The global chickpea protein market is predicted to register a CAGR of 5.1% over the forecast period, as per FMI’s analysis. The industry’s size is anticipated to increase from USD 100.9 million in 2023 to USD 165.1 million by 2033 end.
Chickpea protein consumption is anticipated to increase due to increasing demand from the food industry. The extensive use of chickpea protein in the food and pastry kitchen industry is expected to positively influence over the next 10 years. An increasing shift in food consumption patterns favoring meat electives and prepared food items is predicted to stimulate market growth.
The chickpea protein market has gained significant traction in recent years due to the rising demand for plant-based protein sources. As consumers increasingly adopt vegetarian and vegan diets, the need for alternative protein sources like chickpeas has surged. Here are some key aspects of the chickpea protein market:
1. Market Overview
- The global chickpea protein market is experiencing robust growth, driven by the shift towards healthy eating and sustainable food production.
- Key applications of chickpea protein include food and beverages, nutritional supplements, and animal feed.
2. Health Benefits
- Chickpea protein is rich in essential amino acids, making it a complete protein source.
- It is high in fiber, vitamins, and minerals, which contribute to various health benefits, such as improved digestion and heart health.
3. Consumer Trends
- The growing awareness of health and wellness among consumers is propelling the demand for plant-based proteins.
- Younger consumers, particularly millennials and Gen Z, are more inclined towards sustainable and ethical food choices.
4. Industry Challenges
- Despite its benefits, the chickpea protein market faces challenges such as supply chain issues and competition from other plant-based proteins like soy and pea protein.
- Ensuring consistent quality and availability of chickpeas is vital for market growth.
Development of alternative meat formulations for categories like snacks, dressings, etc., is forecast to catalyze market development in the coming years. The affordability, versatility, and nutrient-rich properties of chickpeas are expected to help the market incline forward. The usage of chickpea protein for weight management, safety from chronic diseases, and stimulating other aspects of health is projected to push the market growth in the years to come.
Top Highlights from the FMI’s Analysis of the Chickpea Protein Market:
- North America is assessed to lead the global market over the next 10 years. The United States chickpea protein industry is projected to attain US$ 53.6 million by 2033. The CAGR assumed for the United States market is anticipated to be 7% over the forecast period.
- In the Europe region, Germany is projected to hold a significant market percentage. The German market is anticipated to attain US$ 13.21 million by 2033. Over the forecast period, the market is expected to expand at 4% CAGR.
- The United Kingdom market is predicted to attain US$ 8.3 million by the end of 2033. Over the upcoming years, the market is anticipated to register a 6% CAGR.
- In the European region, the Spain market is expected to exhibit significant growth, expanding at a CAGR of 2% over the forecast period. The market is set to achieve a market valuation of US$ 7.1 million by 2033.
- Within the Asia Pacific region, China’s contribution is anticipated to stand out. By the end of 2033, the China market is expected to attain US$ 17.8 million. The market is projected to perceive a growth rate of 4% over the forthcoming years.
- The protein isolates segment, based on product type, is expected to register a 4% CAGR, up from the 3.6% CAGR observed in the historical period.
- The conventional chickpea protein vertical, based on nature, is projected to expand at a CAGR of 5% from 2023 to 2033, lifting from the 3% CAGR witnessed in recent years.
Key Developments Stirring Up the Marketplace
- In March 2023, new, innovative food products developed using InnovoPro’s chickpea protein are planned to be showcased in snacks, dressings, dairy, and meat alternatives categories. These newly developed products are expected to be showcased at Natural Products Expo West 2023.
- In September 2022, Ingredion Inc. announced its equity stake in InnovoPro, a chickpea ingredient developer.
Exhaustive Market Report: A Complete Study
Chickpea Protein Market Segmentation
By Product Type:
- Protein Isolates
- Protein Concentrates
- Flour
- Other Product Types
By Nature:
- Organic
- Conventional
By End User:
- Food Processing
- Bakery & Confectionery
- Meat Alternatives
- Functional Foods
- Dairy Replacements
- Infant Foods
- Other Food Applications
- Animal Feed
- Livestock
- Cattle
- Swine
- Poultry
- Pet Food
- Aquafeed
- Livestock
- Nutraceuticals
- Sports Nutrition
- Infant Nutrition
By Processing Type:
- Dry Processing
- Wet Processing
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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