Yellow Pea Protein Market Size, Share, Industry, Forecast and Outlook 2023-2030

Yellow Pea Protein Market Surpasses $2.1 Billion in 2022, Expected to Reach $5.3 Billion by 2030

The Global Yellow Pea Protein Market has achieved a remarkable milestone, reaching a value of US$ 2.1 billion in 2022. Projections for the future are even more promising, with an anticipated growth to US$ 5.3 billion by 2030, reflecting a robust Compound Annual Growth Rate (CAGR) of 12.1% during the forecast period from 2023 to 2030.

Yellow pea protein, derived primarily from yellow peas, has witnessed a surge in usage within the food and beverage industry, particularly in shakes and smoothies, to enhance protein content. This trend aligns with the growing global preference for healthy food, marked by trends such as veganism, free-form, clean labels, and chemical-free products over the last decade.

The consistent growth of the yellow pea protein market is attributed to the increasing interest of food manufacturers in the potential health benefits offered by this protein source. As the demand for plant-based food products rises, the market for yellow pea protein is expected to expand further, driven by factors such as excellent shelf life, ease of incorporation, stable pricing, nutritional content, and sustainability.

North America Holds Largest Market Share, Surpassing 35% in 2022

In 2022, North America dominated the market with a substantial share exceeding 35%. The region's abundance of market participants has contributed to the availability of high-quality yellow pea protein in the U.S. market. Notably, the U.S. yellow pea protein industry received a boost with the initiation of Benson Hill's advanced yellow pea breeding and commercialization program in August 2021. This program, spearheaded by Benson Hill, a Missouri-based food technology company, aims to promote growth in the alternative protein market by developing and commercializing superior yellow pea varieties.

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Yellow Pea Protein Market Scope and Summary Metrics:

CAGR: 12.1%
Size Available for Years: 2021-2030
Forecast Period: 2023-2030
Data Availability: Value (US$)
Segments Covered: Type, Processing Type, End-Use, and Region
Regions Covered: North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Fastest Growing Region: Asia-Pacific
Largest Region: North America
Report Insights Covered: Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter's Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other Key Insights.
Yellow Pea Protein Market Dynamics and Trends:

Consumers Increasingly Acknowledge Nutritional Advantages of Peas:
Over the last decade, the demand for protein substitutes has surged, driven by health-conscious consumers worldwide recognizing the nutritional benefits of yellow pea protein. Despite animal-based and soybean proteins dominating the market, the advantages of pea protein, including sustainable production, low allergenicity, and health benefits, have fueled its growth. The market is expected to accelerate further as millennials seek products with easier-to-read labels, appealing taste, and alternative protein sources to accommodate personalized dietary preferences.

Rise in Veganism and Health Concerns Driving Market Growth:
The gradual shift towards plant-based diets has gained momentum in recent years, with an increasing number of consumers adopting vegan, partially vegan, or flexitarian lifestyles. Concerns related to the high levels of fat and cholesterol in meat, coupled with environmental considerations, have fueled the popularity of veganism. Processed food manufacturers are incorporating more plant-derived ingredients to appeal to the expanding vegan population, thereby supporting market growth.

Limited Supply Challenges Manufacturers Due to Low Processing Outputs:
The extraction and processing of pea protein are complex and expensive, leading to insufficient supplies to meet global demand. Peas convert into pea protein at a relatively slow rate, resulting in a shortage of pea protein needed by food and beverage producers. The market faces challenges in scaling production to meet the growing demand for this sought-after protein source.

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Yellow Pea Protein Market Segmentation Analysis:

The global yellow pea protein market is segmented based on type, processing type, end-use, and region.

Yellow Pea Protein Isolate:

High protein content
Excellent emulsification and stability properties
Rising demand for applications in high-performance nutrition and snack products
Anticipated expansion with a substantial CAGR during the forecast period

Geographical Penetration:

Growing Preference for Plant-Based Products in North America:
The North American market is poised for expansion, fueled by rising consumer demand for plant-based products, a robust food and beverage sector, and an abundant supply of yellow split peas in the agricultural sector. The increasing popularity of plant-based diets and meat substitutes, as evidenced by a 2021 survey by Sprouts Farmers Market, indicates a rising trend in the U.S. The North American yellow pea protein market is further driven by new market entrants, massive investments, urbanization, and the availability of raw materials.

Conclusion:
The global yellow pea protein market's impressive growth trajectory is indicative of the increasing demand for plant-based protein sources in response to evolving consumer preferences. As the market continues to expand, addressing supply challenges and exploring innovative production methods will be crucial for sustaining this growth in the years to come.

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