The Pea Fiber Market Size on a global scale is anticipated to reach a valuation of US$ 23.88 billion by 2024, with a robust compound annual growth rate (CAGR) of 7.8% expected from 2024 to 2034. According to a study conducted by Fact.MR, a provider of market research and competitive intelligence, North America is poised to play a significant role in the overall consumption of pea fiber worldwide.
The study suggests that the increasing inclination of consumers in North America and Europe towards investing more in plant-based products will likely contribute to a growing demand for pea fiber globally. Factors such as the expanding vegan population, a rise in the incidence of Celiac disease, and heightened awareness regarding the digestive benefits associated with pea fiber consumption are anticipated to further propel market growth on a global scale.
Key Segments of Pea Fiber Industry Research Report
The changing dietary preferences across the Asian region are expected to establish a highly favorable environment for pea fiber providers in the foreseeable future. Additionally, companies specializing in pea fiber are strategically targeting the increasing adoption of clean label and sustainable eating trends globally, aiming to broaden their business horizons through the year 2034.
Key Takeaways from Market Study
- The global pea fiber market is forecasted to reach a valuation of US$ 50.8 billion by 2034-end.
- Demand for pea fiber is predicted to increase at a CAGR of 7.8% from 2024 to 2034.
- Expanding vegan population, rising popularity of clean label trend, growing adoption of plant-based diets, increasing awareness regarding the benefits of pea fiber consumption, and high use of pea fiber in plant-based supplements are key market drivers.
- Demand for pea fiber in North America is projected to increase at 8.6% CAGR and account for a global market share of 36.9% in 2024.
- Sales of pea fiber in Germany are forecasted to rise at 9.3% CAGR over the next ten years.
- Around 36,502.1 tons of food grade pea fiber is projected to be consumed globally in 2024.
- East Asia is estimated to account for 14.7% share of the global market in 2024.
“Offering pea fiber products that can conveniently be used in a wide array of applications will be crucial for the success of pea fiber companies in the future,” says a Fact.MR analyst
Winning Strategy
Acquisitions, mergers, partnerships, and collaborations are projected to be vital strategies in the eyes of established as well as new pea fiber companies as they focus on making the most of the surging pea fiber demand. Pea fiber manufacturers should also focus on investing in the R&D division to create novel offerings that could allow them to stand out in the competitive landscape.
Competitive Landscape
Top pea fiber enterprises are actively engaged in expanding their business footprint and influence through strategies such as mergers, acquisitions, partnerships, and collaborations.
Recent Developments
- In December 2021, Royal DSM, a well-established Dutch multinational organization with diverse industry operations, successfully concluded the acquisition of Vestkorn Milling, a prominent producer of pea-derived products in Europe. The acquisition was valued at an enterprise value of US$ 79.97 million.
- In August 2019, Cargill, a privately-owned American food company, declared a US$ 75 million investment in PURIS to enhance its pea protein production capacity at an existing facility in Dawson, Minnesota, United States. This investment aimed to support PURIS in meeting the escalating global demand for pea protein, pea starch, and pea fiber.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global pea fiber market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights on the market based on type (inner hull fiber, outer hull fiber), source (organic conventional), grade (food grade, feed grade), and application (bakery, vegan meat substitutes, soups & sauces, beverages, animal foods, other applications), across six major regions of the world (North America, Europe, Latin America, East Asia, South Asia & Oceania, and the Middle East & Africa).
These insights are based on a report on Pea Fiber Market by Fact.MR.
