Legumes Market Scope:
The legumes market could anticipate growth at a slow rate of 5.3% between 2022 and 2030, expects Market Research Future (MRFR). By 2030, the overall market size shall be around USD 17.25 billion, which indicates promising growth prospects.
Market Growth Boosters and Key Impediments:
Burgeoning demand for convenient food products, in view of the surging working population worldwide, particularly in dual income households, favors the Legumes Market. With the rise in health concerns among people, the demand for a variety of legumes has rapidly surged, given their high nutritive content including proteins. Besides, the mounting prevalence of ethnic foods is leading to a higher inclusion of chickpeas and lentils in various dishes.
Legumes have extremely highly nutrition value, as these contain carbohydrate, protein, B vitamins, fiber, iron, copper, magnesium, manganese, zinc, and phosphorous. Moreover, legumes are saturated fat free, cholesterol-free and low-fat products, which is a huge factor for consumers that are health conscious. This factor also renders legumes quite preferable among vegans and vegetarians. Also, the COVID-19 has fostered the preference for various legumes, as consumers continue to stock up on healthy essentials. The trend of panic shopping has been favorable for the legumes industry.
Market Segmentation:
The legumes industry has been considered for source, product type, and end use.
The various sources of legumes are peas, lentils, beans, and others. Beans are extremely popular, known for their significant nutritional value and their inclusion in a variety of cuisines. Beans are particularly popular among the modern consumers since these legumes do not require peeling, cooking or washing. White beans, kidney beans, navy beans, pinto beans and black-eyed beans are some of the majorly consumers beans in North America.
Depending on product type, the market can be segregated into oil, flour, whole, and more.
Major end users in the worldwide market are household as well as commercial. The commercial-based segments are food service along with food processing. The leading spot belongs to the household segment, with families increasingly adopting a healthy lifestyle and thereby, including healthy and nutritious food products in their diets. The commercial sector shall also soar at a notable rate, on account of the rising number of hotels and restaurants worldwide.
Regional Outlook:
Asia Pacific’s dominance in the legumes market is backed by the rapidly blossoming population with significant food demand. Home to a number of agrarian countries such as Nepal, China, India, and Japan, APAC is touted to remain in the lead throughout the review period as demand for beans and lentils continues to soar.
North America could project substantial growth over the upcoming period, given the rising number of US consumers increasingly opting for processed pulses and beans due to their high nutrition and convenience. Consumers in Canada on the other hand, are including legumes in their daily meals for their significant nutritional value, affordability and convenience to serve. Pinto, navy, great northern, red kidney and black beans are some of the most consumed beans in North America.
The United Kingdom, France and Germany are the major performers in Europe while Netherlands, Romania and Denmark offer lucrative opportunities to the legume manufacturers. Mounting consumer inclination towards plant-based substitutes for meat and the huge demand for lentils and kidney beans will augment the market attractiveness in the future.
Leading Contenders:
BG Foods (US), The Archer Daniels Midland Company (US), Conagra Brands Inc (US), Eden Foods Inc (US), Dunns Limited (UK), Olam International (Singapore), General Mills Inc (US), Galdisa USA (US), Nomad Foods (UK), Puris Proteins, LLC (US), ILRAMA AGRO LLC (Uzbekistan), Nefis Bulgar Ltd. (Turkey), BIMARKET LLC (Ukraine), AGT Foods USA (US), Anchor Ingredients Co, LLC (US) are the top developers of Key Legumes Market Players.
Industry Developments:
February 2022: Global Food and Ingredients or GFI acquires YoFiit, the Canadian granola, chickpea and snack milk brand owned by Your Fitness Dish Inc. GFI is a plant-based brand with primary focus on a variety of legumes and various high-protein specialty crop ingredients.
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