The global chickpea protein market is predicted to register a CAGR of 5.1% over the forecast period, as per FMI’s analysis. The industry’s size is anticipated to increase from US$ 100.9 million in 2023 to US$ 165.1 million by 2033 end.
Due to rising demand from the food industry, it is projected that consumption of chickpea protein will rise. Over the next ten years, it is anticipated that the widespread usage of chickpea protein in the food and pastry kitchen business would have a positive impact. It is anticipated that a growing shift in food consumption habits in favour of prepared foods and meat alternatives will spur market expansion.
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In the upcoming years, it is anticipated that the development of alternative meat compositions for products like snacks and dressings will spur market growth. The market is anticipated to grow as a result of chickpeas’ low cost, adaptability, and nutrient-rich qualities. The use of chickpea protein for preventing chronic diseases, managing weight, and promoting other areas of health is anticipated to drive market expansion in the years to come.
Top Highlights from the FMI’s Analysis of the Chickpea Protein Market:
- North America is assessed to lead the global market over the next 10 years. The United States chickpea protein industry is projected to attain US$ 53.6 million by 2033. The CAGR assumed for the United States market is anticipated to be 7% over the forecast period.
- In the Europe region, Germany is projected to hold a significant market percentage. The German market is anticipated to attain US$ 13.21 million by 2033. Over the forecast period, the market is expected to expand at 4% CAGR.
- The United Kingdom market is predicted to attain US$ 8.3 million by the end of 2033. Over the upcoming years, the market is anticipated to register a 6% CAGR.
- In the European region, the Spain market is expected to exhibit significant growth, expanding at a CAGR of 2% over the forecast period. The market is set to achieve a market valuation of US$ 7.1 million by 2033.
- Within the Asia Pacific region, China’s contribution is anticipated to stand out. By the end of 2033, the China market is expected to attain US$ 17.8 million. The market is projected to perceive a growth rate of 4% over the forthcoming years.
- The protein isolates segment, based on product type, is expected to register a 4% CAGR, up from the 3.6% CAGR observed in the historical period.
- The conventional chickpea protein vertical, based on nature, is projected to expand at a CAGR of 5% from 2023 to 2033, lifting from the 3% CAGR witnessed in recent years.
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Key Developments Stirring Up the Marketplace
- In March 2023, new, innovative food products developed using InnovoPro’s chickpea protein are planned to be showcased in snacks, dressings, dairy, and meat alternatives categories. These newly developed products are expected to be showcased at Natural Products Expo West 2023.
- In September 2022, Ingredion Inc. announced its equity stake in InnovoPro, a chickpea ingredient developer.
Chickpea Protein Market Segmentation
By Product Type:
- Protein Isolates
- Protein Concentrates
- Flour
- Other Product Types
By Nature:
- Organic
- Conventional
By End User:
- Food Processing
- Bakery & Confectionery
- Meat Alternatives
- Functional Foods
- Dairy Replacements
- Infant Foods
- Other Food Applications
- Animal Feed
- Livestock
- Cattle
- Swine
- Poultry
- Pet Food
- Aquafeed
- Livestock
- Nutraceuticals
- Sports Nutrition
- Infant Nutrition
By Processing Type:
- Dry Processing
- Wet Processing
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About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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