The Latin America, Middle East and Africa Pea Derivatives Market would witness market growth of 13.7% CAGR during the forecast period (2022-2028).
Pea protein is a well-liked plant-based protein substitute for animal protein, the demand for which has grown recently as consumers' concerns about their health and the environment have grown. Several variables influence the market's expansion. Rising consumer focus on plant-based substitutes to animal products is among the market's most important driving forces. Due to the growing demand for peas, notably in developing nations, the market is expanding.
Green peas and yellow peas are commercially available kinds, with yellow peas leading the way in terms of production on an international scale. Recently, consuming foods high in protein has increased significantly due to the worldwide trend toward health consciousness. Modern lifestyles make it difficult for people to maintain a properly balanced diet. Therefore they frequently turn to prepackaged and processed food items for sustenance. Because of this rising need, food producers progressively add protein and other necessary elements to their goods.
The fastest-growing economy in Latin America is Brazil. As a result, the regional market value is anticipated to rise in the coming years, especially among the local vegetarian and vegan populations. Argentina has jurisdiction over most local pea exports and production. The Cordoba province and Argentina's northwest are the main areas for farming chickpeas, according to the Food and Agricultural Organization (FAO) of the United Nations. Due to the widespread awareness of the advantages of pea starch and the effective retail distribution of plant-based products, the vegan movement is expanding among Argentina's population. As a result, the regional pea derivatives market will grow significantly during the next few years.
The Brazil market dominated the LAMEA Pea Derivatives Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $105.2 million by 2028. The Argentina market is experiencing a CAGR of 14.3% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 13.4% during (2022 - 2028).
Based on Application, the market is segmented into Meat Substitutes, Bakery Goods, Dietary Supplements, Beverages, and Others. Based on Type, the market is segmented into Pea Protein (EIsolates, Concentrates, Textured and Hydrolysate), Pea Starch, Pea Fiber and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Pea Derivatives Market is Projected to reach USD 5 Billion by 2028, at a CAGR of 10.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include International Flavors & Fragrances, Inc., Roquette Freres SA, PURIS, NutriPea LP (G.S. Dunn Dry Mustard Millers), The Scoular Company, Fenchem Biotek Ltd., The Green Labs LLC, COSUCRA Groupe Warcoing S.A., Burcon NutraScience Corporation, and Sotexpro (GEMEF Industries).
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