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According to Future Market Insights (FMI), the global corrugated boxes market will total US$128.3 Bn in 2021. The market will register growth at 4.3% CAGR between 2021 and 2031.

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Corrugated boxes are commonly used in several end-use industries as secondary packaging solutions. The industries such as food, electrical and electronics, personal care and cosmetics are exhibiting high demand for corrugated boxes. Benefits such as cushioning, availability in different shapes and sizes and ease in customization are some of the factors augmenting the demand for corrugated boxes in these industries.

Corrugated boxes are extensively used in the food industry for the packaging of processed food, fresh produce, dairy products, food grains, and confectionary and bakery items among others. The growing demand in the processed food industry as a result of the increasing urban population and fast-paced lifestyle is creating high demand for corrugated boxes.

Future Market Insights (FMI) has forecast that the corrugated boxes market has the potential to exhibit high growth. The increasing applications of the corrugated boxes for packaging of textile, tobacco, chemicals and fertilizers among others is projected to fuel demand in the market.

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Key Takeaways from Corrugated Boxes Market

• Based on material type, the sustainable and eco-friendly nature of \recycled corrugated boxes have made them highly popular in the market. The recycled corrugated boxes segment is projected to register a CAGR of 4.2% during 2021-2031.
• By board type, the single wall corrugated boxes segment is anticipated to hold around 70% of the market share by the end of 2021.
• Fluting medium segment by grade type is estimated to register CAGR of 4.0% during 2021-2031.
• By product type, slotted box segment followed by die cut box segment is forecast dominate the corrugated boxes market. These segments are anticipated to cumulatively hold around 88% of the market share by the end of 2021.
• By end-use industry, the food segment and e-commerce segments are anticipated to expand at a CAGR of 3.9% and 5.6% respectively during 2021-2031.
• APEJ, Europe and North America will exhibit high demand for corrugated boxes due to the growth of industries like food, beverage, e-commerce and healthcare in these regions. These regions together are projected to hold approximately 77% of the market share by the end of 2021.

 “The need for efficient and cost-effective secondary packaging solutions among the food, beverage, healthcare, electrical and electronics industries is anticipated to propel the sales of corrugated boxes in the market.” says an FMI analyst.

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Increasing Demand for Customised Corrugated Boxes to Drive the Market Growth

Industries like food, beverage, e-commerce, personal care and cosmetics, and others are highly competitive. In these industries, manufacturers give high importance to the packaging solutions to maintain a competitive edge and create unique brand identification. As a result, they need customized corrugated boxes for their products.

Corrugated boxes can be easily customized in terms of shape, size, fluting and print which is highly desirable among manufacturers from various industries. Some of the players in the corrugated boxes industry are offering digital printing solutions with an array of customization in terms of specifications.

Besides this sales of corrugated boxes will increase as a result of increasing application for packaging in the ecommerce sector. A large variety of items sold across e-commerce platforms needs different packaging solutions compatible with the product. The increasing demand for customised corrugated boxes in this sector will therefore drive the market in the coming years.

Corrugated Boxes Market Landscape

Smurfit Kappa Group Plc, International Paper Company, WestRock Company, Georgia Pacific LLC, Oji Holdings Corporation, DS Smith plc are the top players operating in the target market. Furthermore, NAMPAK Limited, METSÄ Group, Orora Limited, are also noticeable players in the market. The Tier 1 players in the market hold 30-35% in the global market for corrugated boxes.

The global decorative paints market is estimated to expand at a steady rate of 4.3% CAGR over the forecast period between 2021 and 2031, finds Future Market Insights (FMI) in a recent market analysis. Urbanization registered across developing economies will remain a chief driver of decorative paints sales.

