According to a new market research report titled, ‘Yellow Pea Protein Market by Type (Pea Protein Isolate, Pea Protein Concentrate, Pea Flour), Source Process (Conventional, Organic), Processing Method (Dry, Wet), Application (Nutritional Supplements, Meat Alternatives) - Global Forecast to 2029,’ the yellow pea protein market is expected to reach $1.09 billion by 2029, at a CAGR of 15.8% from 2022 to 2029.
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Yellow split peas are an excellent source of protein, healthy carbs, fiber, and other nutrients. Yellow peas are adopted for a wide array of applications in the food & beverage industry due to their versatility. In recent years, egg and wheat protein are slowly being replaced by yellow pea protein due to its gluten-free and lower allergenicity properties. The high protein content and ideal amino-acid profile make yellow peas an ideal source of protein in the plant-based protein industry. Yellow peas are also among the key constituents for pea protein isolates. Yellow peas are used in multiple food products, including plant-based meat and dairy. In addition to being a nutritionally dense food, yellow peas help maintain a healthy weight and reduce the risk of chronic diseases, such as diabetes, cardiovascular diseases, and cancer.

Impact of COVID-19 on the Yellow Pea Protein Market
The outbreak of the COVID-19 pandemic significantly impacted the food & beverages sector. The pandemic disrupted global supply chains and travel, manufacturing, and healthcare industries, adversely affecting the global economy. Although the world has begun to transition towards normalcy, some parts of the world are still struggling due to the emergence of new variants and new COVID-19 cases. Numerous yellow pea protein manufacturers are focusing on the continuity of business and developing health supplements and superfoods to provide customers with healthy food products comprising high nutritional values.

The COVID-19 outbreak made people re-evaluate their diets, and consumers started transitioning to healthier diets to build immunity. The demand for pea protein products increased significantly amidst the pandemic, subsequently driving the growth of the yellow pea protein market. The demand for yellow pea protein increased due to factors such as the shortage of meat and processed meat products in various regions, a rise in demand for plant-based products, and consumers’ inclination toward a healthier lifestyle.

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At the beginning of the COVID-19 pandemic, manufacturers faced challenges in sourcing yellow peas for processing and supplying their products to food & beverage companies. In addition, consumers limited their purchases to essential products, such as groceries, medicines, and fruits & vegetables. Thus, the supply chain for yellow pea protein was disrupted.

The yellow pea protein market is segmented based on type, source process, processing method, form, application, and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on type, the yellow pea protein market is segmented into yellow pea protein isolate, yellow pea protein concentrate, textured yellow pea protein, yellow pea protein hydrolysate, yellow pea flour, and other yellow pea proteins. In 2022, the yellow pea protein isolate segment is estimated to account for the largest share of the yellow pea protein market. The large market share of the yellow pea protein isolate segment is attributed to its high protein content and high emulsification & stability properties. Furthermore, yellow pea protein isolate has several application areas, including high-performance nutrition products and snack products, contributing to its increased market demand.

Based on source process, the yellow pea protein market is segmented into conventional yellow pea protein and organic yellow pea protein. In 2022, the conventional yellow pea protein segment is expected to account for the largest share of the yellow pea protein market. This segment's large market share is attributed to the advantages offered by conventional yellow pea protein over organic yellow pea protein, such as lower costs, longer shelf life, and the availability of substantial crop varieties. However, the organic pea protein segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the growing demand for organic products, the rising trend of clean label products, and the increasing number of certified organic pea-producing farms.

Based on processing method, the yellow pea protein market is segmented into dry processing and wet processing. In 2022, the dry processing segment is estimated to account for the largest share of the yellow pea protein market. Dry processing requires lower capital and water & energy consumption compared to wet extraction, which contributes to the large market share of this segment. Additionally, the high demand from food & beverage manufacturers further drives the growth of this segment. However, the wet processing segment is slated to register the highest CAGR during the forecast period.

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Based on form, the yellow pea protein market is segmented into powder and liquid. In 2022, the powder segment is expected to account for the largest share of the yellow pea protein market. The large market share of this segment is attributed to the higher demand for solid protein ingredients due to their benefits such as ease of handling & transportation, cost-effectiveness, minimal to zero formulation errors, and ingredient stability.

Based on application, the yellow pea protein market is segmented into nutrition & health supplements, meat & alternative meat products, bakery products, dairy & dairy alternatives, cereals & snacks, beverages, pet food, and other applications. In 2022, the nutrition & health supplements segment is estimated to account for the largest share of the yellow pea protein market. However, the meat & alternative meat products segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to growing veganism and the rising incidence of meat-borne diseases.

Based on geography, in 2022, North America is expected to account for the largest share of the yellow pea protein market. North America's large market share is attributed to the well-established food & beverage industry, the rising sustainability concerns over animal-derived products, the increasing vegan population, the growing preference for meat alternatives, the increasing demand for healthy & nutritional products, and the large presence of pea protein manufacturers in the region. However, Asia-Pacific is slated to register the highest CAGR during the forecast period.

The key players operating in the yellow pea protein market are Roquette Frères Le Romain (France), AGT Food and Ingredients Inc. (Canada), Cargill, Incorporated (U.S.), Ingredion Incorporated (U.S.), Archer-Daniels-Midland Company (U.S.), E.I. Dupont De Nemours and Company (U.S.), Axiom Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), Glanbia Plc. (Ireland), Cosucra Groupe Warcoing SA (Belgium), Sotexpro (France), Farbest Brands (U.S.), Shandong Jianyuan Foods Co., Ltd. (China), The Emsland Group (Germany), and Nutri-Pea Ltd. (Canada).

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Scope of the report:
Yellow Pea Protein Market, by Type
• Yellow Pea Protein Isolate
• Yellow Pea Protein Concentrate
• Textured Yellow Pea Protein
• Yellow Pea Protein Hydrolysate
• Yellow Pea Flour
• Other Yellow Pea Proteins

Yellow Pea Protein Market, by Source Process
• Conventional Yellow Pea Protein
• Organic Yellow Pea Protein

Yellow Pea Protein Market, by Processing Method
• Dry
• Wet

Yellow Pea Protein Market, by Form
• Powder
• Liquid

Yellow Pea Protein Market, by Application
• Nutrition & Health Supplements
• Meat & Alternative Meat Products
• Bakery Products
• Dairy & Dairy Alternatives
• Cereals & Snacks
• Beverages
• Pet Food
• Other Applications

Yellow Pea Protein Market, by Geography
• North America
o U.S.
o Canada
• Europe
o Germany
o France
o U.K.
o Italy
o Spain
o Rest of Europe
• Asia-Pacific
o China
o Japan
o India
o Australia
o Rest of Asia-Pacific
• Latin America
• Middle East & Africa