In recent years, the global lentil market has experienced a balanced growth rate as a result of a number of factors. Some of the factors which have influenced the growth are health benefits, increasing disposable incomes, diverse applications in the food and beverage industry, and a growing demand from emerging markets.
According to IMARC Group’s latest report titled, “Lentil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, the global lentil market has recorded a CAGR of 5% during 2009-2016, reaching a value of 6 Million Tons in 2016. Amongst the various types of lentils available in the market, the most common types of the lentils include yellow, red, green, brown and black. These are considered wholesome foods as they are a great source of folate, iron, selenium, thiamine, potassium, manganese, phosphorus, Vitamin B6 and a host of other important nutrients. Studies have found that the consumption of lentils along with other plant foods can help in keeping many diseases at bay. The various nutrients present in lentils improve the digestive system and immune system, boost the functioning of the heart, prevent inflammation, detoxify the body and increase satiety. Lentils also contribute in fighting fatigue, help in weight reduction, and slow down the development of cancerous cells.
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The primary factor which has largely added to the growth of the lentil market is their low cost. Due to this, lentils are witnessing a surge in demand worldwide, especially in developing regions such as India, Pakistan, Sri Lanka and Bangladesh, where the rising disposable incomes and growing health consciousness are driving their direct human consumption. Their long shelf life and ease of cooking also make lentils a preferred food among both the developed and developing regions. The demand for lentils in the food and beverages industry is also increasing as lentils are being used to enhance the aroma and taste of ready-to-eat foods. The flour and fractions of split lentils are also used in batters, snack foods, bakery products, breading, beverages and meat products. Moreover, the growth of the organised food retail sector is also likely to influence the global demand for lentils.
The report has analysed the global lentil market on the basis of key regions. Currently, Canada is the largest lentil producer, accounting for more than a third of the total global production. It is followed by India, Turkey, Australia and the United States. On analysing the export and import trends, the report finds that Canada also represents the biggest exporter of lentil accounting for the majority of the total global export volumes. Canada was followed by Australia and the United States. On the other hand, India represents the biggest importer accounting for nearly a quarter of the total import volumes. Other major importers of lentil include Sri Lanka, Pakistan, Columbia, Turkey, Egypt, UAE, Bangladesh, Spain, and Iran.
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The report gives a detailed roadmap for starting a lentil processing plant. The study, done by one of the leading research and advisory firms, covers all the requisite aspects of the global lentil market. This ranges from a comprehensive view of the market to minute details of the industry performance, processing & manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. The report also provides SWOT, Value Chain and Porter’s Five Forces analysis. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who are planning to foray into the lentil processing industry in any manner.
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