ID: MRFR/F-B & N/5022-CR | September 2019 | Region: Global | 123 pages
Impact of Covid-19 Outbreak on Chickpea Protein Ingredients Market-
The advent of the global pandemic, COVID-19, has resulted in a global crisis. Impacting over 195 countries, the pandemic has already created a worldwide economic setback. The global chickpea protein ingredients market is expected to witness hurdles in its growth owing to the imposed trade restrictions, nationwide lockdowns, functioning of production facilities at reduced capacities & workforce, and complete/partial closure of international borders. Several countries have limited or completely restricted their export-import trade of agricultural commodities such as cereals, legumes, and pulses resulting in a declining supply of raw materials to produce chickpea protein. Additionally, the disrupted value chain and supply chain of chickpea protein ingredients are also contributing to the increasing imbalance in the supply and demand of chickpea protein ingredients across the globe. The majority of food & beverage processing plants operating at half the capacity and the closure of several other manufacturing facilities in various countries has led to the lowered demand for chickpea protein ingredients across the application sectors. For instance, closure of northern Italy, which accounts for nearly 52% of Italy’s food production, is expected to result in a sluggish growth in Italy’s food production sector. However, manufacturers of chickpea protein ingredients are expecting no immediate impact on their growth, even though their revenues have been negatively impacted, at least during the first quarter of 2020.
The COVID-19 outbreak has also led to the rise of a global recession. Various countries are adopting measures to minimize the negative impacts of the recession caused due to the COVID-19 outbreak by providing financial aid to their stakeholders active in the market, especially the small and medium enterprises. The European Institute of Innovation & Technology (EIT) raised funds to provide financial aid between €200k and €500k to Europe-based startups engaged in sustainable agriculture, circular food systems, alternative proteins, targeted nutrition, or other focus areas of EIT. Moreover, few market players, as part of their CSR activities, are contributing to the efforts taken to curb the spread of the novel coronavirus. For instance, France-based pea-protein manufacturer Roquette Frères modified its production lines at a pilot plant to manufacture and donate an alcoholic disinfectant for the healthcare sector. Roquette Frères manufactures 5,000 liters of hydro-alcoholic disinfectant per week for around 20 healthcare facilities in the north of France.
MRFR’s COVID-19 analysis reports also suggest the emergence of several challenges being faced by the manufacturers of chickpea protein ingredients in the developing countries. For instance, poor storage infrastructure, unavailability of labor, and logistic constraints are a few of the challenges emerging in the developing countries.
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