The global chickpea protein ingredients market is likely to exhibit a remarkable CAGR over the forecast period due to its demand in various food applications. Increasing production of dips, spreads, and flavors with the inclusion of chickpeas is projected to drive the market demand exponentially. The nutty taste and grainy texture as well as the smooth taste can bolster its demand.
The use of chickpea in local cuisines of Asia Pacific can bode well for the market. The influence of these dishes due to globalization as well as inclination of consumers for trying new dishes can drive its demand. The inclusion of chickpeas in Nepal, Bangladesh, Pakistan, and India is anticipated to drive its sales and boost the global chickpea protein ingredients market revenue. Manufacture of vegetable soups is a positive indicator of the market growth.
Capital funding by private and equity players is evident of the ascending growth trajectory of the chickpea protein ingredients market. In 2018, InnovoPro has managed to raise USD 4.25 million for its proprietary technology of extraction of 70% protein concentrate can be used in dips, mayonnaise, meat alternatives, and others.
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Archer Daniels Midland Company (US), Nutriati, Inc. (US)¸Batory Foods (US), ChickP (Israel), InnovoPro Ltd (Israel), Cambridge Commodities Limited (UK), AGT Food and Ingredients Inc. (Canada), Ingredion Incorporated (US), Chickplease (US), Nutraonly (Xi’an) Nutritions Inc. (China) and others are some of the prominent manufacturers of chickpeas in the market.
The global chickpea protein ingredients market is segmented on the basis of type, form, category, and application.
By type, the market is segmented into concentrate and isolate. The concentrates segment is expected to expand at a modest growth rate due to its affordability. In addition, the breakdown of concentrate proteins after digestion can drive its demand.
By form, the market is segmented into liquid and dry. The dry segment is estimated to gain a major market share due to its long shelf life and ability to withstand high temperatures.
By category, the market is segmented into organic and conventional. The organic segment can display an unusually high CAGR over the forecast timespan due to the awareness of consumers. Demand for beans without the use of pesticides combined with crop rotation deemed to make the land highly productive for cultivation can augur well for the chickpea protein ingredients market till 2023.
By application, the market is segmented into energy bars, snacks (sweet & savory), bakery & confectionery, energy bars, and others. The snacks segment is touted to generate maximum revenue due to the consumption of convenience foods by consumers of all demographics.
Geography-wise, the global chickpea protein ingredients market comprises North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The APAC region is expected to dominate the market throughout the forecast period due to the inclusion of the bean in most of the local cuisines. The cultivation of rabi crops in winter in countries of India, Pakistan, Myanmar, and other Southeast Asian countries can boost the demand for the global chickpea protein ingredients market.
On the other hand, the North America region can generate significant revenue for the global market due to high production of chickpeas in the U.S. and Mexico. The need for ready-to-eat (RTE) products in supermarkets and hypermarkets can drive the regional demand.
Biena Snacks, a U.S. consumer snacks company, has decided to launch baked chickpea puffs in an attempt to steer the company in a new direction in terms of brand, direction, and revenue.
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