Pulses Market Thrives: Expected to Reach a Staggering US$ 122,891.9 Million Valuation by 2033
FMI finds the overall demand for pulses around the world growing at a promising 4.9% annually which is anticipated to continue till 2033. The global pulses market valuation is projected to reach US$ 122,891.9 million by the end of the year 2033.
Since pulses are a staple diet across several developing regions, governments are extending financial support and other incentives to increase their production. Countries have implemented various food programs aimed at boosting pulse production in recent years as well.
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Growth is underpinned by rising urbanization, surging disposable incomes, and high demand for healthy ready-to-eat, and processed foods. Also, the concentration of a large population base across India and China is accelerating the need for nutritious food, prompting them to increase overall pulse production.
Pulses help reduce cholesterol and triglyceride levels within the human body. Due to this, they are extensively consumed across the world. A slight deceleration was anticipated in the short run due to the coronavirus pandemic. In spite of a slight deceleration due to COVID-19, growth prospects remain largely optimistic.
As concerns over excessive meat consumption on human health dawn on consumers, they are seeking healthier alternatives. Resultantly, the market for pulses is witnessing a notable upsurge nowadays. Furthermore, the trend of healthy eating has augmented, with consumers hoping to strengthen their immunity by eating fiber, nutrient, and vitamin-rich foodstuffs. Therefore, growth prospects of the global pulses market appear largely optimistic throughout the 2020-2030 assessment period.
Key Takeaways from the Pulses Market Study Report
The United States pulses market is projected to grow at an annual rate of 3.7% over the next ten years. By following this growth rate it is expected to reach an overall valuation of US$ 4,473.2 million by the end of the year 2033.
In the European region, Germany is the leading region for business in pulses that is projected to grow at a 2.7% rate throw 2033. Meanwhile, the United Kingdom and Spain are expected to witness a higher rate of 3.1% and 4.1% respectively, over these years.
On the other hand, China is a very lucrative region nowadays for sales of pulses, which may register a CAGR of 6.4% until 2033.
Based on different forms of pulses, the pulse flour segment holds a higher potential for growth in the coming days. This segment is further projected to progress at an annual rate of 4% during the forecast years.
High consumption of pulses is likely to be in the whole form, given the higher need for good quality nutrition in countries suffering from severe hunger and malnutrition. This is largely expected to occur throughout the Middle East and Africa.
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Landscape for the Pulses Market
Nestle SA, Groupe Danone, Reckitt Benckiser Group Plc (R, Abbott Laboratories Inc., Vitasoy International Holdings Ltd, Inner Mongolia Yili Industrial Group Co Ltd., Coca-Cola Co, General Mills Inc., Blue Diamond Growers, Kikkoman Corporation, Dr. Schär AG/SpA, Lactalis Groupe, Valio Oy, Post Holdings Inc., and Monde Nissin Corp. among others are some of the major players in the global pulses market.
Market players can face stiff competition from alternative protein sources such as soybeans, hemp, flax, nuts, and oilseed. In most countries, the price of pulses is also phenomenally high limiting their consumption, particularly in developing economies.
This is generally attributed to the presence of interim entities who seek to profit from the pulses trade and commerce. However, nowadays, consumers rely on platforms such as Big Basket, Amazon, and Grofers to purchase pulses. Moreover, growth is largely being sustained by e-commerce channels, despite the significant presence of conventional retail outlets.
Key Segments in the Pulses Industry Report
By Product Type:
Dry Beans
Lentils
Faba Beans
Dry Peas
Chickpeas
Cowpeas
Bambara Beans
Pigeon Peas
Vetches
Others
By Nature:
Organic
Conventional
By Form:
Whole Pulses
Flour Pulses
Split Pulses
By End Use Application:
Business to Business
Food & Beverage Industry
Pharmaceutical Industry
Cosmetic Industry
Nutraceutical Industry
Animal Feed Industry
Household Retail
Store-based Retail
Hypermarkets or Supermarkets
Convenience Stores
Mass Grocery Retailers
Wholesale Stores
Departmental Stores
Food & Drink Specialty Stores
Other Retail Forums
Online (e-commerce)
Food Service (HoReCa)
Institutional (Schools, Universities, etc.)
Others
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