Chickpea Protein Ingredients Industry Share, Analysis, Growth, overview and forecast to 2032.
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)
details the market landscape with an emphasis on segments and region from 2018
to 2023 (forecast period).
The Chickpea
Protein Ingredients market size is projected to grow from USD 0.667 Billion
in 2023 to USD 1.55 Billion by 2032, exhibiting a compound annual growth rate
(CAGR) of 11.20% during the forecast period (2023 - 2032)
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 Chickpea
Protein Ingredients 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.
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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 manufacturers of chickpeas
in the market.
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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