Dried Peas Market Growth Rate, Latest Trends, Industry Insights And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Dried Peas Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 in the historic period can be attributed to traditional culinary use, long shelf life and storage, culinary versatility, agricultural practices, economic factors, historical 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 growth in the forecast period can be attributed to consumer education and marketing, changing dietary preferences, innovations in processing and packaging, sustainable agriculture practices, growing plant-based diets. Major trends in the forecast period include plant-based protein demand, snacking and convenience, expansion of meat alternatives, sustainable agriculture practices, innovation in product forms.

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Market Drivers and Trends:

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, in 2021, according to The British Nutrition Foundation, a UK-based company reported that 62% of Britons have changed their diets to become healthier. This has increased the dried peas 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.

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Major Key Players of the Market:

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)

Dried Peas Market 2024 Key Insights:

• 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%.
• Dried Peas Market Thrives As Consumers Embrace Health-Conscious Lifestyles
• Dried Peas Firms Redefine Product Offerings For Diverse Applications
• Asia-Pacific was the largest region in the dried peas market in 2023

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