The global pulse ingredients market is witnessing remarkable growth, with an estimated valuation of USD 20.7 billion in 2022. Projections indicate a substantial uptick, reaching USD 25.9 billion by 2027, with a compound annual growth rate (CAGR) of 4.6% during the forecast period. This article explores the dynamics, trends, and key players shaping this burgeoning market.
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Understanding Pulse Ingredients:
Pulse ingredients, derived from peas, lentils, and chickpeas, are finely powdered materials crafted without the use of processing aids or chemical compounds. These natural, food-grade products play a crucial role in enhancing the nutritional value of various foods without compromising flavor, aroma, or color properties. They are integral components in both human and animal feed products, including pet foods and aquaculture.
Rising Demand for Protein-Rich Foods:
The surge in demand for protein-rich food products is a prevailing trend among consumers, especially those conscious of their diets and engaged in weight management. Pulses, recognized as rich sources of proteins, have fueled the market for pulse-derived proteins. Notably, there is a growing preference for plant-based proteins in response to the high cost of animal-sourced proteins, leading to an increased demand for alternative plant-based protein-rich food products.
Chickpeas Leading the Growth Charge:
Among pulse ingredients, the chickpea segment is poised to experience the highest CAGR during the forecast period. Renowned for being excellent sources of proteins, vitamins, minerals, and dietary fiber, chickpeas have a significant presence in global production. India, in particular, stood out as the largest producer of chickpeas in 2019, contributing to approximately 70% of the global supply. The cultivation of distinct types, such as Kabuli and Desi, further adds versatility to chickpea applications in various food and beverage segments.
Asia-Pacific Emerging as a Powerhouse:
The Asia-Pacific region is projected to emerge as the largest market for pulse ingredients. Comprising countries like India, China, Australia & New Zealand, and Japan, this region accounted for 49% of the global pulse production in 2018. India, with its substantial contributions, plays a pivotal role, being both a major producer and consumer of pulses globally. Factors such as population growth, increased disposable income, and a rising interest in functional ingredients are driving the robust sales of pulse ingredients in this region.
Key Players in the Pulse Ingredients Market:
Leading the charge in this dynamic market are key players such as ADM, Roquette Frères, Ingredion, The Scoular Company, Axiom Foods, Inc., PURIS, Emsland Group, AGT Food and Ingredients, Batory Foods, Vestkron Milling M/S, and Dakota Ingredients.
As the global pulse ingredients market continues to expand, driven by the rising demand for protein-rich foods and the versatility of chickpea applications, the Asia-Pacific region stands out as a key player. The market’s trajectory presents exciting opportunities for both industry players and consumers alike, highlighting the importance of pulse ingredients in shaping the future of the food and feed industries.