The global market for field peas in the pet food sector has experienced sustained demand over recent years, showcasing a robust trajectory poised to reach USD 2,417.6 million by 2024, projecting a Compound Annual Growth Rate (CAGR) of 5.85% in terms of value. Concurrently, the functional beverages market has been a hotbed of innovation, characterized by a surge in new product launches, robust research and development activities, and collaborative efforts among industry players. These trends collectively underscore the dynamic evolution of these markets, driven by a confluence of consumer preferences, technological advancements, and strategic collaborations.
In the domain of pet food, field peas have emerged as a significant ingredient, reflecting a broader shift towards more wholesome and nutritious options for companion animals. The escalating demand for pet food with enhanced nutritional profiles has fueled the adoption of field peas, known for their protein-rich composition and sustainable cultivation practices. The market's projected growth to USD 2,417.6 million by 2024 is indicative of the sustained consumer interest in premium and health-focused pet food offerings. This trend is not only a testament to the growing awareness of pet owners regarding the importance of high-quality nutrition for their furry companions but also an acknowledgment of the evolving role of pets as integral members of the family.
Simultaneously, the functional beverages market has experienced a wave of innovation, with players actively engaging in research and development endeavors and collaborative initiatives. The quest for healthier beverage options has driven the introduction of functional beverages that go beyond mere hydration, offering additional health benefits. The market has witnessed a surge in novel product launches, ranging from beverages fortified with vitamins and minerals to those infused with probiotics, antioxidants, and adaptogens. This diversification of product offerings caters to the discerning preferences of consumers seeking not only refreshment but also functional value from their beverages.
The innovation in the functional beverages sector is not limited to product formulations; collaborations among industrial players have played a crucial role in propelling the market forward. Partnerships between beverage manufacturers, research institutions, and health-focused organizations have facilitated the development of beverages tailored to specific health needs. Such collaborations leverage the expertise of each participant in the value chain, ensuring that the resulting products align with consumer trends and expectations. This collaborative approach fosters a dynamic and responsive market environment, where agility and adaptability are key drivers of success.
The projected CAGR of 5.85% for the global field peas market in pet food underscores the sustained demand and growth potential in this segment. The increasing consumer inclination towards premium and nutritious pet food options, coupled with a broader awareness of the nutritional needs of pets, is likely to propel the market forward. Furthermore, the functional beverages market's trajectory, marked by innovation and collaboration, positions it as a dynamic and responsive sector catering to evolving consumer preferences for health-centric beverages.
The global markets for field peas in pet food and functional beverages exemplify the evolving landscape of consumer preferences and industry dynamics. The upward trajectory of the field peas market in pet food is indicative of the growing emphasis on nutrition in pet care, while the functional beverages market showcases a commitment to innovation and collaboration to meet the demands of health-conscious consumers. Both markets are emblematic of the broader trend towards more mindful consumption, where the quality, functionality, and health impact of products play pivotal roles in shaping consumer choices. As these trends continue to unfold, they are likely to influence not only the pet care and beverage industries but also the broader landscape of consumer goods and lifestyle choices.
field peas market is expected to reach USD 5,523.2 Million USD by the end of 2030 In the forecast period of 2022-2030, the field peas market is expected to have a CAGR of 7.43%.
This high rate is because of the rapid increase in the adoption of pets across the world. Other factors that contribute to the growth of the field peas industry value are the increase in the owners' per capita income and the rapid increase in urbanization. The major reason for field peas gaining so much popularity as a portion of pet food is their nutritional value. These can fulfil the need for vitamins and minerals for the pets, subsequently proving the health benefits of field peas. Not to forget the fiber they contain, which helps in the proper digestion in the pets.
According to the reports, the field peas market is expected to touch 3,869.4 thousand tons by the year 2030. This growth is majorly the beach of the manufacturing units that have been catering to the let owners' demands very well. But some pets are allergic to peas which create an instruction up the growth of the market.
COVID-19 Analysis:
COVID era has been unpredictable when not just the individuals but even the business at all levels have suffered badly. They seem to have lost a crucial period that obviously won't come back, but one thing that can be made sure of is that they can be restored to the place where they were before the Covid times and then slowly move towards the growth from there. The reports that have been prepared are the work of the experienced analyst. The in-depth analysis and the research has been taught in the reports provided to them. The reports provide the methods to self-abuse themselves by looking at the current field peas market and related scenarios. Also, the strategies and plans implemented by the major players have been included in the reports. The reports also have qualitative and quantitative insights into the global field peas market for the good of the business owners.
The market dynamics of the field global market research is dependent upon many driving factors, which are:
Regulatory Implications:
The regulatory implications on the field pea market are not very supportive as they should have been. They are an alternative to the meat products for providing the protein requirements to the animals should have more support from the regulatory bodies. However, these are being promoted but not to the expected level. There are no such laws against the market because of such high nutritional value of field peas and the supplements they have been providing.
The field peas market can be classified into two major types of field peas:
This segmentation further has the following subdivisions:
Among all the types of field peas, the chickpeas segment is expected to witness a CAGR OF 6.51% over the forecast period. It has also been estimated that this segment would demand almost 956.8 thousand tins by the end of 2030. The major factors that chickpeas are gaining so much importance are their high nutritious value. Also, the legumes can maintain high immunity and regulate the blood sugar levels in pets. At the same time, the peas segment is expected to touch 1535.7 million USD by 2030.
The market can be subdivided into the following categories based on the application:
Dog food is the largest segment in the field peas industry value based on the application. It is expected to be close to a value of around 1,475.9 million by 2030. It is expected to reach a CAGR of 4.84% in the forecast period. Simultaneously, the CAGR of the cat food segment in the global field peas market is estimated to reach a value of 654.7 million by 2030.
Based on the regions, the field peas market is divided into the following:
The region that is expected to dominate the market is Europe. North America then follows it. The brands involved in pet foods production have been engaged in bringing new products and food that are grain-free. These have been the biggest driving factors in the areas that dominate the market. A lot of emphases are given to pet care and well-being in North America, and therefore, the region is expected to gain more popularity in the market.
Europe exhibits a CAGR of 5.71%, the value in North America is 5.56%, whereas the value of CAGR in the Asia Pacific is 6.51%. Europe accounts for almost 34.5% of the toal market, North America has a 31.1% share, and Asia Pacific has a share of 22.1%. The remaining 12.3%share one that the rest of the world has.
The major players in the field peas market are:
AGT Food and Ingredients, Inc. (Canada), Palouse Brand (U.S.), Ceres Global Ag Corp (U.S.), Crites Seed Inc. (Europe), George F. Brocke & Sons Inc. (U.S.), Columbia Grain International, LLC (U.S. and Great Northern AG (U.S.)
All these key players have always made sure to maintain integrity and professionalism in the field peas market. The strategies planning and the implementations have led them to reach the heights of success. They have been the role model for many new startups and small scale industries. Not only for themselves, but they have always looked after the market as a whole and have been able to take the market to such heights. Innovations have been the driving factor in the growth of the market.
Recent Developments:
Few recent developments in the field peas market are:
Report Overview:
The report provided to the business owners and the associates has everything they would look for to ensure they are up to date with the market standards. Apart from studying the market size and the recent trends in the market, it also gives the field pea market's development status. Other things included in the report are the opportunities for investments, the policies laid down by the government and the market dynamics. The reason that the technological advancements have been added in the report is mainly to ensure that the organisations can optimize their products' quality and performance. The reports have been prepared after the in-depth study and analysis by the experts of the industry. The present market scenario and the qualitative and quantitative analysis of the market is also covered in all the reports.
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