Key Chickpea Protein Ingredients Market Players, Statistics, Development and Trends, Growth Rate, Regional Analysis forecast year 2030
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.
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