Future Market Insights (FMI) has anticipated the global pulses market to surpass a revenue threshold of US$ 100 Bn by the end of the 2020-2030 forecast period, in its recently published report. Pulses help reduce cholesterol and triglyceride levels within the human body. Due to this, they are extensively consumed across the world. The projections for pulses remain bullish, with a new analysis by Future Market Insights estimating 4.9% CAGR through 2030. A slight deceleration is anticipated in the short-run due to the coronavirus pandemic.
FMI opines the market is slated to scale new heights amid heightening demand for fiber-rich and nutrient infused foodstuffs. Recent years have seen an upsurge in the availability of pulse based instant foods. Pulses are known to reduce cholesterol and triglyceride levels, thus enhancing life expectancy.
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After taking the COVID-19 pandemic into consideration, growth prospects for the global pulses market appear largely optimistic, with sluggishness staving off due to relaxation of lockdowns.
Key Takeaways from FMI’s Pulses Market Report
- APEJ to represent lucrative growth opportunities, generating nearly 60% of revenue
- Dried beans to enjoy widespread popularity, attributed to the presence of vital micronutrients
- Demand for organic pulses experiencing northward shift, expanding at a CAGR exceeding 7%
- E-commerce to register staggering growth, owing to rising dependence on virtual platforms amid the pandemic crisis
- Pulse flour acquiring ascending popularity due to widespread applications in preparing various foods
- Global pulses market to expand at 4.9% value CAGR across the assessment period
COVID-19 Impact Insights
As the COVID-19 pandemic tightens its grip around the world, the global pulses market has experienced minor deceleration. This has mostly resulted due to constraints in logistical arrangements to transport finished products from the producer to the market. Fortunately, this setback is gradually eroding with lockdown restrictions easing.
Moreover, growth of the pulses market is largely being sustained by e-commerce channels, despite conventional retail outlets resuming operations. Voluntary social distancing measures adopted by consumers is driving this purchasing behavior. Nowadays, consumers are relying on platforms such as Big Basket, Amazon and Grofers to purchase pulses.
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Furthermore, the trend of healthy eating has also picked up pace, 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.
Competitive Landscape
Prominent players in the global pulses landscape are concentrating on introducing innovative and customized products based on customer-specific requirements, strategic collaborations, partnerships and ventures.
For instance, in 2017, Danone acquired WhiteWave, a prominent plant-based food & beverages manufacturer with the objective of expanding its own range of plant-based foods and beverages. This acquisition has helped Danone realize its commitment to uphold consumer expectations of healthy and sustainable food choices.
In 2008, General Mills Inc. introduced a wide spectrum of gluten-free cereals within its product portfolio. These cereals are primarily made from non-gluten containing sources such as pumpkin seeds, peanuts, corn, pulses, berries and other fruits & vegetables.
In November 2016, Monde Nissin entered into a joint venture with Nippon Indosari to launch Sarimonde Foods, with the objective of broadening its food and beverage portfolio outreach within the Philippines.
Key Segments
Product Type
- Dry Beans
- Lentils
- Faba Beans
- Dry Peas
- Chickpeas
- Cowpeas
- Bambara Beans
- Pigeon Peas
- Vetches
Nature
- Organic
- Conventional
Form
- Whole
- Flour
- Split
End Use Application
- B2B
- Food & Beverage Industry
- Pharmaceutical Industry
- Cosmetic Industry
- Nutraceutical Industry
- Animal Feed Industry
- Household/Retail
- Store-based Retail
- Hypermarkets/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.)
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Key questions answered in the report
- What will be the pulses market size in 2030?
The global pulses market is expected to embark on an impressive trajectory, exceeding US$ 100 Bn by 2030. Even after considering the impact of COVID-19, growth prospects remain highly positive for the forecast period.
- Which is the most widely consumed pulse type?
According to FMI, dry beans are likely to be the most widely consumed pulse type in the forthcoming decade, attributed to their high nutritional value and presence of vital nutrients.
- What drives the global pulses industry?
Augmenting demand for healthy ready-to-eat foodstuffs is impelling the global pulses market. Various food companies are introducing pulse based snacks to cater to this soaring demand. Moreover, heightened government support to accelerate pulse production is also driving growth.
- What are the key challenges for pulse producers and suppliers?
A major impediment to the pulses market is availability of alternative substitutes which are equally rich in essential nutrients. Crops such as peanut, hemp, flex and soybean are becoming highly popular amongst the current generation, thus tilting demand.
- Which is the largest pulse market globally?
APEJ is expected to generate lucrative growth prospects, capturing nearly 60% of the global revenue share by 2030. Growth is majorly underpinned by high demand for healthy and nutritious foods. Also, unconventional markets such as the Middle East & Africa are also slated to yield green spaces.
- What has been the impact of COVID-19 on Pulses Market?
The COVID-19 pandemic has moderately impacted the global pulses market, with logistical constraints disrupting the demand-supply equation in the initial months. However, presently, growth is being sustained by increased e-commerce transactions by residential as well as commercial establishments.
The trend of healthy eating by consumers to consolidate their immune systems is majorly driving demand for pulses and associated foodstuffs across all prominent markets. Thus, expansion prospects appear highly optimistic.
- Which are the prominent players in the global pulses landscape?
Prominent players profiled in the global pulses market report include, but are not restricted to, 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.