IMARC Group, a leading market research company, has recently releases report titled “Pulses Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” The study provides a detailed analysis of the industry, including the global pulses market share, size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the pulses market?
The global pulses market size reached US$ 96.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 134.8 Billion by 2032, exhibiting a growth rate (CAGR) of 3.6% during 2024-2032.
Factors Affecting the Growth of the Pulses Industry:
- Rising Health Consciousness:
Rising health consciousness among consumers is a significant factor driving the growth of the pulses market. Pulses, which include lentils, beans, peas, and chickpeas, are increasingly recognized for their high nutritional value, being rich in proteins, dietary fiber, vitamins, and minerals while remaining low in fat. As more individuals become aware of the benefits of a balanced diet and the importance of consuming nutrient-dense foods, pulses are becoming a preferred choice for those seeking healthier alternatives. The shift towards diets that reduce the risk of chronic diseases such as obesity, diabetes, and cardiovascular issues is contributing to this trend. Pulses offer a low glycemic index, making them suitable for individuals managing blood sugar levels. Moreover, the growing interest in functional foods has spotlighted pulses due to their role in enhancing gut health and promoting satiety, which can help in weight management.
- Growing Vegetarian and Vegan Population:
The growing number of people adopting vegetarian and vegan lifestyles is another crucial driver of the pulses market expansion. There has been a significant global shift toward plant-based diets, influenced by concerns about animal welfare, environmental sustainability, and personal health. Vegetarians and vegans often turn to pulses as a primary source of protein and essential nutrients, such as iron, magnesium, and folate, which are typically obtained from animal products. Pulses provide a versatile and nutritious alternative to meat, fitting well into plant-based meals without compromising on protein content. This shift is not only prevalent in traditionally vegetarian societies but is also gaining traction in Western countries, where plant-based diets are becoming mainstream. Additionally, the rise of social media and the influence of celebrities and public figures advocating for veganism or vegetarianism have amplified awareness and adoption rates.
- Population Growth and Urbanization:
Population growth and urbanization are fundamental drivers contributing to the increased demand for pulses. As the global population continues to rise, particularly in urban areas, there is an amplified need for affordable and nutritious food sources that can meet the dietary needs of diverse populations. Pulses are well-suited to this demand due to their affordability, long shelf life, and versatility in various culinary applications. Furthermore, urbanization has led to a shift away from traditional staple foods toward more varied and convenient food options. Pulses fit well into this trend as they can be easily incorporated into both traditional and modern dishes, catering to a wide range of tastes and preferences.
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Pulses Market Report Segmentation:
Breakup by Type:
- Chick Peas
- Kaspa Peas
- Lentils
- Pigeon Peas
- Fava Beans
- Black Gram
- Mung Beans
- Others
Kaspa peas hold the majority of the market share due to their versatility in cooking and nutritional benefits, making them popular in various culinary applications.
Breakup by End Use:
- Home use
- Snack Food Industry
- Flour Industry
Home use holds accounted for the largest market share as consumers increasingly prioritize cooking healthy, protein-rich meals with pulses, like peas, in their everyday diets.
Breakup by Country:
- India
- Canada
- Myanmar
- China
- Brazil
- Others
India dominance in the market is attributed to its high consumption of pulses as staple foods, driven by a predominantly vegetarian population and cultural preferences.
Global Pulses Market Trends:
The implementation of favorable government initiatives and subsidies to enhance food security and encourage crop diversification is supporting the market growth. Additionally, the shifting trend toward organic and natural food products, which has led to increased consumption of organic pulses, is contributing to the market expansion. Besides this, the significant growth of the food processing industry, especially in developing countries, which has led to a rise in demand for processed pulse-based products like snacks, soups, and ready-to-eat (RTE) meals, is strengthening the market growth. Furthermore, the introduction of new pulse-based products, such as gluten-free pasta, pulse flours, and plant-based meat alternatives, which are attracting a wider range of consumers, is favoring the market growth.
Who are the key players operating in the industry?
The report covers the major market players including:
- Adani Wilmar Limited.
- Globeways Canada, Inc.
- BroadGrain Commodities Inc.
- NHC Adani Foods Limited
- AGT Food and Ingredients
- Louis Dreyfus
- Goya Food Inc.
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