Increasing popularity of meat substitutes is expected to drive demand for yellow pea proteins, according to research and consulting firm Future Market Insights (FMI).
The yellow pea protein market for the food processing segment, valued at US$861.4m in 2020, is expected to grow to US$1,492.3m by the end of 2030. Concerns about lactose intolerance among adults together with growing demand for food products free from gluten is also facilitating growth, FMI said. “Increasing awareness of the enrichment of nutrition has increased the value of dietary supplements and is anticipated to have a beneficial impact on the industry. Growing concerns about cardiovascular diseases associated with the consumption of red meat is expected to remain a favourable factor in promoting market growth.
“Investments in getting new leads from food processing product companies is expected to be highly lucrative in the short term. In recent months, 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 room,” said a lead analyst at FMI.
Yellow pea protein is used for food processing applications such as meat substitutes, nutritional supplements, snacks, confectionery and baked goods.
Since the last decade, yellow pea protein has also been significantly used in place of wheat, beet pulp, soy and corn fibres in pet foods.
These insights are based on a report on Yellow Pea Proteins Market by Future Market Insights.