Pulse Ingredients Market size in 2019 is estimated to be $1,830 million, growing at a CAGR of 4.1% during the forecast period 2020-2025. Pulse are the seeds of plants that belong to legume family, which are edible. Pulses grow in pods that come in different shape, size and colours. Rising demand of gluten-free products and technological advancement are the major factors driving the growth of the market. Moreover, rising disposable income and advancement of R&D activities in food industry have further enhanced the overall market demand for pulse ingredients during the forecast period 2020-2025.
Pulse Ingredients Market Segment Analysis - By Application
Based on the Application, Pulse Ingredients Market is segmented into Food & Beverages, Feed, Others. The Food & Beverages segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 3.8% during the forecast period 2020-2025. This is mainly owing to increasing demand in food and beverage industry and increasing preference of consumers for food products with health benefits. Moreover, growing health consciousness among consumers is contributing to the growth of this segment.
Pulse Ingredients Market Segment Analysis - By Source
Based on the Source, Pulse Ingredients Market is segmented into Peas, Beans, Chickpeas, Lentils. In 2019, peas held the largest share in the Pulse Ingredients Market. Peas serve as sources of minerals such as iron, zinc, magnesium, and phosphorus that help in promoting good health. They are also known to help in reducing cholesterol levels and maintaining blood sugar levels, owing to their high-fiber content and these benefits are contributing to the growth of this segment.
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Pulse Ingredients Market Segment Analysis - By Geography
Asia Pacific dominated the Market accounting for 40% of the Pulse Ingredients market share in 2019. This is mainly owing to increasing adoption of pulse ingredients and their product, growing population and increasing demand for food products offering health benefits. According to Department of Agriculture in India, India is the largest producer of pulse and about 8 to 10 million tons of pulses are used directly as food item as of 2019.
However, the North America region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing use of lentils, peas, and beans which increases the pulse ingredients market.
Pulse Ingredients Market Drivers
Rising Demand of Gluten-Free Products
Rising Demand of gluten free gluten-free vegetarian and vegan diets is a significant factor driving the market growth of this segment. Moreover, increasing health concerns among consumers are also increasing the market growth.
Technological Advancement
Technological advancements in the food & beverage industry such as introduction of smart packaging are some factor driving the growth of the market. Moreover, rising use of pulse ingredients in animal feed products is also contributing to the growth of Pulse Ingredients Market.
Pulse Ingredients Market Challenges
Stringent government regulations and fluctuations in prices are challenging the growth of the market. Moreover, unlikable and unpleasant flavours of pulses are further restraining its market growth during the forecast period 2020-2025.
Pulses Ingredients Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Pulses Ingredients Market. Pulses Ingredients top 10 companies are Ingredion, Roquette Frères, Emsland Group, ADM, AGT Food and Ingredients, The Scoular Company, Elsevier, PURIS FOODS, and Anchor.
Acquisitions/Product Launches:
On October 2018, Roquette has acquisition with Texpall. This acquisition would enable Roquette to enable them to increase their plant-based and pulse ingredients capacity, spread its operations, expand its business.
On July 2016, Anchor has acquired a new business setup which is a rail-loading and warehousing storage facility. With this purchase, Anchor easily supplies its pulse based ingredients, especially peas and ingredients across the nation, thereby enhancing its business and ensuring quick supply of their ingredients.
Key Takeaways
In 2019, Asia Pacific dominates the Pulse Ingredients Market owing to increasing adoption of pulse ingredients and their product, growing population and increasing demand for health-benefiting food products.
Rising demand of gluten-free products and technological advancement is driving the market growth of pulse ingredients.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Pulse Ingredients Market report.
Stringent government regulations and fluctuations in prices are challenging the growth of the market.
Related Reports :
A. Gluten Free Food Market
https://www.industryarc.com/Report/7438/gluten-free-food-market.html
B. Pulse Flour Market
https://www.industryarc.com/Research/Pulse-Flour-Market-Research-508431
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