The Chickpeas Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Chickpeas Global Market Report 2024, 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 growth in the historic period can be attributed to increased plant-based protein demand, global food security, increased demand for traditional cuisines, growth in agricultural practices, increased 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 growth in the forecast period can be attributed to increasing sustainable agriculture practices, meat substitutes and vegan diets, crop genetic improvement, increasing need for precision agriculture technologies growing focus on health and wellness
. Major trends in the forecast period include introduct of functional food, the use of chickpea flour in gluten-free products, development of chickpeas-based snacks, and food product innovation.
The rising health awareness among people is expected to fuel the growth of the chickpeas market in the forecast period. Increasing cases of obesity, heart diseases, diabetes, and other chronic diseases are forcing people to choose healthy dietary options. Chickpeas, both canned and dried, have a low glycemic index, which helps to control blood sugar, cut cholesterol, and reduce the risk of cancer. Choline is a vitamin found in chickpeas that aids in the production of key molecules for memory, mood, muscular control, and other brain and nervous system functions. For instance, according to the Center for Diseases Control and Prevention report in 2021, due to poor nutrition, and lack of physical activity, 6 in 10 adults in the USA are suffering from a chronic disease and 4 in 10 have two or more diseases. Therefore, the rising health awareness propels the chickpeas market growth.
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The chickpeas market covered in this report is segmented –
1) By Type: Kabuli Chickpeas, Desi Chickpeas
2) By Form: Dried, Fresh Or Green, Frozen, Preserved/ Canned, Flour
3) By Distribution Channel: Supermarkets/ Hypermarkets, Departmental Stores, Grocery Stores, E-commerce Platforms, Other Distribution Channel
4) By End User: Food And Beverage, Healthcare And Nutrition, Restaurants And Food Service Providers, Other End-Users
Growing product innovations are gaining significant popularity in the chickpeas market. Major companies operating in the chickpeas sector are focused on developing innovative products to strengthen their position. For instance, in November 2022, ChickP Protein Ltd.,, an Israel-based manufacturer of plant-based protein ingredients, developed a chickpea protein isolate for plant-based ice cream. The prototype of the ice cream is crafted to offer a rich and creamy texture akin to that of conventional dairy ice cream. This quality renders it an enticing choice for individuals who follow a flexitarian diet and those in search of plant-based substitutes.
The chickpeas market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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