-based proteins are showing potential to upend animal-based protein production process. These changes are turning out to be a large revenue stream for the yellow pea protein market.
However, the ongoing Covid-19 pandemic is disrupting everything from global economies to categories of products and stock availability. The crisis has also led to consumers re-evaluating their diets. Consequently, some setbacks are witnessed in the yellow pea protein market. The yellow pea protein market growth is expected to be affected by closures of yellow pea processing facilities all over the world. However, during the pandemic, consistent demand from meat alternative processing units and for the use of yellow pea protein in dietary supplements remains crucial.
Key Takeaways of Yellow Pea Protein Market Study
- North America accounted for more than 32% share of the global yellow pea protein market, in terms of volume in 2020. Increased demand for gluten-free products in the U.S. and robust growth of the sport nutrition industry are important factors that positively influence the market growth
- Significant revenue gains from sales of functional foods in Japan, China, and South Korea are expected to remain a favorable driving factor for East Asia’s yellow pea protein market growth, which is expected to register a CAGR of over 7% during 2020-2030.
- Sales of dry yellow pea protein are estimated to account for more than 65% of total market revenue market in 2020 and remain highly preferred over their liquid counterparts.
- Growing use of dry yellow pea protein in the production of nutritional health supplements, bakery goods, and meat products is expected to contribute to the global yellow pea protein market growth.
“Plant-based products are shaping some of the biggest portfolios of yellow pea protein companies, as many seek to enter the burgeoning sector. With this trend, yellow pea protein is making headlines as a leading alternative to soy and to be one of the cornerstones of sports fitness and functional food”, says the Fact.MR analyst
Yellow Pea Protein Market Shows a Consolidated Structure
The global yellow pea protein market is consolidated with top players such as Roquette Frères, Cargill, The Scoular Company, DuPont and Glanbia PLC accounting for a majority of the market share. Most manufacturers are located in the U.S. and Western Europe due to easy domestic access to the raw materials and equipment. As yellow pea protein is making progress as a highly potential source in the alternative protein market, both incumbents and new entrants are preparing to increase supply and improve their role in the market. Given the growing interest of consumers in plant-based protein options, food producers are focusing on capturing the new opportunities. The result is expected to lead to increased demand for pea protein.
Find More Valuable Insights on the Yellow Pea Protein Market
Fact.MR, in its new offering, provides an unbiased analysis of the global market for yellow pea protein, with historical data on demand (2015-2019) and expected projections for period (2020-2030). The yellow pea protein market report discloses compelling insights into demand for yellow pea protein based on 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.
About The Food & Beverages Division at Fact.MR
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