South Korea Pea Protein Market to Grow at a CAGR of 10.5% During 2024-2032, Aided by the Rising Adoption of Vegetarian and Vegan Diets

Driven by the increasing consumer preference for organic and clean-label products, the demand for naturally sourced ingredients like pea protein is witnessing significant growth. This rise is further fuelled by the expanding nutritional supplement market in South Korea, where pea protein finds application in the formulation of protein powders, catering to the growing demand for health and wellness solutions.

The expanding consumer base of vegans and vegetarians and a surge in the development of creative plant-based food products are aiding the South Korea pea protein market growth. Pea protein, with its versatility and functional attributes, has become a critical component in this innovation.  It serves as a foundation for a variety of meat alternatives, offering textured substitutes that replicate the sensory experience of animal products.

Furthermore, pea protein paves the way for the creation of dairy replacements such as milk, yoghurt, and cheese.  Its applications extend beyond these core categories, enriching protein bars, bakery goods, and nutritional supplements.

Further, increased health consciousness is leading to a surge in demand for functional foods perceived to offer specific health benefits. Pea protein, being rich in essential amino acids and other vital nutrients, is well-positioned to capitalise on this trend. Its rising prominence in fortified beverages, nutritional supplements, sports nutrition products, and bakery and snack applications reflects this growing consumer preference for health-conscious food choices.

The Ministry of Agriculture, Food, and Rural Affairs (MAFRA) of South Korea unveiled the National Plan on October 24, 2023. This initiative aims to cultivate a robust domestic plant-based food industry. Notably, South Korea becomes the second nation globally, following Denmark, to implement a dedicated national action plan focused on the advancement of this specific food sector. This initiative is expected to aid in the demand for pea protein across the nation.

Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions, offers VITESSENCE® Pulse 1803 protein. This pea isolate boasts a high protein content exceeding 80% on a dry basis. It empowers manufacturers to develop a diverse range of protein-rich products across popular categories such as nutrition and sports bars, meat and dairy alternatives, powdered and ready-to-drink beverages, snacks, baking mixes, and better-for-you baked goods.

Archer-Daniels-Midland Company (ADM) also presents a comprehensive selection of pea protein solutions categorized as powdered protein (ProFam®), blends (MaxFlex™), and textured pea protein (AccelFlex™). Their product portfolio encompasses ProFam® Pea 580, along with AccelFlex™ PC 70 and PN 65, and many others, offering a diverse range to cater to various applications.  This comprehensive approach makes ADM's pea protein solutions ideal for the development and incorporation into innovative food and beverage products.

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Market Breakup by Product and Application:

• On the basis of the product, the market is divided into isolates, concentrates, and textured.

• The market can be segmented based on application into dietary supplements, bakery products, meat substitutes, and beverages, among others.

Key Findings of the Report:

• In South Korea, the flourishing dietary supplement industry presents a strong demand for pea protein as a natural ingredient. Secondly, consumer preference for health products derived from nature is a significant driver. Furthermore, this trend is expected to continue as the market for organic products expands and consumer awareness of their benefits rises. This confluence of factors suggests a promising future for the South Korean pea protein market expansion.

• In response to a growing market segment of individuals with lactose intolerance and a health-conscious population seeking protein sources free from lactose and gluten, pea protein presents a compelling solution.  Naturally rich in protein and essential nutrients, peas provide a plant-based alternative that effectively caters to this demand.

• The South Korean sports and fitness industry is experiencing a notable surge. This rise in health consciousness is driving demand for high-quality sports nutrition products. Pea protein, boasting an excellent amino acid profile and digestibility, has emerged as a popular ingredient in this sector due to its ability to effectively support athletic performance and overall well-being.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea pea protein market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for products and applications of pea protein in South Korea.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea pea protein market are Cargill, Incorporated, Roquette Frères S.A, Archer-Daniels-Midland Company, Ingredion Incorporated, and KWANGIL Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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