The pea processed ingredients market is poised for significant growth, with a steady Compound Annual Growth Rate (CAGR) expected between 2021 and 2031. A key driving force behind this surge is the increasing popularity of gluten-free products. Moreover, the rise of veganism is reshaping dietary preferences globally, with a growing number of individuals choosing plant-based alternatives due to concerns about animal cruelty and the adverse effects of meat consumption on health.
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Veganism Trend and Government Initiatives: The veganism trend is gaining momentum, evident in the substantial increase in the number of vegans. In the U.K. alone, there was a remarkable 300% increase from 2014 to 2018, reaching nearly 600,000 vegans, according to ‘The Vegan Society.’ Governments are also contributing to this shift by launching initiatives to encourage vegetarian lifestyles. For instance, the Chinese government’s dietary guideline advocating a 50% reduction in meat consumption is indicative of a global movement towards plant-based diets, further propelling the growth of the pea processed ingredients market.
Market Segmentation: The pea processed ingredients market can be segmented into various types, including starch, protein, flour, and fiber, derived from chickpeas, yellow split peas, and lentils. These ingredients find extensive applications in meat and meat substitutes, bakery, performance nutrition, snacks, confectionery, beverages, and more, ensuring robust growth for the global market.
TMR W.I.N Approach: Transparency Market Research (TMR) adopts the W.I.N Approach, which focuses on providing Wholesome Competitive Insights, Important Trends, and Noteworthy Regions. This approach ensures accurate and relevant information for stakeholders and CXOs, making TMR a leading research company in the industry.
Competitive Landscape: The pea processed ingredients market features intense competition, with players vying to attract a substantial consumer base. Research and development activities play a crucial role in developing new formulations and incorporating these ingredients into various food products, fostering market growth. Strategic collaborations also contribute significantly to the market’s trajectory. Notable players include Groupe Warcoing SA, Emsland Group, AGT Food and Ingredients, Meelunie B.V, Axiom Foods, Inc., and Felleskjøpet Rogaland Agder.
Important Trends:
- Rising Popularity of Pea-Based Proteins: Pea protein, being hypoallergenic and vegan, is in high demand for shakes and smoothies, promoting weight loss, muscle growth, and heart health. This trend significantly boosts the growth prospects of the pea processed ingredients market.
- Growing Demand for Clean Food Labels: The increasing preference for clean label foods is driving the popularity of pea processed ingredients. These ingredients enhance the texture, stability, and consistency of products, particularly in meat and meat substitutes, contributing to the exponential growth of the market.
Noteworthy Regions: North America is expected to dominate the pea processed ingredients market during the forecast period. The region’s increasing inclination towards veganism, coupled with the food and beverage industry’s focus on developing diverse pea-based products, will contribute significantly to market growth.