Evolving Consumer Trends and Augmenting Demand for Plant-based Proteins to Boost Market Growth

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.

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.

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Yellow Pea Protein Gains Popularity as Alternative Protein Source

As niche trends, including veganism and plant-based eating continue to gain considerable momentum, yellow pea protein is projected to gain mainstream recognition over the next few years due to which, the global yellow pea protein market is on the course to experience steady growth. The number of health conscious and fitness-savvy consumers around the world, particularly in regions, including Europe and North America, has grown at an exponential pace over the past few years. As per current observations, the number is expected to rise at a rapid pace during the assessment period– a factor that is likely to provide a boost to the yellow pea protein market. Yellow pea protein has emerged as an exceptional source of iron, and aids in weight loss, muscle growth, and maintains cardiac health.

Yellow Pea Protein Gains Popularity among Food Manufacturers

Due to mounting environmental concerns and animal cruelty reports, modern day consumers are gradually shying away from consuming meat-based products. As consumers continue to explore alternative sources of protein, food manufacturers are increasingly focusing on adding yellow pea protein products to their product portfolio to attract more consumers. Several prominent food manufacturers such as Warburtons have revealed that the company is adding yellow pea protein to their existing range of products. In addition, as yellow pea protein is not an allergen and has a higher environment-friendly quotient in comparison with other alternatives, it has gradually emerged as an exceptional source of protein. Over the past three to four years, the number of products with yellow pea protein has witnessed two-fold growth in several regions of the world and the numbers are likely to grow even further in the upcoming years.

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In addition, several influential athletes and sports personalities have turned to yellow pea protein due to which, the demand is set to grow at a consistent pace in the upcoming years. Dieticians around the world are encouraging their customers to include yellow pea protein in their diet– another factor that is anticipated to boost the yellow pea protein market.

Demand for Yellow Pea Protein to Remain Lower than Usual amid COVID-19

The ongoing COVID-19 pandemic is expected to have a minor impact on the overall growth of the global yellow pea protein market during the assessment period. As more number of consumers are turning their back toward meat-based products, especially in the Asia Pacific region due to the fear of contracting the novel coronavirus, plant-based proteins, including yellow pea protein are gaining considerable traction during the pandemic. However, stringent lockdowns in several nations and restriction on transportation and trade are some of the leading factors that are expected to negatively impact the offline sales of yellow pea protein products.

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Analysts’ Viewpoint

The global yellow pea protein market is expected to expand at a healthy CAGR of 6.1% during the forecast period. The market growth is largely driven by evolving consumer trends, growing demand for plant-based proteins, growing awareness pertaining to the benefits of yellow pea protein, impactful marketing and brand awareness campaigns, and booming health conscious population worldwide. Although the sales are likely to remain lower than usual during 2020 due to the COVID-19 pandemic, the yellow pea protein market is likely to show signs of recovery in the last quarter of 2020.

Yellow Pea Protein Market: Overview

  • The global yellow pea protein market value was estimated to reach ~US$ 1.7 Bn by the end of 2020, finds Transparency Market Research (TMR) in a recent study. According to the report, the yellow pea protein market is anticipated to reach ~US$ 3.1 Bn by 2030, at a CAGR of 6.1%.
  • Every year, millions of Americans suffer from allergic reactions associated with big eight allergens, namely eggs, milk, fish, crustacean shellfish, tree nuts, peanuts, wheat, and soybeans. In order to help consumers who suffer from allergies, FDA has enforced the Food Allergen Labeling and Consumer Protection Act of 2004. According to this act, food labels should clearly mention the source of raw materials. Food labels help allergic consumers to identify wrong ingredients or foods so that they can avoid them. Due to this factor, manufacturers are trying to find versatile protein additives in their food products to grab various opportunities in the untapped market. There are some cases associated with pea allergies, but those are negligible as compared to big eight allergens. Hence, yellow pea protein manufacturers will have significant opportunities in the future for yellow pea protein as a replacer for big eight allergens.  
  • The use of yellow pea protein is rising in pet food. Yellow pea protein is used in pet food for its high nutritional properties. Yellow pea protein is relatively high in crude fiber and low in fat. This factor makes it an important ingredient for lowering the calorie content for weight management and low fat pet foods.
  • Reports associating the spread of coronavirus from animals are pushing consumers away from the consumption of animal-based products. The consumption of plant-based products is rising, which is helping to propel the yellow pea protein market. In order to control the spread coronavirus, there was lockdown in various countries, which impacted the production of yellow pea protein.

