Pea Fiber Market Rising at 7.8% CAGR to Reach US$ 50.8 Billion by 2034: Fact.MR Report

Growing Popularity of Veganism Catalyzing Pea Fiber Consumption across the World

Rockville , Nov. 23, 2023 (GLOBE NEWSWIRE) — The global Pea Fiber Market is projected to be valued at US$ 23.88 billion in 2024 and expand at a robust 7.8% CAGR over the next ten years (2024 to 2034). North America is projected to account for a significant chunk of global pea fiber consumption, suggests this study by Fact.MR, a market research and competitive intelligence provider.

Increasing willingness of consumers in North America and Europe to spend more on plant-based products is projected to favor global pea fiber demand going forward. The rapidly expanding global vegan population, increasing prevalence of Celiac disease, and rising awareness regarding digestive benefits associated with pea fiber consumption are projected to be other prospects driving market growth on a global level.

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Key Segments of Pea Fiber Industry Research Report

Evolving dietary preferences of people in the Asian region are predicted to create a highly opportune setting for pea fiber providers in the long run. Pea fiber companies are also focusing on capitalizing on the rising popularity of clean label and sustainable eating trends in different parts of the world to amplify their business scope through 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.

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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.

• 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).

Checkout More Related Studies Published by Fact.MR Research:

Chickpea Fiber Market: The global chickpea fiber market is estimated to be valued at US$ 725 million in 2023 and it is expected to grow at a CAGR of 6.0% to reach US$ 1,304 million by the end of 2033.

Edible Fiber Market: The global edible fiber market is estimated at USD 50.6 Billion in 2022 and is forecast to surpass USD 119.2 Billion by 2032, growing at a CAGR of 8.9% from 2022 to 2032.

Citrus Fiber Market: The global citrus fiber market is valued at US$ 317 million in 2022 and is expected to reach US$ 550 million by the end of 2032. Demand opportunities in the market are likely to increase at a CAGR of 5.6% through 2032.

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