Online Sales Translate into Business Opportunities during COVID-19 Pandemic

Purchase and storage of grocery and other essential items have been challenging during the COVID-19 (coronavirus) pandemic. This has increased the sales of shelf-stable products such as dried peas and canned beans. Due to the increasing number of coronavirus cases in Europe, companies in the dried peas market are tapping into incremental opportunities in the region. Moreover, several individuals still prefer to limit their trips to the grocery store. This trend is anticipated to increase the uptake of shelf-stable products such as dried peas and beans.

Looking at the COVID-19 situation, hypermarkets and departmental stores have initiated home deliveries through their websites and apps to meet the demand for dried pea products. Hence, companies in the dried peas market are leveraging business opportunities via e-Commerce since individuals are spending a significant amount of their time for online shopping.

Moreover, the food & beverages sector has held up relatively well, as it is less exposed to a near-term contraction in consumer spending. However, the FnB sector is expected to face severe challenges, with majority of companies being affected by manufacturing, demand issues, and supply chain disruption, especially in Asia. The prices of the raw materials as well as finished goods has increased due to the shortage of products. This is affecting the production as well as sales. It is analyzed that if this situation persists, companies will have a hard time in the near future to continue operations unless an aid is provided by regulatory authorities or if the company is present on a global scale.

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Burgeoning Plant-based Food Trend in Asia Creates Revenue Opportunities for Manufacturers

Companies in the dried peas market are extending their reach in the burgeoning Asian market. This is a growing phenomenon since consumers are demanding plant-based, healthy, and high-nutrition foods. In order to boost their credibility in the global dried peas market, manufacturers are utilizing low-allergenic and high-protein legumes to produce pea protein powders. These powders are gaining increased popularity since they function as highly adaptable ingredients.

Many people are constantly in search for meat substitutes. This has led to the popularity of dried pea products. Manufacturers are improving their product formulations as pea protein powders deliver neutral taste and are highly soluble in different recipes.

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Non-GMO Legumes Drive Market with Pea Protein Powders

The dried peas market is projected to be valued at over US$ 4.5 Bn in 2020 and is estimated to reach a value of US$ 6 Bn by the end of 2030. However, individuals have a common perception that dried food does not taste fresh. Hence, food manufacturers are improving their production processes to prevent the change in the texture of dried food. As such, easy storage, lightweight attributes, and its additive functionality in soups are expected to project an upward trend in market growth.

There is a growing demand for pea protein powder. In order to meet this demand, manufacturers in the dried peas market are introducing products that can be incorporated in ready-to-drink beverages, baked goods, and dairy foods. For instance, global food giant Cargill has announced the launch of its versatile pea protein powder Radipure, which is made from non-GMO (Genetically Modified Organisms) dried peas.

Startups Adopt Roasting and Other Techniques to Enhance Taste of Dried Peas

The high prevalence of cardiovascular diseases (CVDs) in individuals worldwide is acting as a key driver for the growth of the dried peas market. Beans, peas, and legumes are the unsung champions of plant-based diet and are beneficial in reducing the risk of CVDs in individuals. There is an increasing awareness about health risks pertaining to red meat. Hence, manufacturers in the dried peas market are capitalizing on this trend to innovate in protein-based products that serve as meat substitutes.

Food startups are tapping into business opportunities due to the growing demand for plant-based products. Peter Carlson, Director at Terra Ingredients— a supplier of organic and non-GMO ingredients, suggests that startups have enough scope for experiments with legumes. Manufacturers are adopting different techniques such as roasting of dried peas in order to enhance its taste and flavor.

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Analysts’ Viewpoint

E-commerce and mobile apps are creating stable revenue streams for companies in the dried peas market during the COVID-19 outbreak. Food startups are tapping incremental opportunities in the Asian region due to the growing demand for plant-based food. However, increasing awareness among people about disadvantages of dried foods is likely to hurt sales. Hence, manufacturers should increase their research expenditure to improve their production processes in order to provide the best taste, flavor, and nutrition in dried pea products. They should make use of non-GMO and high-nutrition peas to innovate in dried pea products.

