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Pulse Ingredients Market Growth Report 2024-2033: Analysis and Outlook
Pulse Ingredients Market Growth
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According to The Business Research Company's, The pulse ingredients market size has grown strongly in recent years. It will grow from $19.93 billion in 2023 to $21.1 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to diversification in food applications, public education initiatives, culinary diversity and ethnic foods, rising food security concerns, international trade and market accessibility, allergen-free alternatives.
The pulse ingredients market size is expected to see strong growth in the next few years. It will grow to $26.45 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to rising demand for plant-based proteins, health and wellness trends, expansion in vegan and vegetarian diets, sustainable food choices, clean label and natural ingredients. Major trends in the forecast period include protein fortification, gluten-free and allergen-free alternatives, snackification of pulse-based products, innovative product development, functional food applications.
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Market Drivers and Trends:
The rising demand for protein-rich food is expected to propel the growth of pulse ingredients market goinf forward. Protein-rich foods are dietary items that contain a significant amount of protein, an essential macronutrient crucial for the body's growth, repair, and overall health. Pulses, known for their high protein content, align with trends such as plant-based diets, health consciousness, and clean label preferences. They are increasingly used in various food products, including plant-based meat alternatives, functional foods, and sports nutrition products. As consumers seek sustainable and nutritious options, pulses emerge as a versatile solution, contributing to the overall growth of the pulse ingredients market. For instance, in August 2022, according to a report by government of Canada, the global demand for total protein is projected to reach 943.5 million metric tons by the year 2054. Therefore, the rising demand for protein-rich food is driving the growth of pulse ingredients market.
Strategic partnership and collaboration is key trend gaining popularity in the pulse ingredient market. Major companies in the market are entering into partnerships and collaborations to expand their market and leverage each other's resources. For instance, in June 2022, Bühler Group, a Switzerland-based plant equipment manufacturer, entered into a partnership with Endeco. The partnership aims to advance pulse processing, satisfy the rising need for substitute protein sources, and provide pulse processing solutions with much lower CO2 emissions. Endeco is a Germany-based company specialising in starch, protein plants, and processing technologies. Additonally, in June 2021, Bühler Group also partnered with Hosokawa Alpine Group. The partnership aims to boost and improve the manufacturing of more healthy and sustainable plant protein solutions and offer clients the maximum green price chain for pulses being processed into protein ingredients. Hosokawa Alpine Group is a Germany-based machinery manufacturer specialising in powder, particle processing, and blown film.
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Major Key Players of the Market:
Ingredion Incorporated, AGT Food and Ingredients Inc., Emsland-Starke GmbH, The Scoular Company, Roquette Frères S.A., Cosucra Groupe Warcoing S.A., Vestkorn Milling A.S., Dakota Dry Bean Inc., SunOpta Inc., Axiom Foods Inc., DeLaval International AB, GEA Group Aktiengesellschaft, BouMatic LLC, Best Cooking Pulses Inc., Blue Ribbon LLC, Bühler AG, Cargill Inc., Diefenbaker Spice & Pulse, Puris Proteins LLC, ETG Commodities Inc., Gavilon Group LLC, JBS USA Holdings Inc., Kellogg Company, MGP Ingredients Inc., Parakh Agro Industries Ltd., The Archer Daniels Midland Company, The Green Labs LLC, The TradeLink International Group Ltd., The Whitworths Group Limited, Great Western Grain Co. Ltd.
Pulse Ingredients Market 2024 Key Insights:
• The pulse ingredients market size is expected to see strong growth in the next few years. It will grow to $26.45 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• Surging Demand For Plant-Based And Gluten-Free Options Drives Growth Of Pulse Ingredients Market
• Strategic Partnerships Drive Innovation In The Pulse Ingredient Market
• Asia-Pacific was the largest region in the pulse ingredients market share in 2023
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