Pulse ingredients are one of the significant sources of protein. It is one of the protein desired sources in the vegetarian diet thus food manufacturers are highly adopting pulse in a variety of food products such as nutritional bars, bakery products, breakfast cereals, meat substitutes, and others. The rising trends of gluten-free and vegan diets are the key trends of the market. The key drivers for the pulse ingredients market are increasing consumption of bread, expansion of the food & beverage industry, rising demand for snack foods and extruded food products, and growing health concerns among consumers.
Further, the government of different nations is supporting the adoption of a vegan diet. For instance, as per the food revolution organization, new guidelines released by the China government encourages people to reduce consumption of non-vegan diet by 50%. This is expected to drive the adoption of a vegan diet hence supplementing the adoption of pulse ingredients. Furthermore, growing consumer preference towards a vegan diet and the popularity of protein-rich food products is expected to create lucrative growth prospects for the pulse ingredients market across the globe. However, stringent international quality standards and regulations act as a key restraint for the market during the forecast period.
The chickpeas segment is expected to dominate the end-user segment owing to its health benefits such as minimizing heart attack and stabilizing blood sugar levels. On the basis of application, the market is bifurcated into food & beverages, feed, and other applications. The food & beverage segment is expected to dominate the application segment owing to the growing demand for healthy food products among consumers.
The global pulse ingredients market is valued at approximately USD 18.1 billion in 2018 and is anticipated to grow with a rate of more than 6.5% over the forecast period 2019-2026 and is estimated to reach USD 30 billion by 2026.
The regional analysis of the pulse ingredients market is considered for the key regions such as North America, Europe, Asia Pacific, Latin America, and ROW. North America holds the leading position in the pulse ingredients market. Whereas, Asia-Pacific is expected to emerge as the fastest-growing region in terms of market share. The growth of the Asia-Pacific region is witnessed owing to rising disposable income, growing demand for high protein content coupled with the expansion of the food and beverage industry in the region.
The leading market players include Roquette Frères, Emsland Group, ADM, The Scoular Company, AGT Food and Ingredients, Anchor Ingredients, Batory Foods, Diefenbaker Spice & Pulse, Best Cooking Pulses, Inc, Cosucra Groupe Warconing Sa, Vestkorn Milling as, Dakota Dry Bean, Puris Foods, and Axiom Foods.
The detailed segments and sub-segment of the market are explained below:
By Function: Emulsification, Texturization, Gelation, Water-Holding, Adhesion, Film Forming, Blending
By Type: Pulse Flours, Pulse Starches, Pulse Proteins, Pulse Fibers & Grits
By Source: Peas, Beans, Chickpeas, Lentils
By Application: Food & Beverages, Feed, Other Applications
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Bizwit Research & Consulting LLP