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The global vegan cheese market size was valued at US$ 2,148.7 Mn in 2019. It is forecast to exhibit at a CAGR of 8.6% between 2019 and 2028. Rising disposable income of consumers, coupled with their willingness to spend on premium products, will aid the expansion of the market, finds Future Market Insights in a report, titled “Global Vegan Cheese Market Analysis and Forecast, 2019–2028.” The report examines the factors influencing the market from a global as well as regional perspective. It discovers hidden opportunities for the leading market players. In addition to this, the report identifies the chief growth drivers, restraints, and opportunities.

Most people are apprehensive about going vegan since they find it difficult eliminating cheese from their favourite foods. While consumers may find it difficult to abstain from burgers, pizzas, and other popular food preparation where cheese is a key ingredient, opting for healthier alternative can bring about a positive change.  Leading vegan cheese brands are therefore amplifying their promotional strategies to spread the word about their product. This will help manufacturers can gain significant traction.

Stoked by the ongoing vegan cheese market growth, manufactures will witness impressive sales opportunities. In addition to this, a wholesome plant-based diet could prove cheaper than omnivorous diet. This is acting as a chief growth driver increasing demand across various product categories such as mozzarella, cheddar, parmesan, ricotta, cream cheese, and others.

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Some of the key takeaways from the report are:

• The expansion of plant-based food industry will support the growth of the vegan cheese market. With the demand for plant-based alternative rising, the market is likely to report impressive growth through the course of the forecast period.
• In terms of distribution channel, the vegan cheese market is broadly categorized into direct and indirect sales channels. Of these, the indirect sales segment holds dominant vegan cheese market share.
• Among indirect sales segments, convenience store is likely to emerge as the most attractive segment.
• Among product types available in the market, the demand for mozzarella vegan cheese is expected to remain high owing to its versatility of use in different recipes.
• On the basis of source, the almond milk segment is forecast to witness highest growth.

“Leading players are focusing on expanding their geographic presence, besides launching novel products to gain competitive advantage. In addition to these, several companies are offering cost-effective products to woo their consumers.”

Rising Incidence of Lactose Intolerance to Fuel Demand for Vegan Cheese

A considerably large section of population around the world is lactose intolerant. People with lactose intolerance can rarely enjoy delicacies prepared with milk or milk-derived ingredients. It is due to this that the demand for vegan cheese is on a rise. Vegan cheese is a plant-based dairy alternative, particularly suitable for those suffering from lactose intolerance. Against this backdrop, an increasing number of hotels, restaurants, and cafes have started introducing vegan cheese in their menu to attract consumers who prefer vegan diets and those who are lactose intolerant.

Increasing Disposable Income of Consumers Supports their Purchase Decision

In the last couple of years, consumers’ willingness to spend on exotic and humane plant-based diet has greatly increased. In addition to this, a stable increase in the demand for novel food alternatives is noticed. They are motivated by various advertisements and campaigns to obtain essential nutrients from plant-based alternatives, and this decision is supported to an extent by their increasing disposable income.

Who is winning

Despite witnessing impressive growth opportunities, lack of awareness is a key factor limiting the market’s expansion in developing and underdeveloped regions. As a result of this, conventional dairy products continue to remain popular in several potentially lucrative markets. This is a chief factor restraining the market’s expansion.

Nonetheless, the market players are likely to overcome this challenge as they invest in marketing strategies besides innovating healthier and more cost-effective vegan cheese. Also, concerns pertaining to animal welfare is expected to tip scale in favour of veganism, in turn bolstering growth opportunities for the vegan cheese market.

Some of the leading players operating in the vegan cheese market are Daiya Foods, Inc., Follow Your Heart, Go Veggie, Parmela Creamery, Kinda Co., Bute Island Foods Ltd., Vtopian Artisan Cheeses, Kite Hill, Miyoko’s Kitchen, Vermont Farmstead, and Good Planet Foods.

