Global Chickpea Protein Ingredients Market Overview:
Chickpea proteins or garbanzo beans are a good source of carbohydrates and proteins in an increasingly health-conscious world. Chickpeas are used for the manufacture of grain-free flour. It is gluten-free and a high source of protein and fiber. The global chickpea protein ingredients market report by Market Research Future (MRFR) Chickpea Protein Ingredients Market Size is expected to reach USD 1237.2 million by the end of the year 2030, representing an annual growth rate of 11.20% over the same period.
Market Outlook:
The global Chickpea Protein Ingredients Market is likely to exhibit a remarkable CAGR over the forecast period due to its demand in various food applications. Increasing production of dips, spreads, and flavors with the inclusion of chickpeas is projected to drive the market demand exponentially. The nutty taste and grainy texture as well as the smooth taste can bolster its demand.
The use of chickpea in local cuisines of Asia Pacific can bode well for the market. The influence of these dishes due to globalization as well as inclination of consumers for trying new dishes can drive its demand. The inclusion of chickpeas in Nepal, Bangladesh, Pakistan, and India is anticipated to drive its sales and boost the global chickpea protein ingredients market revenue. Manufacture of vegetable soups is a positive indicator of the market growth.
Capital funding by private and equity players is evident of the ascending growth trajectory of the chickpea protein ingredients market. In 2018, InnovoPro has managed to raise USD 4.25 million for its proprietary technology of extraction of 70% protein concentrate can be used in dips, mayonnaise, meat alternatives, and others.
Segmentation Analysis:
The global chickpea protein ingredients market is segmented on the basis of type, form, category, and application.
By type, the market is segmented into concentrate and isolate. The concentrates segment is expected to expand at a modest growth rate due to its affordability. In addition, the breakdown of concentrate proteins after digestion can drive its demand.
By form, the market is segmented into liquid and dry. The dry segment is estimated to gain a major market share due to its long shelf life and ability to withstand high temperatures.
By category, the market is segmented into organic and conventional. The organic segment can display an unusually high CAGR over the forecast timespan due to the awareness of consumers. Demand for beans without the use of pesticides combined with crop rotation deemed to make the land highly productive for cultivation can augur well for the chickpea protein ingredients market till 2023.
By application, the market is segmented into energy bars, snacks (sweet savory), bakery confectionery, energy bars, and others. The snacks segment is touted to generate maximum revenue due to the consumption of convenience foods by consumers of all demographics.
Regional Analysis:
Geography-wise, the global chickpea protein ingredients market comprises North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The APAC region is expected to dominate the market throughout the forecast period due to the inclusion of the bean in most of the local cuisines. The cultivation of rabi crops in winter in countries of India, Pakistan, Myanmar, and other Southeast Asian countries can boost the demand for the global chickpea protein ingredients market.
On the other hand, the North America region can generate significant revenue for the global market due to high production of chickpeas in the U.S. and Mexico. The need for ready-to-eat (RTE) products in supermarkets and hypermarkets can drive the regional demand.
Competitive Outlook:
AGT Food and Ingredients, Nutriati, Inc., Cambridge Commodities Limited, Nirman Nutraceuticals Pvt. Ltd., ChickP, Ingredion Incorporated, InnovoPro, Archer Daniels Midland Company, Batory Foods, and others are some of the prominent of Key Chickpea Protein Ingredients Market Players.
Industry News:
Biena Snacks, a U.S. consumer snacks company, has decided to launch baked chickpea puffs in an attempt to steer the company in a new direction in terms of brand, direction, and revenue.
About Market Research Future:
Market Research Future (MRFR) is a world-renowned market research company that offers a wide range of services, complete with accurate and precise analysis about diverse markets, sub-markets and target consumers. Our approach is a combination of extensive information and multiple data sources that help provide an exhaustive comprehension about the latest major developments to the client, in addition to future events and what measures and decisions to take on the basis of the same.
Our fast-emerging market research firm is armed with an adept research analysts’ team that focuses on gathering useful data and analytics in terms of economic and technological advances. Our proficient analysts conduct industrial visits in a bid to achieve reliable and accurate information from established market participants. One of our foremost objectives is to keep the client well-versed with all the lucrative opportunities as well as challenges surrounding various global markets. We offer step-by-step guidance to our clients, through consulting and strategic services, enabling them to arrive at a practical and effective decision.
Contact Us:
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street, 5Th Floor,
New York, New York 10013
United States of America
+1 628 258 0071
