Chickpeas market to reach US$17.8 billion by 2031

According to the latest report by Fact.MR, the global chickpeas market is expected to experience above-average growth, reaching US$17.8 billion through 2021–2031. It is estimated to register a positive compound annual growth rate (CAGR) of 5.7% through the forecast period.

The report suggests that chickpeas are being consumed on a large scale across the globe due to the various health benefits, nutrients and proteins. It names easy adaptability, gluten sensitivity or celiac disease, rising health consciousness, increasing interest in plant-based proteins and an increase of consumption of chickpeas as snacks as contributing factors in the product’s growth rate.

Between 2016 and 2020, the sales of chickpeas surged at a CAGR of 4.3%, further heightening during the COVID-19 pandemic. The report attributes this to the increasing interest in consuming plant-based foods.

India is expected to remain at the top of the global chickpeas industry, capturing 60% of total revenue, with the US to be a potential market accounting for more than two out of five chickpea sales. Dried chickpeas are expected to account for three-fifths of total consumption from 2021–2031 and direct consumption is expected to account for 35% of the global revenue share.

In December 2020, the NSW Government and Grains Research and Development Corporation (GRDC) invested AU$10 million into a chickpea research and development facility at Tamworth, to strengthen the state’s agricultural industry worth AU$15.7 billion.

Australia is one of the largest exporter of chickpeas worldwide, with NSW accounting for almost half of the nation’s production, so the country is in a good position to capitalise on the growing demand for this legume.