Get Valuable Insights into Vegan Cheese Market

Future Market Insights, in its new report, presents an unbiased analysis of the global vegan cheese market, covering historical demand data and forecast figures for the period between 2019 and 2028. The study divulges compelling insights into growth witnessed in the market. In terms of product type, the market can be segmented into mozzarella, parmesan, cheddar, cream cheese, ricotta, and others. On the basis of form, it can be classified into shreds, blocks and wedges, and slices. Based on source, the overall vegan cheese market share can be categorized into almond milk, coconut milk, cashew milk, soy milk, and others. In addition to these, food processing, food service/ HoReCa, and household/ retail are the key end-use segments studied in the report. Furthermore, the report bifurcates the market into organic and conventional in terms of nature. On the basis of sales channel, the market covers direct sales, indirect sales, and online retailers. Regional, the global market encompasses North America, Latin America, Western Europe, Eastern Europe, Japan, APEJ, and the Middle East and Africa.

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KEY HIGHLIGHTS

WHAT ARE SOME OF THE LEADING VEGAN CHEESE BRANDS?
Some of the leading brands in the vegan cheese market are:

• Daiya Foods, Inc.,
• Galaxy Nutritional Foods, Inc.,
• Violife, Miyoko’s Kitchen, and
• Tofutti.

Which is the most popular variety of vegan cheese?

Mozzarella vegan cheese is currently in high demand. This type of cheese possesses melty and stretchy qualities very similar to conventional mozzarella. It is therefore used in the preparation of vegan cheese pizza and pasta. Its demand is rising especially among consumers who love to eat healthy but without compromising on taste.

What is vegan cheese made of?

Vegan cheese is entirely plant-based. It is often considered a rich source of soy protein. It is made from coconut oil, soy milk, and plant milk derived from nuts such as almonds, pine nuts, and cashews.

What drives vegan cheese market?

The rising demand for plant-based alternative drives the vegan cheese market. It is expected to rise at over 8% CAGR between 2018 and 2028. Rising disposable income of consumers, coupled with their willingness to spend on healthier alternatives of their favourite foods will aid the vegan cheese market growth.

Are there any negative effects of vegan cheese?

While vegan cheese is considered exceptionally healthy, especially for lactose intolerant people, solely relying on its consumption may have adverse health impacts. For instance, replacing milk products entirely with vegan cheese can cause anaemia in pregnant women and growth deficiency in children. Nonetheless, companies are likely to introduce more efficient and healthier options in the future to mitigate aforementioned concerns.

Future Market Insights recently published a report titled “Tire Materials Market: Global Industry Analysis 2013–2017 and Opportunity Assessment 2018–2028” that offers decisive insights pertaining to the global tire materials market and provides extensive information through organized market research. According to the report, the global tire materials market has been envisaged to approach the valuation of US$ 100 Bn towards the end of forecast period.

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Silica to Witness an Upsurge in Demand with Increasing Production of Green Tires

Synthetic rubber and fillers used in automotive tires have significantly changed over the past decade. Attributing to the rising environmental concerns, many regions have formed regulations that mandate tire labeling. The implementation of labeling initiatives and growing environmental concerns have led to an increase in the production of high-performance tires or green tires. Regulatory bodies have also laid incentives for manufacturers and consumers with a preference for performance tires.

Due to the adoption of green technology, silica is extensively being used as a filler material as an effective replacement for carbon black in the recent years. The adoption of silica in the production of green tires has reduced CO2 emissions almost by 7% and increased fuel efficiency. Thus, increasing focus towards the reduction of carbon footprint and greenhouse gas effects is driving the demand for silica in tire production.

Increasing Automotive Production and Ever-rising Size of Vehicle Fleet to Boost the Tire Materials Market

Tires are a vital part of the automotive industry and thus, the production and sales of vehicles directly affect the dynamics within the tire industry. Increasing automotive production in emerging economies has been driving the demand for tires from OEM manufacturers, which has led to an increase in tire production activities. Growing tire production is driving the demand for tire materials. In a vehicle, a tire is one such part that must be replaced frequently, after every 2-3 years.

