According to Fact.MR, a market research and competitive intelligence provider, the global chickpea fiber market is expected to reach a valuation of US$ 725 million in 2023 and is expected to grow at a CAGR of 6.0% during the forecast period of 2023–2033.
Growing awareness about the health benefits of dietary fiber, rising consumer preference for natural and plant-based ingredients, and the increasing prevalence of gluten-related disorders and allergies have accelerated the demand for chickpea fiber globally. Additionally, the expansion of the vegan and vegetarian food industry has further fuelled the demand for chickpea fiber as a protein-rich alternative.
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The escalating consumer demand for healthy and nutritious food has become a major driving force behind the increased demand for chickpea fiber. This trend is fuelled by a growing awareness and emphasis on making health-conscious choices. As consumers seek out food options that offer superior nutritional benefits, chickpea fiber emerges as a sought-after ingredient.
Boasting a high nutritional profile, including dietary fiber, protein, vitamins, and minerals, chickpea fiber becomes an attractive component for enhancing the nutritional value of processed food products. The focus on digestive health, weight management, and reducing caloric and fat content has further contributed to the surge in demand for chickpea fiber.
Key Takeaways from Market Study
- The global chickpea fiber market is expected to reach US$ 1,304 million by 2033 growing at a CAGR of 6.0% from 2023 to 2033
- Insoluble chickpea fiber is expected to grow at a CAGR of 5.6% between 2023 to 2033
- The U.S. holds an absolute dollar opportunity of US$ 105 million and is expected to grow at a CAGR of 6.0% during the assessment period
- Processed food formulation under chickpea fiber application is estimated to grow at a CAGR of 5.8%
- Market players dominating the market include Lianfu Food, Ultrafoods, Ajay Food Products (Katni) Pvt ltd, Vitarich, Ardent Mills, ChickP, Gayatri Psyllium Industries, Anu Foods, Dr. Axe, and Scoular
“Rising Appetite for Healthy and Vegan Food Propels Growth Prospects in the Chickpea Fiber Market” says a Fact.MR analyst.
Market Growth Stratagems
Predominant players in the market are combining their expansion strategies with deliberate investments in product portfolio expansion. Manufacturers are expanding their range of chickpea fiber-based products to include not only the standard chickpea flour but also innovative offerings such as chickpea fiber isolates and concentrates. By diversifying their product portfolio, they cater to different customer preferences and target specific application areas, such as gluten-free baking and plant-based meat alternatives.
For instance, In February 2021, ChickP Pvt Ltd. announced its production capacity expansion for chickpea fiber in North America by collaborating with Socious Ingredients, Inc. The company expects that the expansion will enable it to keep up with the rising demand for chickpea fiber by zooming its quantity and quality-based production marking 20 metric tonnes in a day and 5000 tonnes a year production of its much sought-after product ChickPea Isolate.
Key Companies Profiled
- Ajay Food Products (Katni) Pvt ltd
- Anu Foods
- Ardent Mills
- ChickP
- Dr. Axe
- Gayatri Psyllium Industries
- Lianfu Food
- Scoular
- Ultrafoods
- Vitarich
Segmentation of Chickpea Fiber Industry Research
- By Type :
- Soluble
- Insoluble
- By Application :
- Processed Food Formulation
- Gluten-Free Food Formulation
- Fiber Enrichment
- Blood Sugar Management
- Weight Management
- Digestive Health
- Cholesterol Reduction
- Reduced Calorie Food Formulation
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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What differences can the chickpea fiber report make on the revenue impacts and strategies of businesses?
Fact.MR strives to provide comprehensive assessments of opportunities in various regions and technology segments. The study also offers an uncluttered data-driven insights into the growth avenues of the chickpea fiber and all its segments. Some of the ways the study can make a discernible impact are by offering evidence-based perspectives on:
- Attractiveness quotient of emerging product/technology types in various products in the chickpea fiber
- Micro-economics factors that may hamper the prospects of some of the key segments
- Recent spate of research and development (R&D) funding on key chickpea fibers
- New business models paving way for disruptions in demand dynamic of key segments
- Regional markets that will be future engine of growth and the industry trends that will support these markets
- Challenges overcoming which may offer industry players competitive edge
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