South Korea Pea Protein Market Report and Forecast 2024-2032

South Korea Pea Protein Market Outlook

The South Korea pea protein market size reached a value of more than USD 32.16 million in 2023. The South Korea pea protein industry is expected to grow at a CAGR of 10.5% between 2024 and 2032, reaching a value of USD 77.53 million by 2032.

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Key Trends in the South Korea Pea Protein Market

Peas are used to make pea protein, a high-quality and quickly assimilable source of protein. Due to its promising functional qualities, including water and fat binding, whippability, emulsifying, and foam stability, it has good potential as an ingredient for additive emulsions and other meat products. The pea protein isolates converted by enzymatic processes into functional proteins are similar to egg white proteins and soy protein isolates, making them a competitive high-protein product in the market.

Increasing Demand for Environmentally Safe and Healthy Dietary Supplements Aiding the Sales of Pea Protein in South Korea

The burgeoning dietary supplement industry and consumer demand for health products made from naturally sourced ingredients are driving pea protein demand in South Korea. Moreover, pea protein sales in South Korea are predicted to increase as a result of rising market demand for organic products and growing consumer awareness of them. Consumers in South Korea have been greatly affected by factors like healthy living and environmentally friendly dining. Although the nation's consumption of meat-based goods is still relatively substantial, more and more people are switching to meat-free options in recent years. Other factors like rising disposable income and high living standards also propel the pea protein market growth in South Korea.

Lactose-Intolerance and Numerous Health Benefits are Propelling the Growth of the Market in South Korea

The number of lactose-intolerant people and health-conscious customers has significantly increased. These customers want proteins and ingredients devoid of lactose and gluten. Peas are a high protein and nutrient-rich food that naturally sources gluten- and lactose-free pea proteins. As a result, customers want vegan protein isolates to meet their nutritional needs. Peanuts, eggs, tree nuts, fish, shellfish, wheat, cow's milk, and soy are the top eight food allergies, and pea protein powder is naturally vegan, dairy-free, and gluten-free,. Iron, manganese, folate, copper, phosphorus, vitamins B6, molybdenum, B2, niacin, fibre, and vitamins A, K, and C are all abundant in pea protein. It can support heart health, weight loss, and muscle building, which attracts young consumers the most.

Market Analysis

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Based on product, the South Korea pea protein market is segmented into isolates, concentrates, and textured. Based on application, the pea protein market of South Korea is divided into dietary supplements, bakery products, meat substitutes, and beverages, among others. 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South Korea pea protein market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans. 

• Cargill, Incorporated

• Roquette Frères S.A

• The Archer-Daniels-Midland Company

• Ingredion Incorporated

• KWANGIL Co., Ltd

• Others

Market Share by Product

Dry-milling and wet-milling techniques are used to create pea proteins, with protein contents ranging from 48% to 90%. Major functional characteristics of pea protein concentrates and isolates include nutritional advantages, water-binding capability, gelation, whippability, oil-binding capability, foam expansion, emulsion stability, foam stability, and emulsion ability ratio. Moreover, textured pea protein is a substance made from peas to make high-protein, plant-based meat substitutes. With a pleasant taste and attractive texture, TPP is a naturally gluten- and soy-free product that pairs well with other ingredients in a variety of applications, which boosts the demand for pea protein in the food and beverage industry.

Market Share by Application

As a result of the COVID-19 pandemic, many key players are concentrating on maintaining their business while also creating life-sustaining meals, superfoods and health supplements to provide clients goods with high nutritional properties. Pea protein was primarily used in plant-based meat products as a meat replacement in the past, where it had few other uses. However now the manufacturers are actively creating novel plant-based products and have successfully incorporated a range of pea protein usage. It is currently present in a wide variety of products, including nutrition bars, protein powders, cereals, snacks, beverages, ready-to-eat meals, meal-replacement drinks, bakery, neutraceuticals and dairy alternatives.

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Competitive Landscape

Roquette Frères S.A - Roquette Frères S.A is a family-owned industry pioneer in plant-based ingredients, one of the largest manufacturers of pharmaceuticals, and a pioneer in plant proteins. The 1933-founded business now boasts a global workforce of over 8,000 employees, a 3.9 billion euro annual revenue, and operations in over 100 countries. Its main office is in Lestrem, France, where it was established in 1933.

The Archer-Daniels-Midland Company- Archer-Daniels Midland is a significant oil seed, corn, wheat, and other agricultural commodity processor. Furthermore, the business has a vast network of logistical resources that it uses to store and ship crops all over the world. Additionally, ADM owns and operates a nutrition company with a focus on both human and animal products. The business is also a significant producer of ethanol, starches, and sweeteners made from corn. the firm was established in 1902 and headquartered in Chicago, Illinois.

Key Highlights of the Report