The chickpea market size is expected to reach US$ 12,862.5 Million in 2022 and grow to US$ 21,763.6 Million by 2032 at a CAGR of 5.4 % during the forecast period.
The global impact of COVID-19 has been unprecedented and staggering, with demand for Chickpeas declining across all regions due to the pandemic and impacting the Chickpea market future trends.
The Chickpea Market is experiencing substantial growth as consumers increasingly embrace plant-based diets and seek nutritious protein sources. Chickpeas, rich in protein, fiber, and various nutrients, are gaining popularity in various culinary applications like hummus, snacks, and salads. With the rising demand for healthy and sustainable food options, the market is poised for continued expansion and diversification of chickpea-based products to meet evolving consumer preferences.
Plant-based products are safer and healthier than animal-based products. The growing global popularity of veganism is a major element driving the chickpea sector. Chickpeas’ expanding consumer popularity and adaptability in application are the primary factors of their increased acceptability.
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Chickpea is linked to several health benefits. Studies have shown that they can help lower cholesterol levels and blood pressure. They may also help improve blood sugar control in people with diabetes. Chickpeas may also aid in weight loss by helping you feel full and satisfied after meals. This has led to a growing consumer preference for it and accelerated the Chickpea market’s key trends and opportunities.
Another factor driving the increased sales of Chickpea Another factor driving the increased sales of chickpeas is their nutritional value. Chickpeas are an excellent source of protein, fiber, and iron, making them a nutritious option for those looking for a healthy snack. Manufacturers are developing novel ways to incorporate this product into various processed foods to keep up with the chickpea market trends.
Key Takeaways:
- In terms of form, the dried segment is expected to account for a market share of 60 % in 2022.
- Desi chickpeas has a significant value share of the chickpea market, accounting for 5% in 2022 and expected to reach US$ 24 billion.
- During the forecast period, the Chickpea market in the United Kingdom is expected to grow at a rapid CAGR of 5.2%.
- During the forecast period, the Germany Chickpea market is expected to grow at a high CAGR of 27.3%.
- In the North American Region, the Chickpea market for Chickpea products is dominated by the United States, with a Chickpea market share of 30.6%.
- In terms of Chickpea market size, the United States is expected to have a total market capitalization of US$ 42 billion in 2022.
“Chickpea is a versatile ingredient that has a wide array of applications from Boost Energy and Muscle Building products. With rising health awareness and lactose intolerance, consumers are shifting towards Chickpea owing to its organic, natural, plant-based characteristics which will assist the growth of the market segment,” says a lead analyst at Future Market Insights.
Competitive landscape:
Top 5 manufacturers of Chickpea are AGT Food and Ingredients, BroadGrain Commodities, Inc., and The Wimmera Grain Store. holding 20% to 30% Chickpea market share.
Companies are using Chickpea in their products. The natural properties of chickpeas make it an ideal ingredient for many different products. Chickpea flour is gluten-free and has a high protein content, making it perfect for use in gluten-free and high-protein foods. Chickpeas can also be used to create vegan cheese and mayonnaise. With increasing, research and development and technological advancement companies are finding new techniques to effectively use chickpeas and Snacks to their maximum potential.
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Future Market Insights, in its new offering, provides an unbiased analysis of Chickpea presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study provides valuable insight on the Chickpea market based on By Type (Kabuli Chickpea, Indian Chickpea, Garbanzo Beans, Desi Chickpeas, Others), By Color (Yellow, Brown, Green, Red), By Form (Dried, Fresh, Canned, Frozen, Others), By Application (Direct Consumption, Snacks, Delicacies, Dips, Others), By Distribution Channel (Supermarkets/Hypermarkets, Departmental Stores, Convenience Stores, Specialty Stores, Online Stores, Others)
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