Pea Flakes Market Overview 2024: Size, Growth Drivers, and Major Segments
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What is the Expected Growth Rate of the Pea Flakes Market for the Period 2024 to 2033?
In the past years, the pea flakes market has seen a swift expansion. The market, which is predicted to surge from $1.86 billion in 2023 to $2.07 billion in 2024, demonstrates a compound annual growth rate (CAGR) of 11.3%. Factors such as health and wellness trends, popularity of vegetarianism, innovative movements in the food industry, consumer longing for natural ingredients, focus on sustainability, and avoidance of allergens have been attributed to the notable growth during the historical period.
Accelerated expansion is forecasted in the pea flakes market in the forthcoming years. The market is projected to swell to $3.14 billion by 2028, growing at a compound annual growth rate (CAGR) of 10.9%. This growth during the forecast period is attributed to the persistent concentration on health and wellness, growth of vegan and vegetarian markets, governmental strategies and grants, amplified environmental consciousness, plus increased acceptance of alternate proteins. The forecast period is likely to see key trends such as the rising demand for clean and natural ingredients, expansion of pet food applications, investments in innovative processing technologies, the emergence of pea flakes as a texturizing agent, and global market penetration.
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What Factors Are Responsible for the Growth of the pea flakes Market?
The growth of the pea flakes market is anticipated to be driven by the rising spending on superfoods or health-conscious food items. Such foods, which include salmon, broccoli, and blueberries, are packed with essential nutrients and are beneficial for health due to their antioxidant, fiber, and fatty acid content. As consumer spending on these superfoods or healthy food items increases, so will the demand for pea flakes, which also offer various health benefits. According to UK-based web information source Medical News Today, in 2022, global spending on superfoods or health-conscious food products amounted to USD 6.57 billion and is projected to soar to USD 11.50 billion by 2030, reflecting a compound annual growth rate (CAGR) of 7.2%. Consequently, the rise in spending on superfoods or healthy food items is fuelling the expansion of the pea flakes market.
What Key Segments Make Up the Pea Flakes Market?
The pea flakes market covered in this report is segmented –
1) By Type: Yellow Pea, Green Pea
2) By Nature: Organic, Conventional
3) By Application: Food Processing, Animal Feed
4) By Distribution Channel: Hypermarket or Supermarket, Convenience Stores, Online
What Are the Significant Trends Reshaping the Pea Flakes Sector?
The emergence of product innovation is a significant trend gaining traction in the pea flakes market. The primary companies involved in the pea flakes market are focusing on the creation of novel products to solidify their market standing. For example, Gold&Green, a Finnish food technology firm based in Finland, introduced protein granules and protein flakes made from oat bran, pea, and fava bean protein in December 2021. These plant-based ingredients boast a neutral taste and texture that can be tailored to suit various applications. With their high content of fiber, potassium, iron, and particularly protein, these components can be utilized in the production of shaped foods like falafel, veggie burgers, balls, and patties. They also find applications in deli salads, baked goods, frozen meals, and as plant-based replacements for dairy, meat, and fish, serving as a substantial source of protein.
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Which Regions Are Essential for the Growth of the Pea Flakes Market?
North America was the largest region in the pea flakes market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pea flakes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Pea Flakes Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the pea flakes market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Pea Flakes Market Include
1. Pea Flakes Market Executive Summary
2. Pea Flakes Market Segments
3. Pea Flakes Market Size And Template Market Growth Rate
4. Key Pea Flakes Market Trends
5. Major Pea Flakes Market Drivers
……
25. Key Mergers And Acquisitions In The Pea Flakes Market
26. Top Pea Flakes Companies
27. Pea Flakes Market Opportunities And Strategies
28. Pea Flakes Market, Conclusions And Recommendations
29. Appendix
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