As per the current market research conducted by the CMI Team, the global Pea Flakes Market size is expected to record a CAGR of 4.1% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 2,247.1 Million. By 2033, the valuation is anticipated to reach USD 3,226.1 Million.
Pea Flakes Market: Growth Factors and Dynamics
- Increasing Demand for Plant-Based Protein Sources: With the growing trend towards vegetarianism, veganism, and flexitarian diets, there is a rising demand for plant-based protein sources. Pea flakes, being rich in protein, are gaining popularity as a nutritious alternative to animal-based proteins. This increasing demand is driving the growth of the pea flakes market.
- Rising Health Consciousness: Consumers are becoming more health-conscious and are actively seeking out foods that are perceived as healthier and more nutritious. Pea flakes are considered a healthy option due to their high protein and fiber content, as well as being gluten-free and low in fat. As a result, health-conscious consumers are incorporating pea flakes into their diets, contributing to market growth.
- Expansion of the Snack Food Industry: The snack food industry is experiencing significant growth globally, driven by busy lifestyles and the need for convenient, on-the-go food options. Pea flakes, with their crunchy texture and versatility, are increasingly being used as a base for healthy snack products. The expansion of the snack food industry is fueling demand for pea flakes as an ingredient, thereby driving market growth.
- Product Innovation and Diversification: Manufacturers are continually innovating and diversifying their product offerings to cater to changing consumer preferences and dietary requirements. This includes introducing new flavors, formulations, and packaging options for pea flakes. Product innovation and diversification efforts are expanding the consumer base for pea flakes and driving market growth.
- Expanding Retail Distribution Channels: The availability of pea flakes through various retail distribution channels, including supermarkets/hypermarkets, specialty stores, and online platforms, is expanding rapidly. This increased accessibility is making pea flakes more convenient for consumers to purchase, thereby boosting market growth.
- Growing Awareness of Environmental Sustainability: There is a growing awareness of the environmental impact of food production and consumption. Pea flakes, being derived from peas, are considered more environmentally sustainable compared to animal-based protein sources. As consumers become more environmentally conscious, they are increasingly opting for sustainable food choices like pea flakes, driving market growth.
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Pea Flakes Market: Partnership and Acquisitions
- In 2021, Danone announced commercial availability of its Vega One pea flakes products, including Vega One Sport, in China. These products contain pea flakes along with sunflower seeds, alfalfa, pumpkin seeds, and other ingredients, targeting athletes and offering a nutritious plant-based option.
- In 2020, Burcon NutraScience Corporation and investors formed a joint venture to build a C$65 million manufacturing plant in Western Canada for pea and canola flakes. The plant will distribute Burcon’s Peazac, Peazazz pea flakes, and Nutratein, Puratein, and Supertein canola flakes.
Pea Flakes Market: COVID-19 Analysis
The COVID-19 pandemic has significantly impacted the Pea Flakes Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Disruption in Supply Chains: The COVID-19 pandemic led to disruptions in global supply chains, including those for food products. This disruption affected the availability of raw materials and ingredients required to produce pea flakes, leading to potential shortages and supply chain challenges.
- Shift in Consumer Preferences and Buying Behavior: The pandemic caused significant changes in consumer preferences and buying behavior, with a heightened focus on health, safety, and convenience. While demand for shelf-stable and nutritious foods like pea flakes increased during the pandemic, the closure of food service establishments and disruptions in traditional retail channels impacted the distribution of pea flakes.
- Adoption of E-commerce Channels: To recover from the impact of COVID-19, pea flakes manufacturers may accelerate their adoption of e-commerce channels. By expanding their online presence and leveraging e-commerce platforms, companies can reach consumers directly and mitigate the impact of disruptions in traditional retail channels.
List of the prominent players in the Pea Flakes Market:
- Archer Daniels Midland Company
- AGT Food and Ingredients Inc.
- Emsland Group
- Roquette Frères
- Vestkorn Milling AS
- The Scoular Company
- Cosucra Groupe Warcoing SA
- Parrish and Heimbecker Limited
- AGT Foods Australia Pty Ltd.
- Sotexpro
- Nutri-Pea Limited
- Batory Foods
- Dakota Dry Bean Inc.
- SunOpta Inc.
- Euroduna Food Ingredients GmbH
- Others
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