Minimal Impact from COVID-19 Anticipated for Pea Fiber Market, Pegged at 8% Growth through 2030, Projects Fact.MR
Published : 15 May 2020 Industry: Food & Beverage
The pea fibers market has witnessed prolific growth in recent years and is poised to grow at a CAGR of nearly 8% by the end of the forecast period. Continuous efforts by market players to strengthen their supply chains is anticipated to provide leverage to the market. Thus, the market is slated to grow by nearly 2X during the forecast period (2020-2030).
While multiple industries have been severely affected by the COVID-19 pandemic, minimal repercussions have been seen in the pea fiber market. At the same time, companies are focusing on increasing the production capacity of their plants which are presently located in least infected countries. For example, in Feb 2020, Roquette Freres SA increased its investment by US $4 Mn in an Israeli seed breeding startup Equinom.
The outer hull pea fiber segment is poised to dominate market demand owing to high demand for soups & sauces, beverages and bakery products. The outer hull pea fiber market is expected to grow at a CAGR of nearly 7% during the forecast period. In North America outer pea fiber demand is dominated by animal feed products and the market is expected to create an absolute $ opportunity of nearly US $ 10 Mn by 2020-2030.
Key Takeaways of Pea Fiber Market Study:
- The North American pea fiber market is expected to grow at a CAGR of nearly 9% during 2020-2030 owing to the rising demand for organic labels in the market.
- Pea fiber demand for animal foods is expected to expand nearly 2X during 2020-2030 owing to high demand growth for pet food.
- The utilization of pea fiber in bakery products, is expected to showcase an absolute $ opportunity of nearly US $ 4 Mn during the forecast period.
- South Asia and Oceania pea fiber consumption is expected to grow by nearly 2X, owing to the rising shift towards special diets from traditional staples.
“North America is expected to be a highly lucrative pea fiber market, owing to the humungous opportunities in food grade applications of pea fiber, wherein the demand among beverages is expected to be significant.” says the Fact.MR analyst.
Players are Focusing on a Diverse Product Portfolio
The market for pea fibers is partially fragmented where tier 1 and tier 2 players account for a significant portion in the market. Companies are focusing on extension of their product portfolio and expansion by increasing capacity of the production. For instance, in 2019, Avena Foods Ltd. launched OAT ‘N’ LENTIL PUFF and in 2019, Roquette Freres SA launched 3 new products to extend its product portfolio. They also opened an R&D laboratory in Lithuania.
Find More Valuable Insights on Global Pea Fiber Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global Pea Fiber market, presenting historical demand data of 2020 and forecast statistics for the period, 2020-2030. The study divulges compelling insights on the global pea fiber market on the basis of type (inner fiber and outer fiber) source (organic and conventional) application (bakery, vegan meat substitute, soups & sauces, beverages, animal foods and other applications), grade (food grade and feed grade) across 6 major regions.