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Chickpeas Market Trends, Top Companies, Share, Growth And Forecast 2033
Chickpeas Market Trends
According to The Business Research Company's, The chickpeas market size has grown strongly in recent years. It will grow from $14.94 billion in 2023 to $15.92 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to increased plant-based protein demand, global food security, increased demand for traditional cuisines, growth in agricultural practices, increased in export and import activities.
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Market Drivers and Trends:
Growing interest in plant-based diets is expected to propel the growth of the chickpeas market going forward. A plant-based diet consists of foods primarily derived from plants, such as vegetables, fruits, grains, legumes, nuts, and seeds, while minimizing or eliminating animal products. Chickpeas are a versatile protein source and a staple in plant-based diets, used in dishes like hummus, salads, and curries to enhance nutrition and flavor. For instance, in March 2022, according to the Plant Based Foods Association, a US-based trade association representing the nation's plant-based food companies, retail sales of plant-based meals in the United States increased 6.2% in 2021 compared to a record year of growth in 2020, bringing the market value of all plant-based products to an all-time high of $7.4 billion. Currently, 79 million households in the United States, or 62%, buy products made from plants which is a 61% increase from 2020 (77 million in 2020). Therefore, growing interest in plant-based diets is driving the growth of the chickpeas market.
Major companies operating in the chickpeas market are focused on developing cascatelli made from chickpeas to gain a competitive edge in the market. Cascatelli made from chickpeas can be used as a gluten-free pasta alternative, offering a unique texture and flavor to various pasta dishes. For instance, in February 2022, Banza LLC., a US-based provider of comfort foods out of chickpeas, including pasta, pizza, mac and cheese, and rice, launched Banza Cascatelli by Sporkful, a better-for-you and gluten-free pasta. The pasta is crafted from chickpeas, rendering it rich in protein and fiber while boasting low net carbohydrate content.
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Major Key Players of the Market:
Alliance Grain Traders; BroadGrain Commodities Inc.; The Wimmera Grain Company; Bean Growers Australia Ltd.; Olega SA; Indraprasth Foods Ltd.; Arbel Group; Alberta Pulse Growers; Isik Tarim AS; Shri Mahavir Group; Aayurmed Biotech Pvt. Ltd.; RR Agro Foods; Parampara Organic; Erika Organics; Pushti Food Products; Olam International Ltd.; Prism Pulses Pvt Ltd.; Exports Ltd.; AG Pulse LLC; Copper Mountain Energy; R. H. Ballard Art Rug & Home; AmeriSeed LLC; Busby International LLC; George F. Brocke & Sons Inc.; Raj food industries Pvt Ltd.; Nabi Akram Chapri Manufacturing; Sleaford Quality Foods Ltd.; India's Millets Production; CGF Bourse Inc.
Chickpeas Market 2024 Key Insights:
• The chickpeas market size is expected to see strong growth in the next few years. It will grow to $20.97 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• The Growing Interest In Plant-Based Diets Propels The Chickpeas Market.
• Increasing Focus On Developing Cascatelli Made From Chickpeas To Gain A Competitive Edge
• Asia-Pacific was the largest region in the chickpeas market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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