The demand for products containing pulses has witnessed continuous growth over the years, as pulses are a great source of proteins, dietary fiber, and many other micronutrients. Pulses are one of the most important sources of proteins for vegetarians. They can help prevent protein deficiency, stabilize cholesterol levels, and improve heart health. Moreover, they are vegan and gluten-free.
Pulse ingredients are basically fine powdered materials made from pulses like peas, chickpeas, lentils, etc. They are mainly used for increasing the nutritional value of foods. Pulse ingredients are being increasingly used in a number of food products such as soups, meal & meal centers, sauces, snacks, seasonings, bakery & confectionary products, and processed meat, fish, and egg products.
The market for pulse ingredients was valued at USD 17.4 billion in 2018 and is estimated to reach USD 21.6 billion by 2023. The global pulse ingredients market is anticipated to grow at a CAGR of 4.5% during 2018 to 2023. The growth of the market is mainly fuelled by the increasing demand for convenience food, rising disposable incomes, the growing demand for healthy and natural food ingredients in the food industry, and rising health consciousness among consumers.
Urbanization and the expansion of the food & beverage industry in the emerging countries will also affect the global pulse ingredients market positively. Further, the growing consumer preference for gluten-free and vegan diets is driving the demand for pulse ingredients. However, the requirement to adhere to international quality standards and regulations regarding food ingredients might act as a hindrance for the growth of the market. Another factor that may inhibit market growth is the flavour of pulse ingredients, which is not considered to be very pleasant.
Among various pulse ingredients, the pulse flour segment is predicted to witness the fastest growth during 2018 to 2023. Among different regions, the Asia-Pacific region is anticipated to hold the largest market share during this period. The growth of the pulse ingredients market in the Asia-Pacific region is fuelled by the high demand for convenience food, baked goods, and high-protein products. The growing preference for vegan and vegetarian diets and the presence of major players in the region will also boost the pulse ingredients market.
Moreover, countries like China and India have a large population base with a growing middle-class population that is showing preference for food products with health benefits. Further, the food & beverage industry in the region is expanding rapidly due to a rise in population, which in turn, is creating greater demands for pulse ingredients.
The key players operating in the global pulse ingredients market are Ingredion (US), ADM (US), AGT Food and Ingredients (Canada), Emsland Group (Germany), and Roquette Frères (France), among others.
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