The demand for field peas is increasing in the pet food market. With the rising adoption of pets across the globe, the demand for pet food has grown. Field peas are rich in vitamins, minerals, proteins, and fiber, which significantly contribute to the enhancement of pet health. Field peas are available in different types and forms such as whole yellow peas, split yellow peas, whole green peas, and split green peas.
However, the fluctuating prices of field peas caused by a gap in the demand and supply act as a major restraint for market growth.
The global field peas market for pet food has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world. The European market accounted for the majority market share in 2017 and is expected to retain its dominance during the forecast period. The growth of the field peas market can be attributed to the high production of pet food, especially in Western Europe. The pet food market is highly fragmented in the region owing to the presence of key players and local and unorganized players. Thus, manufacturers are emphasizing product development to capture maximum market share. Grain-free pet foods are a major trend gaining traction among pet food manufacturers in Europe.
The North American market accounted for a 31.00% market share in 2017 and is projected to register a growth rate of 5.56% during the forecast period. The widespread adoption of pets, especially in the US, is expected to fuel the growth of the field peas market for pet food during the forecast period of 2018 to 2024. Private labels stores in the country are focusing on unique product portfolios which is expected to fuel the growth of the field peas market in pet food.
The market in Asia-Pacific is projected to exhibit a growth rate of 6.51% during the forecast period. The rising focus on nutritious pet food has led to the introduction of grain-free options by manufactures. Japan was the largest country-level market for field peas for pet food in the region in 2017. However, the markets in Australia and China offer lucrative growth opportunities to pet food manufacturers.
The global field peas market for pet food has also been segmented on the basis of type and application.
The global field peas market for pet food has been segmented, on the basis of type, into peas, chickpeas, and others. In 2017, the peas segment accounted for the majority of the market share and is projected to reach USD 1,535.7 million by the end of 2024. The chickpeas segment is expected to register the highest CAGR of 6.51% during the review period. In terms of volume, the chickpeas segment is projected to reach 956.8 thousand tons by the end of 2024 at a CAGR of 5.03% during the forecast period.
On the basis of application, the global field peas market for pet food has been segmented into dog food, cat food, and others. The dog food segment held the largest market share of 59.36% in 2018 and is projected to reach USD 1,475.9 million by the end of 2024. The cat food segment is expected to register a moderate growth rate of 5.66% during the forecast period.
The leading market players in the global field peas market for pet food are AGT Food and Ingredients, Inc. (Canada), Ceres Global Ag Corp (US), George F. Brocke & Sons Inc. (US), Great Northern AG (US), Columbia Grain International, LLC (US), Crites Seed Inc. (Russia), and Palouse Brand (US).
• Field peas producers
• Peas producers
• Pet food manufacturers
• Raw material suppliers
• Retailers and wholesalers
• E-commerce companies
• Traders, importers, and exporters
• Increase in pet population in developed and developing economies is a significant factor for the growth of the global field peas market for pet food.
• Changes in feed preference among pet owners are expected to pose a major challenge to market players.
Global Field Peas Market for Pet Food Research Report—Forecast till 2024:
As per MRFR analysis, the global field peas market for pet food is estimated to reach USD 2,417.6 million by the end of 2024 at a CAGR of 5.85% during the forecast period.
The report also offers a regional analysis:
• North America
o Rest of Europe
o Australia and New Zealand
o Rest of Asia-Pacific
• Rest of the World
o South America
o Middle East