Dry Peas – Procurement Best Practices & Sourcing Strategies

DESCRIPTION

Dry Peas Market Global Size:

Customer choice for consuming plant-based proteins increases demand for the global dried peas market which experienced a global supply of 148 million tonnes in 2021-2022. This forecast is declared by ELINT Market Research in its latest procurement intelligence study. The study states that dried peas constitute a vast count of health advantages. People can consume it in the form of beans; also, dried peas can meet the growing need for shelf-stable and handy food products.

Furthermore, the report revealed that Canada emerged as the major supplier of dried peas and calculated a 4.6 million tonnes supply value in 2021–2022. Thus, worldwide economies depend on Canada to fulfill their peas goods demands. Moreover, when it comes to purchasing dynamics, most of the traders in the international peas market prefer June to October as the best price lock months since these durations have stable market conditions. Thus, purchasing peas products becomes easier at affordable prices. Also, purchasers lock these months to acquire dried peas to mitigate risks and bargain favorable terms and prices from suppliers.

Market Definition:

Peas are the prominent members of the bean family, which are dehydrated to make dried peas. Further, dried peas can be derived from diverse pea varieties like cracked, yellow, and green peas. Manufacturing firms remove moisture from peas to raise their shelf life. This way, peas can be used for a longer time and easily transfer from one place to another. Further, this market segment is part of the broader lentils industry, which also includes numerous kinds of dry lentils and beans.

Dry Peas Market Drivers:

1. Expansion in Urbanization –

Constant expansion in urbanization, transition in people’s eating preferences, and industrialization are some of the main aspects that drive development in the dry peas market.

2. Demands from Retail Sectors –

Retail sectors primarily require dry peas to build diverse food items like casseroles, stews, salads, sauces, and other side cuisines. These food products are highly consumed by consumers.

Dry Peas Market Challenges:

1. Climate Changes in Canada –

Canada is the largest producer of edible dry peas and experienced varied climate changes such as high temperatures and droughts last year, which reduced the farming of dry peas.

2. Shift in Trade Policies –

Trade policies and tariffs have constantly experienced shifts in the global dry peas procurement intelligence market which affected trading activities between diverse countries.

Dry Peas Market Opportunities:

1. Increasing Need for Plant-Based Proteins –

People’s awareness of plant-based and natural protein sources caused high possibilities in the global dry peas market since it is a good alternative for meat goods.

2. Shelf-Stable Products Requirements in E-commerce Sector –

After COVID-19’s impact, there has been a vast need for shelf-stable food items. Thus, the dried peas market emerged as an essential domain since it has extended longevity.

Dry Peas Market Segmentation:

1. Types of Peas –

Green dry peas are mainly consumed by humans due to their amazing taste; also green peas are available in frozen forms so they can be used for longer periods. Further, yellow peas meet the needs for plant-based proteins and animal food.

2. Major Applications –

A few major applications of the dry peas industry include food, beverages, personal hygiene goods, medicines, supplements, animal feed, hotels, restaurants, cafes, households, and retail.

Regional Analysis of the Dry Peas Market:

The existence of significant countries vastly contributed to the stable manufacturing, supply, and demand dynamics of the dry peas products industry in 2021-22. For instance, major peas manufacturing regions include Canada at 31.3 percent, Russia at 18.7 percent, China at 9.8 percent, USA at 6.7 percent, and India at 5.4 percent. Further, exporting nations that fulfill elevated demands for peas products in the world include Canada at 57 percent, Russia at 11 percent, USA at 8 percent, Ukraine at 6 percent, and France at 4 percent. Moreover, in the same year, the fresh peas export volume was calculated at 6.65 million metric tons in various provinces. Additionally, in the context of price dynamics, multiple substantial countries showcased an average of $251 per metric ton value, which is a balanced cost layout for competitive entities operating in the dry peas global market.

Trade Tariffs and Benchmark Price Indices in the Dry Peas Market:

Different trade tariffs between diverse countries influenced the worldwide dry peas sector. For instance, nations including Japan, Iran, Turkmenistan, and Bhutan experienced high import tariff rates of 236%, 55%, 50%, and 48.9% respectively for fresh and chilled dry peas products. Thus, these elevated traffis created higher prices for consumers and obstacles for industry players to conduct export moves. On the other hand, regions that demonstrated 0% import tariffs in the dry peas market include Mauritius, Hong Kong, Laos, Lebanon, and the Maldives. These facts signify smooth and affordable trade activities in the market. Additionally, the fundamental benchmark price index for dry peas goods is the US Free on Board (FOB) price, which helps industry players decide expenditures depending on a standard. Also, consumers get transparency and stability in prices with the help of this index.

Engagement Models and in the Dry Peas Market:

Engagement models help global peas procurement intelligence companies to form fair alliances with customers. The key engagement contract model remains for 3-6 months. This contract system follows the FAB benchmark price index to build appropriate price layouts. Further, stakeholders can consider June-October timeframes as the best price months. Hence, with the help of agreements buyers and sellers of the dry peas market can bargain their particular favorable terms, costs,  delivery periods, and much more.

Key Suppliers in the  Dry Peas Market:

The leading companies in the worldwide dry peas industry that are assessed according to their offerings of goods and services include Goya Foods Inc., AGT Foods, and INGREDION.