In addition, roasting and other techniques are being used to enhance the taste and flavor of legumes.

Dried Peas Market: Overview

  • The global dried peas market’s value is expected to cross US$ 4.5 Bn in 2020, finds Transparency Market Research (TMR) in a recent study. According to the report, the market is expected to reach US$ 6 Bn by 2030, at a CAGR of 2.9%.
  • In recent years, there has been a constant rise in shift toward vegetarianism worldwide. This trend is expected to affect the demand for plant-based products such as plant-based proteins. Plant protein has become a replacement for other proteins derived from milk, meat, fish, eggs, and others. This is due to increasing vegan trend.
  • Pea protein gained popularity when Hampton Creek (food company) used pea protein as a substitute for egg protein in products such as mayonnaise and Beyond Meat’s, and used pea protein with non-genetically modified soy in its chicken-free strips product
  • Demand for vegetarian ingredients is increasing at a rapid rate with rising number of vegetarian and vegan population across the globe
  • For instance, Exter B.V. announce vegetarian meat tastes such as chicken, beef, and pork to the market in September 2015 to expand the choice for consumers in vegetarian recipes including vegetarian bacon, cooked beef, vegetarian roast chicken, etc., even with kosher or halal certification 

Dried Peas: Market Frontrunners

  • In terms of end use, food & beverage accounts for the largest market share of nearly 40% followed by nutraceuticals with almost 20% market share in the year 2020. These are anticipated to grow at 2.8% and 4.8%, respectively, by 2030 with market value of US$ 2.1 Bn and US$ 1.2 Bn during the forecast period.
  • Based on product type, yellow peas holds leading market share with a share of more than 60% of the dried peas market
  • The organic dried peas is anticipated to expand at the highest CAGR of 5.5%, owing to transforming preferences of consumers toward more free-form and high nutrient foods
  • Asia Pacific accounts for nearly 50% of the dried peas market. Awareness among consumers for healthy diet and consumption of micronutrients increases the demand for dried peas in the region.

Dried Peas Market: Trends

  • Plant-based Food Products at Lucrative Nexus of Both Health and Ethical Consumerism

Vegetarian food products have made an especially strong breakthrough in the European market in the past five years, and ‘plant-based protein products’ along with changes in consumer habits have fueled the demand for vegetarian food in the European market. Due to awareness among consumers about health benefits associated with the consumption of plant-based food products, consumers are now sifting to vegetarian and vegan diets. Individual health, animal welfare, and environmental concerns are some of the key concerns behind changing consumer habits, and constant increase in the number of consumers moving toward flexitarian diets in developed countries. For instance, the demand for organic protein such as dried pea protein, rice protein, and wheat protein is increasing at a higher growth rate, as plant-based proteins are perfect to cater to the indulgent needs of these consumers, since they are non-GMO, lactose-free, digestive-friendly, and also give a natural taste.

  • Demand for Plant-based Food Products

Functional foods or fortified foods are foods with added ingredients to increase health benefits beyond conventional nutrition. There is a significant use of functional and fortified foods in manufacturing bakery products. The application of pea protein produced from dried peas in bakery is expected to boost the growth of plant-based products. MEA is currently at a nascent stage of the functional food revolution with increasing number of players introducing products based on functional category. On-the-go healthy food is a global trend, which is anticipated to be observed in developing countries during the forecast period. On-the-go healthy foods are type of healthy snacks that do not require cooking time; however, it contains daily nutritional requirement and are available in on-the-go form.

