The global pulse ingredients market is estimated to be valued at USD 20.7 billion in 2022. It is projected to reach USD 25.9 billion by 2027, recording a CAGR of 4.6% during the forecast period.
Pulse Ingredients: Nature’s Bounty Unleashed
Pulse ingredients represent finely powdered materials derived from peas, lentils, and chickpeas, distinguished by their natural composition devoid of processing aids or chemical compounds. These food and feed-grade products serve a dual purpose, enhancing nutritional value without compromising on flavor, aroma, or color properties. Integral to various food formulations, pulse ingredients play a pivotal role in feed products including pet foods and aquaculture, aligning with the burgeoning demand for protein-rich dietary options.
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Chickpea Segment: Spearheading Growth
Among the spectrum of pulse ingredients, the chickpea segment emerges as the frontrunner, poised for exponential growth during the forecast period. Renowned for their protein content, vitamins, minerals, carbohydrates, and high dietary fiber levels, chickpeas or garbanzo beans hold sway over global markets. India, the largest producer of chickpeas as per the Food and Agriculture Organization (FAO) 2019 report, contributes approximately 70% to the global supply. This versatile legume, cultivated in distinct Desi and Kabuli varieties, enjoys widespread utilization across diverse food and beverage applications, underpinning the robust growth forecast for this segment.
Asia Pacific: Epicenter of Market Momentum
The Asia Pacific region emerges as the epicenter of pulse ingredients market momentum, fueled by a confluence of factors. Encompassing dynamic economies such as India, China, Australia, New Zealand, and Japan, this region commands a lion’s share of global pulse production. India assumes a pivotal role, contributing a staggering 57% to the region’s pulse production according to FAO 2018 statistics. Fueled by burgeoning populations, rising disposable incomes, and burgeoning consumer interest in functional ingredients, the Asia Pacific market presents fertile ground for the exponential growth of pulse ingredients.
Key Players: Pioneering Innovation
At the forefront of this burgeoning market are key players committed to pioneering innovation and driving industry evolution. Industry stalwarts such as ADM (US), Roquette Frères (France), Ingredion (US), and others are actively engaged in product diversification, strategic collaborations, and expansions to capitalize on the burgeoning demand for pulse ingredients worldwide. Their concerted efforts underscore the dynamism and promise inherent in the pulse ingredients market landscape.
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Conclusion
As consumer preferences veer towards protein-rich dietary options and functional ingredients, the pulse ingredients market stands poised for unprecedented growth. With robust projections, particularly in the chickpea segment and the Asia Pacific region, stakeholders across the value chain are primed to unlock the immense potential inherent in this burgeoning market landscape.
