According to Fact.MR, a renowned market research and competitive intelligence provider, the global chickpea fiber market is poised to attain a valuation of US$ 725 million in 2023, with a projected growth rate of 6.0% during the forecast period spanning 2023 to 2033.
The surge in demand for chickpea fiber worldwide can be attributed to factors such as growing awareness about the health benefits of dietary fiber, increasing consumer preference for natural and plant-based ingredients, and the rise in gluten-related disorders and allergies. Furthermore, the expansion of the vegan and vegetarian food industry has spurred the demand for chickpea fiber as a protein-rich alternative.
The escalating consumer interest in healthy and nutritious food options has significantly contributed to the increased demand for chickpea fiber. This trend reflects a growing awareness and emphasis on making health-conscious dietary choices.
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Chickpea fiber, renowned for its high nutritional content including dietary fiber, protein, vitamins, and minerals, emerges as a desirable ingredient for enhancing the nutritional profile of processed food products. Moreover, the focus on digestive health, weight management, and the reduction of caloric and fat content has further propelled the demand for chickpea fiber.
Key Highlights from the Market Study:
- The global chickpea fiber market is projected to reach US$ 1,304 million by 2033, with a CAGR of 6.0% from 2023 to 2033.
- Insoluble chickpea fiber is expected to witness a CAGR of 5.6% between 2023 and 2033.
- The United States presents an absolute dollar opportunity of US$ 105 million and is anticipated to grow at a CAGR of 6.0% throughout the assessment period.
- Processed food formulation under chickpea fiber application is estimated to grow at a CAGR of 5.8%.
- Leading market players include Lianfu Food, Ultrafoods, Ajay Food Products (Katni) Pvt Ltd, Vitarich, Ardent Mills, ChickP, Gayatri Psyllium Industries, Anu Foods, Dr. Axe, and Scoular.
The escalating demand for healthy and vegan food choices is a significant driving force propelling growth in the chickpea fiber market, as affirmed by a Fact.MR analyst.
Market Growth Strategies:
Key players in the market are implementing expansion strategies coupled with strategic investments in product portfolio diversification. Manufacturers are broadening their range of chickpea fiber-based products to encompass not only standard chickpea flour but also innovative offerings such as chickpea fiber isolates and concentrates. By expanding their product portfolios, they cater to diverse customer preferences and target specific application areas, including gluten-free baking and plant-based meat alternatives.
For instance, ChickP Pvt Ltd. announced an expansion of its production capacity for chickpea fiber in North America through a collaboration with Socious Ingredients, Inc. This expansion aims to meet the rising demand for chickpea fiber by enhancing both quantity and quality-based production, reaching 20 metric tonnes per day and 5000 tonnes annually for their sought-after product, ChickPea Isolate.
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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
The report aims to make a significant impact on revenue outcomes and business strategies by providing comprehensive assessments of opportunities across regions and technology segments. It offers data-driven insights into the growth avenues of chickpea fiber and its segments, including emerging product/technology types, micro-economic factors, R&D funding trends, disruptive business models, regional growth engines, industry challenges, and more.
More Valuable Insights Offered:
In its latest release, Fact.MR offers an impartial analysis of the chickpea fiber market, providing historical market data spanning from 2018 to 2022, along with forecast statistics for the period from 2023 to 2033.
The study provides critical insights based on the types (soluble and insoluble) and applications (processed food formulation, gluten-free food formulation, fiber enrichment, blood sugar management, weight management, digestive health, cholesterol reduction, reduced-calorie food formulation) across major global regions, including North America, Latin America, Europe, East Asia, South Asia, Oceania, the Middle East, and Africa.
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