September 2022, Market Research Future has published a Report on the Global Chickpea Protein Ingredients Market
The Global Chickpea Protein Ingredients Market has witnessed continued growth over the last few years. It is projected to reach USD 1237.2 million by 2030, expanding at a CAGR of 11.20%. Chickpea protein ingredients are available in various forms such as concentrates, isolates, and flour. The availability of alternative plant protein ingredients, such as soy, pea, and legumes, is emerging as a potential challenge for the market players. Soy protein is a widely accepted and used plant protein in various application industries. Peas protein has also gained popularity in recent years, especially in snacks and infant nutrition products. Moreover, soy and pea protein are key components of dietary supplements. These proteins are easy to extract, widely available, and less expensive than chickpea protein, thereby posing challenges to chickpea protein ingredient manufacturers.
North America constituted the largest share of the chickpea protein ingredients market in 2021. The regional market is expected to maintain its dominance during the forecast period of 2022 to 2030. The US is expected to be a significant country-level market for chickpea protein ingredients in North America. The market in Asia-Pacific is expected to register the highest CAGR during the forecast period due to the large-scale production of chickpea in the region and rising health concerns among the regional populace.
The key players are engaging in activities to expand their businesses and to enter into untapped markets, thereby increasing their consumer bases. The international players can strengthen their presence worldwide through acquisitions during the review period. The surge in the demand for plant-based protein ingredients from the food & beverages and dietary supplement industries is fueling the market growth, thereby making it an ideal time for players to launch various forms of chickpea protein ingredients and increase their global market shares.
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The global chickpea protein ingredients market has been segmented on the basis of type, category, form, application, and region.
Based on type, the global market has been divided into concentrates, isolates, and flour. In terms of revenue, the isolates segment dominated the global chickpea protein ingredients market in 2021. However, the concentrates segment is projected to register the highest CAGR of 11.7% during the forecast period. Plant protein concentrates comprise protein content in the range of 70%–90% along with fiber and starch. Chickpea protein concentrates are widely used in food products and animal feed. These concentrates find application in personal care products.
By category, the market has been bifurcated into organic and conventional. The conventional segment garnered a larger share of the global chickpea protein ingredients market in 2021. However, the demand for organic-certified chickpea protein ingredients is increasing in various application industries, especially food & beverages, which is influencing cultivators to switch from conventional farming to organic farming. Moreover, the current suppliers of organic chickpea protein ingredients are increasing production to cater to the surging demand for organic chickpea protein ingredients, which is projected to boost the growth of the organic segment.
In terms of form, the market has been categorized as solid and liquid. The solid segment garnered a larger share of the global chickpea protein ingredients market in 2021. The solid form of chickpea protein is the most popular owing to its long shelf life and ease of storage. Solid chickpea protein ingredients are used as substitutes for wheat flour in the food industry. This is driving the growth of the segment.
Based on application, the global chickpea protein ingredients market has been classified as food & beverages, animal feed, and others. The food & beverage segment is further categorized as dairy products, bakery and confectionery, beverages, dietary supplements, sweet and savory snacks, infant nutrition, and others. In 2021, the food & beverages segment constituted the largest revenue share of the market owing to the widespread application of chickpea protein ingredients in applications such as bakery and confectionery, dairy products, beverages, sweet and savory snacks, infant nutrition, and dietary supplements. The rising demand for functional and plant-based beverages can be attributed to the rise in health consciousness and consumer inclination toward healthy drinks, which have led key players to launch products with various health-promoting ingredients. This, in turn, is boosting the sales of chickpea protein ingredients in the food & beverage industry.
Geographically, the global chickpea protein ingredients market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, North America dominated the market, accounting for the largest market share of nearly 36% in 2021.
Market Research Future recognizes Archer Daniels Midland Company (US), Nutriati, Inc. (US), Batory Foods (US), ChickP (Israel), InnovoPro Ltd (Israel), Cambridge Commodities Limited (UK), AGT Food and Ingredients Inc. (Canada), Ingredion Incorporated (US), Chickplease (US), and Nutraonly (Xi'an) Nutritions Inc. (China) as the Key Players active in the global chickpea protein ingredients market.
Key Findings of the Study: