Global Split Pea Market 2024–2033

Reports Description

As per the current market research conducted by CMI search Team, the global Split Pea Market is expected to record a CAGR of 4.8% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 508.5 Million. By 2033, the valuation is anticipated to reach USD 775.4 Million.

The split pea market encompasses the production, distribution, and consumption of split peas, a versatile legume widely utilized in various culinary applications. Split peas, derived from mature peas that are dried and split in half, are valued for their nutritional content, including high levels of protein, fiber, vitamins, and minerals.

With growing awareness of health benefits and sustainability, the market for split peas has expanded globally. Key segments include food industry applications such as soups, stews, and snacks, as well as food service and consumer markets. Additionally, advancements in processing, product innovation, and marketing strategies contribute to market growth and diversification.

Split Pea Market – Significant Growth Factors

The Split Pea Market presents significant growth opportunities due to several factors:

• Health Consciousness: Increasing consumer awareness about the health benefits of split peas, such as their high protein and fiber content, is driving demand. As more people seek nutritious and plant-based food options, the split pea market experiences growth.

• Rise in Vegan and Vegetarian Diets: The growing adoption of vegan and vegetarian lifestyles is fueling demand for plant-based protein sources like split peas. This trend is driven by concerns about animal welfare, environmental sustainability, and personal health.

• Demand for Sustainable Food: Split peas are recognized for their sustainability compared to animal-based protein sources. As sustainability becomes a key consideration for consumers, there’s a shift towards plant-based ingredients, contributing to the growth of the split pea market.

• Product Innovation: Continuous innovation in split pea-based products, such as ready-to-eat meals, snacks, and meat alternatives, is driving market expansion. Manufacturers are introducing new formulations and flavors to cater to evolving consumer preferences and dietary trends.

• Expansion into Convenience Foods: There’s an opportunity to develop more convenient split pea-based products to meet the demands of busy consumers. Ready-to-cook or ready-to-eat split pea meals, snacks, and convenience mixes can tap into this market segment.

• Global Market Penetration: The split pea market has opportunities for expansion into new geographic regions. With globalization and increasing consumer interest in diverse cuisines, there’s potential to introduce split pea-based products to new markets and capitalize on emerging dietary trends worldwide.

Split Pea Market – Mergers and Acquisitions

The Split Pea Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the Split Pea Market include:

• In 2023, Cosucra secured a 45 million Euros investment from Wallonie Entreprendre, Sofiprotéol, and SFPIM. This funding will facilitate the realization of the company’s energy transition strategy and enable a substantial boost in production capacity, enhancing its position in the market.

• In 2022, Burcon NutraScience Corporation, in partnership with Merit Functional Foods Corporation, has launched Peazazz C pea protein, a unique ingredient tailored for ready-to-drink beverages. Peazazz C offers a smooth texture and grit-free experience, catering to consumer preferences for high-quality plant-based proteins.

• In 2021, Roquette Fréres, in collaboration with other companies, invested USD 19.2 million in a joint R&D initiative aimed at promoting Canada’s plant protein ecosystem, addressing processing challenges in cold Prairie conditions, and developing innovative pea and fava bean products, while implanting new technology in pea protein processing.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the Split Pea Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Split Pea Market – Significant Threats

The Split Pea Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

• Competition from Alternative Proteins: The rise of alternative plant-based proteins, such as soy, lentils, and chickpeas, poses a threat to the split pea market. These alternatives offer similar nutritional profiles and may compete for market share, especially among consumers seeking plant-based protein options.

• Supply Chain Disruptions: Vulnerabilities in the agricultural supply chain, including weather-related events, pests, diseases, and geopolitical factors, can disrupt split pea production and distribution. Such disruptions may lead to fluctuations in supply and pricing, impacting market stability and profitability.

• Fluctuating Consumer Demand: Changes in consumer preferences, dietary trends, and economic conditions can affect demand for split peas. Fluctuations in demand may result from shifts in consumer perceptions, competing food trends, or changes in disposable income, posing challenges for market forecasting and planning.

• Price Volatility of Inputs: Price volatility in inputs such as seeds, fertilizers, and energy can impact production costs for split pea farmers and processors. Fluctuations in input prices may affect profitability margins throughout the supply chain, potentially leading to price instability and reduced competitiveness in the market.

• Regulatory and Policy Changes: Changes in government regulations, trade policies, and food safety standards can present challenges for the split pea market. Regulatory compliance costs, market access restrictions, and labeling requirements may increase operational complexities and pose barriers to entry or expansion in certain regions or markets.

Category-Wise Insights:

By Type

• Green Split Peas: Green split peas are mature peas that are dried and split, retaining their natural green color. In the split pea market, green split peas are valued for their earthy flavor and versatility in culinary applications. A growing trend in the market for green split peas includes their increasing popularity in plant-based diets, driven by their high protein and fiber content, as well as their use in soups, stews, and vegetarian dishes.

• Yellow Split Peas: Yellow split peas are mature peas that are dried and split, resulting in a yellow-colored legume. In the split pea market, yellow split peas are known for their mild flavor and soft texture, making them suitable for a variety of dishes. A notable trend in the market for yellow split peas is their utilization in ethnic cuisines, such as Indian dals and Middle Eastern soups, as well as their incorporation into innovative plant-based products like meat substitutes and snack foods.

By Application

• Food Industry: Split peas are widely utilized in the food industry for various applications, including soups, stews, side dishes, snacks, and baby food. Growing demand for plant-based proteins and convenience foods drives the adoption of split pea-based products. Trends include product innovation, such as ready-to-eat meals and snack items, as well as the incorporation of split peas into health-conscious and sustainable food formulations.

