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Dried Peas Global Market Report 2021: COVID-19 Growth And Change

Dried Peas Global Market Report 2021: COVID-19 Growth And Change

  • August 2021
  • 175 pages
  • ID: 6130142
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the dried peas market are Vestkorn Milling AS, AGT Food and Ingredients, Cosucra Groupe Warcoing S.A., Dakota Ingredients, Goya Foods Inc., Ingredion Inc., Roquette Frères, and The Scoular Company.

The global dried peas market is expected to grow from $4.01 billion in 2020 to $4.37 billion in 2021 at a compound annual growth rate (CAGR) of 9.12%. The growth is mainly due to increasing number of people shifting to veganism and increasing health conscious customers. The market is expected to reach $5.58 billion in 2025 at a CAGR of 6.29%.

The dried peas market consists of sales of dried peas by entities (organizations, sole traders, and partnerships) that are engaged in the production of dried peas.Dried peas, also known as field peas, when dried are used in food preparation such as pasta, cereals, and soups.

Dried peas are considered a very good source of potassium, cholesterol-lowering fiber, and two B–Vitamins, protein, and contain almost no fat. They help lower cholesterol, maintain blood sugar levels, and lower high blood pressure.

The main product types of dried peas are yellow peas and green peas.Yellow peas are small peas with a round shape and a mild flavor and is a good source of cholesterol-lowering fiber.

Green peas are small peas with round shape and a nuttier flavor.Before being sold, they are normally dried and then cut in half.

It has both conventional and organic nature and is used in household and retail, foodservice or HoReCa, animal feed, pharmaceuticals and supplements, cosmetics and personal care, food and beverage processing.

Asia Pacific was the largest region in the dried peas market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Dried peas companies are increasingly offering pea protein based powder which can be incorporated in ready-to-drink beverages, baked goods, and dairy foods.Pea protein has a higher concentration of protein and well-balanced profile of amino acids and can be used as a substitute for egg protein in products such as mayonnaise and as an alternative to soy and wheat gluten.

For instance, in 2019, US based food company, Cargill launched a new versatile pea protein powder Radipure, which is made from non-GMO (Genetically Modified Organisms) dried peas.

In November 2020, Ingredion Inc., a US-based ingredient solutions company acquired Verdient Foods for an undisclosed amount. The acquisition will enable Ingredion Inc. to accelerate net sales growth, expand manufacturing capabilities, and collaborate with customers to meet the rising demand for plant-based foods. Verdient Foods is a Canada-based company that produces plant-based proteins derived by producing peas, lentils, faba beans, and other sources.

The increasing number of individuals preferring a healthy lifestyle is expected to propel the growth of the dried peas market in the coming years.A healthy lifestyle in people nowadays helps fight illness, focuses on a strong immune system to prevent fight infections, and more energy.

In recent years, people have been taking care of their health and hence lot of them are shifting towards a vegetarian diet as it would lead to lower blood pressure, improved cholesterol levels, which reduces the chance of a heart attack and stroke.For instance, according to FMCG Gurus 2020 survey report, 59% of consumers around the world have become more conscious about their health.

This has increased the market for plant-based proteins as well which include, peas, lentils, beans, and soy products.

The countries covered in the Dried Peas market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

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