Peas Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 4.30 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
Peas Market Analysis
The peas market is projected to register a CAGR of 4.3% during the forecast period.
- The increasing world population, mainly in the developing regions, is continuously driving the consumption demand for peas, which also acts as a major driving force behind the growth of the peas market. Yellow peas and green peas are commercially grown varieties, with yellow peas dominating global production.
- The various commercial varieties of peas, such as dry peas, yellow, green, maple, green marrowfat, and Austrian winter peas, are grown globally. The growing risk of obesity and other health issues among the population has shifted them toward a healthy diet. Dried peas, rich in nutrients such as calories, carbs, protein, vitamins, and fibers, help reduce cholesterol levels and the risk of cardiovascular diseases. This is driving the demand for consumption among the population around the globe.
- Besides human consumption, dried peas are also hugely utilized in the medical industry and animal feeds. The multipurpose uses drive the demand for peas.
- The increasing shift to plant-based protein, easy availability, and rising awareness about health are anticipated to drive the consumption of fresh peas globally in the upcoming years.
Peas Market Trends
Growing Demand for Pea Protein Consumption
- The increase in pea protein consumption is attributed to increasing consumer awareness regarding the benefits of preventive healthcare. Due to this, consumers in both developed and developing countries are opting for healthy plant-based protein, which is driving the peas market. Pea proteins extracted from yellow peas dominate the food industry. It is added to veggie burgers, energy bars, popcorn, milk, yogurt, and ice cream. Even in some cases, pea protein replaces soy protein isolates in processed foods.
- The increasing fitness-conscious population and a gradual shift to vegan protein diets from consuming meat products are driving the demand for peas in the market. Owing to their high nutritional qualities and increased western influence, pea proteins have gained popularity even in developing countries.
- Due to the development in developing regions/countries, players in the market are launching new products to meet consumer demand. For instance, in October 2022, Roquette, a global leader in plant-based ingredients and a pioneer of plant proteins, launched a new line of organic pea ingredients, organic pea starch, and organic pea protein in the North American and Europe markets to meet customer demand for protein-rich products in a broad range of on-trend categories. Therefore, the aforementioned factors drive the peas market globally and are anticipated to grow during the forecast period.
Asia-Pacific Dominates the Global Peas Market
- Asia-Pacific is the largest producer of peas globally. In 2021, dried and green peas produced 21.1 million metric tons. Peas are traded worldwide and grow well in winter or a cool environment. This legume originated in China and India but became popular as a commercial legume crop in the mid-century.
- In Asia, China and India are the largest peas-producing countries and have a significant production volume at the global level. India is the world's second-largest producer, consumer, and main importer of dried peas. The total production of peas in India was 6.7 million metric tons in 2021, ranked second in global peas production.
- Despite having huge production, the country cannot meet the demand of its large and rising population. The country's high consumer demand for dried peas has made India the importer of peas in the world. Thus, the factors such as expanding the area under cultivation and increasing concerns toward plant-based proteins, coupled with favorable conditions for the production of peas, are driving the market and are anticipated to grow during the forecast period.
Peas Market News
- October 2022: Roquette, a global leader in plant-based ingredients and a pioneer of plant proteins, launched a new line of organic pea ingredients, organic pea starch, and organic pea protein in the North American and Europe markets to meet customer demand.
- September 2022: Pea growers will have two new options for next year's growing season, with the commercial release of PBA Noosa and PBA Taylor - Agriculture Victoria's latest high-yielding pea varieties. PBA Taylor is the best variety to grow in environments prone to virus diseases as it has resistance to two viruses - pea seed-borne mosaic virus and bean leafroll virus.
- March 2022: Birsa Agriculture University (BAU) developed a new variety Birsa Matar-1 which is adaptable to the climatic condition of Jharkhand, India. The species is also resistant to pests and diseases, which helps to increase productivity.
Peas Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
5. MARKET SEGMENTATION
5.1 Geography (Production Analysis, Consumption Analysis by Volume and Value, Import Analysis by Volume and Value, Export Analysis by Volume and Value, and Price Trend analysis)
5.1.1 North America
5.1.1.1 United States
5.1.1.2 Canada
5.1.2 Europe
5.1.2.1 Russia
5.1.2.2 United Kingdom
5.1.2.3 France
5.1.2.4 Ukraine
5.1.3 Asia-Pacific
5.1.3.1 China
5.1.3.2 Australia
5.1.3.3 India
5.1.4 South America
5.1.4.1 Brazil
5.1.4.2 Argentina
5.1.5 Africa
5.1.5.1 South Africa
5.1.5.2 Egypt
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Peas Industry Segmentation
Peas are among the most important legume crops grown globally. It is the small spherical seed or the seed pod of the flowering plant species Pisum sativum. It has numerous usages for food and animal feed.
The global peas market includes production analysis (volume), consumption analysis (value and volume), export analysis (value and volume), import analysis (value and volume), and price trend analysis across the globe. The market is segmented by geography into North America, Europe, Asia-Pacific, South America, and Africa.
The report offers the market size and forecasts in terms of volume in metric tons and value in USD thousand for all the above segments.
| Geography (Production Analysis, Consumption Analysis by Volume and Value, Import Analysis by Volume and Value, Export Analysis by Volume and Value, and Price Trend analysis) | ||||||
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Peas Market Research FAQs
What is the current Peas Market size?
The Peas Market is projected to register a CAGR of 4.30% during the forecast period (2024-2029)
Which is the fastest growing region in Peas Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Peas Market?
In 2024, the Asia-Pacific accounts for the largest market share in Peas Market.
What years does this Peas Market cover?
The report covers the Peas Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Peas Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Pea Industry Report
Statistics for the 2024 Pea market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Pea analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
