Pea protein is a natural ingredient, and the market demand for soy products has increased sharply, which has also driven the pea protein market to soar. Pea protein has long been popular as a healthy alternative to other plant and dairy proteins. In 2016, the global market volume for pea protein will exceed 12,598 metric tons, with a market value of $34.4 million.
In the past few years alone, pea protein has been widely used in food and beverages. A few days ago, Foodaily reported that pea protein has obtained the FDA’s GRAS (Generally Recognized as Safe) certification, which may further stimulate its application and promotion.
In addition to direct consumption, demand for pea protein for baking has also been growing. Pea protein is a non-allergenic, non-GMO protein. Consumer perceptions of pea protein are influencing food manufacturers to incorporate it into product ingredients.
In 2016, dietary supplements will continue to be the largest application area of pea protein, accounting for 40.5% of the global market revenue. Baking & Snacks is another major application area, which will be worth $10.3 million in 2016, an increase of 10.9% compared to 2015.
Among all forms of pea protein products, the demand for concentrates is the highest, accounting for 32% of the global market revenue in 2016.
North America will continue to lead global demand, increasing its share of revenue to 35.3% in 2016. The widespread use of pea protein in the form of raw materials by major manufacturers will drive the demand for pea protein in the entire market.
Roquette Frères, Cosucra Groupe Warcoing, Nutri-Pea Limited are global leaders in the field of pea protein. At present, the global pea protein market is highly fragmented. In 2015, the top three companies accounted for about 50% of the total revenue. Leading companies are seeking to increase productivity and launch more new products to meet the growing market demand for pea protein. Developing economies will continue to be a key target market for pea protein producers in 2016 and beyond.