- With growing awareness about advantages of plant-based diet, worldwide population is increasing use of peas, legumes, and beans. This factor is likely to help in expansion of dried peas market during 2020–2030
- On regional front, Asia Pacific is estimated to offer lucrative avenues for dried peas market
ALBANY, N.Y, Nov. 5, 2020 /PRNewswire/ -- Growing inclination among worldwide population to purchase and store shelf-stable products during COVID-19 pandemic has resulted into upward graph of sales in the global dried peas market. Industry leaders are growing the use of various techniques such as roasting to enhance the taste and nutritional value of their products. Green peas and yellow peas are two types of products available in the market for dried peas.
Analysts at Transparency Market Research note that the global dried peas market will show moderate growth during the forecast period of 2020 to 2030 and gain valuation of approximately US$ 6 Bn by 2030 end. One of the key factors driving market sales is increased use of mobile apps and e-commerce sites to purchase grocery during COVID-19 outbreak. This aside, manufacturers are growing expenditure on research activities to advance the product quality. This factor is foreseen to boost the sales in dried peas market in the years ahead.
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Key Findings of Dried Peas Market Report
- The global dried peas market is predicted to gather the valuation of over US$ 4.5 Bn by 2020.
- It is likely to grow at moderate CAGR of 2.9% during assessment period 2020–2030.
- Thus, the market for dried peas is foreseen to account for about US$ 6 Bn by the end of 2030.
- Organic peas segment in the dried peas market is predicted to show growth at 5.5% CAGR during forecast period.
- Based on end use, the food and beverage segment holds largest market share.
- In terms of product type, the yellow peas is leading segment that holds over 60% shares of the global dried peas market.
- Asia Pacific is lucrative region that holds almost 50% of market share.
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Dried Peas Market: Key Driving Factors and Promising Avenues
- Major population from across the globe is inclined toward accepting plant-based diet. One of the key reasons behind this shift in consumer behavior is increased awareness about the health benefits of beans, legumes, and peas in protecting an individual from various health issues including cardiovascular diseases (CVDs). Thus, this growing trend of plant-based diet is helping in expansion of the global dried peas market.
- Increased use of pea protein powder as a meat substitute is likely to push the market growth in the years ahead.
- Major vendors working in the dried peas market are launching innovative products, which can be blended with various products such as baked goods, dairy foods, and ready-to-drink beverages. This strategy is likely to help in generating demand avenues in global dried peas market in the assessment period 2020–2030.
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Dried Peas Market: Competitive Assessment
- The global dried peas market experiences existence of considerable number of active players. As a result, the competitive landscape of the market for dried peas is moderately intense.
- Industry leaders are growing expenditure in research and development activities. This strategy is helping them introduce innovative products as well as maintain their leading market position.
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- The list of key companies working in the dried peas market includes L.H. Hayward and Company, Goya Foods, Inc., AGT Food and Ingredients, Meelunie BV., Dakota Dry Bean, Premier Foods plc, Cosucra Groupe Warcoing S.A., Roquette Frères, AM Nutrition, Herba Ingredients, The Scoular Company, and Ingredion Inc.
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The Dried Peas Market can be segmented as follows:
- Green Peas
- Yellow Peas
- Food and Beverage Processing
- Cosmetics and Personal Care
- Pharmaceuticals & Supplements
- Animal Feed
- Direct Sales
- Indirect Sales
- Hypermarkets/ Supermarkets
- Convenience Stores
- Specialty Stores
- Independent Small Groceries
- Online Retail
- Other Retail Formats
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
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Cowpeas Market - Cowpeas have garnered immense popularity around the world over the past few years due to a range of factors, including increasing consumer demand for plant-based proteins, significant rise in the number of vegans and herbivore population worldwide, and growing consumer awareness pertaining to the benefits and properties of natural legumes. The production of cowpeas continues to grow in several regions around the world, owing to nutraceutical and nutritional properties and favorable social and economic production parameters– a trend that is expected to bolster the growth of the global cowpeas market during the forecast period.
Textured Pea Protein Market - The increasing demand for plant-based meat protein has resulted in rise in demand for textured pea protein products, thus propelling the growth of the textured pea protein market. Due to its functional properties and innovation in textured pea protein such as isolation of starch fiber to mimic meaty texture, manufacturer are moving from soy to textured pea protein products. Textured pea protein has functional benefits, particularly in gluten free applications, which include gelation, and increased browning and water holding. The growing acceptance of veganism and plant-based (vegan) eating habits is fueling consumer demand for meat substitutes. The sensory attributes of plant-based meat, including its aroma, texture, unique taste, and mouth feel, are highly appreciated by consumers.
Pea Fiber Market - Dietary fibers are an essential nutrient for the maintenance of human health and pose strong physiological effects on the human body. Pea fiber, a widely used plant-based dietary fiber is extracted from the pods/seeds of the pea plant. Pea fiber is commonly used as a food additive to increase the amount of fiber in food products such as bread, tortillas, pasta, snack foods, biscuits, crackers, nutrition bars, and dietary supplements. The food manufacturers are incorporating pea fibers in the different end food products in order to enhance the fiber nutrient profile of the food product. The US Dietary Guidelines identify fiber as a nutrient of concern because most Americans do not consume the recommended dietary fiber intake is 14g/1,000 kcal which is estimated to be a daily intake of 25g (female) or 38g (male).
Pea Milk Market - Plant based milk alternatives are gaining immense popularity across the globe mainly attributed to growing trend towards clean label products. Today consumers worldwide are demanding for drinks that are organic and at the same time healthy. Pea milk is a recent innovation in the dairy industry wherein manufacturers are looking for inexpensive solution to fulfill the growing demand for protein across the globe. Pea milk is extracted from yellow peas and constitute same amount of protein as delivered by cow milk and way more than that present in almond milk. Milk extracted from peas is cost effective, produces a clean taste and does not delivers strong flavor as other plant based milk available in the market. The global pea milk market is expected to represent significant growth opportunities owing to its impressive acceptance among consumers. Other nondairy milk currently available in the market include, soy, almond, rice, coconut, oats and others.
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