ID: MRFR/AGR/5860-CR | January 2019 | Region: Global | 114 pages
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 (forecast period). This can be attributed to rapid adoption of pets worldwide. Rise in per capita income of pet owners and urbanization are other factors which can drive its growth. Increasing demand for nutrient-dense foods to enhance pet health is projected to drive the market growth.
Field peas, part of the legume family, has been gaining prominence in pet foods owing to its nutritional value. These seeds can assist in supplying sufficient amount of minerals and vitamins to the pet, enhancing its health in the process. In addition, they contain a mix of soluble and insoluble fiber and antioxidant properties which play a vital role in digestion.
The market volume can touch 3,869.4 thousand tons by 2024 at 4.43% CAGR over the forecast period. This can be credited to establishment of various pet food manufacturing units by major players to cater to the growing consumer demand. In addition, innovation of new flavors which cater to the tastes of cats and dogs coupled with the inclusion of functional ingredients are other factors which can drive the demand of the field peas market for pet food.
But allergies of pets to peas and volatile prices of peas can pose a challenge to market growth.
Types of peas in the field peas market for pet food report include peas, chickpeas, and others. Peas and chickpeas contain nutrients necessary to sustain the health levels of pets. New manufacturers introducing natural ingredient-based foods for pets rely on these legumes to cater to their audience. Major applications in the field peas market for pet food include dog food, cat food, and others. Rise of grain-free diets is expected to elicit the demand for field peas in pet and animal foods.
Region-wise, the field peas market for pet food covers trends and opportunities across Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW). Europe is expected to dominate the global market in standings, followed by North America. Novel development of new products coupled with brands launching grain-free pet foods is one of the biggest trends projected to drive the regional field peas market for pet foods. North America can induce significant volume and revenue for the global market owing to high emphasis on pet care and well-being.
Major pet food manufacturers in the field peas market for pet food include AGT Food and Ingredients, Inc. (Canada), Ceres Global Ag Corp (U.S.), George F. Brocke & Sons Inc. (U.S.), Great Northern AG (U.S.), Columbia Grain International, LLC (U.S.), Crites Seed Inc. (Europe), and Palouse Brand (U.S.). Acquisitions, partnerships, expansions, and agreements are strategies considered by these players to gain a competitive edge in the market.
This market report is the collaborative effort of research analysts and subject matter experts at Market Research Future (MRFR). The process begins with data mining which involves accumulation of relevant data from credible sources. Primary research involves interviews with top decision makers in prominent companies. The trends and insights are verified through a mix of paid and unpaid databases. Top-down and bottom-up approaches are assessed to estimate the market size and valuation of segments and sub-segments in the market.
For the scope of the report, the field peas market for pet food is segmented in the following manner
Frequently Asked Questions (FAQ) :
field peas market is projected to grow at a 5.85% CAGR between 2018-2024.
field peas market is predicted to touch USD 2,417.6 million by 2024.
Europe is projected to lead the field peas market.
Field peas has extensive applications in cat food, dog food, and others.
Volatile prices and allergies to peas may limit the field peas market growth.
Global Field Peas Market for Pet Food - Summary
Pet foods have been prominent since the rapid adoption of pets globally. Consumer sentiment regarding their pets have called for high-quality ingredients in their foods. Foods which will fortify their immunity system and enhance their overall being are of prime importance in the market. The global field peas market for pet food is expected to generate USD 2,417.6 million by 2024, at 5.85% CAGR over the forecast period.
The market is expected to experience a boom in demand thanks to increasing pet population and adoption of pets. Owners are calling for foods of superior quality which can enhance the well-being of pets. The high expendable income levels of owners coupled with rapid urbanization of cities are likely to boost market demand. Functional benefits of field peas which can contribute to overall well-being of pets will work in favor of the market.
Innovation in pet foods which contain natural or organically-sourced ingredients is likely to trigger massive demand in the field peas market for pet food. Grain-free diets are in high demand by owners due to presence of unhealthy additives such as gluten. The leaning towards plant-sourced proteins owing to its high nutritious content is touted to create opportunities for market players. Rise of vegan owners and their increased preference for such foods can augur well for the field peas market for pet food.
Types of pet foods are categorized into three major segments, namely peas, chickpeas, and others. Peas are harmless vegetables which can be included in a pet’s diet. They contain a rich percentage of vitamins, minerals, and anti-oxidants which can be beneficial for the heart, eye, and skin. Chickpeas, on the other hand, will be the dominant segment owing to be the perfect constituent in natural or organic pet foods.
Major applications in the field peas market for pet food include cat food, dog food, and others. Cat food requires nutrients which are organic, natural, and grain-free. The inclusion of field peas can enrich the nutritional value of foods. On the other hand, dog foods can command high demand in the market owing to the need for GMO-free ingredients. ‘Others’ include feeds designed for rodents, pigs, and other domesticated animals.