• Food Service Industry: In the food service industry, split peas are used in restaurants, cafeterias, catering services, and other food establishments. The trend towards plant-based and sustainable menu options has led to increased utilization of split peas in diverse culinary applications. Chefs and food service providers are incorporating split peas into soups, salads, entrees, and appetizers to cater to evolving consumer preferences for healthy and environmentally friendly dining options.

• Household/Consumer Use: In households, split peas are commonly used in home cooking to prepare a variety of dishes such as soups, stews, and side dishes. The trend towards home-cooked meals and the growing popularity of plant-based diets contribute to the increased consumption of split peas among consumers. Additionally, the convenience and nutritional benefits of split peas make them a preferred ingredient for health-conscious consumers seeking versatile and easy-to-prepare meal options.

By Distribution Channel

• Supermarkets/Hypermarkets: Supermarkets and hypermarkets are major distribution channels for split peas, offering a wide range of packaged and bulk options. Trends include increased availability of organic and value-added split pea products, strategic placement in health food aisles, and promotional activities to boost sales.

• Convenience Stores: Convenience stores provide convenient access to split pea products for on-the-go consumers. Trends include the introduction of single-serve and grab-and-go split pea snacks, as well as partnerships with food service providers for ready-to-eat options.

• Online Retail: Online retail platforms offer a convenient way for consumers to purchase split pea products from the comfort of their homes. Trends include the growth of e-commerce platforms specializing in health foods, personalized product recommendations, and subscription services for regular deliveries of split pea items.

• Specialty Stores: Specialty stores, such as health food stores and organic markets, cater to consumers seeking high-quality and niche split pea products. Trends include the expansion of gourmet split pea varieties, artisanal packaging, and collaborations with local producers to offer unique split pea-based delicacies.

• Direct Sales: Direct sales channels, including farmer’s markets and community-supported agriculture (CSA) programs, provide direct access to locally grown and freshly harvested split peas. Trends include the promotion of sustainable farming practices, farm-to-table transparency, and educational initiatives to inform consumers about the nutritional and environmental benefits of split peas.

• Food Service Providers: Food service providers, including restaurants, cafeterias, and catering companies, incorporate split peas into their menus to meet the growing demand for plant-based and nutritious meal options. Trends include the development of innovative split pea recipes, menu labeling to highlight healthy choices, and partnerships with suppliers to ensure consistent quality and availability of split pea ingredients.

Report Scope

Split Pea Market – Regional Analysis

The Split Pea Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

• North America: In North America, the trend in the split pea market includes a growing preference for convenience foods among busy consumers. Ready-to-eat split pea soups and snacks are gaining popularity. Additionally, there’s an increasing demand for organic and non-GMO split pea products, reflecting consumer preferences for healthier and sustainably sourced options.

• Europe: In Europe, there’s a rising interest in plant-based diets and sustainable food choices, driving demand for split peas. Manufacturers are introducing innovative split pea-based products, such as meat alternatives and dairy alternatives, to cater to this trend. Moreover, there’s a growing market for artisanal and gourmet split pea products in specialty stores and farmer’s markets.

• Asia-Pacific: In the Asia-Pacific region, there’s a tradition of incorporating legumes like split peas into various cuisines. The trend includes the development of new split pea recipes and fusion dishes to appeal to diverse palates. Additionally, there’s a growing market for ready-to-cook split pea mixes and convenience foods, targeting urban consumers seeking quick and nutritious meal options.

• LAMEA (Latin America, Middle East, and Africa): In the LAMEA region, there’s a rising awareness of the nutritional benefits of split peas, particularly among health-conscious consumers. The trend includes the incorporation of split peas into traditional dishes and street foods, offering a nutritious twist to local cuisines. Moreover, there’s a growing market for value-added split pea products, such as snacks and spreads, in urban centers across the region.

Competitive Landscape – Split Pea Market

The Split Pea Market is highly competitive, with a large number of manufacturers and retailers operating globally. Some of the key players in the market include:

• Archer Daniels Midland Company
• AGT Food and Ingredients Inc.
• Conagra Brands Inc.
• Groupe Ebro Puleva
• Ingredion Incorporated
• AGF Group
• Puris Foods
• Blue Ribbon
• The Scoular Company
• Olam International Ltd
• SunOpta Inc.
• Roquette Frères
• Vestkorn Milling AS
• Cargill Incorporated
• Bob’s Red Mill Natural Foods
• Others

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships.

New players entering the split pea market are adopting innovation and development strategies to establish their presence. These newcomers often focus on niche segments or unique product offerings, leveraging trends such as plant-based diets or sustainability.

They may introduce innovative split pea-based products or utilize novel processing techniques to differentiate themselves. Meanwhile, key players dominating the market, such as Archer Daniels Midland, Conagra Brands, and AGT Food and Ingredients, maintain their dominance through extensive distribution networks, brand recognition, and diversified product portfolios catering to various consumer preferences and market segments.

The Split Pea Market is segmented as follows:

By Type

• Green Split Peas
• Yellow Split Peas

By Application

• Food Industry
  • Soups
  • Stews
  • Side Dishes
  • Snack Foods
  • Baby Food
• Food Service Industry
• Household/Consumer Use

By Distribution Channel

• Supermarkets/Hypermarkets
• Convenience Stores
• Online Retail
• Specialty Stores
• Direct Sales
• Food Service Providers

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America