Field Peas Market Size To Expand at a Notable CAGR Of 7.43% During 2022 - 2030

May, 2023- Market Research Future has published a report on the Global Field Peas Market

Overview:

The global field peas market for pet food size is estimated to accrue USD 5,523.2 million by 2030, states Market Research Future (MRFR) in its latest report.  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 in light of 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.

New product launches which adhere to strict labeling requirements can drive its growth exponentially. Inclusion of functional foods or nutraceuticals is likely to bolster the demand of the field peas market for pet food. But intolerance of peas in pets, fluctuating prices of field peas, and rigid attitudes of owners relating to pet feeds are some of the challenges in the market.

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 2030. The segment can accrue a demand of 956.8 thousand tons by 2030 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 2030. It can create a demand of 2,362.4 thousand tons by 2030 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 2030 owing to the need for grain-free and natural ingredients.

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 2021, 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 2030 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 2030.

The Europe region can exhibit a high CAGR of 5.71% to generate close to USD 826.1 million by 2030. 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.

On the other hand, the APAC region can exhibit 6.51% CAGR during the forecast period to reach a value of USD 311.4 million by 2030. While the RoW region can touch a value of USD 543 million by 2030.

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.).