Garbanzo bean protein, also known as chickpea protein, is a new vegan ready-to-drink formula aimed at athletes. Globally, plant-based protein products are expected to witness significant growth in the forecast period, which is likely to increase the demand for garbanzo bean protein among consumers owing to its health benefits. Among other application sport and nutrition is the major and fastest growing application. Currently, soy, rice and peas are dominating the plant-based protein market, but garbanzo bean protein is expected to grow significantly and likely to influence plant-based protein market, globally. Prominent garbanzo bean protein producing companies such as InnovoPro and ChickP are offering garbanzo bean protein for dairy alternatives, vegan spreads and functional beverages. Moreover, growing consumers demand for plant-based protein over animal protein is fueling the garbanzo bean protein market. Garbanzo bean protein offers various health benefits, such as helping to decrease digestive mobility and cardiovascular risks. The global garbanzo bean protein market has numerous opportunities in the food and beverage industry, which will expand at a faster rate during the forecast period.
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Global garbanzo bean protein key market players
The global market for garbanzo bean protein comprises several developers who are primarily converging on developing advance version on garbanzo bean protein mainly for food and beverage products. The companies engaged in the manufacturing and distribution of garbanzo bean protein are focused on expanding their business footprint by enhancing their product portfolio related to the garbanzo bean protein. Some key market participants are Nirman Nutraceuticals Pvt. Ltd. (India), Archer Daniels Midland Company Ingredion Incorporated, AGT Food and Ingredients, Cambridge Commodities Limited, InnovoPro, ChickP, Batory Foods and Nutriati, Inc. among other prominent players.
The research report presents a comprehensive assessment of the garbanzo bean protein market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also includes projections using a suitable set of assumptions and methodologies for garbanzo bean protein. The research report provides analysis and information according to garbanzo bean protein market segmented into type, form, nature, application and packaging type.
Demand for plant-based supplement is likely to boost garbanzo bean protein market
The global garbanzo bean protein market is driven by factors like the increasing demand for natural ingredients in the products. In the current market scenario, the demand for garbanzo bean protein is increasing owing to its multiple properties, which are used for the manufacturing of several nutritional supplements. The demand for garbanzo bean protein is expected to increase significantly. Garbanzo bean protein contains lesser calories and saturated fats compared to other protein sources, due to which garbanzo bean protein is achieving massive demand among health-conscious consumers. Garbanzo bean protein is mainly used by food companies to produce meat alternates for vegan diet followers. Moreover, the trend of vegetarianism and veganism has been rising at a rapid pace since the past few years due to growing awareness about environmental preservation, concerns related to animal factory farming and high demand for meat alternative products. Moreover, the trend of veganism and vegetarianism has been expanding at a rapid rate since the past few decades owing to increasing consciousness about environmental preservation, high demand of meat alternative products, concerns related to animal factory farming.
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Global garbanzo bean protein market segmentation
The garbanzo bean protein market can be segmented into type, form, nature, application and packaging type. By type, the global garbanzo bean protein market can be categorized into concentrated and isolated. The garbanzo bean protein market can be segmented by its form such as liquid and dry. By nature, the garbanzo bean protein can be segmented into organic and conventional. In application type segment garbanzo bean protein market can be segmented into sports nutrition, energy bars, bakery & confectionary, snacks (sweet & savory), and others. Garbanzo bean protein market can be segmented by packaging type including bottle, bulk and tetra packaging. The global garbanzo bean protein market can be segmented on the basis of the geographical region such as North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East & Africa (MEA), and Emerging Countries.
Global garbanzo bean protein market is likely to register a higher-digit CAGR over forecast period
The global market of garbanzo bean protein is likely to increase in the upcoming forecast period because of its three primary end-use industries including food, pharmaceuticals and cosmetic industry. According to Fact.MR, its market is likely to grow with a higher-digit CAGR (compound annual growth rate) in the forecast period. North America dominated the global market for garbanzo bean protein in 2018. Europe and APEJ region are expected to witness a sizable rise in the overall sales of garbanzo bean protein. Emerging countries are expected to witness a significant market share of garbanzo bean protein. Turkey, Pakistan, Iran, Iraq and Myanmar are significantly contributing to the production of garbanzo bean thereby, boosting the growth of garbanzo bean protein market globally.
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