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Field Peas Market is anticipated to grow at a CAGR of 5.85% by Forecast to 2023 | Business Statistics and Future Growth

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Field Peas Market is anticipated to grow at a CAGR of 5.85% by Forecast to 2023 | Business Statistics and Future Growth

September 26
14:22 2019
Field Peas Market for Pet Food Research Report by Type (Peas, Chickpeas and others), Application (Dog Food, Cat Food and others) and Region – Global Forecast till 2024

Market Highlights

The global field peas market for pet food could touch the valuation of USD 2,417.6 million by 2024, says Market Research Future (MRFR). It can achieve a CAGR of 5.85% CAGR during the forecast period (2018-2024), adds MRFR.

Market Boosters and Top Barriers

Pet foods that are protein-rich and nutrient-dense are in high demand among pet owners. Field peas are in high demand due to the presence of minerals, amino acids, vitamins, along with other nutrients. Field peas are a viable substitute in lieu of potato-based foods, as the latter has been found to be a cause for cardiovascular diseases in dogs.

The uptick noted in the adoption rate of pets, and their rising importance in families lifts the demand for the field peas market for pet food. This factor is evident in the report that says almost 2.7 million animals are adopted in the United States (U.S.) from animal shelters every year. Concerns pertaining to filler ingredients like meat-by-products and grain calls for the need for natural sources of raw materials in pet foods. Inclination towards plant-based protein sources by several vegan pet owners favors the market too. Moreover, functional benefits of field peas, in addition to its genetically modified (GM) free nature, stimulate the market growth to a large extent.

New product launches that cater to the strict labeling requirements benefits the market exponentially. Inclusion of nutraceuticals or functional foods could also foster the demand for field peas market for pet food. Having said that, the fluctuating prices of field peas could pose a challenge to the market in the following years. On the bright side, the surge in demand for nutrient-dense foods for enhancing pet health would ensure the market’s smooth run during the forecast period.

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Significant Companies

Significant pet food manufacturers within the Field Peas Market for pet food include

  • Crites Seed Inc. (Europe),
  • Columbia Grain International, LLC (U.S.),
  • Great Northern AG (U.S.),
  • AGT Food and Ingredients, Inc. (Canada),
  • Palouse Brand (U.S.),
  • Ceres Global Ag Corp (U.S.),
  • George F. Brocke & Sons Inc. (U.S.)

Regional Analysis

The main markets for field peas market for pet food are Europe, North America, Asia Pacific (APAC), along with the Rest-of-the-World (RoW). In 2017, MRFR calculated Europe’s portion in the market to be 34.5% whereas North America accounted to 31.1%, RoW came to 22.1%, and APAC could manage to accumulate almost 12.3% of the overall market.

By 2024, North America field peas market for pet food could generate USD 737.1 million at a CAGR of 5.56% in the given period. The market volume could touch the value of 1,1195.3 thousand tons by 2024. The superlative market growth is the result of the increasing use of legumes in pet foods that heightens the immunity levels of pets. Surging pet humanization, as well as adoption of pets in the United States (U.S.) and Canada, could lead to tremendous market expansion in the near future.

Europe could obtain a CAGR of 5.71% to generate nearly USD 826.1 million by 2024. The deciding factors in the market are the hike in demand for natural ingredients coupled with strict ingredient labeling policies to protect pets. Novel product launches and efforts to experiment with new flavors by industry participants in the region uplifts the market position.

APAC could display a CAGR of 6.51% during the review period, nudging the market towards the valuation of USD 311.4 million by 2024. The focus on nutritious pet food has given way to a variety of grain-free options by manufacturers in the region. In 2017, Japan noted the highest growth in the field peas for pet food market in APAC. Meanwhile, Australia and China offer numerous growth opportunities to pet food manufacturers as well. RoW is on the way to attain the valuation of USD 543 million by 2024.

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Market Segmentation

The field peas market for pet food has been segmented with respect to type and application.

Depending on the type, the market covers peas, chickpeas, and others. Out of these, the chickpeas segment could surge at a significant CAGR of 6.51% over the review period to attain the valuation of USD 618.7 million by 2024. The segment is also expected to amass a demand of 956.8 thousand tons by 2024 at a growth rate of 5.03% during the conjectured time frame. Chickpeas are a type of natural foods as they are high in nutrients. Legumes have the ability to maintain the blood sugar level along with the immunity levels in pets, which adds to its demand in the market. Meanwhile, the peas segment could arrive at the valuation of USD 1,535.7 million by 2024.

Considering the application, the market can be broken down into dog food, cat food, and others. The dog food segment covers the maximum portion of the market and is predicted to attain the valuation of USD 1,475.9 million by forecast end. It is slated to create a demand of 2,362.4 thousand tons by 2024 at a growth rate of 4.84% during the evaluation period. Furthermore, the cat food segment can reach the valuation of USD 654.7 million by 2024 based on the increasing need for grain-free and natural ingredients.

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Company Name: Market Research Future
Contact Person: Abhishek Sawant
Email: Send Email
Phone: +1 646 845 9312
Address:Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar
City: Pune
State: Maharashtra
Country: India
Website: https://www.marketresearchfuture.com/reports/field-peas-market-7329

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