Field Peas Market Report Predicts Impressive Growth by 2023 just published

Market Highlights

Global Field Peas Market for pet food could touch the valuation of USD 2,417.6 million by 2024, says Market Research Future (MRFR). It can achieve a CAGR of 5.85% CAGR during the forecast period (2018-2024), adds MRFR.

Market Boosters and Top Barriers

The uptick noted in the adoption rate of pets, and their rising importance in families lifts the demand for the field peas market for pet food. This factor is evident in the report that says almost 2.7 million animals are adopted in the United States (U.S.) from animal shelters every year. Concerns pertaining to filler ingredients like meat-by-products and grain calls for the need for natural sources of raw materials in pet foods. Inclination towards plant-based protein sources by several vegan pet owners favors the market too. Moreover, functional benefits of field peas, in addition to its genetically modified (GM) free nature, stimulate the market growth to a large extent.

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Significant Companies

Significant pet food manufacturers within the Field Peas Market for pet food include Crites Seed Inc. (Europe), Columbia Grain International, LLC (U.S.), Great Northern AG (U.S.), AGT Food and Ingredients, Inc. (Canada), Palouse Brand (U.S.), Ceres Global Ag Corp (U.S.) and George F. BROCKE & Sons Inc. (U.S.)

Regional Analysis

The main markets for Field Peas Market for pet food are Europe, North America, Asia Pacific (APAC), along with the Rest-of-the-World (RoW). In 2017, MRFR calculated Europe’s portion in the market to be 34.5% whereas North America accounted to 31.1%, RoW came to 22.1%, and APAC could manage to accumulate almost 12.3% of the overall market.

APAC could display a CAGR of 6.51% during the review period, nudging the market towards the valuation of USD 311.4 million by 2024. The focus on nutritious pet food has given way to a variety of grain-free options by manufacturers in the region. In 2017, Japan noted the highest growth in the field peas for pet food market in APAC. Meanwhile, Australia and China offer numerous growth opportunities to pet food manufacturers as well. RoW is on the way to attain the valuation of USD 543 million by 2024.

Market Segmentation

Global Field Peas Market for pet food has been segmented with respect to type and application.

Considering the application, the market can be broken down into dog food, cat food, and others. The dog food segment covers the maximum portion of the market and is predicted to attain the valuation of USD 1,475.9 million by forecast end. It is slated to create a demand of 2,362.4 thousand tons by 2024 at a growth rate of 4.84% during the evaluation period. Furthermore, the cat food segment can reach the valuation of USD 654.7 million by 2024 based on the increasing need for grain-free and natural ingredients.

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