“Increasing trends for vegan and gluten-free products supports the market growth”
The global pulse ingredients market is expected to grow at a CAGR of 4.6% during the forecast period from 2023 to 2030, starting from US$ 18.01 Bn in 2021.
The elevated trends for vegan and plant-based products is increasing the demand for pulse-based ingredients globally. Nowadays consumers are more inclined towards using pulse-based ingredients due to its inherent attributes for health benefit. For instance, from the year 2006 to 2016, about 4,900 pulse-based products were launched in North America region. Due to the increasing global demand for pulse-based products, manufacturers are focusing to produce more products out of pulse. Pulse are not only limited to food and drinks but also is one of the key element for pet food products.
The pulse sector is undergoing dynamic changes at regional, country and global level. Projections indicate that the demand for pulse ingredients will continue to grow in developing countries such as India, China and others due to rising income and growing population. Moreover, pulses are considered as one of the main source of protein in Indian diets. As per National Sample Survey (NSS) and Indian Council of Medical Research, pulse tends to be among the cheapest source of proteins. In 2016, the UN International Year of Pulses Report suggested the agro-ecological and nutritional properties offered by pulses. The pulses enhance the sustainability in agrofood systems by increasing ecosystem services for agriculture and also aims reducing consumption of animal-based protein. Interest in plant protein-based products is increasing among Western consumers, thereby, increasing the demand for pulse based ingredients globally.
Material Analysis
“Wide availability of pulse flour worldwide will spark the market growth”
Pulse flour dominated the pulse ingredients market in 2021. Pulse ingredients mainly pulse flour is becoming popular due to presence of various proteins, iron and fibers. Pulse flour offers multiple usage such as, it can be used in manufacturing of snacks, yogurt, and puddings. Moreover, various applications of pulse flour in a number of industries such as food and beverages, animal feed products supports the dominance of the pulse flour market globally. Pulse flour market is gaining a lot of adoption due to rising awareness among consumers for vegan and plant-based protein sources.
The R&D activities and new product development by the manufacturers and various government initiatives for endorsing pulse flour will drive the market during the forecast period. Moreover, Pulse Canada, a national industry association that represents traders, growers of pulse crops integrated pulse flour in pasta that offered 5 grams of protein per serving also drives the market growth.
“Wide availability of pulse in Asia Pacific region supports the market growth”
Asia Pacific dominated the pulse ingredients market in 2021. India is the largest producer of pulses. With the annual domestic availability of around 27 million tonnes in the year 2017. Moreover, China is one of the largest consumer and importer for pulse and pulse-based products worldwide. In 2020, China accounts to the second largest importer of pulses with imports for about US $400 million of pulse along with total sales amounting to 2 million tonnes. The wide availability of pulses in the Asia Pacific region supports the market for pulse ingredients Market.
Major manufacturers in the Asia Pacific region are focusing to provide new pulse-based products to the consumers. The aforesaid reasons are some of the key factor for the dominance of pulse ingredients market in the Asia Pacific region.
List of Companies Covered:
Key Industry Developments:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Pulse Ingredients market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
