Field Peas Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The market for field peas is valued at $ 3.07 billion in 2023 and is projected to reach $ 4.12 billion by 2032, at a CAGR of 3.16% from 2024 to 2032. This growth curve reflects the steady rise in demand for field peas, driven by their high nutritional value and versatility in various food applications. As consumers are becoming more health-conscious, field peas are gaining popularity as a sustainable alternative to animal-based protein, which is driving the market. A number of other factors are contributing to this positive trend, such as the improvement in agricultural technology, which has led to a rise in yield and quality, and the increasing R & D expenditures of key players. Strategic initiatives undertaken by companies such as AGT Food and Ingredients, Ingredion Incorporated, and Pea Protein Company are aimed at capitalizing on the growing demand for plant-based ingredients. Product launches and new applications in the food and beverage industry will also have a significant impact on the market.

Regional Market Size

Regional Deep Dive

Field peas are undergoing a strong upturn in various regions, driven by the increasing demand for plant-based proteins and sustainable farming practices. In North America, the market is characterized by a strong emphasis on organic farming and the latest health trends. Europe is characterised by innovations in food processing and a focus on sustainable farming. In the Asia-Pacific region, field peas are finding a place in the cuisines of the various countries. In the Middle East and Africa, local production is the key, while Latin America is using its agricultural diversity to expand field pea cultivation. Each region is shaped by the opportunities and challenges of its own circumstances.

Europe

• In Europe, the European Union's Green Deal is pushing for sustainable agricultural practices, leading to increased investments in field pea cultivation as a means to reduce carbon footprints.
• Innovations in food technology, such as the development of pea-based meat alternatives by companies like Beyond Meat, are driving demand for field peas in the region.

Asia Pacific

• The Asia-Pacific region is experiencing a resurgence in traditional dishes that incorporate field peas, with countries like India and China recognizing their nutritional value and versatility in local cuisines.
• Government initiatives in countries like Australia are promoting the cultivation of field peas as a drought-resistant crop, enhancing food security and sustainability.

Latin America

• Latin America is leveraging its rich agricultural biodiversity to expand field pea cultivation, with countries like Brazil and Argentina exploring new markets for export.
• Recent collaborations between local farmers and international agribusiness firms are enhancing the supply chain for field peas, making them more accessible to both local and global markets.

North America

• The North American market is significantly influenced by the growing trend of plant-based diets, with companies like Pea Protein Co. investing in the development of high-quality pea protein products to cater to health-conscious consumers.
• Recent regulatory changes in the U.S. and Canada have encouraged the use of field peas in food products, with organizations such as the Canadian Pulse Growers Association promoting the nutritional benefits of pulses.

Middle East And Africa

• In the Middle East, initiatives aimed at improving food security are leading to increased investments in local field pea production, with countries like Egypt focusing on self-sufficiency in pulse crops.
• The African continent is seeing a rise in agricultural programs supported by organizations like the Food and Agriculture Organization (FAO), which aim to boost the cultivation of field peas to combat malnutrition.

Did You Know?

“Field peas are not only a source of protein but also contribute to soil health by fixing nitrogen, making them an essential crop for sustainable agriculture.” — Food and Agriculture Organization (FAO)

Segmental Market Size

Field peas are experiencing a steady growth in the market, resulting from the growing demand for vegetable sources of food and the growing importance of sustainable farming. This trend is also driven by the growing health awareness of the beneficial properties of pulses and the shift towards vegetarian and even vegan diets. In addition, the development of legislation promoting sustainable farming has further increased the appeal of field peas as an environmentally friendly crop. The market for field peas is already well established. Notable examples are AGT Food and Ingredients and the country of Canada, which is a major producer. Field peas are used mainly in the food industry, in animal feed and as a source of protein in various processed foods. This market is growing as a result of the growing importance of sustainable farming and a healthy diet. Field peas are evolving as a result of developments in precision farming and plant breeding, which lead to higher yields and a more beneficial nutritional profile.

Future Outlook

Field peas are likely to grow steadily from 2023 to 2032, with an estimated CAGR of 3.27% from $3.07 billion to $4.1 billion. The growth is due to the increasing demand for plant-based protein sources in the wake of the trend towards a healthier diet and the growing popularity of vegetarian and vegan diets. Field peas are expected to gain in popularity as more consumers seek to eat sustainably and eat a nutritious diet. By 2032, field peas are likely to have penetration rates of up to 16% in various food applications. Moreover, the use of new agricultural practices such as precision farming and the use of improved seed varieties is expected to increase yields and reduce production costs, which will further support market growth. In addition, government policies that support sustainable agriculture and food security will also play an important role in the market. The growing trend of incorporating field peas into processed foods and snacks and using them as an animal feed will also help to increase the market. Field peas are expected to play a key role in meeting the global goal of sustainable development, as well as meeting the growing demand for plant-based foods and snacks.