Peas Market

Peas Market Size, Growth, Trends and Forecast:

Peas Market is projected to hit the CAGR of 4.3% during the forecast period 2022 - 2027. The increasing population of the globe is steadily driving demand by consumers for dry peas, which is a significant factor in pea market growth, in the emerging areas.

In addition, increased spending on human health research is expected to increase the importance of gluten-free pea protein isolates in the food and beverage industry. Growing concerns about disorders in livestock and poultry are expected to play a crucial role in reducing the application of animal protein, which in turn will drive demand for the product. The growth is driven by the increasing demand for products due to the increasing awareness of consumers to adopt healthy diets and active lifestyles.

Peas are the fourth largest legume crop, after soybeans, peanuts, and beans. They are cold season crops with many uses for food and feed. Peas are a grain legume that produces high protein foods for animal and human nutrition. The increasing population of the globe is steadily driving demand by consumers for dry peas, which is a significant factor in pea market growth, in the emerging areas in particular.

Impact of COVID-19 on the Peas Market:

The COVID-19 outbreak has moderately affected the food industry, as global economic shocks from the pandemic have changed food consumption patterns. The food ingredients market has been hit hard by supply chain disruptions, suspension of operations, and various other factors that are hampering the growth of the market. Subsequently, this impacted the growth of the global pea market.

Manufacturers have encountered difficulties in sourcing peas from various parts of the world, which has now affected the production and subsequently the price of peas. However, the demand for peas from food, nutraceutical, and other industries is increasing. Thus, a gap has emerged between the supply and demand for pea protein on the world market. However, as restrictions are relaxed, industrial activities have resumed around the world, resulting in increased sales of pea protein. Overall, the coronavirus pandemic is expected to have a moderate impact on the global pea protein market.

Recent Developments:

• In 2019, Emsland Group (Germany) launched two new pea protein ingredients to serve food applications such as drinks, ice cream, desserts, and others. These protein isolates are intended for use in functional meals and healthy foods.
• In 2019, Cargill Inc. (USA) invested $ 75 million in Puris (USA) to boost the production of pea protein, starches, and fiber. This investment was made primarily to increase the production of pea protein, starches, and fiber, which has enabled the company to meet growing demand from food and beverage manufacturers around the world.
• In 2020, Rouquette Frères (France) signed a multi-year partnership with Beyond Meat (United States) to supply its pea protein for the Beyond Meat line of plant-based meat products. The association should increase the amount of pea protein from Roquette Frères to the partner company Beyond Meat.

Drivers and Restraints of Peas Market:

Drivers:

• The growing demand for pea protein ingredients is driving the market. The growing fitness-conscious population and the progressive transition to vegan protein diets due to meat consumption are factors that drive demand for peas on the market. Pea protein has gained appeal in emerging nations, because of its strong nutritious properties and its increasing western influence.
• In the allergen-free trade, pea protein is regarded as an allergy-free ingredient a bright future for pea protein more and more consumers are avoiding glutamic products. The rise of “Protein Mania” around the world is also benefiting the pea protein market. Health is a major concern for most people. Some people exercise to keep their bodies in shape, while others go for diet and nutrition.
• The vegan and vegetarian population depend on plant proteins for their nutrition. People choose a vegan diet because they consider it healthy. Pea protein is the best source of nutrition for vegan and vegetarian consumers.
• Furthermore, increasing product innovations with special functions, including energy balancing, loss of weight, muscle regeneration, and satiety, in terms of manufacture are predicted to offer huge potential for the industry.

Restraints:

Increasing extraction and processing costs, along with low processing output, act as market constraints for the growth of the pea market. In addition, the predominant consumption of wheat, soybeans, tempeh, tofu, and textured vegetable protein as meat substitutes will pose a substitution threat to the market for years to come. The high visibility in the dairy ingredients and soy protein market should force pea and pea suppliers to develop new strategies to increase their visibility in the market.

Peas Market Segmentation:

By Type, the isolates segment is expected to account for the largest share in 2019 in the pea protein market. Pea protein isolates are seeing an increase in applications such as high-performance fitness-conscious nutrition products, candies, grains, plant-based dairy products, and plant-based meat products.

By Application, the meat substitute’s sub-segment in the application segment is expected to account for the majority during the forecast period. The use of pea protein is increasing in the meat substitute industry as its functional properties facilitate the production of meat substitutes including burgers and ground beef.

By Form, the dry segment is expected to dominate the market. The pea flour extracted in the powder form during the process is dry pea protein. Textured dry pea protein is comparatively durable compared to conventional protein sources and offers improved functionality, thus increasing its range of applications.

Regional analysis:

• North America dominated the global pea market and accounted for over 44% of global sales in 2020. Growing demand for gluten-free products heightened concerns about cardiovascular disease (CVD) caused by meat consumption red and strong growth of sports nutrition. In North America is expected to drive the regional market over the anticipated years.
• Asia-Pacific is expected to be the fastest-growing regional market for the forecast years due to the increased consumption of nutrient-enriched functional food products. The growing demand for allergen-friendly meat substitutes and sports and fitness supplements is also expected to drive market growth.

Key players:

The major players in the global peas market are Rouquette Freres, Puris Foods, Emsland Group, Fenchem Inc, DuPont, Axiom Foods Inc, Burcon Nutrascience Corp, Cosucra Groupe Warcoing, SotexPro, AGT Foods, Shandong Jianyuan Foods Co., Ltd., The Green Labs LLC, A&B Ingredients, Glanbia PLC, The Scoular Company, Yan Tai Shuang Ta Food Co., Ltd., Kerry Inc, ET-Chem, Ingredion and Batory Foods.