Field Peas Market 2020 Global Industry Growth Analysis, Segmentation, Size, Share, Trend, Future Demand and Top Players by 2024
Research Reports
Jan 11, 2021
Market Overview
The Global Field Peas Market for pet food size can touch USD 2,417.6 million by 2024, as per the findings of Market Research Future (MRFR). It can exhibit 5.85% CAGR from 2018 to 2024. Pet foods which are nutrient-dense and protein-rich in content are in high demand by pet owners. Field peas are rich in amino acids, minerals, vitamins, and other nutrients. They have come up as a viable substitute in lieu of potato-based foods being linked to cardiovascular diseases in dogs.
The uptick noticed in pets being treated as part of families is likely to drive the demand in the Field Peas Market for pet food. This is evident with nearly 2.7 million animals are being adopted in the U.S. from animal shelters. Concerns regarding filler ingredients such as grain and meat-by products has called for the need for natural or organic sources of raw materials to be included in pet foods. Preference towards plant-based protein sources considering various vegan pet owners can work in favor of the market. Furthermore, functional benefits of field peas and its genetically modified (GM) free nature is expected to drive its market growth.
Competitive Analysis
Notable players in the field peas market for pet food are Palouse Brand (U.S.), Great Northern AG (U.S.), George F. Brocke & Sons Inc. (U.S.), AGT Food and Ingredients, Inc. (Canada), Crites Seed Inc. (Europe), Columbia Grain International, LLC (U.S.), and Ceres Global Ag Corp (U.S.).
Segmentation
The field peas market for pet food is segmented by type and application.
By type, the chickpeas segment is expected to grow at a robust CAGR of 6.51% over the forecast period to accrue a valuation of USD 618.7 million by 2024. The segment can accrue a demand of 956.8 thousand tons by 2024 at a CAGR of 5.03% during the assessment period. Chickpeas fit into the category of natural foods owing to its high nutritious content. The ability of the legume to maintain blood sugar level and high immunity levels in pets can be credited for its high growth rate. On the other hand, the peas segment can reach a value of USD 1,535.7 million by 2024.
By application, dog food is expected to be the largest segment touted to generate close to USD 1,475.9 million by 2024. It can create a demand of 2,362.4 thousand tons by 2024 at a CAGR of 4.84% during the forecast period. On the other hand, the cat food segment is projected to generate USD 654.7 million by 2024 owing to the need for grain-free and natural ingredients.
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Regional Analysis:
Region-wise segmentation of the field peas market for pet food includes North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). Among them, Europe accounted for 34.5% market share in 2017, followed by North America (31.1%), RoW (22.1%), and APAC (12.3%).
The North America field peas market for pet food can accrue USD 737.1 million by 2024 at a CAGR of 5.56% during the forecast period. The market volume can touch 1,1195.3 thousand tons by the end of the assessment period. This can be credited to expanding use of legumes in pet foods to heighten the immunity levels of pets. Increasing pet humanization and adoption of pets in the U.S. and Canada can create massive demand for the market till 2024.
The Europe region can exhibit a high CAGR of 5.71% to generate close to USD 826.1 million by 2024. Rising demand for natural ingredients and strict ingredient labeling policies to protect pets can drive the market demand of the field peas market for pet food. Novel product launches and experimentation with new flavors are strategies of players residing in the region to gain the upper hand in the market.
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About Market Research Future
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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