Pea Protein

AN ANALYSIS OF THE NEW ZEALAND AND EXPORT MARKETS FOR POTENTIAL INVESTORS IN PEA/LEGUME PROTEIN ISOLATE FACILITIES

Report commissioned by NZTE. Includes the Main report and the Supplementary analysis and findings.

An analysis of the NZ and export markets for the potential investors in Pea/Legume protein isolate facilities

New Zealand is a 530 tonne plant-based protein market. New Zealand experienced 53% CAGR growth (2010-2021) in pea protein demand, primarily driven by sports nutrition (85%) and alternative meats (14%). The country anticipates a 10x increase in demand over the next decade. Leveraging strengths in dairy and meat, New Zealand is well-positioned for plant-based food, with pea protein isolates dominating at 90% of total demand. The sports nutrition sector thrives domestically, accounting for 66% of demand, while alternative meats find a robust market with 85-90% domestic sales in supermarkets. The potential for an additional 3,000t+ demand arises in pea-based alternatives to UHT milk, infant formula/toddler milk, premium pet food, and other smaller domestic categories. In the global market, the US stands out as the major market and importer (50-60kt) for New Zealand-produced bulk pea protein isolate, with other high potential markets including Japan, South Korea, Singapore, Australia, and Canada. Export pricing for pea protein isolate from New Zealand is estimated to range between US$2,000 and US$5,600 per metric tonne, with a +10% premium over world prices.

Feb 2023

Supplementary Material to our analysis

The additional analysis and insights on the NZ Pea/Legume sector include:

1) Qualitative results from New Zealand key buyer interviews

2) Information on New Zealand pea production

3) Detailed trade data and analysis

4) Drivers of domestic pea protein demand

5) Additional detail on defined high potential markets

6) Profiles of potential New Zealand domestic buyers of pea protein

Feb 2023