WORLD – Heightened demand for plant-based and gluten-free foods from the food industry across the world is projected to give traction to the pulse flour market, making it a hub of profitable growth during the forecast period.
This is according to a recent report on Pulse Flour Market launched by Fact.MR, which forecasts the global pulse flour market to accelerate at a stupendous CAGR of over 10% (double that of global flour market) during forecast period 2019 – 2026
The new research report indicates that the global pulse flour market is registering significant growing demand, both at household as well as industrial capacities, a factor that is anticipated to drive robust growth in this market, making the landscape highly competitive.
Pulse crops such as lentils, beans, peas and chickpeas are a great source of amino acids and plant based proteins. The crops are now being incorporated to increase the health attributes of gluten-free products.
This has seen consumption of pulse flour in several processed food categories including instant noodle, pasta, extruded snacks and breakfast cereals increase in the recent years.
Manufacturers are also actively focusing on development of processes that allow preservation of the nutrient density of pulse flour used in food items while at the same time adopting advanced technologies that help boosting commercial capacity for value-added pulse flour.
Further, greater emphasis is being placed on identifying and determining characteristics of functional quality and critical nutrition of pulse flour-based products.
On this backdrop, demand for pulse flour is expected to soar exponentially. Fact.MR projects that the market will create an absolute dollar opportunity of around US$15 billion during forecast period 2019 – 2026.
The study highlights key takeaways of the global pulse flour market to include chickpea type pulse flour, applications in bakery, confectionery and animal feed industries as well as strong prospects in some of the major markets.
Matched by the inter-connectivity between these sectors, growth in the pulse flour market is projected to further benefit from synergies in the industries.
For instance, “Chickpea type pulse flour accounts for one third market share and is expected to show high growth in pulse flour market during period of forecast, due to increased demand from bakery and confectionery industry,” the report notes.
“Animal feed application of pulse flour is a major contributor to the global pulse flour consumption and is projected to grow by more than double over period of forecast, owing to its increased demand in animal feed industry,” the report adds.
According to the Fact.MR study, pulse flour market in Asia Pacific excluding Japan holds more than one third of the market share and an increasing consumer base of this market is projected to grow at a higher CAGR than the global average.
Together, North America and Latin America pulse flour market is expected to hold more than one fourth of the market share in terms of value and projected to witness considerable growth over the forecast period.
Rapid growth in food chain services is also expected to drive growth. Bakery and confectionery applications of pulse flour hold more than one third market share and are projected to grow by double during forecast period.