PULSE INGREDIENTS MARKET TO REACH $29.9 BILLION BY 2030, SAYS NEW REPORT
The global pulse ingredients market is expected to reach $29.9 billion (€27.62bn) by 2030, according to a new analysis by Research and Markets.
Growing at a CAGR of 4.7% over the forecast period, awareness about the health benefits of pulse protein will be the the primary factor driving demand, Research and Markets said. Other key drivers for growth include the trend towards healthy food products, growing urbanisation, plus increasing consumer interest in sustainable and plant-based protein options.
In addition, changing consumer lifestyles along with higher disposable income for many is helping to increase the market share over the forecast period, the analyst said.
Pulse ingredients are used in food processing to bind, coat, gel, and thicken for various food applications, such as vermicelli, soups, pasta, noodles, and much more.
Chickpea flours are gaining attention due to their gluten-free and nutty texture. Furthermore, affordability and growing consumer demand for items made with pulse flour accelerate market growth. Moreover, pulses have low-fat content that is efficient in maintaining cholesterol and sugar levels, which contributes to revenue growth.
- Growing demand for pulse flours in several end-use applications, such as bakery products, dairy products, and confectionaries, is expected to drive product demand.
- The chickpea segment accounted for the highest revenue share in 2021 and is expected to continue its dominance owing to its organic and cost-effective nature and wide application in snacks and hummus production.
- The food and beverages segment is expected to hold the maximum revenue share owing to the innovative product development for the daily consumption of pulse protein. In addition, increasing uses of these ingredients for food processing in household application also boost the market demand.
- The Asia Pacific is expected to grow over the forecast period owing to improving the standard of living and rising health awareness of powder form among consumers in the region, such as India and China.
According to Research and Markets, major players operating in the pulse ingredients industry include ADM, AGT Food & Ingredients, Anchor Ingredients, Archer Daniels Midland Company, Axiom Foods, Batory Foods, Cosurca Groupe Warcoing S.A., Dakota Dry Bean Inc., Dakota Ingredients, Ingredion Incorporated, Puris, Roquette Freres.
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