Increasing Disposable Income Coupled With Changing Lifestyle of the People Is Set To Further Enhance the Overall Market Development of the Pulse Ingredients Market
Hyderabad, India - July 24, 2021 /MarketersMedia/ —
Pulse Ingredients Market size is forecast to reach $24.3 billion by 2026, growing at a CAGR of 4.0% during the forecast period 2021-2026. Pulses are the edible seeds of plants that belong to the legume family. Pulses develop in pods that vary in form, scale, and color. They are high in protein and soluble fibre, as well as being low in fat. It also helps in the reduction of cholesterol and the regulation of blood sugar levels. Pulse ingredients are rich in vitamin and minerals such as zinc, iron and magnesium which gives health benefits. Pulse ingredients are sourced from lentils, chickpeas, and peas. Pulse ingredients are used in various food products such as soups, sauces, bakery products, meals, snacks and confectionery products. It is available in different types such as flour, protein and fiber.
Pulse Ingredients Market Segment Analysis – By Source
Chickpeas held the largest share in the Pulse Ingredients Market in 2020 and is estimated to grow at a CAGR 4.4% during the forecast period 2021-2026. Peas contain minerals such as iron, zinc, magnesium, and phosphorus, which help in the promotion of good health. Because of their high fiber content, they are also considered to help in the reduction of cholesterol and the maintenance of blood sugar levels. Pea-derived foods, such as pea starches, pea proteins, and pea flours, are used as primary ingredients in a variety of items, including baked goods, sauces, soups and other food products. Chickpeas are estimated to register the higher CAGR over the period 2021-2026.
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Pulse Ingredients Market Segment Analysis – By Application
Food & Beverages held the largest share in the Pulse Ingredients Market in 2020 and is estimated to grow at a CAGR 4.9% during the forecast period 2021-2026. Pulse ingredients are commonly used in food products dairy products, confectionary products and others. The food and beverage industry is expanding in Asia region owing to consumers' growing demand for food items with health benefits and their adaptation to an urbanized lifestyle. Food & Beverages are estimated to register the higher CAGR over the period 2021-2026.
Pulse Ingredients Market Segment Analysis – By Geography
Asia-Pacific dominated the Pulse Ingredients Market with a major share of 38.0% in 2020. This is attributed to growing demand for plant based food products owing to health benefits in this region. Furthermore, growing urbanization, increasing production of pulse in countries such as India and China are contributing to the growth of the market in this region. According to, India Pulse and Grain Association (IPGA), in 2019, around 75% chickpea and 38% of lentils are produced in India. However, North America is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the rising demand for confectionery food products owing to busy lifestyle and rising disposable income of the people. Increasing awareness of protein food product is also increasing the growth of the market in this region.
Pulse Ingredients Market Drivers
Increasing Demand for Natural Ingredient
Increasing demand for natural ingredient and clean label food products is increasing the growth of the Pulse Ingredients Market. Pulse ingredients are highly rich in vitamins and minerals, hence consumers are shifting towards natural and organic ingredients in their diet. Furthermore, there is an increasing need for gluten-free natural ingredients as people become more health-conscious. As a result, the Pulse Ingredients Market will expand during the forecast period 2021-2026.
Growing Preference of Consumers Towards Protein Rich Food Products
Increasing consumer preference towards protein rich food products is increasing the growth of the Pulse Ingredients Market. Growing demand for pulse derived ingredients such as pea flour, pea starch, Pea protein owing to health benefits offered by this ingredients as it contain high amount of protein content. Thus, increasing the growth of the Pulse Ingredients Market during the forecast period 2021-2026.
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Pulse Ingredients Market Challenges
High Cost of Pulse Ingredients
Some of the factors that are set to impede the growth of the Pulse Ingredients Market are high cost of natural derived pulse ingredients and limited availability. Rising demand for organic food products and lack of compensation is also set to hinder the growth of the market.
Pulse Ingredients Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Pulse Ingredients Market. In 2020, the Pulse Ingredients Market share is consolidated by the top ten players present in the market. The Pulse Ingredients Market, top 10 companies are ADM, Ingredion, Roquette Frères, Emsland Group, AGT Food, Ingredients, Bunge Ltd., Diefenbaker Spice & Pulse., COSUCRA., and Vestkorn.
Key Takeaways
Asia-Pacific dominated the Pulse Ingredients Market in 2020 owing to income of people is rising, and there is an increased need for convenience food items. The Pulse Ingredients Market scope for different regions will be provided in the final report.
Increasing awareness about protein rich food products are likely to aid the market growth of the Pulse Ingredients Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Pulse Ingredients Market report.
The factor that restrict the growth Pulse Ingredients Market is high price of pulse ingredients.
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