Pea Fiber Market
Pea Fiber Market By Type (Inner Fiber, Outer Fiber), By Source (Organic, Conventional ), By Application (Bakery, Vegan Meat Substitute, Soups & Sauces, Beverages), By Grade, By Regions - Global Mraket Forecast 2020-2030
Global Pea Fiber Market Overview:
The global pea fiber market is poised to expand at a CAGR of nearly 8% between 2020 and 2030, attributed to rising demand for meat substitute products in established markets such as North America and Europe. Additionally, a rise in the gluten-free cohort has augmented demand of dietary fiber products in the market. Pea fiber in the pet food industry, notably pea fiber in dog food has been emerging as a significant pea fiber product. The COVID-19 pandemic is poised to have a negligible impact as key manufacturers have adequate inventory at their disposal, thus making it easier to cater to market demand.
Based on the previous projections, market value for the pea fiber market was estimated to reach around US$ 18 Mn in 2020. However, with the COVID-19 outbreak, the year-on-year market growth is projected to plunge to around 5% in 2020. Q1 is expected to bear a significant brunt of the pandemic. The market is expected to become more stable by the end of the third quarter. Joint efforts made by players to expand their production capacity will benefit market growth in the long run.
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Global Pea Fiber Market Insights by Nature
Organic pea fiber expected to showcase an absolute $ opportunity of nearly US $2.4 Mn owing to the rising preference of organic labels and awareness of pea fiber benefits in established markets. While the pea fiber market is dominated by the conventional segment, recent trends of organic products have been influencing the market of organic pea fibers. The bakery product segment is emerging as a new arena for pea fiber, owing to the rising demand for organic grains and breads from health-conscious customers.
Global Pea Fiber Market Insights by Region
The North American pea fiber market accounts for nearly 1/3rd of the consumption owing to a burgeoning transformation of dietary habits. A large number of pea fiber producers are concentrated in the North American market owing to the growth opportunity lying in pet food and vegan substitute products. In Europe, the United Kingdom accounts for a substantial amount of export of pea fiber. The market holds an absolute $ opportunity of nearly US $5 Mn.
The East Asian market is likely to witness higher than expected growth due to the presence of multiple manufacturers and suppliers at the local level. The availability of raw material for manufacture of pea fiber powder in high quantities has highly benefitted local players. The pea fiber manufactured in East Asia has been exported to multiple European and North American manufacturing facilities. The trend of organic restaurants has acquired increasing popularity in China.
Pea Fiber Market Manufacturers’ Insights
The pea fiber market is partially fragmented with top players accounting for nearly 60% of the market. Established players in the market are focusing on the acquisition of smaller companies. Moreover, the top players of the pea fiber market are focusing on strengthening their position in the market by expanding their processing capacities. Since 2018, COSUCRA has invested nearly US $103 Mn. in its pea processing plant and is focusing on raising revenue by nearly 50% by 2024. With an investment of nearly US $65 Mn in 2019, the company is opening its second facility in Europe. Similarly in 2019, Cargill Inc., invested nearly US $75 Mn. in its joint venture with PURIS to double the production capacity of the plant.
Impact of COVID-19, on Pea Fiber market
The market of pea fiber is expected to be moderate owing to a minimal dip in sales during 2020. North America is a hub for pea fiber production with some significant producers in the country. Amid the lock-down conditions, production has stopped, affecting the market growth during the first two quarters in 2020.
Under the probabilistic scenario, the market will revive after the third quarter and is expected to grow at a moderate pace till the end of the fourth quarter. Under a pessimistic scenario the market is expected to dip during all the four quarters of 2020, owing to the pandemic’s impact on the production capacity of local players.
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“East Asia and South Asia are anticipated to witness significant growth during the forecast period. Factors such as new product launches, geographical expansion by companies, and increasing demand for specialized products among consumers are expected to drive the demand for pea fiber across various end use industries.”
Global Pea Fibers Market: Scope of the Report
The global pea fibers market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on the key drivers, restraints, opportunities and threats to the expansion of the global pea fibers market. A detailed segmental analysis, based on product type, source, application, grade and regions has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution and market value analysis provides an in-depth perspective about the future scope of the global pea fibers market. In addition, a separate section on market structure has also been provided. The section provides a detailed analysis of key market players and the strategies for expansion in the pea fibers market.
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Pea fiber market: Segmentation
FactMR’s study has done the segmentation of pea fiber market on the basis of type, source, application, and grade across 6 regions.
By Type :
- Inner Fiber
- Outer Fiber
By Source :
By Application :
- Vegan Meat Substitute
- Soups & Sauces
- Animal Foods
- Other Application
By Grade :
- Food Grade
- Feed Grade
By Regions :
- North America
- Latin America
- East Asia
- South Asia and Oceania