A tire experiences maximum wear and tear. Further, it is estimated that in FY2017, the global vehicle parc was about 1.3 Billion. Thus, it can be easily concluded that the growing vehicle parc and production will augment the market of automotive tires. Expansion of the tire industry is expected to fuel the demand for tire materials while the growing fleet size will add to tire replacement activities and indirectly influence the demand for tire materials.

Increasing middle-class population, coupled with rising urbanization in developing countries, is expected to increase the number of vehicle owners as many people will be able to afford vehicles. Apart from this, the increasing youth population has also led to an increase in the sales of automotive, which is a positive sign for the tire materials market.

Also, changing lifestyle and increased standard of living have increased the adoption of high-performance tires as well as branded tires, which is expected to positively impact the tire materials market. The increasing number of vehicle owners will push the growth of both OEM as well as aftermarket segments and thus, the growing demand for tires is expected to boost the tire materials market in the coming period.

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East Asia will Become a Prominent Regional Market for Tire Materials

The global tire industry has been witnessing a shift in tire manufacturing activity, with East Asia and South Asia accounting for more than 50% of tire manufacturing facilities. Easily available raw materials, economic & political stability, and availability of skilled & cheap labor have attracted key tire manufacturers to invest in East Asia and South Asia.

China and Japan are prominent tire manufacturing countries wherein China is estimated to be the leading tire producer and the presence of companies such as Bridgestone Corporation and Yokohama Rubber Company makes Japan a promising tire manufacturing country, owing to which East Asia is estimated to be the prominent market for tire materials.

North America and Europe tire industries are estimated witness a slowdown in the coming years, due to the increasing competition from Chinese tire manufacturers and their low-ranged products.  However, North America and Europe are anticipated to be potential markets for tire materials, owing to the predominance of key tire manufacturers in the region.

Solvay SA, Lanxess AG, Exxon Mobil Corporation, JSR Corporation, Cabot Corporation, Birla Carbon, and Evonik Industries AG are among the key players identified in the tire materials market.

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Robust Industrial Growth Driving HCV and LCV Sales

Due to the flourishing industrial sector, including manufacturing, mining, construction, utilities and oil & gas, the sales of HCVs and LCVs has increased in the global market and is expected to further increase during the forecast period. Due to this, many tire companies are entering the market in the Asia-Pacific and MEA regions with the hope of capitalizing on increased sales and expanding their geographical footprint.

Companies in the tire materials market are focusing on developing products that comply with safety norms of the local market. Through effective research, development and innovation, global manufacturers will find opportunities to capture the unexploited market and increase their market share. Thus, increasing tire production activities to cater to this increasing demand will positively influence the tire materials market

Recent evidences showcasing health benefits of coconut milk products, coupled with consumer preference for a vegetarian diet are driving coconut milk products sales, finds Future Market Insights (FMI) in a study. According to the report, the coconut milk products market will reach a valuation of US$ 285.6 Mn by 2021. The demand in the market will continue rising as an increasing number of consumers showcase inclination for plant-based food and beverages.

The hectic lifestyle of people has increased the demand for ready to eat foods and processed food products. Increasing use of coconut milk powder for enhancing the functional and nutritional value, shelf life, and quality of the product will create growth opportunities in the market. According to the report, coconut milk powder accounts for over 80% of sales in the market.

Coconut milk products are used in the preparation of nutritional foods and also used as a dietary supplement because of their high nutritional content. Increasing application in the food and beverages sector will continue driving sales.

