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.
REQUEST FOR COVID19 IMPACT ANALYSIS –
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.
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.