Global chickpea market is experiencing a significant surge, with sales anticipated to escalate from US$ 7,948.2 million in 2023 to an impressive US$ 15,519.9 million by 2033, reflecting a robust CAGR of 6.9%. Fueled by increasing consumer awareness of health benefits and the rising popularity of plant-based diets, the chickpea industry presents lucrative opportunities for investors seeking sustainable growth in the B2B sector.
The demand for chickpeas is driven by:
- Health Consciousness: With consumers prioritizing nutritious food choices, chickpeas, rich in protein, fiber, and essential nutrients, have emerged as a preferred option, fueling demand for chickpea-based products.
- Plant-Based Diets: The growing adoption of plant-based diets, coupled with the surge in veganism, is propelling the demand for chickpeas as a versatile and sustainable protein source, catering to changing dietary preferences worldwide.
- Key factors contributing to the growth of the chickpea market include:
- Rising Snacking Culture: Chickpeas are gaining popularity as convenient, nutritious snacks, driving market growth as consumers seek healthier alternatives to traditional snack options.
- Expanding Product Portfolio: Innovations in chickpea-based products, such as chickpea flour, snacks, and protein isolates, cater to diverse consumer preferences and dietary requirements, fostering market expansion.
- Global Production Trends: With India emerging as a leading producer of chickpeas and increasing production in South Asian nations, the market is poised for significant growth, supported by robust supply chains and favorable agricultural practices. The government has taken strong measures to encourage the production and consumption of chickpea proteins, which have numerous health advantages, catalyzing the chickpea protein market growth. In line with this vision, European policymakers have put forth initiatives to promote the production and consumption of chickpeas and other plants high in protein.
This tactical choice is projected to result in a considerable increase in chickpea protein production, fueling significant chickpea market expansion afterward. These programs encourage sustainable food production and consumption while promoting healthier diets and economic opportunities in agriculture. Since chickpeas are a plant-based protein, they are a healthier option for persons with chronic cardiovascular conditions. Consuming chickpea protein also helps to prevent hair loss and preserve healthy skin.
Due to all these health advantages, chickpeas are being more widely used in nutraceuticals, which is anticipated to lead to multiple potential for chickpea market expansion. In addition, chickpea protein is renowned for playing a crucial part in controlling blood sugar, particularly in those with type 2 diabetes. Chickpeas are crucial for managing diabetes. With a broad profile of necessary components, chickpea protein powder boasts substantial nutritional advantages. Due to its possible negative effects, its chickpea protein ingredients market expansion confronts difficulties. Consuming excess chickpea protein and its constituent parts can cause serious digestive issues and even damage the digestive tract.
This may cause unpleasant side effects, including acidity and bloating, which can prevent the widespread use of goods containing chickpea protein. Careful moderation and awareness of these adverse effects are necessary to completely reap the benefits of chickpea protein while reducing any negatives. Key Takeaways
- The desi segment in the product type category to grab a share of 63.8% through 2033.
- The United States industry to grab a share of 3.3% by 2033.
- Canada to hold a market share of 3.2% by 2033.
- Germany is going to dictate 1.0% of the global market by 2033.
- By 2033, China may possess 5% of the global market
- Australia is anticipated to hold a 0.6% market share by 2033.
- By 2033, Japan’s market is going to latch a 1.3% share. Key Takeaways for Investors:
- Diversification Opportunities: Investing in chickpea-based product development and diversification enables companies to capitalize on the growing demand for plant-based foods and snacks, driving revenue growth and market penetration.
- Supply Chain Optimization: Leveraging efficient supply chain management and sustainable farming practices enhances cost-effectiveness and ensures a consistent supply of quality chickpea products, mitigating risks and maximizing profitability.
- Market Expansion Strategies: Expanding into emerging markets like China, where demand for plant-based proteins is on the rise, presents strategic growth opportunities for investors seeking to tap into new consumer segments and drive long-term value creation. Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
