Yellow Pea Protein Market
Yellow Pea Protein Market By Product (Pea Protein Concentrates, Pea Protein Isolates, Textured Pea Protein, Hydrolyzed Pea Protein), By Form ( Dry, Liquid), By Application (Meat Substitutes, Bakery Products, Dietary Supplements, Beverages), By Region - Global Market Forecast 2020-2030
Global Yellow Pea Protein Market Insights: Increasing Use in Meat Alternatives to Keep the Market Afloat
The global yellow pea protein market has seen a historical CAGR of nearly 6% during the period (2015-2019) and is projected to create a valuation of about US$ 3 Bn by 2030.The global yellow pea protein market is poised to expand at a CAGR of over 5.1% during the forecast period (2020-2030).
Growing demand for vegan alternatives in the food & beverage industry along with increased awareness about the benefits of natural ingredients is likely to fuel demand for yellow pea protein. Due to its neutral taste and binding texture features, yellow pea protein is presently being utilized in the processing of high quality & easily digestible meat alternatives.
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Application inMeat Substitutes to Soar as Meatless Meat Revolution Unfolds
Application of yellow pea protein in meat substitutes is projected to grow 2.0X and create an absolute dollar opportunity of over US$ 200 million during the forecast period. This growth can be attributed to functional properties of yellow pea protein which aid in the manufacturing of meat substitutes, including burger patties and minced meat.
Relatively low production costs as well as convenient storage options of yellow pea protein have facilitated the growth in its demand in the meat industry. Further steps are being taken by companies to accelerate investment in the plant-based alternatives against animal-based proteins. For example, in Canada, Burcon NutraScience entered into a joint venture partnership with an investor group to build a new commercial production facility for US$70 million in pea-protein and canola-protein.
Regional Insights: North America Leads With a Market Share of Over 32%
North America is projected to retain its dominance in the yellow pea protein market and register a significant growth rate during the forecast period. Consumers are becoming more aware of and interested in alternative proteins products such as yellow pea protein. Innovative food businesses in the U.S. are looking forward to mirror the customer experience of eating meat, but with a plant based alternative.
This is in conjunction with strong social media marketing strategies for their goods to gain significant traction. Moreover, agribusiness conglomerate Cargill is developing new products with yellow pea protein along with food producer Puris for functional drinks, dietary supplements, and nutraceuticals.
Competitive Analysis: Consolidated Market Structure with Rapid Penetration in Developing Nations
The global yellow pea protein market shows a fair level of consolidation. Significant investments in getting new leads from food processing product companies areexpected to be highly lucrative for key players in the short term.
In recent months during the Covid-19 outbreak, yellow pea protein companies have introduced a range of new items, from plant-based burgers to chicken nuggets, and acquired brands to get quality products in the alternative protein space.
It is imperative to note that substantially low trade and export of yellow pea protein during the Covid-19 pandemic has affected the penetration of the manufacturers. While players have been strengthening their presence in foreign regions, the concentration of the manufacturers has been on the rise in the established markets for yellow pea protein.
COVID-19 Impact Analysis
With mounting health and environmental concerns, the Covid-19 outbreak is resulting in a broad population moving from animal proteins to alternative proteins such as yellow pea protein. In addition, yellow pea protein is produced with less labor dependence, making its less vulnerable to staffing shortage during the pandemic.
The yellow pea protein market is expected to rebound from the third quarter of 2020, due to resumption of food processing operations under the optimistic scenario. The pandemic has also provided several examples of best practice for the yellow pea protein industry. While the industry was restrictive in the early stage, regulations are being temporarily eased during the outbreak.
Governments in multiple nations are encouraging the consumption of protein substances. For instance, the launch of “Right to Protein” initiative in India is set to draw public attention on the health benefits of plant-based protein consumption, which is working to the advantage of the yellow pea protein market players.
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Manufacturers offering yellow pea protein are entering into direct contracts with farmers to reduce the supplier power balance by offering products at competitive prices in order to gain cost advantage and brand recognition.
Global Yellow Pea Protein Market: Scope of the Report:
The recent global yellow pea protein market report by Fact.MR offers forecast representation from 2020 to 2030. The report elaborates on key drivers, restraints, opportunities, and threats influencing expansion of the global yellow pea protein market.
A detailed segmental analysis, based on product type, form, application,and region has been provided in the report. The report also covers a chapter on the Covid-19 impact analysis to arm stakeholders with necessary information.
Regional analysis in terms of supply chain, business execution, and market value provides an in-depth perspective about the future scope of the global yellow pea protein market. In addition, a section providing a detailed analysis of key market players and strategies have been added.
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Yellow Pea Protein Market: Segmentation
The Fact.MR’s study has done the segmentation of the yellow pea protein market on the basis of product, form, and application across seven regions.
- Pea Protein Concentrates
- Pea Protein Isolates
- Textured Pea Protein
- Hydrolyzed Pea Protein
- Meat Substitutes
- Bakery Products
- Dietary Supplements
- Other Applications
- North America
- Latin America
- East Asia
- South Asia