Legumes Market Growth Drivers, Growth Impact Analysis, Size, Share, Trends, Business Opportunities By 2024
The global Legumes Market is projected to register a CAGR of 3.32% from 2019 to 2024 and reach a value of USD 104.31 billion, by 2024. Legumes such as beans are rich in folate, which plays an important role in reducing fatigue and heart palpitations. Lentils are a good source of dietary fibers; they help lower cholesterol levels. Lentils are considered good for the overall health of bones, as they contain high amount of calcium. Peas are known to be an immune booster, as they are rich in vitamin C. These health benefits offered by legumes are driving the growth of the global legumes market. The increase in demand for legumes by the vegan population and rise in health consciousness among the population are anticipated to drive the market growth.
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Olam International (Singapore), General Mills Inc (US), Galdisa USA (US), Nomad Foods (UK), Puris Proteins, LLC (US), ILRAMA AGRO LLC (Uzbekistan), Nefis Bulgar Ltd. (Turkey), BIMARKET LLC (Ukraine), AGT Foods USA (US), Anchor Ingredients Co, LLC (US), B&G Foods (US), The Archer Daniels Midland Company (US), Conagra Brands Inc (US), Eden Foods Inc (US), and Dunns Limited (UK) are some of the major key players in the global legumes market.
The global legumes market has been segmented on the basis of source, product type, end use, and region.
Based on source, the global legumes market has been divided into beans, lentils, peas, and others. The lentils segment is anticipated to constitute a dominant share of the market due to large-scale consumption in Asia-Pacific. The beans segment is projected to expand at the highest CAGR during the review period due to increasing demand from health-conscious consumers and rising use in the food processing industry.
Based on product type, the legumes market has been segregated into whole, flour, oil, and others. The flour segment is expected to account for the largest market share owing to high demand from household users. The whole segment is projected to expand at the highest CAGR during the study period due to increasing demand from food processing industries.
In terms of end use, the global legumes market has been classified as household and commercial. The commercial segment is anticipated to account for a larger market share due to extensive use of legumes in the food service and food processing industries. The household segment is anticipated to expand at a higher CAGR during the forecast period due to increasing awareness among consumers regarding the health benefits.
By region, the global legumes market has been categorized as North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is expected to dominate the global legumes market due to rapid developments in the food processing indutry in the region.
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The market in North America is expected to account a significant market share during the review period owing to high awareness among consumers about the health benefits associated with the consumption of legumes. Growing vegan population in Europe fuels the market growth in the region. The market in the rest of the world is expected to grow at a steady rate due to the rise in the demand for high-protein food.
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