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.
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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.
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.
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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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