Dried Peas Market: Introduction
A recent study published by Transparency Market Research on the dried peas market includes global industry analysis and opportunity assessment for 2020-2030. Revenue generated from the global dried peas market is estimated to value over US$ 4.5 Bn in 2020, which is projected to rise at a CAGR of 2.9%, to reach US$ 6 Bn by 2030.
Increasing Traction for Meat Analogues Fueling Demand for Dried Peas
Pea-based protein has been slowly gaining traction, and is expected to overcome the soy protein in the meat substitute market in a decade or so. This can be attributed to the high protein content and taste, which is suitable for incorporation with other ingredients in meat substitutes. Moreover, pea protein is one of the main ingredients in Beyond Meat products.
In the recent years, there has been an expansion in utilization of meat analogues, owing to awareness among consumers for vegetarian and vegan diets. These meat analogues have high nutritional and protein content, and have similar texture as of meat making them popular among vegetarians all over the globe. Meat alternatives and analogues are exceptionally differing and can be bought from outlets; for instance, hypermarkets/supermarkets and food cooperatives in developed and some developing countries over the globe. These meat analogues are prepared widely using dried peas, including yellow and green peas, thus, increasing the demand for dried peas in the near future.
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Alternative Channels Enable Consumers to Identify Personal Healthcare Needs
Presently, adults use the Internet to browse health information to help with purchase decisions with regard to products, pre-diagnosis, diagnosis, and treatment tips. A vast majority use the Internet for a second opinion before and after visits to a doctor or a physician in an attempt to validate medical advice given.
This tendency is becoming beneficial for supplement manufacturers, as many persons chose to self-diagnose, and then opt for a product they believe is a cure or offers appropriate benefits they require. Manufacturers are leveraging this trend and engaging in marketing efforts that promote self-directed purchase behavior.
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Advancements in Product Offerings
Companies are more focused on offering organic dried peas to food and beverage manufacturers, owing to increasing demand for products with higher nutritional content, protein, and natural and organic ingredients. In addition, the demand for dried peas is increasing among dietary supplement manufacturers, as companies are especially targeting consumers seeking plant-based products. Currently, dried peas manufacturers are also offering their products to private label brands engaged in the business of offering sports nutrition, weight management supplements, infant nutrition, and flavored protein powders.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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