The global pea processed ingredients market is expected to value at USD 3.1 billion in 2021 and is projected to reach nearly USD 5.0 billion by 2026, growing at a CAGR of 10.1% during the forecast period (2021-2026). The market for pea processed ingredients is segmented on the basis of different types, applications, forms, and regions. By different types, the market has been segmented into protein, starch, flour, and fiber. Pea protein is further segmented into isolates, concentrates, and textured. The Pea protein segment dominated the market in 2020 and is expected to display a similar trend in the coming years. This is mainly due to the rising demand for healthier ingredients and awareness of the benefits offered by pea protein. By different applications, the market has been segmented into food, beverage, and others that includes pet food, feed, and industrial. The food segment dominated the market in 2020 owing to the increasing demand for meat and meat substitute products among the population. The food segment is further segmented into meat & meat substitutes, bakery, performance nutrition, functional foods, confectionery, snacks, and other food applications that include pasta, sauce, vermicelli, etc. By different sources, the market has been segmented into yellow split peas, chickpeas, and lentils.
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The key players in this market include Emsland Group (Germany), DuPont (US), Kerry (Ireland), COSUCRA Groupe Warcoing SA (Belgium), Roquette Frères (France), Vestkorn Milling AS (Norway), Ingredion Incorporated (US), Axiom Foods, Inc (US), Felleskjøpet Rogaland Agder (Norway), AGT Food and Ingredients (Canada), Parrheim Foods (Canada), Puris Foods (US), Meelunie B.V (Netherlands) among others.
Major players in the pea processing ingredients market are mainly focusing on upon rapid investments in the developing economies to grab a greater number of customers in the coming years. Further, the companies are also focusing upon a strategic partnership with the food manufacturers, beverage manufacturers, feed manufacturers, and pet food manufacturers to help them develop products infused with plant based ingredients thereby enhancing the customer base
The core strength of the key players identified in this market is their growth strategies such as new product launches, strategic merger and acquisition, certifications, and expansions among others. Undertaking new product launches and expansions have enabled the market players to enhance their presence in the pea processed ingredients market. Some of the key strategies followed by the key players are mentioned below:
Coscura Groupe Warcoing SA is keen on focussing a strong geographical reach and well-organized global markets across the world. The company has adopted strategies such as strategic investments and business expansion to establish its presence in the pea processed ingredients market. Further, it is focusing on continuous expansion in the Asia Pacific region, South America and Middle East and Africa. The company has already developed strong partnership with more than 2,000 manufacturers in the food industry for chicory and pea-derived ingredients across the globe.
Roquette Freres is focussing on establishing new manufacturing facilities to produce pea based ingredients such as pea protein, starch, fiber and flour to meet the growing demand for plant based ingredients infused in the food and beverage products. The company also focuses on developing new products related to pea processed ingredients, which will strengthen the company’s existing product portfolio. It is also making additional investments to strengthen its position in the pea processed ingredients market.
Ingredion Incorporated is focused on strong brand recognition in the plant-based ingredients market. It caters to various business segments and has a strong geographical reach across regions. It holds a significant share of sales in the North American pea processed ingredients market. The company has adopted investments and expansions as a strategy to expand its product portfolio. Rising demand for pea processed ingredients from the pet food industry is resulting to new product developments by Ingredion thereby attracting greater customer attention.
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Consumers in the North American region are gradually shifting their diet preferences and are going vegan due to the health and wellness benefits associated with it. This paradigm shift in food culture is being supported by health & fitness industries, medical communities, celebrities, and athletes, which has bolstered the demand for pea-based food ingredients. The rising incidences of obesity, cardiovascular diseases, and diabetes among the American population have also prompted consumers to adopt vegan diets.
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