The chickpea, also known as garbanzo bean, is a nutritional powerhouse with a history stretching back thousands of years. More than just a pantry staple in many cultures, chickpeas are emerging as a key player in the global plant-based protein market. A new report by Fact.MR delves into the exciting world of chickpeas, analyzing market trends, growth drivers, and future prospects.

By the end of 2033, the market for chickpeas is expected to have grown from its present valuation of US$ 11.45 billion to US$ 20.12 billion. Over the next 10 years, it is anticipated that the value of chickpea consumption worldwide would increase at a 5.8% CAGR, resulting in an absolute dollar growth of US$ 8.67 billion.

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Fueling the Rise: Factors Driving the Chickpea Market

Several key trends are contributing to the surge in the chickpea market:

• The Rise of Plant-Based Diets: Consumers are increasingly seeking alternatives to animal protein due to health, environmental, and ethical concerns. Chickpeas offer a nutritious, readily available source of plant-based protein, driving demand across various dietary categories.
• Growing Awareness of Health Benefits: Chickpeas are a rich source of protein, fiber, vitamins, and minerals. Consumers are increasingly aware of the positive impact of chickpeas on digestive health, blood sugar control, and overall well-being.
• Versatility in Cuisine: Chickpeas are a culinary chameleon, adaptable to a wide range of dishes. From hummus and falafel to curries and salads, their appeal extends beyond traditional cuisines.
• Innovation in Chickpea Products: Food manufacturers are constantly developing innovative chickpea-based products like chickpea flour, snacks, and pasta alternatives, catering to a broader audience.
• Rising Disposable Incomes in Developing Economies: With increasing disposable incomes in developing nations like India and China, consumers are exploring diverse food options, including nutritious and convenient sources of protein like chickpeas.

A Global Market with Regional Variations

The chickpea market is experiencing growth across various regions:

• Asia Pacific: This region dominates the chickpea market, accounting for a significant share of global production and consumption. India is the world's largest producer of chickpeas, making it a key player in the market.
• North America: North America is a mature market for chickpeas, driven by a strong emphasis on health and wellness and the growing popularity of plant-based diets.
• Europe: Europe is witnessing steady growth in the chickpea market, fueled by increasing consumer awareness of the benefits of legumes and a rising demand for alternative protein sources.
• Latin America and Rest of the World: These regions are expected to experience moderate growth in the chickpea market as consumer awareness of chickpeas and plant-based diets increases.

Read More: https://www.factmr.com/report/296/chickpeas-market

A Glimpse into the Future: Trends Shaping the Chickpea Market

The chickpea market is constantly evolving, with several key trends shaping its future:

• Focus on Sustainability: Consumers are increasingly demanding sustainable food sources. Chickpeas require less water compared to many other crops, making them an environmentally friendly option.
• Organic and Non-GMO Chickpea Options: The demand for organic and non-GMO chickpeas is rising as consumers seek transparency and ethically sourced products.
• Functional Chickpea Products: Manufacturers are exploring the development of functional chickpea products with added vitamins, minerals, or probiotics to cater to specific health needs.
• E-commerce Growth: The online sales of chickpeas and chickpea products are expected to increase significantly, offering convenient purchasing options for consumers.

Conclusion

The chickpea market stands on the cusp of a remarkable transformation. From its humble roots as a dietary staple, the chickpea is poised to become a global protein powerhouse. The convergence of consumer preferences for plant-based diets, concerns about sustainability, and continuous innovation is propelling the chickpea market towards exciting possibilities. As research advances and product development continues, we can expect even more exciting developments in the world of chickpeas, fueling a global "chickpea revolution" that nourishes both bodies and the planet.

FAQ:

Will the US offer favorable conditions for the growth of the chickpea market?

Demand for chickpeas in the United States is set to rake in a revenue of US$ 4.06 billion by the end of 2033.

Who are the leading companies in this market?

Bean Growers Australia Ltd., OLEGA S.A., Sanwa Pty Ltd., and Indraprastha Foods Ltd. are leading chickpea suppliers.

How will chickpea sales perform in India?

Demand for chickpeas in India is predicted to rise at 6.3% CAGR and reach a value of US$ 2.55 billion by 2033-end.