5 Key Takeaways from Fact.MR’s Report on Chickpeas Market through 2022
Published : 10 Oct 2017 Industry: Food & Beverage
Leading to higher nutrition value and protein, chickpeas are generally consumed with soups, salads, dip, spread, etc. Rising consumption is also leading to the rise in manufacturers offering chickpeas in various forms such as roasted, flavored, snack bar. Moreover, fried and seasoned chickpeas are also being consumed on a large scale.
Consumers are becoming health conscious, hence are focusing on consuming food that is low in calories and fats. People have also started following various diets, among these, the Mediterranean diet is being followed on a large-scale and of which chickpeas form an important part.
Hence, manufacturers are also looking forward to offering chickpeas in various flavors and forms without losing its protein, carbohydrate and fiber contents. Increase in production of chickpeas is also resulting in the development of new technology to store chickpeas protecting it from various insects and preventing it from getting rotten.
According to the latest report by Fact.MR, the global chickpeas market is expected to experience above-average growth. The market is projected to increase to 4.3% CAGR during the forecast period. Owing to the various health benefits, nutrients, and proteins, chickpeas are being consumed on a large scale across the globe.
People are using chickpeas in a variety of dishes to add texture and flavor. Chickpeas are also being offered to the animals to fulfill their energy and protein requirements. Following are the few insights on how the global chickpeas market will perform in the next five years.
5 Forecast Highlights on Global Chickpeas Market
- Asia Pacific Excluding Japan (APEJ) is expected to remain dominant in the global chickpeas market. By the end of 2022, APEJ chickpeas market is estimated to reach nearly US$ 5,000 million revenue. In APEJ region, India is one of the largest producer of chickpeas, followed by Australia, Pakistan, China, etc. hence, the region accounts for the largest share in the global chickpeas market.
- North America is also expected to emerge as the biggest market for chickpeas. Chickpeas are consumed in various forms as food items. In North America, canned chickpeas are consumed on a large scale with salads. Chickpeas are also available in form of dry chickpeas and ground flour to be used in baking.
- Compared to Kabuli chickpeas, desi chickpeas are expected to be one of the highly-preferred product. Desi chickpeas are estimated to reach nearly US$ 6,600 million revenue by the end of 2022.
- Dried chickpeas are expected to be one of the most favored forms of chickpeas. By the end of 2017, dried chickpeas are estimated to account for nearly half of the market share. Dried chickpeas are also estimated to create more than US$ 1,000 million incremental opportunity during 2017-2022. Meanwhile, fresh/green chickpeas are also expected to witness growth during the forecast period.
- Direct consumption of chickpeas is expected to be the highest compared to other applications. Direct consumption of chickpeas is estimated to reach close to US$ 3,600 million revenue by the end of 2022.
The report has also profiled leading players in the global market for chickpeas, which will remain active through 2022. These include companies such as The Wimmera Grain Co., Pty Ltd, Bean Growers Australia Limited, AGT Food & Ingredients, Inc., Indraprasth Foods Ltd, OLEGA S.A., Sanwa Pty. Ltd., Alberta Pulse Growers Commission, and Mast Qalander Traders.