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 being fueled by greater urbanisation, rising disposable incomes, and a significant desire for wholesome prepared meals. In addition, the large populations concentrated in China and India are driving up demand for nutritious food and pushing those countries to increase their overall production of pulses.
Pulses aid in the reduction of cholesterol and triglyceride levels in the human body. As a result, they are widely consumed over the world. The coronavirus pandemic was expected to cause a small slowdown in the short run. Despite a modest slowdown owing to COVID-19, economic forecasts remain mostly positive.
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.
Landscape for the Pulses Market
Nestle SA, Groupe Danone, Reckitt Benckiser Group Plc (RB), 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.
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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
