Yellow Pea Protein Market: Introduction
A recent study published by Transparency Market Research on the yellow pea protein market includes global market analysis and opportunities for 2020-2030. The global yellow pea protein market was forecast to be valued at ~US$ 1.7 Bn in 2020. The yellow pea protein market is projected to rise at a CAGR of 6.1%, to reach ~US$ 3.1 Bn by 2030.
The number of COVID-19 patients is rising rapidly across the globe. The consumption of animal-based products is decreasing as the number of diseases caused by animals is increasing. The consumers are preferring plant-based products over animal-based products. The number of vegan, flexitarian, and vegetarian population is rising globally, which is beneficial for yellow pea protein market. Due to COVID-19, a large number of countries were in lockdown for last two-three months and world is facing is economic issues. There is disturbance in supply chain due to lockdown following which yellow pea protein market is expected to grow at moderate rate for next two years.
Exploring New Application Areas
The demand for yellow pea protein in the beverages industry is expected to increase in the forecast period, owing to rising inclination toward the usage of plant-based ingredients. In 2018, Cargill, Incorporated, invested nearly US$ 75 Mn in leading North American ingredients producer PURIS. The investment is primarily made for yellow pea protein, starch, and protein in the food & beverages industry. Leading companies operating in the plant-based ingredients market such as A&B Ingredients and Roquette Freres are expected to increase their overall production of yellow pea protein, and are aware of its demand in the beverages industry. The global beverages industry is rigorously growing historically and is anticipated to touch the mark of nearly US$ 1.9 Trn by 2020. The remarkable growth backed with the trend of organic ingredients in the beverage industry is expected to boost the yellow pea protein market growth to a greater extent.
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Demand for Non-GMO Ingredients to Create Lucrative Opportunities
Globally, manufacturers are trying to meet the terms of federal GMO labeling laws. Many manufacturers are providing breakfast cereals products using the non-GMO labels to help increase their volume sales. Several factors are influencing the rising demand for non-GMO products. Among other factors, social media and other platforms are playing a significant role in consumers’ food and beverage choices. Additionally, consumers’ desire to eat healthy food and distrust in genetically modified food or ingredients are major factors that are affecting the overall demand for non-GMO ingredients. Manufacturers operating in the yellow pea protein market are focused on adopting a backward integration strategy. This strategy helps these manufacturers to use desired raw material for their products, mainly due to need for non-GMO peas.
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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.
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.
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