Dried Peas Market: Strategies

  • Companies are offering their products as an alternative to soy and wheat gluten, and also as a plant-based protein ingredient with a higher concentration of protein and well-balanced profile of amino acids
  • Companies offering dried pea protein are especially targeting food manufacturers and companies. These companies are primarily focused on offering dried peas and its products with extra added health benefits. Due to the growing popularity of organic products and increasing number of health-conscious consumers in the global market, the dried peas market is expected to witness growth during the forecast period.
  • Many companies are likely to launch organic plant-based proteins in the next five to six years. In addition, manufacturers are also anticipated to market their products with natural labels and organic certifications in order to attract existing and new consumers seeking plant-based protein ingredients. The entry of new players is expected to drive the organic protein demand such as pea protein, rice protein, and soy protein. 

Dried Peas Market: Players

  • Some of the key manufacturers operating in the dried peas market, as profiled in the study, are
    • Goya Foods, Inc.
    • L.H. Hayward and Company
    • Meelunie BV.
    • AGT Food and Ingredients
    • Premier Foods plc
    • Dakota Dry Bean
    • Roquette Frères
    • Cosucra Groupe Warcoing S.A.
    • Herba Ingredients
    • AM Nutrition
    • Ingredion Inc.
    • The Scoular Company
    • Vestkorn Milling AS
    • among others

Dried Peas Market – Scope of the Report

Transparency Market Research (TMR) has recently published a market study on the dried peas market. It provides a detailed assessment of key market dynamics, including drivers, trends, opportunities & restraints, and detailed information about the dried peas market structure. The market study presents exclusive information about how the dried peas market will grow during the forecast period of 2020-2030.

Key indicators of market growth, which include year-on-year (Y-o-Y) growth of the market, value chain, supply chain analysis, and compounded annual growth rate (CAGR) have been elaborated in the study in a comprehensive manner. This information is intended to help readers understand the quantitative growth prospects of the dried peas market during the forecast period.

The study is intended to offer a holistic market overview to stakeholders in the dried peas, including manufacturers, suppliers, distributors, and investors, and to help them develop winning growth strategies. Stakeholders in the dried peas market, which include investors, industry experts, researchers, and journalists, and business researchers can leverage the information and data presented in TMR’s study.

The study also includes statistics and facts related to the macro as well as microeconomic factors that are impacting expansion of the market. It also offers actionable insights into the future trends in the dried peas market. Furthermore, small businesses and new entrants in the dried peas market can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.

Key Questions Answered in TMR’s Dried Peas Market Report

  • Which region will continue to remain the most profitable regional market for dried peas market players?
  • Which factors will induce a change in the demand for dried peas during the assessment period?
  • How will changing trends impact the dried peas market?
  • How can market players capitalize on the low-hanging opportunities in the dried peas market in developed regions?
  • Which companies are leading the dried peas market?
  • What are the winning strategies of stakeholders in the dried peas market to catapult their position at the forefront?

Dried Peas Market: Research Methodology

In this TMR’s study, a unique research methodology has been used to conduct extensive research on the growth of the dried peas market and identify future growth parameters. This research methodology is a combination of primary and secondary research, to help analysts ensure the accuracy and reliability of the conclusions.

Secondary sources referred to by analysts for compiling the dried peas market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary source.

Information acquired from primary and secondary sources has been compiled in a comprehensive manner. This also acts as a validation from companies in the dried peas market, which makes TMR’s projections more accurate and reliable.

Key Segments of Dried Peas Market

TMR’s study on the dried peas market offers information divided into important segments — nature, product type, application, sales channel, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.

Nature

  • Organic
  • Conventional

Product Type

  • Green Peas
  • Yellow Peas

Application

  • Food and Beverage Processing
  • Cosmetics and Personal Care
  • Pharmaceuticals & Supplements
  • Animal Feed
  • Foodservice/HoReCa
  • Household/Retail

Sales Channel

  • Direct Sales
  •  Indirect Sales
    • Hypermarkets/ Supermarkets
    • Convenience Stores
    • Specialty Stores
    • Independent Small Groceries
    • Online Retail
  • Other Retail Formats

Region

  • North America
  • Europe
  • Latin America
  • South Asia
  • East Asia
  • Oceania
  • Middle East & Africa

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Dried Peas Market

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