The Pulse Ingredients Market is Anticipated to Witness

Chicago, June 07, 2023 (GLOBE NEWSWIRE) -- The pulse ingredients market is expected to experience significant growth, with its value projected to reach USD 25.9 billion by 2027, up from an estimated value of USD 20.7 billion in 2022. This impressive growth is forecasted to occur at a compound annual growth rate (CAGR) of 4.6% during the specified period.

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Key Industry Development:

One of the key developments in the pulse ingredients market is the increasing demand for plant-based protein sources. As consumers become more conscious of their health and environmental impact, there is a growing preference for sustainable and plant-based alternatives to animal-based proteins. Pulse ingredients, such as lentils, chickpeas, and peas, are rich in protein and offer a viable solution to meet this demand.

Another significant development is the expansion of product offerings by manufacturers in the pulse ingredients industry. Companies are investing in research and development to innovate and introduce new pulse-based ingredients that cater to diverse applications in the food and beverage industry. This includes pulse flours, protein isolates, fibers, and starches, which can be incorporated into various food products like bakery goods, snacks, dairy alternatives, and meat substitutes.

Global Pulse Ingredients Market Report Scope & Segmentation:

Report Metrics	Details
Forecast Period	2022-2027
Forecast Period 2022-2027 CAGR	4.6%
2027 Value Projection	USD 25.9 billion
Segments covered	Type, Source, Application & Region
Regions covered	North America, Europe, Asia Pacific, and RoW

Key Takeaways:

Increasing demand for plant-based protein sources drives growth in the pulse ingredients market.
Manufacturers are expanding their product offerings to include innovative pulse-based ingredients for various food applications.
Strategic collaborations and partnerships foster innovation and market expansion.
Supportive government policies and initiatives promote the use of pulse ingredients in food products.
The pulse ingredients market is experiencing significant growth and offers opportunities for industry players.

Drivers and Opportunities:

Drivers: Rising demand for pulse starch in various food and industrial applications

The rising demand for pulse starch in various foods and industrial applications is driven by its diverse functionalities and benefits. Pulse starch serves multiple purposes, including gelling, texturizing, binding, coating, thickening, and film forming. This versatility has led to its widespread use in food applications such as pasta, noodles, bakery products, confectionery, soups, sauces, and meat and poultry. It is also commonly used as a binding agent in the production of vermicelli. Furthermore, pulse starch is an economical option and can replace other starches in the food and beverage industry, offering a wide range of functions.

The pharmaceutical and cosmetic industries also utilize pulse starch for its gelling, thickening, and texturizing properties. It serves as an alternative to gelatin in the manufacturing of capsules. With the pharmaceutical industry experiencing rapid growth and evolving trends, the demand for pulse starch is expected to increase. Key producers of pulse starch, such as pea starch, such as Meelunie B.V. (Netherlands) and Parrheim Foods (US), cater to the needs of the pharmaceutical and cosmetic industries.

Pea starch is additionally utilized in the production of ethanol. Traditionally, corn has been a crucial raw material for ethanol production. However, the corn ethanol industry's growth has led to increased prices of corn and ethanol. As a result, producers are shifting towards cost-effective alternatives like pea starch. This shift drives the demand for pea starch as its use in ethanol production improves fermentation rates and enables ethanol producers to expand their capacity while reducing capital costs through increased fermentation cycles per year.

In 2021, the Saskatchewan Agriculture Ministry and the Ministry of Agriculture and Agri-Food announced a funding of USD 2.07 million for research led by the University of Saskatchewan. This research aimed to explore new opportunities for starches derived from pulse crops, focusing on enhancing starch isolation from seeds and developing value-added products from pulse starches.

Opportunities: Emerging markets illustrating great potential for pulse ingredients

Emerging markets, such as India and China in the Asia Pacific region, present promising opportunities for pulse ingredient suppliers and manufacturers. The demand for pulse ingredients is driven by the growing production of processed and convenient foods. In addition to the high demand, these markets offer a cost advantage for production and processing, making them attractive for the pulse ingredient industry.

Factors contributing to the increased demand for pulse ingredients include the rising number of working women and nuclear families, improved living standards, and changing lifestyles. As people lead busier lives, there is a growing preference for on-the-go products and snacks that require less time to prepare. This trend fuels the market for ready-to-eat (RTE) and bakery products, soups, and snacks made from pulse ingredients. Furthermore, there is a rising demand for healthier food options that incorporate pulse ingredients.

Apart from the Asia Pacific region, the pulse ingredients market is expected to experience significant growth in emerging markets such as Brazil and the Middle East. These countries have undergone economic development, leading to increased expenditure on food products. As relatively untapped markets, they offer substantial opportunities for the pulse ingredients industry, given their large consumer base and growing demand for processed foods. On the other hand, developed economies' markets for processed and packaged food products and prepared meals have reached maturity, limiting further growth prospects.

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Segments:

During the forecast period, the chickpea segment is anticipated to exhibit the highest compound annual growth rate (CAGR).

Chickpeas, also known as garbanzo beans, are highly nutritious, containing proteins, vitamins, minerals, carbohydrates, and significant amounts of dietary fiber. According to the Food and Agriculture Organization (FAO), India was the largest producer of chickpeas in 2019, accounting for approximately 70% of the global supply. Chickpeas are the third most extensively cultivated legume in South Asia, following beans and peas. There are two main types of cultivated chickpeas: Kabuli, grown in West Asia and the Mediterranean region, and desi, grown in the Indian subcontinent. The increasing consumption of chickpeas and their utilization in various food and beverage applications are driving the growth of this segment.

Pulse proteins are experiencing a surge in demand due to factors such as a growing population and evolving socio-demographics.

Pulse proteins are being increasingly utilized in a variety of food and beverage applications. Simultaneously, there is a rising concern over the environmental impact associated with the demand for animal-based proteins, including greenhouse gas emissions and water usage. Consequently, there is a growing need for more sustainable production methods for existing protein sources and the exploration of alternative sources for direct human consumption.

The pulse ingredients market trends in Asia is expected to dominate globally.

The Asia Pacific market includes developing countries such as India, China, Australia, New Zealand, and Japan. According to the FAO, in 2018, the region accounted for 49% of global pulse production, with India alone contributing approximately 57% of the total. India is not only one of the leading producers but also a significant consumer of pulses worldwide. The major pulse crops in India include chickpeas, peas, green gram, black gram, and lentils. Regional growth is fueled by factors such as population growth, increased disposable income, and growing consumer interest in functional ingredients. These factors are expected to drive the sales of pulse ingredients in the Asia Pacific region.

List of Key Players Mentioned in the Report: