Dried Peas Global Market Report 2024

The dried peas market size has grown strongly in recent years. It will grow from $5.16 billion in 2023 to $5.54 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth observed in the historic period can be attributed to factors such as the traditional culinary use of certain products, their long shelf life and storage capabilities, culinary versatility, agricultural practices, economic considerations, and the historical patterns of trade and distribution.

The dried peas market size is expected to see strong growth in the next few years. It will grow to $7.51 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The anticipated growth in the forecast period can be attributed to factors such as consumer education and marketing efforts, evolving dietary preferences, innovations in processing and packaging, the adoption of sustainable agriculture practices, and the increasing popularity of plant-based diets. Major trends expected in this period include a rising demand for plant-based protein, a focus on snacking and convenience, the expansion of meat alternatives, a continued emphasis on sustainable agriculture practices, and ongoing innovation in product forms.

The anticipated growth of the dried peas market is driven by an increasing number of individuals adopting a healthy lifestyle. This contemporary approach to health emphasizes illness prevention, the cultivation of a robust immune system to combat infections, and the pursuit of enhanced energy levels. In recent years, a growing awareness of health has prompted a significant shift towards vegetarian diets, known for contributing to lower blood pressure and improved cholesterol levels, thereby reducing the risk of heart attacks and strokes. A noteworthy example is the 2021 report from The British Nutrition Foundation, a UK-based entity, which indicated that 62% of Britons had altered their diets to prioritize health. This shift has not only impacted the overall dried peas market but has also contributed to the increasing demand for plant-based proteins, including peas, lentils, beans, and soy products.

The burgeoning trend of veganism among consumers is set to propel the growth of the dried peas market in the foreseeable future. Veganism involves a lifestyle that abstains from the consumption of animal products and by-products, and dried peas emerge as a nutritious, sustainable, and budget-friendly option aligning with this dietary choice. Dried peas can be seamlessly incorporated into a diverse array of vegan dishes, enhancing both flavor and nutritional content. A survey conducted in September 2021 by The Grocer, a UK-based magazine, revealed compelling insights into the UK market. The survey of 1,039 UK adults indicated that 15% of consumers had completely eliminated dairy from their diets, while an additional 42% significantly reduced their dairy intake. Furthermore, 20% of respondents expressed an increased preference for plant-based products overall. This growing trend of veganism among consumers is a significant driver fueling the growth of the dried peas market.

Companies in the dried peas market are increasingly diversifying their offerings by introducing pea protein-based powder. This versatile ingredient finds applications in a range of products, including ready-to-drink beverages, baked goods, and dairy foods. Pea protein, known for its higher protein concentration and well-balanced amino acid profile, serves as a suitable substitute for egg protein in products such as mayonnaise and offers an alternative to soy and wheat gluten. An exemplar of this trend is observed in the September 2022 launch of Tata GoFit by Tata Consumer Products (TCP), an India-based consumer products company specializing in food and beverages. Tata GoFit is a plant-based protein powder that is soy-free, lactose-free, and devoid of added sugar. Formulated with ingredients such as peas and brown rice, it offers a ready-to-mix formula and includes added probiotics to promote gut health. This highlights the industry's commitment to providing innovative and plant-based alternatives to meet evolving consumer preferences.

Major companies in the dried peas market are actively introducing new products such as organic pea starch and pea protein to enhance their profitability. These offerings, derived from organically grown peas, are free from synthetic pesticides, herbicides, and GMOs, making them crucial components for organic and sustainably sourced alternatives. An illustrative example is the October 2022 launch of organic pea starch and protein by Roquette Frères, a France-based company specializing in plant-based ingredients. This organic pea line is designed to meet the growing consumer demand for organically sourced peas while ensuring a transparent supply chain. Roquette emphasizes meticulous oversight from field to ingredient, focusing on optimizing value from every pea component, particularly starch and protein. Positioned as a pioneering move in the food industry, this product line caters to specialized nutrition, non-dairy options, and meatless alternatives, showcasing Roquette's commitment to innovation within the dried peas market.

In November 2021, Koninklijke DSM N.V., a Netherlands-based company with a focus on human and animal health and nutrition, successfully acquired Vestkorn Milling for a total of $73.7 million. This strategic acquisition was aimed at strengthening DSM's position in the alternative protein market, aligning with its broader strategy to develop a robust business in alternative proteins. Vestkorn Milling, the acquired company, is based in Norway and specializes in the production of protein, starch, and fiber derived from peas. This move signifies DSM's commitment to expanding its presence and capabilities in the growing alternative protein sector.

Major companies operating in the dried peas market report are The Kraft Heinz Company, Simplot Company, Ingredion Inc., Roquette Frères S.A., Del Monte Foods Inc., Greenyard Foods NV, TreeHouse Foods Inc., ConAgra Brands Inc., Bonduelle S.A., Keystone Foods LLC, Goya Foods Inc., Seneca Foods Corporation, Premier Foods PLC, AGT Food and Ingredients Inc., Conserve Italia S.p.A., Findus France SAS, The Scoular Company, Euroma (Netherlands) BV, C. F. Sauer Company, Cosucra Groupe Warcoing S.A., Meelunie BV, Herba Ingredients Limited, North Bay Trading Company, Vestkorn Milling AS, L.H. Hayward Ltd., Dakota Ingredients LLC, Green Giant Foods LLC, AM Nutrition LLC, Burlingame Foods Inc., Erbsen-Vertriebs-Zentrale eG (EVZ)

Asia-Pacific was the largest region in the dried peas market in 2023. The regions covered in the dried peas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the dried peas market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Dried peas are primarily categorized into yellow peas and green peas. Yellow peas, with a round shape and mild flavor, serve as a good source of cholesterol-lowering fiber. Green peas, also round but with a nuttier flavor, are typically dried and cut in half before being sold. Both varieties come in conventional and organic options, catering to diverse sectors such as household and retail, food service or HoReCa, animal feed, pharmaceuticals and supplements, cosmetics and personal care, and food and beverage processing.

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.

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.

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.