The pulse
ingredients market is estimated to be valued at USD 17.4 billion in
2018 and is projected to reach USD 21.6 billion by 2023, at a CAGR of 4.5%
during the forecast period. The growth of the pulse ingredients market is
driven by factors such as increased health-consciousness among consumers and
the popularity of protein-rich food products.
Key Players in the Market:
• Ingredion
(US)
• Roquette
Frères (France)
• Emsland
Group (Germany)
• ADM
(US)
• AGT
Food and Ingredients (Canada)
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By source, the chickpeas segment is projected to be one
of the fastest growing segments for the pulse ingredients market. In the US,
chickpeas are added as ingredients in soups. Batory Foods (US) offers chickpea
flour, which is used in a variety of applications such as bakery, dairy,
confectionery, beverages, meat, and sauces. Chickpea flour offers numerous
health benefits as it helps in stabilizing blood sugar levels, improving digestion,
weight management, and minimizing the risk of heart attack.
On the basis of application, pulse ingredients are
widely used in meal & meal centers, followed by soups, sauces, seasonings,
snacks, fruits & vegetables, processed fish, meat, egg products, and bakery
& confectionery products. Pulse ingredients find application in various
food & beverages, where they act as stabilizers, thickeners, and gelling
agents. Pulses including peas, beans, lentils, and chickpeas are high in
dietary fiber, micronutrients; and are nutritious. As consumers are expecting
high content of proteins in food products, the use of proteins is a growing
trend, which drives the demand for pulses ingredients.
Market Dynamics
Drivers
·
High Protein Profile of Pulse
Flours
·
Increased Health-Consciousness
Among Consumers Driving the Pulse Ingredients Market
·
Rising Demand for Pulse Starch in
Various Food and Industrial Applications
·
Popularity of Protein-Rich Food
Products
Restraints
·
Stringent International Quality
Standards and Regulations
·
Unpleasant Flavor of Pulses
Opportunities
·
Growth in Consumer Preference for
Vegetarian and Vegan Diets
·
Emerging Markets Illustrating
Great Potential for Pulse Ingredients
·
Demand for Clean-Label and
Gluten-Free Food Products
Challenges
·
Volatility in the Prices of Raw
Materials
·
Fluctuations in the Production of
Pulses
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Geographical Prominence:
The Asia
Pacific is the fastest-growing market for pulse ingredients and is projected to
record the highest CAGR during the forecast period. The pulse ingredients
market in the Asia Pacific is driven by the rise in disposable incomes,
expansion of the food & beverage industry, an increase in the number of
middle-class population, and urbanization. Adaption of urbanized lifestyle has
urged consumers to opt for convenience foods such as bakery products and snacks
with added health benefits boosting sales of pulse ingredients in the region.
Apart from this, the region is backed countries such as China and India, which
have a large population base and are projected to be key revenue generating
pockets for pulse ingredients manufacturers in the coming years.
