ID: MRFR/AGR/5860-CR | 114 Pages | Author: Snehal Singh | January 2019
Field Peas Market is expected to grow at a 7.43% CAGR and reach USD 5,523.2 Million by 2030.
Market Overview:The global field peas market is expected to reach USD 2,417.6 million USD by the end of 2024. In the forecast period of 2018-2024, the field peas market is expected to have a CAGR of 5.85%. 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 2024. 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.
Market Dynamics: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.
Segmentation Overview:The field peas market can be classified into two major types of field peas:
Based on Types: 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 2024. 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 2024.
Based on Application: 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 2024. 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 2024.
Regional Analysis: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.
Competitive Landscape: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.
During the forecast period, the expected CAGR of the global field peas market is 5.85%
The expected CAGR of the global field peas market is 2,417.6 million by 2024
The region that is expected to lead the global field peas market is Europe.
The primary application of field oasis Dog food, cat food and others
High prices and pet allergies to peas the major factors that limit the growth of the field peas market
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