Online Sales Translate into Business Opportunities during COVID-19 Pandemic
Purchase and storage of grocery and other essential items have been challenging during the COVID-19 (coronavirus) pandemic. This has increased the sales of shelf-stable products such as dried peas and canned beans. Due to the increasing number of coronavirus cases in Europe, companies in the dried peas market are tapping into incremental opportunities in the region. Moreover, several individuals still prefer to limit their trips to the grocery store. This trend is anticipated to increase the uptake of shelf-stable products such as dried peas and beans.
Looking at the COVID-19 situation, hypermarkets and departmental stores have initiated home deliveries through their websites and apps to meet the demand for dried pea products. Hence, companies in the dried peas market are leveraging business opportunities via e-Commerce since individuals are spending a significant amount of their time for online shopping.
Moreover, the food & beverages sector has held up relatively well, as it is less exposed to a near-term contraction in consumer spending. However, the FnB sector is expected to face severe challenges, with majority of companies being affected by manufacturing, demand issues, and supply chain disruption, especially in Asia. The prices of the raw materials as well as finished goods has increased due to the shortage of products. This is affecting the production as well as sales. It is analyzed that if this situation persists, companies will have a hard time in the near future to continue operations unless an aid is provided by regulatory authorities or if the company is present on a global scale.
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Burgeoning Plant-based Food Trend in Asia Creates Revenue Opportunities for Manufacturers
Companies in the dried peas market are extending their reach in the burgeoning Asian market. This is a growing phenomenon since consumers are demanding plant-based, healthy, and high-nutrition foods. In order to boost their credibility in the global dried peas market, manufacturers are utilizing low-allergenic and high-protein legumes to produce pea protein powders. These powders are gaining increased popularity since they function as highly adaptable ingredients.
Many people are constantly in search for meat substitutes. This has led to the popularity of dried pea products. Manufacturers are improving their product formulations as pea protein powders deliver neutral taste and are highly soluble in different recipes.
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Non-GMO Legumes Drive Market with Pea Protein Powders
The dried peas market is projected to be valued at over US$ 4.5 Bn in 2023 and is estimated to reach a value of US$ 6 Bn by the end of 2030. However, individuals have a common perception that dried food does not taste fresh. Hence, food manufacturers are improving their production processes to prevent the change in the texture of dried food. As such, easy storage, lightweight attributes, and its additive functionality in soups are expected to project an upward trend in market growth.
There is a growing demand for pea protein powder. In order to meet this demand, manufacturers in the dried peas market are introducing products that can be incorporated in ready-to-drink beverages, baked goods, and dairy foods. For instance, global food giant Cargill has announced the launch of its versatile pea protein powder Radipure, which is made from non-GMO (Genetically Modified Organisms) dried peas.