Key Takeaways from the Coconut Milk Products Market Study

• Increasing focus on health and wellness will push coconut milk product sales at 7.6% between 2021 and 2031
• As a result of rising cases of obesity and diabetes, the U.S. is exhibiting high demand for plant-based food and beverages. It will account for over 88% of coconut milk products sold in North America in 2021
• Expansion of the food sector, especially growth in confectionaries and bakeries will drive sales in the U.K. at above 7% in 2021
• Indonesia and India will emerge as key markets for coconut milk products in South Asia. Increasing coconut production will seal Indonesia’s dominance
• China will account for maximum coconut milk product sales in East Asia. Increasing demand for plant-based food items will drive sales in the country

“The increasing demand for food with high nutritional value and longer shelf life has been a key factor pushing application of coconut milk products in the food processing industry. With focus on health expected to rise, the market for coconut milk products will exhibit impressive growth in the coming years,” said a lead analyst at FMI

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Vegan Food Popularity a Blessing for Coconut Milk Products Market

Vegan food is gaining popularity among consumers as a result of environmentally sustainable plant cultivation. Despite the fact that vegan food is an expensive commodity, consumers are willing to pay more for it because they want to follow safe and healthy eating habits and care about the environment. Vegan food products are becoming more common in developed and developing countries as consumers have become more aware of food safety and quality. This will have a positive impact on coconut milk products market, driving sales as a sought-after dairy alternative.

Who is winning?

Some of the leading companies involved in coconut milk products are Thai Coconut Public Company Limited, Nestle S.A., The Sambu Group, Pacific Foods of Oregon, Celebs Coconut Corporation, Grace Kennedy Limited, Asiatic Agro-Industry, Monty and Totco Corporation Limited, McCormick & Company Incorporation, Primex Coco Products Incorporation and others.

Product launches remain a chief strategy among market players. For instance, Nestlé S.A launched Nespray Coco-Up in Sri Lanka in 2018.

Get Valuable Insights into Coconut Milk Products Market

Future Market Insights, in its new offering, provides an unbiased analysis of the coconut milk product market, presenting historical demand data (2016-2020) and forecast statistics for the period from (2021-2031). The study divulges compelling insights on the coconut milk products market based on By Product Type (Coconut Milk Powder and Coconut Cream Powder), By Nature (Organic and Conventional), By End-Use (Food and Beverage Processing, Personal Care and Cosmetics, Functional Foods and Dietary Supplements, Foodservice/HoReCa and Household), by distribution channel (Direct Sales/B2B, Indirect Sales- Hypermarkets/Supermarkets, Convenience stores, Mass Grocery Retailers, Specialty Stores and Online Retailing) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, MEA and Oceania).

Scope of the Report

Summary

The leading companies are providing their products to the industrial segment and consumer segment across the globe. The aim of the key market players is to serve a variety of consumer sectors in both domestic and foreign markets. To increase revenue, it also focuses on expanding its sales and distribution channels. The company caters its products to the preferences of its customers in terms of high nutritional and low-fat content, which is expected to increase its customer base. The company is concentrating on extending its global reach by introducing goods in previously untapped markets.

About Food Market Division at FMI

Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.

In its latest report, ESOMAR-certified market research firm Future Market Insights offers an extensive study on the market for Polypropylene Woven Bags And Sacks. FMI provides a new study to elucidate the potential growth parameters of the Polypropylene Woven Bags And Sacks market. On the back of prevailing trends FMI presents a positive growth outlook.

The report is intended to present an unbiased analysis. It therefore offers incisive coverage on key market dynamics, including drivers, restraints, opportunities, and challenges. It also offers detailed information on Polypropylene Woven Bags And Sacks market structure. FMI’s in-house team for chemicals & materials sector gives valuable insights, validated with latest data. The report also gives access to extensive database that tracks existing and upcoming chemicals & materials trends and innovation in 100+ countries.

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FMI’s latest report on global Polypropylene Woven Bags And Sacks market provides analysis on regulatory landscape and profitable epidemiology. The study also tracks global sales of primary Polypropylene Woven Bags And Sacks in 20+ high-growth markets, along with the detailed coverage of the impact COVID-19 had on the Polypropylene Woven Bags And Sacks market.

In the last couple of years, chemicals & materials industry has witnessed considerable technological advancements across various sectors. Coupled with this, increasing research and development activities following the outbreak of COVID-19 have had a positive impact on the overall growth.

