Key players are focusing on product innovations to retain their market position in matured regions.
DUBAI, UAE / ACCESSWIRE / January 20, 2021 / As per FMI's recent report on the global pulse ingredients market is likely to reflect a steady CAGR of 5.2%, during 2019-2029. Mounting demand for plant-based and vegan products is bolstering the demand for pulse-based ingredients across the globe. With the outbreak of COVID-19, there is a shift in consumer's diet preference as they are more inclined towards utilizing pulse-based ingredients owing to its inherent properties for health benefit.
"Suring demand for gluten-free and clean label food items will offer market participants prospects to leverage on untapped potential in the market" states the FMI analyst.
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Pulse Ingredients Market - Important Highlights
- Food & beverage industry is likely to generate maximum revenue in the global market.
- Pulse flour is in high demand owing to the presence of several fibres, iron and proteins.
- Peas segment will drive the pulse ingredients market amid the assessment period.
- Asia Pacific will be supported by key revenue generating countries such as India and China.
- The global pulse ingredients market will be accounting for US$ 3.06 Bn towards 2029 end.
Pulse Ingredients Market - Drivers
- Due to good nutritional and gluten-free attributes, consumer interest is swelling for food formulations which contain pulse ingredients which is encouraging the demand in the approaching years.
- Swelling world population demands sustainably produced food products which are healthy and nutrient rich, this increases the demand for pulse ingredients in the worldwide market.
- Pulse ingredients market is driven by delivery of its exceptional functional benefits which allows producers to develop cost-effective, nutrient-rich and clean label food as well as feed products.
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Pulse Ingredients Market - Restraints
- Off-flavors in pulse ingredients are a key consumption barrier and restraints the growth of pulse ingredients into mainstream food applications.
- Strict international regulations and standards on quality might challenge the growth.
COVID-19 Impact on the Market
The pulse ingredients market has been negatively impacted the COVID-19 induced disruptions of supply chain and transport and travel bans. Furthermore, with producers foreseeing difficulties in acquiring raw materials and availability of fewer staff, the manufacturing of products has hampered. However, with the development of vaccine, the market is anticipated to recover during 2021.
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Competitive Landscape
Majority of the players are involved in several strategic initiatives to fortify their market presence and attain a competitive footing in the value chain. Key market players identified in the market are ADM, Ingredion, Bunge, Best Cooking Pulses, The Scoular Company, AGT Food & Ingredients, CanMar Grain Products, Diefenbaker Spice & Pulse, Parakh Agro Industries, EHL, Blue Ribbon, Bean Growers Australia, SunOpta, Great Western Grain and Ganesh Grains.
About the Study
The study offers readers a comprehensive assessment of the pulse ingredients market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights on the basis of type (pulse flours, pulse starches, pulse proteins, and pulse fibers & grits), source (peas, beans, chickpeas and lentils), application (food & beverages, feed and other applications), across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights