Chickpea Protein Ingredients Market Analysis:
There is a new player in the town and it is called chickpeas. Also called garbanzo beans, it belongs to the family of legumes and packed with nutrition. Besides, it is loaded with protein, is rich in antioxidants and high in fiber. No wonder the demand for the chickpea protein ingredients market is on the rise. This market is eyeing for an admirable growth at a whopping CAGR during the forecast period (2022-2030).
Chickpea Protein Ingredients Market Share 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. Today chickpeas are used as one of the primary ingredients in various new products and has gained immense popularity owing to its delicious taste, increased versatility and different health benefits. A good number of research studies link the consumption of chickpeas with the following- decreased satiety that keeps calories in check, decreased digestive mobility and decreased cardiovascular risks. Chickpea protein ingredients is available in various forms such as chickpea protein powder, chickpea protein isolate, chickpea burgers, chickpea wraps, chickpea tofu, chickpea aquafaba, roasted chickpeas, chickpea chips and chickpea pasts. Owing to this great variety chickpeas are termed as the next new superfood.
The different factors that accounts for the soaring demand for chickpea protein ingredients market as per the MRFR (Market Research Future) report include rise in need for legume proteins both in beverages and foods, plethora of application and plentiful benefits, increasing demand by health conscious people for being a rich source of protein and having lesser saturated fats and calories, grainy texture and nutty taste which compliments different foods and rich in insoluble and soluble dietary fibers.
Market Segmentation:
According to the MRFR report, the chickpea protein ingredients market is segmented into type, form, category and application.
Based on type, it is segmented into isolates, concentrates and others. Of these, the concentrates will dominate the chickpea protein ingredients market due to its affordability. Concentrates have all nine vital amino acids which offer good nutritional benefits. It also breaks down quickly thereby making its nutrients accessible to the body rapidly.
Based on form, the chickpea protein ingredients market is segmented into dry and liquid. Of these, the dry segment will lead the market due to its cost advantage and longer shelf life. Besides, the dry segment possesses a better ability of withstanding heat at the time of processing.
Based on category, it is segmented into conventional and organic. Of these the organic segment has the largest market share due to the natural methods used for cultivating chickpea. The organic chickpeas are cultivated sans inorganic fertilizers and pesticides. Moreover, crop rotation is done on a regular basis during organic chickpea cultivation for making the land more environment friendly and productive compared to conventional techniques.
Based on application, the chickpea protein ingredients market is segmented into snacks (sweet and savory), bakery and confectionary, energy bars, sports nutrition and others. Of these, the snacks (sweet and savory) has the maximum share due to the increase in the intake of convenience food amid the working class. Healthy lifestyle and busy schedules encourage the intake of healthy convenience food amid health-conscious consumers that is driving the growth of the chickpea protein ingredients market.
Regional Analysis:
Based on region, the global Chickpea Protein Ingredients Market Trends covers growth opportunities and latest trends across North America, Europe, Asia-Pacific, and Rest of the World. Of these, APAC will have a prolific market share due to rising production and application of chickpea protein ingredients in the food industry. Growing agricultural industry, favorable weather and soil has resulted in the chickpea protein ingredients market growth here. This is followed by North America with Mexico having the utmost chickpea production and US having the highest demand of chickpea protein ingredients due to increasing vegan consumers within this region.
Key Players:
Leading players profiled in the chickpea protein ingredients market include Nirman Nutraceuticals Pvt. Ltd. (India), Archer Daniels Midland Company (US), Ingredion Incorporated (US), AGT Food and Ingredients (Canada), Cambridge Commodities Limited (UK), InnovoPro (Israel), ChickP (US), Batory Foods (US) and Nutriati, Inc. (US).
Industry New:
Sept 2019- Matt Lynch and Micah Camden, local food moguls are planning to open a company in Oregon, the Little Bean Enterprise that will offer chickpea based high-protein frozen desserts. They will offer ice creams and pastries in different unique flavors with chickpea being its main ingredient. These frozen desserts will offer an additional fibre and protein punch.
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