Geographic segmentation of the field peas market for pet food reveals details regarding North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The North America region is one of the biggest manufacturers of field peas thanks to abundance of cultivable land. Increasing application of field peas in foods to enhance the nutritional content is likely to bolster the field peas market for food. The trend of pet humanization and rising consumer sentiment towards pets can drive market demand till 2024. High demand for grain-free products owing to high risk of cardiovascular disease linked to potato-based foods can drive demand for field peas-based foods.
The Europe region is expected to be the most lucrative in the field peas market for pet food owing to strict labeling policies. In addition, preference of plant-based materials and rising population of vegan pet owners is projected to bode well for the market. Presence of international and domestic players make the region highly competitive. New product launches are the key strategy followed by these to make a mark in the market.
The APAC field peas market for pet food can gain traction owing to presence of pet owners and various pet food manufacturing companies. Japan, China, and Australia are regions which will offer massive growth opportunities to market players.
Major players in the field peas market for pet food include Crites Seed Inc. (Europe), Columbia Grain International, LLC (U.S.), Palouse Brand (U.S.), Great Northern AG (U.S.), George F. Brocke & Sons Inc. (U.S.), Ceres Global Ag Corp (U.S.), and AGT Food and Ingredients, Inc. (Canada).
Continuous product innovation in the pet food has resulted to increase the usage of field peas in the production process of pet food
Major key players listed in the global field peas market for pet food include AGT Food and Ingredients Inc. (Canada), Ceres Global Ag Corp. (US), George F. Brocke & Sons Inc. (US), Great Northern AG. (US), Columbia Grain International, LLC (Oregon), and among others. North America is the attractive regions among the manufacturers of field peas. North America region has accounted for 31.00% of market proportion in the year of 2018 and it is projected to expand at a moderate growth during the forecast period of 2018-2024. Expanding product portfolio of field peas by the key manufacturers is one of the significant factors for the rising growth of the market in North America region. Moreover, increasing pet humanization in North American countries, especially in the U.S. is expected to fuel the growth of field peas during the forecast period of 2018-2024. Rising popularity of grain-free pet food products is considered to be one of the major factors for the increasing growth of the market. Private labels stores are focusing on unique product portfolio which is expected to enhance the growth of field peas market in pet food.
Major manufacturers also are found to have high focus on expansion in order to tap all markets across the globe with the support of strategic distribution agreement which will further support the company to expand and reach out to consumers across the regions. Promotional activities and high investment in joint ventures is also witnessed in this market through which the companies are trying to increase its visibility and impact on the consumer’s mind than that of their competitors.
AGT Food and Ingredients are the suppliers of value-added pulses, staple food, and food ingredients in the world. They buy lentils, peas, beans and chickpeas from farmers around 40+ facilities located in Canada, the United States, Turkey, Australia, China and South Africa and ship their products to over 120 countries around the globe. In March 2016, the company announced its fourth manufacturing facility. In October 2015, the company completed the acquisition of Mobil Capital Holdings Ltd. (Mobil) and its subsidiaries for $57.5 million.
Ceres Global as a company primarily operates into agriculture and commodity logistics. The company is involved in the grain storage, procurement, and merchandising of specialty grains and oilseeds, such as oats, barley, rye, hard red spring wheat, durum wheat, canola, and pulses through six grain storage and handling facilities based in Minnesota, Saskatchewan, as well as Ontario. The company also owns commodities logistics centre, a grain, oil, natural gas liquids, and fertilizer terminal. In May 2018, the company announced that it would jointly own and operate with Consolidated Grain and Barge Co. ("CGB") and form a new company named as Savage Riverport, LLC. The purpose of partnership is to buy, store and ship wheat, corn, soybeans, oats, rye and other products loaded on the TCWR, BNSF, UP and CP railroads, as well as receive truck grain.
George F. Brocke & Sons started initially with processing facilities for small seeds and grass seeds. It then expanded the product line into peas, lentils, rapeseed and garbanzo beans. The company currently has four processing facilities in Kendrick and storage facilities in Kendrick, Juliaetta, Southwick, Troy, Viola and Kennedy Ford Idaho. Peas, lentils, rapeseed and garbanzo beans are presently shipped all over the United States and to nearly every continent in the world, shipping to 51 different ports in 38 different countries. The company majorly emphasize on increasing the product offerings for which it is highly involved in R&D activities. Moreover, the company is continuously focusing on product innovations. Additionally, owing to increasing demand for its products, the company is undergoing production expansions by increasing the capacity of its plant. It is also looking for opportunities to attain geographical expansion both domestically and internationally.
Other major manufacturers include Crites Seed Inc. (Russia), Palouse Brand (US). These companies are focusing on strategic product launch in order to gain the consumer’s acceptance. Moreover, manufacturers are inclined towards the innovative product promotions to strengthen the customer base both in developed and developing economies.