With the development in petroleum & oil and gas companies and R&D activities, the market has witnessed a healthy expansion. FMI’s latest report offers significant details about the latest trend and challenges that the Polypropylene Woven Bags And Sacks market is expected to witness in the upcoming decade.

Impact of COVID-19 on Polypropylene Woven Bags And Sacks Market

The pandemic has placed an enormous strain on the chemicals & materials industry including its workforce, supply-chain, infrastructure, and market players. The first wave of COVID-19 that hit the regions across the globe, compelled the chemicals & materials industry to adapt and develop its infrastructure and innovate in a short period of time. Against this backdrop, FMI tracks the changes, improvement, profits and losses in the industry among the existing players as well as the new entrants within the industry.

The FMI’s recently published report presents detailed insights into the impact of COVID-19 on the Polypropylene Woven Bags And Sacks market and innovative strategies adopted by the market players to tackle the challenges encountered due to the pandemic.

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Important Questions Answered in the Polypropylene Woven Bags And Sacks Market Report

1. How will the Polypropylene Woven Bags And Sacks market expand through 2031?
2. Which region is the most lucrative in the Polypropylene Woven Bags And Sacks market?
3. What are the recent technological developments in the Polypropylene Woven Bags And Sacks market?
4. What are key challenges and competition threats faced by Polypropylene Woven Bags And Sacks market players?
5. Who are prominent players leading the Polypropylene Woven Bags And Sacks market?

Polypropylene Woven Bags And Sacks Market: Key Segmentation

By Region

Based on the types, Polypropylene Woven Bags & Sacks market can be segmented into:

• Uncoated
• Laminated (Coated)
• Gusset
• BOPP bags
• Perforated
• Liner Woven Bags & Sacks
• Small Bags
• EZ Open Bag
• Valve Bag

Based on the end-user industries, Polypropylene Woven Bags & Sacks market can be segmented into:

• Pharmaceuticals
• Fertilizers
• Chemicals
• Sugar
• Polymers
• Agro

Extensive study of the geographical regions offers detailed insights on the market performance across major regions along with descriptive info graphics, datasets, and list of tables.

Based on the types, Polypropylene Woven Bags & Sacks market can be segmented into:

• Uncoated
• Laminated (Coated)
• Gusset
• BOPP bags
• Perforated
• Liner Woven Bags & Sacks
• Small Bags
• EZ Open Bag
• Valve Bag

Based on the end-user industries, Polypropylene Woven Bags & Sacks market can be segmented into:

• Pharmaceuticals
• Fertilizers
• Chemicals
• Sugar
• Polymers
• Agro

Polypropylene Woven Bags And Sacks Market: Competitive Evaluation

The FMI’s Polypropylene Woven Bags And Sacks market report provides a comprehensive analysis on key players operating in the Polypropylene Woven Bags And Sacks market. Some of the key players are:

• Berry Plastics Inc.
• Da Nang Plastic Joint Stock Company
• Shrijikrupa Polypack Pvt. Ltd.
• Abdos Polymers Ltd.
• Umasree Texplast
• STPGroup
• Hanoi Plastic Bag JSC

With a detailed analysis on positioning of top companies across the globe, emerging players, strategic players and innovators, the FMI’s study presents the strengths, weaknesses, growth prospects and challenges of key players over the forecast period.

Why Buy FMI’s Report?

• Extensive analysis on high growth niche markets across major regions
• Detailed assessment on key segments and sub-segments
• Recent and upcoming strategies tracked of manufacturers for the Polypropylene Woven Bags And Sacks market
• Reliable information on new product launches, technological advancements, and more
• Valuable insights on the impact of regulatory framework on the global Polypropylene Woven Bags And Sacks market

The global market for gait trainers is being progressively influenced by the growing competition and the expansion of the walking aids industry. The rising number of spinal injuries as well as strokes that impacts the ability of a patient to walk has been incessantly supporting the global gait trainer market to grow and has been expected to remain the same in the forthcoming years.