Yellow Pea Protein: Market Frontrunners

  • By nature, organic yellow pea protein market is expected to grow with CAGR 7.1% during the forecast period. The conventional yellow pea protein is anticipated to dominate the market with market share ~93% in 2030.
  • By product type, protein concentrates and isolates are leading yellow pea protein market with market share ~47% and ~24% in 2020
  • In terms of end use, food processing segment is dominating with market share of 50% in 2020 and expected to grow with CAGR 5.6% during forecast period. The sports nutrition and nutraceutical is expected to have ~26% and ~18% market share in 2020.
  • By processing type, dry processing is leading with market share of 68% in 2020 and wet processing is growing with CAGR 6.8% during forecast period
  • By region, North America is leading the yellow pea protein market followed by Europe. East Asia is expected to grow with CAGR of 8.4% by 2030.

Yellow Pea Protein Market: Trends

  • The recommendation for the amount of soluble and insoluble protein consumption is 25 to 35 grams daily. Peas and beans contain proteins that help in digestion and bowel movement. Meats and dairy products contain zero natural fiber. In many products such as yogurts, protein is added during the process of manufacturing. Since dairy products are high in cholesterol and saturated fat, consumers prefer to consume plant-based protein in their diet. Switching to a plant-based diet can result in significant weight loss without any calorie count or need for exercise. The higher consumption of plant-based protein may help in lowering cancer risks and other diabetes-related problems. Moreover, the plant-based food industry is increasing significantly since the past few years and became quite a force in food innovation and manufacturing, which has brought a variety of new revolutions in plant-based products. The increasing consumption plant-based protein is beneficial to boost the growth rate of yellow pea protein market.
  • Many manufacturers use multiple channels of distribution for increasing recognitions and volume sales. In 2018, Axiom Foods, a leading company for supplying plant-based ingredients, selected Univar Solutions to become its preferred national distributor and provider of value added services. Moreover, in late 2018, Roquette Frères also appointed ‘Azelis’, a leading spatiality chemical supplier for distribution of plant-based ingredients in Europe. This agreement will primarily covers Austria, Germany, Nordic, and Baltic countries. The demand for yellow pea protein is less in Asian countries as compared to countries in Europe and North America. Hence, emerging manufacturers will have significant opportunities by increasing their distribution reach in Asian countries. Manufacturers can also increase their volume sales through collaborations with pet food manufacturers.

Marketing Yellow Pea Protein as New Substitute to Conventional Ingredients

  • Concerns about climate change and desires for healthier food diet are driving the interest of consumers toward products that are made from plant-based ingredients. Globally, more than 24% of consumers want to decrease their meat consumption and adopt a plant-based diet. The prominent plant-based alternatives are expected to reach more than US$ 20 Bn until 2020. Manufacturers operating in the yellow pea protein market have extensive opportunity as yellow pea protein products act as a new substitute to conventional ingredients.
  • The impact of the adoption of alternative food ingredients will propel market growth at a higher pace. Since the last decade, there has been rigorous evolution in developing ingredient sources other than traditional crops and livestock. Switching from conventional alternative fiber to yellow pea protein can lead to a significant reduction in the manufacturing cost of companies that are already operating in the pea protein market. Those companies can just extract co-products for increasing their return on investments.

Yellow Pea Protein Market: Strategies

  • Key players are investing in research and development to produce innovative and unique yellow pea protein products
  • Key manufacturers of yellow pea protein are focusing on acquisitions, mergers, and partnerships to expand its business footprints and product portfolio
  • Multinational companies of yellow pea protein are concentrating on acquiring local and regional companies for easy availability of raw material as well as to strengthen their supply chain

Target Region for Yellow Pea Protein Market

  • In terms of value and volume, North America is leading in the yellow pea protein market and expected to dominate in the forecast period. The animal welfare is increasing in North America due to which number vegan and flexitarian population is rising in North America.
  • The awareness of health and wellness is increasing in North America. The demand for yellow pea protein is increasing by vegan and health-conscious consumers in North America. North America is expected to grow with 6.2% during the forecast period.   

