The global chickpeas market is anticipated to grow above average, reaching US$ 17.8 Bn and registering a positive CAGR of 5.7% over the projected period of 2021–2031. This is according to the most recent analysis by Fact.MR. Chickpeas are used widely all over the world due to its many health advantages, minerals, and proteins.
Historically, the sales of chickpeas increased at a CAGR of 4.3% between 2016 and 2020. Sales increased even more during the COVID-19 pandemic, which is ascribed to customers’ changing dietary habits and growing desire in eating plant-based meals. According to a well-known study, persons who eat a plant-based diet have lower infection rates by over 70%.
To add texture and flavour to a variety of recipes, people use chickpeas. Animals are also given chickpeas to meet their needs for protein and energy. The demand for chickpeas is also being boosted by the direct consumption of both dried and canned chickpeas. All of these explanations suggest that chickpeas will become more popular during the forecast period.
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Key Takeaways from the Market Study
- Dried chickpeas to account for 3/5th of total consumption from 2021-2031
- Kabuli chickpeas to exhibit a CAGR of 5% until 2031, by product type
- Desi chickpeas to register a valuation worth US$ 6.6 Bn in 2022
- Chickpeas for direct consumption to account for 35% of the global revenue share
- India to remain kingpin of the global chickpeas industry, capturing 60% of total revenue
- U.S to be a potential market, accounting for more than 2 out of 5 chickpea sales
Competitive Landscape
The Wimmera Grain Co., Pty Ltd, Bean Growers Australia Limited, AGT Food & Ingredients, Inc., Indraprasth Foods Ltd, OLEGA S.A., Sanwa Pty. Ltd., Alberta Pulse Growers Commission, and Mast Qalander Traders are prominent chickpeas market players.
- Various types of chickpeas, including Desi, Kabuli Almaz, Kabuli Genesis 90s and 79s type, are available from the Wimmera Grain Co. The business is concentrating on creating a digital store that will facilitate online ordering. The website is anticipated to launch shortly.
- Bean Growers Australia Limited sells huge, light-colored chickpeas. The business furthermore sells medium and giant chickpeas.
How is the Increasing Foray for Plant-Based Proteins Stimulating Chickpeas Consumption in the U.S?
Given its growing use in a variety of food preparations, such as salads and baked goods, the United States is also anticipated to become one of the largest markets for chickpeas. This increased popularity is mostly due to the population’s growing desire to switch to a diet high in plant-based proteins.
The plant-based food sector generates about US$ 5 billion annually, according to statistics provided by the Good Food Institute and the Plant Based Foods Association. Additionally, during the past 15 years, a 300% rise in Americans following plant-based diets has been seen. With the start of the COVID-19 pandemic, this percentage increased even more, with about 2/5 of consumers becoming vegetarians.
As a result, several food and beverage firms now sell items made with chickpeas. Banza Chickpea Pasta, Biena Sea Salt Chickpea Snacks, Delighted by Dessert Vanilla Bean Hummus, and Hippease Maple Haze Chickpea Puffs are just a few of the notable product lines. Therefore, it is anticipated that the U.S. will hold a market share of over 45% over the next forecast period.