The market for peas in North America is estimated to grow at a CAGR of 3.7% in terms of consumption during the forecast period of 2020-2025. Peas are annual pulse legume crops that are consumed throughout the globe and are grown in a cold climate. North America is the largest producer and exporter of dried peas in the world. Canada dominates the pea production and export market in the region, followed by the US. The major varieties of peas grown in the region are yellow peas, green peas, and Austrian winter peas. Yellow and green peas account for two-thirds of the total North America peas production.
Key Market Trends
Growing Demand for Plant Protein & Pea Protein Ingredients
With consumers being more conscious about their health, the demand for healthy and low-fat food has increased globally and this has motivated the intake of vegan diets among health-conscious people. The growing trend of veganism worldwide is also fueling the growth of plant protein-based products in countries such as the U.S, China, India,. Peas have played a significant role in overcoming challenges associated with protein-energy malnutrition in developing and under-developed countries, thereby driving the growth of the yellow peas market, globally. Thus, the rush to introduce new products based on plant-protein and a spike in demand due to rising vegetarians in several countries has boosted the growth of the yellow peas market in the study period.
Increasing Export Demand of US and Canada Peas
The total export of peas from Canada to the world market in 2017 was 3.2 million metric ton, which accounts for 44% of the world export volume. The total global export of the US in 2017 was 0.39 million metric ton, down by 0.17 million metric ton from the previous year. More than 70% of the total US dry pea production is exported to India, China, and Spain for food and feed processing. The US ranks eighth in the global import of peas. The major export markets for Canadian peas are Southeast Asian countries such as China, Japan, Bangladesh, Sri Lanka, and Central and South America.
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