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In Europe and North America, manufacturers are strengthening their position as they are the key focus regions with the maximum potential for the players to take leverage from. For instance, key players such as Rifton Equipment, Ottobock Inc.., Ekso Bionics, Hocoma AG, and AlterG are expanding their commercial presence in international market.

The players in the market are increasingly focusing on raising their market penetration through exploration of the untapped markets. In order to increase its market penetration, the company is focusing on enhancement of its products by introducing new technologies and upgrading its existing products and also simultaneously focusing on strategic alliances for sale and promotion of its products globally. Manufacturers are basically focusing on upscaling the production of automated gait trainer.

The proliferating acquisition activities and contractual agreements between manufacturers and local service providers are the factors promoting the growth of the global gait trainer market. Manufacturers of gait trainer devices and exoskeletons are focusing on government contracts and agreements with other medical device companies, in order to manufacture cost-effective products, especially for rehabilitation.

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According to the report published by Future Market Insights (FMI), the global gait trainer market is expected to witness a CAGR of 4.9% from 2022 to 2028. In 2017, the market was worth US$ 271.5 Mn and is projected to rise to a valuation of US$ 456.3 Mn by the end of 2028.

Technological Advancements to Pave Way for Market Progression

In the last couple of years, various types of gait trainers to support ambulation practices have been developed, the treadmill and over ground systems are the ones gaining popularity. Advanced gait trainer systems are predominantly designed to minimize stress–strain shielding with adjustability in height, and increase the range of motion with high efficiency. As indicated by the expert analyst, New FDA-cleared EksoGT exoskeleton comes with a controller, inbuilt software coupled with smart assist pre-gait and freegait quick fit technology. Ekso pulse comes with a cloud-based technology, analytics, wireless transmission and cloud storage.

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Competitive Pricing to Obstruct Growth Tract

The price elasticity of the gait trainer market has grown extensively owing to the significant role played by the government and managed care groups. HME dealers purchase gait trainer products based primarily on the price, so that they can be assured of being reimbursed. Thereby, manufacturers must fiercely compete on price in order to win large dealer contracts and purchases. The rising Asian imports of gait trainer are bound to send the prices to a certain low. With increasing number of participants, the prices will continue to decline.

Rising awareness regarding the health benefits of chickpea protein, coupled with increased health consciousness among people is propelling demand for chickpea protein. Moreover, the growing trend of veganism across the world, especially in developed economies, is poised to remain a critical factor driving the growth of the market. Chickpea protein aids in diabetes management by preventing the blood sugar levels from suddenly rising after consuming food. Furthermore, they bolster in controlling weight by swiftly burning calories during the digestion process.

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Backed by its rich nutritional profile, chickpea protein also finds adoption among athletes to build muscle mass, making sports nutrition a lucrative segment for chickpea protein. Moreover, chickpea protein is labeled non-GMO plant-based protein, making it a fitting source of post-workout nutrition for athletes. When compared to other animal or vegetable-based ingredients, chickpea protein aids in proper maintenance, repair, and growth of both human and animal muscles, thus making it an ideal ingredient in the production of pet food.

Along similar lines, rising concerns regarding animal welfare and adverse health effects among consumers is asserting food product manufacturers to seek substitutes for meat-based ingredients. On this premise, chickpea protein has emerged as the ideal alternative for animal-based ingredients in the food processing, nutraceuticals, and sports supplement sectors.

