GLOBAL – The global chickpea protein market forecasted to grow in value at a Compound annual growth rate (CAGR) of 5.1% between 2020 and 2030, according to a report by Zoned Flash Market by Future Market Insights.
According to the report, the global chickpea protein market is forecasted to surge past valuation of US$142.4 million by the end of the assessment period
The growth rate will be attributed by processing type: dry processing is projected to account for over 2/3rd of the market share, owing to the low amount of energy and resources required. It will also be 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.
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.
The report indicates that among end users, the food processing sector will hold over 66% of market value, while sports nutrition and nutraceutical sectors progress at higher growth.
To achieve the same, players are securing investment from governments and other players. 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.
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.
Based on nature, conventional chickpea protein will remain the most sought-out type through the forecast period.
“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 the report analyst.
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.
The report shows that 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.
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
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.
The demand for healthy, dairy-free food in Europe, where normality in the food sector is gradually returning post-pandemic, however, is likely to alleviate the challenge to an extent.
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