The chickpea market size is expected to reach US$ 12,862.5 Million in 2022 and grow to US$ 21,763.6 Million by 2032 at a CAGR of 5.4 % during the forecast period.
The COVID-19 pandemic’s effects have been unprecedented and overwhelming on a global scale, with the demand for chickpeas dropping in every region as a result and having an impact on the market’s future prospects.
Products manufactured from plants are healthier and safer than those made from animals. The global rise of veganism is one of the key factors driving the chickpea industry. The expanding consumer popularity of chickpeas and the product’s adaptability in use are the main factors affecting its increased acceptability.
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Several health advantages of chickpea have been linked. They can aid in lowering blood pressure and cholesterol levels, according to studies. They might also help diabetics better manage their blood sugar levels. Chickpeas may also help you feel full and satisfied after meals, which may promote weight loss. This has increased consumer preference for it and expedited the key trends and possibilities in the chickpea industry.
Chickpea sales have surged as a result of another factor. The rising popularity of chickpeas is also attributed to their high nutritional content. In terms of a nutritious alternative for a healthy snack, chickpeas are a great source of protein, fibre, and iron. To keep up with the chickpea market trends, manufacturers are coming up with inventive ways to include this product into other processed foods.
Key Takeaways:
- In terms of form, the dried segment is expected to account for a market share of 60 % in 2022.
- Desi chickpeas has a significant value share of the chickpea market, accounting for 5% in 2022 and expected to reach US$ 24 billion.
- During the forecast period, the Chickpea market in the United Kingdom is expected to grow at a rapid CAGR of 5.2%.
- During the forecast period, the Germany Chickpea market is expected to grow at a high CAGR of 27.3%.
- In the North American Region, the Chickpea market for Chickpea products is dominated by the United States, with a Chickpea market share of 30.6%.
- In terms of Chickpea market size, the United States is expected to have a total market capitalization of US$ 42 billion in 2022.
Competitive landscape:
Top 5 manufacturers of Chickpea are AGT Food and Ingredients, BroadGrain Commodities, Inc., and The Wimmera Grain Store. holding 20% to 30% Chickpea market share.
Companies are using Chickpea in their products. The natural properties of chickpeas make it an ideal ingredient for many different products. Chickpea flour is gluten-free and has a high protein content, making it perfect for use in gluten-free and high-protein foods. Chickpeas can also be used to create vegan cheese and mayonnaise. With increasing, research and development and technological advancement companies are finding new techniques to effectively use chickpeas and Snacks to their maximum potential.
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Future Market Insights, in its new offering, provides an unbiased analysis of Chickpea presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study provides valuable insight on the Chickpea market based on By Type (Kabuli Chickpea, Indian Chickpea, Garbanzo Beans, Desi Chickpeas, Others), By Color (Yellow, Brown, Green, Red), By Form (Dried, Fresh, Canned, Frozen, Others), By Application (Direct Consumption, Snacks, Delicacies, Dips, Others), By Distribution Channel (Supermarkets/Hypermarkets, Departmental Stores, Convenience Stores, Specialty Stores, Online Stores, Others)
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