GLOBAL- According to Tony Roelofs, Columbia Grain, Inc. (CGI)’s pulses vice president, the global chickpeas’ dearth could dissipate this year as more acreage goes to chickpea cultivation.
This shortage affected people’s diets globally as the popularity of this legume has been rising in the U.S. and beyond in recent years and remains an essential protein source in Indian and Middle Eastern cuisine.
The rising health awareness among people also promotes the growth of the chickpeas market as increasing cases of obesity, heart disease, diabetes, and other chronic diseases force people to choose healthy dietary options.
Chickpeas have a low glycemic index, which helps control blood sugar, cut cholesterol, and reduce the risk of cancer.
Additionally, choline is a vitamin found in chickpeas, and it aids in the production of key molecules for memory, mood, muscular control, and other brain and nervous system functions.
The rising demand for chickpeas and the global shortages cause global stocks to remain at a record low, causing prices to rise as much as 50% to 75% over the past two years.
According to Tony Roelofs, three-plus years of very tight corn, soybean, and wheat stocks had a ripple effect through specialty commodities like chickpeas.
The shortages in these major crops caused global producers to dedicate land that would go to chickpeas to major crops like wheat and corn, reducing the production of chickpeas.
However, as drought dissipates, good rainfall, and good snow covers the chickpea-growing regions, acreage for this crop is likely to increase.
“I think we’ll gain some ground back this year. We’ve had really good prices for chickpeas, which are enticing a lot of growers to expand their acreage. I think we can see the acres up 20 to 25%,” says Tony Roelofs.
Tony, however, cautions that it will take more than one year to completely solve the chickpea shortage and avail more stocks on a global scale.
According to Future Market Insights, Inc. (FMI), the chickpea market is likely to grow at a compound annual growth rate (CAGR) of 7.0% for the next decade.
The research company also provides that the chickpea protein market could reach US$ 165.1 million by the end of 2033.
The chickpeas market comprises sales of chickpea puffs, chickpea snacks, hummus, chickpea hash, and wraps.
Values in this market are ‘factory gate’- the value of goods manufacturers sell, whether to other entities or end customers.
Forecast by region
According to FMI, North America will likely lead the global market over the next decade, with the United States chickpea protein industry projected to attain US$ 53.6 million by 2033.
Additionally, the United Kingdom and Spain markets could attain US$ 8.3 million and US$ 7.1 million, respectively, by 2033.
Meanwhile, based on product type, the protein isolates segment is expected to register a 5.4% CAGR, up from the 3.6% CAGR observed in the historical period.
On the other hand, based on nature, the conventional chickpea protein vertical is projected to expand at a CAGR of 5% from 2023 to 2033, up from the 3.3% CAGR witnessed in recent years.