As per FMI, the global pulse products market size is witnessing remarkable growth, with an estimated valuation of US$ 128.0 billion in 2022, projected to reach US$ 195.0 billion by 2032, at a CAGR of 4.3%. Pulse products, made from dried peas, beans, and lentils, offer a high-protein, low-fat alternative to meat, alongside being rich in fiber and antioxidants. The market is driven by rising health consciousness, growing adoption across households, the flour industry, and the snack food sector.
The demand for pulse products is fueled by various factors:
- Health and Nutritional Benefits: Pulse products offer numerous health benefits, including protein, fiber, vitamins, and antioxidants, contributing to overall well-being and addressing protein deficiency diseases.
- Growing Preference for Plant-Based Diets: With increasing awareness about sustainability and animal welfare, consumers are shifting towards plant-based diets, driving the demand for meat alternatives like pulse products.
- Expanding Application in Food Industry: Pulse products find extensive applications in bakery products, beverages, snacks, and pet food, contributing to their growing sales and market penetration.
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Several factors contribute to the growth of the pulse products market:
- Rising Health Consciousness: Increasing awareness about the importance of nutrition and healthy eating habits is driving consumers to seek out nutritious and plant-based food options, boosting the demand for pulse products.
- Expanding Application in Food Industry: Pulse products are increasingly being used in various food applications, including bakery, snacks, beverages, and pet food, expanding their market reach and driving sales growth.
- Government Support and Initiatives: Government initiatives aimed at promoting healthy eating habits and addressing protein deficiency diseases are further fueling the demand for pulse products, creating favorable market conditions for manufacturers.
Key Takeaways:
- Based on product, dry peas segment is expected to account for a significant value share of over 13% in the global pulse products market in 2022.
- By type, the pulse protein segment is likely to grow at a higher pace during the forecast period.
- North America is projected to hold a revenue share of around 34.4% in the global pulse products market during the forecast period.
- The India pulse products market is anticipated to expand at around 5.4% CAGR between 2022 and 2032.
- The pulse products market in the U.K. is expected to grow at a steady CAGR of 4.6% during the projected period.
- The U.S. pulse products market is expected to reach a valuation of US$ 34 Bn in 2022.
“Rising demand for healthy and nutritional products by consumers is projected to boost the pulse products market during the projected period. Besides this, growing applications in pet food will further propel the demand for pulse products over the next ten years,” says a lead analyst at Future Market Insights.
Rising Usage in Food Products Boosting Pulse Products Market
Companies are using pulse products in their food products because they are a healthier option than some other types of food. For example, pulse flour is lower in calories and has more nutrients than other types of flour.
Pulse products are used by companies like Avena Foods to create functional foods and supplements. The products come in many forms, including powders, granules, and tablets. They can be used to create healthy snacks or meals, and they are also popular among athletes and those looking to maintain a healthy weight.
Competitive landscape:
Top 5 manufacturers of pulse products include Roquette, Vestkorn, Purisfoods, Avena Foods and ADM, together holding around 20% to 30% Pulse products market share. These companies are adopting various organic and inorganic strategies such as new product launches, mergers, acquisitions, collaborations, partnerships, price reduction, and strengthening of distribution channels to improve their revenue share as well as expand their global footprint.
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