Greater uptake of natural and organic products is the growth engine of pulse ingredients market. Soaring demand for gluten-free and clean-label products is inflating the sales of pulse ingredients. Moreover, stringent lockdown protocols are augmenting the demand for convenient and healthy products such as pulse ingredients in households.
In the beginning of travel and movement restrictions, consumers resorted to panic purchasing of easy-to-store pulse ingredients. Soon after, supermarket shelves were seen empty as retailers struggled to restock the products. However, as some restrictions are eased in certain parts of the world, manufacturers are able to fulfill the unprecedented demand through various capacity expansion strategies.
According to analysts of Future Market Insights (FMI), the global pulse ingredients market will exceed US$ 3 Bn by 2029 end. Changing market dynamics amid the ongoing outbreak has added to the uncertainty surrounding the future. For instance, the first quarter of 2020 witnessed fluctuation in prices of pulse ingredients with prices going down in March and rising up again in April. As a result, companies are stockpiling the products as consumers continue to hoard pulse ingredients.
The trend is projected to continue through the second quarter of 2020 as COVID-19 shows no signs of slowing down anytime soon. As gymnasiums are closed to slow the spread of pandemic, consumers have shown greater inclination towards healthy lifestyle by exercising and eating right. This factor is contributing substantially to the revenue pool of pulse ingredients market.
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Rise of Plant-based Proteins Assist Sales
Owing to versatile nature and several nutritional benefits of pulse flour, the segment is witnessing profuse growth in the wake of pandemic. Pulse flour is highly rich in fibers, protein, and iron and is used to make puddings, pasta, and cookies amongst various other applications. Apart from food & beverages industry, the consumption of pulse flour is prevalent in animal feed industry as well. Sales of pulse flour are receiving tailwinds from rising preference for plant-based protein sources. In the midst of limited options, pulse flour continues to offer consumers different recipes and nutritional benefits that they are in dire need of.
Asia Pacific Generates Prolific Demand amid the Pandemic
The regional pulse ingredients market in Asia Pacific has registered noteworthy growth due to billions of people in countries such as India and China generating a surge in demand. In view of current lockdowns, consumers continue to opt for online delivery of pulse ingredients as they are reluctant to step out of their homes. Further, rapid urbanization in these emerging Asian economies will bode well for market during the forecast period.
The FMI study offers near and long-term growth outlook of the pulse ingredients market. Gain access to FMI’s exclusive COVID-19 tracker here.