(Food-Beverage-News.Com, February 09, 2021 ) 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)
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
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.
