PUBLISHER: The Business Research Company | PRODUCT CODE: 1391091
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391091
“Chickpeas Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on chickpeas market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for chickpeas? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The chickpeas market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Chickpeas are solid, round seeds with a pale-brown appearance, resembling peas. Derived from the Asian legume plant (Cicer arietinum), chickpeas are cultivated for their short pods, each containing one or two seeds. They are known by various names, including garbanzo beans, Ceci beans, Bengal gram, and gram. Chickpeas are valued for their nutritional richness, versatility, and ease of preparation.
The two main types of chickpeas are Kabuli chickpeas and Desi chickpeas. Kabuli chickpeas are nutrient-dense, containing significant amounts of fiber, protein, and various essential nutrients. Chickpeas are available in different forms such as dried, fresh or green, frozen, preserved/canned, and in flour form. These products are distributed through various channels including supermarkets/hypermarkets, departmental stores, grocery stores, e-commerce platforms, and others. Chickpeas find applications in diverse verticals, including the food and beverage industry, healthcare and nutrition, as well as in restaurants and food service providers.
The chickpeas market research report is one of a series of new reports from The Business Research Company that provides chickpeas market statistics, including chickpeas industry global market size, regional shares, competitors with a chickpeas market share, detailed chickpeas market segments, market trends and opportunities, and any further data you may need to thrive in the chickpeas industry. This chickpeas market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The chickpeas market size has grown strongly in recent years. It will grow from $14.94 billion in 2023 to $15.92 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The expansion observed in the historic period can be attributed to factors such as the heightened demand for plant-based protein, concerns related to global food security, an increased appetite for traditional cuisines, advancements in agricultural practices, and an uptick in export and import activities.
The chickpeas market size is expected to see strong growth in the next few years. It will grow to $20.97 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The anticipated growth in the forecast period can be attributed to the increasing adoption of sustainable agriculture practices, a rise in the popularity of meat substitutes and vegan diets, advancements in crop genetic improvement, a growing demand for precision agriculture technologies, and an increasing focus on health and wellness. Major trends expected in the forecast period include the introduction of functional foods, the use of chickpea flour in gluten-free products, the development of chickpeas-based snacks, and ongoing innovation in food products.
The chickpeas market is poised for growth, driven by several key factors. The rising health awareness among people is expected to be a significant contributor to the growth of this market. As cases of obesity, heart diseases, diabetes, and other chronic illnesses increase, individuals are increasingly opting for healthier dietary choices. Chickpeas, available in both canned and dried forms, possess a low glycemic index, aiding in controlling blood sugar, reducing cholesterol, and mitigating the risk of cancer. Chickpeas are also rich in choline, a vitamin that plays a crucial role in various brain and nervous system functions, including memory, mood, and muscular control. The prevalence of chronic diseases, as reported by the Center for Diseases Control and Prevention, underscores the urgency for healthier nutritional choices. This health awareness trend is expected to fuel the growth of the chickpeas market.
The growing interest in plant-based diets is another key driver of the chickpeas market. Plant-based diets, which emphasize foods derived from plants and minimize or eliminate animal products, have gained popularity. Chickpeas, being a versatile protein source, are a staple in plant-based diets, featuring in dishes like hummus, salads, and curries. The Plant Based Foods Association reported a significant increase in retail sales of plant-based meals in the United States in 2021, reflecting the growing interest in plant-based diets. Chickpeas play a crucial role in meeting the nutritional needs of individuals adopting plant-based eating habits, contributing to the overall growth of the chickpeas market.
Product innovations are emerging as a notable trend in the chickpeas market, with major companies focusing on developing innovative products to strengthen their market position. ChickP Protein Ltd., an Israel-based manufacturer of plant-based protein ingredients, introduced a chickpea protein isolate specifically designed for plant-based ice cream in November 2022. This innovative product offers a rich and creamy texture similar to conventional dairy ice cream, making it an appealing choice for those following a flexitarian diet or seeking plant-based alternatives. The emphasis on product innovation reflects the dynamic nature of the chickpeas market and the commitment of industry players to cater to evolving consumer preferences.
Major players in the chickpeas market are strategically focusing on the development of cascatelli made from chickpeas as a means to gain a competitive advantage. Cascatelli made from chickpeas serves as a gluten-free pasta alternative, offering a distinctive texture and flavor to various pasta dishes. Banza LLC., a notable US-based provider of comfort foods made from chickpeas, took a significant step in this direction by launching Banza Cascatelli by Sporkful in February 2022. This better-for-you and gluten-free pasta is crafted from chickpeas, enriching it with high protein and fiber content, while maintaining a low net carbohydrate profile. The introduction of chickpea-based cascatelli aligns with the growing consumer preference for gluten-free options and healthier alternatives in the pasta segment.
In a strategic move, Ardent Mills, a prominent US-based flour-milling and ingredient company, acquired the assets of Hinrichs Trading Company (HTC) in June 2021 for an undisclosed amount. This acquisition is positioned to expand Ardent Mills' expertise in specialty ingredients and strengthen its relationships with growers. The move allows Ardent Mills to better respond to the increasing consumer demand for pulse and plant-based ingredients, including chickpeas. Hinrichs Trading Company, with its engagement in chickpea production, complements Ardent Mills' strategic objectives in catering to the evolving preferences of consumers seeking plant-based and pulse-based ingredients.
Major companies operating in the chickpeas market include: Alliance Grain Traders, BroadGrain Commodities Inc., The Wimmera Grain Company, Bean Growers Australia Ltd., Olega SA, Indraprasth Foods Ltd., Arbel Group, Alberta Pulse Growers, Isik Tarim AS, Shri Mahavir Group, Aayurmed Biotech Pvt. Ltd., RR Agro Foods, Parampara Organic, Erika Organics, Pushti Food Products, Olam International Ltd., Prism Pulses Pvt Ltd., Exports Ltd., AG Pulse LLC, Copper Mountain Energy, R. H. Ballard Art Rug & Home, AmeriSeed LLC, Busby International LLC, George F. Brocke & Sons Inc., Raj food industries Pvt Ltd., Nabi Akram Chapri Manufacturing, Sleaford Quality Foods Ltd., India's Millets Production, CGF Bourse Inc.
Asia-Pacific was the largest region in the chickpeas market in 2023. The regions covered in the chickpeas report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the Chickpeas market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The chickpeas market consists of sales of chickpea puffs, chickpea snacks, hummus, chickpea hash, chickpea wraps. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.