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The global pea fiber market is anticipated to display a promising 8% CAGR from 2020 to 2030. A new Fact.MR report states that the coronavirus pandemic will have a minimal effect on the industry, owing to sustained use in food and animal feed product. The growth in demand for convenience foods and snacks during the crisis period will play a key role in the short-term demand for pea fiber.
“With growing health awareness, consumers are increasingly seeking foods with balanced nutrition. Further, government efforts to boost dietary fiber consumption are aiding market growth. Pea fiber has varied health benefits including lower cholesterol, and lower risk of cancer, obesity, and diabetes, which will sustain demand for the foreseeable future,” says the FACT.MR report.
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Pea Fiber Market- Key Takeaways
- Processed food applications are major contributors to revenue, supported by clean label and nutrition initiatives set up by governments.
- Organic pea fiber is gradually gaining ground over rising concerns over agricultural chemicals and GMO pea yields.
- Europe is expected to have a sizeable impact on the pea fiber market aided non-GMO regulations and rapidly rising vegan population.
Pea Fiber Market- Driving Factors
- Niche application in plant-based meat substitute products is generating lucrative growth opportunities.
- Growing consumer interest in free-from foods is an area where pea fiber is likely to gain major traction.
Pea Fiber Market- Major Restraints
- Reliance on climate for pea fiber yields, generates volatility in pricing holding back market growth.
- Competition from a wide range of natural, affordable dietary fiber alternatives limits profitability.
COVID-19 Impact on Pea Fiber Market
The coronavirus pandemic is largely generating health concerns for workers operating in the food and beverage industry. This is a key challenge to pea fiber market players during the crisis period. Consequently, automation and sanitation is likely to gain major importance. Market players are more likely to focus on restocking capabilities instead of price negotiations in the months to come. On the other hand, the pandemic has also generated a strong demand for convenience foods and snacks. Also, the applications in animal feed and pharmaceuticals will boost and sustain demand for pea fiber in the short term.
Explore the global Pea Fiber Market with 396 figures, 232 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/connectus/sample?flag=RM&rep_id=4312
Vestkorn Milling AS, Roquette Freres SA, Farbest Brands, Emland Group, A&B Ingredients Inc., Puris Proteins LLC, AM Nutrition, Cosucra, Avena Foods, Quadra Chemicals, and P&H Milling Group are some of the top players in the pea fiber market.
Pea fiber market players have been found to largely shown interest in expanding production capacities to bolster market share and keep up with growing demand in multiple end use verticals.
For instance, Roquette Freres is opening up a new pea processing facility in Manitoba with an aim of processing 125,000 tons of yellow peas. Puris Proteins LLC is reopening a pea processing plant in Dawson, through a US$ 75 million investment by Cargill Inc. Also, Cosucra has invested US$ 41 million for the development of pea processing facility in Warcoing, Belgium.
About the Report
This study offers readers a comprehensive market forecast of the pea fiber market. Global, regional and country-level analysis of the top industry trends impacting the pea fiber market is covered in this FACT.MR study. The report offers insights on the 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 others) and grade (food and feed grades) across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).