Yellow Pea Protein Market: Players

  • Key players operating in yellow pea protein market, as profiled in the study, include 
    • Roquette Frères
    • Cargill Inc.
    • Kerry Group PLC
    • DuPont de Nemours, Inc.
    • The Scoular Company
    • Glanbia plc
    • Cosucra Groupe Warcoing S.A.
    • Shandong Jianyuan Group
    • Axiom Foods, Inc. 
    • Bata Food.
    • Puris Proteins LLC
    • Burcon NutraScience Corporation
    • The Green Lab LLC

Yellow Pea Protein Market – Scope of the Report

Transparency Market Research (TMR) has recently published a study on the yellow pea protein market. It provides a detailed assessment of key market dynamics, including drivers, trends, opportunities & restraints, and detailed information about the yellow pea protein market structure. The market study presents exclusive information about how the yellow pea protein market will grow during the forecast period of 2020-2030.

Key indicators of market growth, which include year-on-year (Y-o-Y) growth of the market, value chain, supply chain analysis, and compounded annual growth rate (CAGR) have been elaborated in the study in a comprehensive manner. This information is intended to help readers understand the quantitative growth prospects of the yellow pea protein market during the forecast period.

The study is intended to offer a holistic market overview to stakeholders in the yellow pea protein manufacturers, suppliers, distributors, and investors, and to help them develop winning growth strategies. Stakeholders in the yellow pea protein market, which include investors, industry experts, researchers, and journalists, and business researchers, can leverage the information and data presented in TMR’s study.

The study also includes statistics and facts related to the macro as well as microeconomic factors that are impacting expansion of the market. It also offers actionable insights into the future trends in the yellow pea protein market. Furthermore, small businesses and new entrants in the yellow pea protein market can make use of the information presented in this study based on which, they can make appropriate business decisions in order to gain momentum in the market. 

Key Questions Answered in TMR’s Yellow Pea Protein Market Report

  • Which region will continue to remain the most profitable regional market for yellow pea protein market players?
  • Which factors will induce a change in the demand for yellow pea protein during the assessment period?
  • How will changing trends impact the yellow pea protein market?
  • How can market players capitalize on the low-hanging opportunities in the yellow pea protein market in developed regions?
  • Which companies are leading the yellow pea protein market?
  • What are the winning strategies of stakeholders in the yellow pea protein market to catapult their position in the forefront?

Yellow Pea Protein Market: Research Methodology

In TMR’s study, a unique research methodology has been used to conduct extensive research on the growth of the yellow pea protein market and identify future growth parameters. This research methodology is a combination of primary and secondary research to help analysts ensure the accuracy and reliability of conclusions.

Secondary resources referred to by analysts for compiling the yellow pea protein market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.

Information acquired from primary resources and secondary resources has been compiled in a comprehensive manner. This also acts as a validation from companies in the yellow pea protein market, which makes TMR’s projections more accurate and reliable.

Yellow Pea Protein Market – Segmentation

TMR’s studies the yellow pea protein market in terms of a few important segments. These are product type, nature, end use, processing type, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.

Nature

  • Organic
  • Conventional

Product Type

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

End Use

  • Food Processing
    •  Meat Alternatives
    •  Bakery Products
    •  Confectionery
    •  Snacks & Cereals
    •  Meat-based Products
    •  Functional Beverages
    •  Others
  •  Animal Feed
    •  Livestock
      •  Cattle
      •  Swine
      •  Poultry
    •  Pet Food
    •  Aquafeed
  •  Nutraceuticals
  •  Sports Nutrition
  •  Infant Nutrition
  •  Cosmetics & Personal Care

Processing Type

  • Dry Processing
  •  Wet Processing

Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA

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