Summary
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 grew from $4.79 billion in 2022 to $5.22 billion in 2023 at a compound annual growth rate (CAGR) of 9.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The dried peas market is expected to grow to $6.62 billion in 2027 at a CAGR of 6.1%.
The dried peas market consists of sales of dried green peas and dried yellow peas.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Dried peas are defined as peas that are preserved by dehydrating or drying to concentrate the flavor and to extend the shelf life. They are used in food preparation such as pasta, cereals, and soups.
Asia-Pacific was the largest region in the dried peas market in 2022. The regions covered in the dried peas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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 are a good source of cholesterol-lowering fiber.
Green peas are small peas with a 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, food service or HoReCa, animal feed, pharmaceuticals and supplements, cosmetics and personal care, and food and beverage processing.
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 a lot of them are shifting towards a vegetarian diet as it would lead to lower blood pressure, and 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.
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 a 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 September 2022, Tata Consumer Product (TCP), an India-based consumer products company including food and beverages, launched Tata GoFit. Tata GoFit plant protein powder is plant-based, devoid of soy, lactose, and added sugar, and contains ingredients like peas and brown in rice ready-to-mix formula with added probiotics to enhance gut health.
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 countries covered in the dried peas market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The dried peas market research report is one of a series of new reports that provides dried peas market statistics, including dried peas industry global market size, regional shares, competitors with a dried peas market share, detailed dried peas market segments, market trends and opportunities, and any further data you may need to thrive in the dried peas industry. This dried peas market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