Chickpea Protein Market

Having analyzed and scrutinized all the aforementioned facets in its new market study, Future Market Insights (FMI) projects that the global chickpea protein market will grow in value at a CAGR of ~5.1% between 2020 and 2030. Some of the key takeaways from the report include:

• The global chickpea protein market is forecasted to surge past valuation of US$ 142.4 Mn by the end of the assessment period
• By processing type, dry processing is projected to account for over 2/3rd of market share, owing to the low amount of energy and resources required
• Based on product type, protein isolates and protein concentrates account for the majority of the market share, accounting for near-equal proportions, with the former holding a slight edge
• Among end users, the food processing sector will hold over 66% of market value, while sports nutrition and nutraceutical sectors progress at higher growth
• Based on nature, conventional chickpea protein will remain the most sought-out type through the forecast period
• North America and Europe will collectively account for nearly 70% of total market share, ascribed to the presence of a large vegan and vegetarian population bases

“Capitalizing on the growing consumer demand for high quality, nutritious ingredients due to their health benefits, players in the food processing bakery sectors are shifting towards plant-based protein ingredients, and this is expected to drive the market on a positive growth trajectory,” remarks FMI analyst.

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COVID-19 Impact on Chickpea Protein Market

The outbreak of COVID-19 is expected to exhibit a dual impact on the growth trajectory of the chickpea protein market. As concerns regarding health surge across the world, consumers are actively seeking healthy food products, which is expected to boost the consumption of chickpea protein. However, operations in the food processing sector – the largest consumer of chickpea protein – have come to a screeching halt, leading to a downfall in demand. However, the demand for healthy, dairy-free food in Europe, where normality in the food sector is gradually returning post-pandemic, is likely to alleviate the challenge to an extent.

Chickpea Protein Market Report: Scope

AttributeDetails  Forecast Period2020-2030Historical Data Available for2015-2019  Market AnalysisUSD Million for value and Units for Volume Key Regions CoveredNorth America, Europe, East Asia, Latin America, South Asia, Oceania, and Middle East and Africa (MEA)Key Countries CoveredUS, Canada, Brazil, Mexico, Argentina, Rest of Latin America, EU-4, U.K., Nordaic, Russia, Poland, BENELUX, Rest of Europe, India, China, Thailand, Indonesia, Malaysia, Japan, South Korea, Rest of South Asia, Rest of East Asia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa, and Rest of MEA Key Segments CoveredProduct, Nature, End-use, Processing type, and RegionKey Companies ProfiledBatory Foods, Ingredion Inc., Archer Daniels Midland Company, PLT Health Solutions, Chickplease, Cambridge Commodities Ltd, AGT Food and Ingredients, Nutraonly (Xi’an) Nutritions Inc., Chick.P, and InnovoPro Report CoverageMarket Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives

Competitive Landscape

Key players operating in the market are leveraging the demand among a widening base of the vegan and vegetarian population, and are working on expanding their production capacities. To achieve the same, players are securing investment from governments and other players. On these lines:

• In April 2020, an Israel-based organization named InnovoPro raised US$ 15 million funding round by Jerusalem Venture Partners with participation from CPT Capital to boost the chickpea protein production.
• Also in April 2020, The Growthwell Group, a Singapore-based plant protein manufacturer, raised US$ 8 million funds from the Singapore government and other investors which includes Temasek, Insignia Ventures, DSG Consumer Partners, and Genesis Ventures. The funds will be used to build a new manufacturing facility.

FMI’s report includes profiles of some of the most prominent names in the market including Batory Foods, Ingredion Inc., Archer Daniels Midland Company, PLT Health Solutions, Chickplease, Cambridge Commodities Ltd, AGT Food and Ingredients, Nutraonly (Xi’an) Nutritions Inc., Chick.P, and InnovoPro

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To Know More About Chickpea protein Market

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Key Questions Answered by the Report

• What is the market size of the chickpea protein market?
  The global chickpea protein market is expected to reach a valuation of US$ 142.4 Mn by 2030.

• Which is the largest regional market for chickpea protein?
  North America currently leads the chickpea protein market and is expected to remain dominant through the course of the forecast period
• Which are the top companies in the chickpea protein market?
  Key player operating in the market include Batory Foods, Ingredion Inc., Archer Daniels Midland Company, PLT Health Solutions, Chickplease, Cambridge Commodities Ltd, AGT Food and Ingredients, Nutraonly (Xi’an) Nutritions Inc., Chick.P, and InnovoPro.