Analysts at research firm Future Market Insights (FMI) predict that revenues from the pea protein market will surpass $104 million by 2026, with a compounded annual growth rate of 12 percent. One reason for this growth is the demand for replacing allergens and animal products in baking. While North America currently has the highest global demand for pea protein, FMI predicts that manufacturers will be targeting developing economies in the future. “Leading companies are looking to expand their production capacity and launch new product offerings in a bid to cater to growing demand for pea protein,” FMI said in a statement. Late last year, French company Roquette announced plans to build the world’s largest pea protein plant—a $400 million construction project—in Manitoba, Canada. The development of vegan products is largely responsible for the growth of the pea protein market as it is the key ingredient in many plant-based food items including Ripple’s vegan milk, Beyond Meat’s burgers, Coffee-Mate’s new vegan creamers, and more. A prediction made last year by food research firm Markets and Markets placed the pea protein sector at just $18.5 million by 2021—a number FMI predicts will be substantially higher by 2026.
Photo courtesy of Beyond Meat