According to recent research, the global chickpeas market reached a volume of 12.7 Million Tons in 2019 and is forecasted to grow in value at a compound annual growth rate of 5.1% between 2020 and 2030, exceeding a valuation of US$142.4 million. The growth rate consist of the dry processing which is projected to account for over 2/3rd of the market share, owing to the low quantity of energy and resources required. It also includes protein isolates and protein concentrates which account for the majority of the market share.
With the prevailing trend of vegetarian meat substitutes, chickpeas are also being utilized for producing textured protein. Besides this, on account of the high cost and limited availability of higher protein sources like soybean, chickpeas have emerged as a low-cost feed additive. To cash in on the growing consumer demand for high quality, nutritious ingredients due to their health benefits, companies in the food processing bakery sectors are moving towards plant-based protein ingredients.
World Chickpea markets were more or less steady even though there was a tightening of supplies of larger grades such as Kabuli types. Because of rising competition for available demand from countries like Russia
European market for retail packed fruits and vegetables is expected to grow around 1-2% per year. Europe is by far the leading importing region, holding a share of over 70% of the world’s total imports. The United Kingdom imports considerably less, but the import value was enough to reach a third place in Europe in 2019. Imports of retail packed fruits and vegetables reached €1.3 billion in 2019.
In Australia the market is very active, growers delivering in the next few weeks will get $550-$560/t being bid for delivery from mid-October, down from the $650 paid in September. Growers want to sell after harvest, and only 10-15 per cent has been traded from growers’ hands so far.
Legume plantations in the Argentine had an increase of 25% however this increase was not reflected in the total production due to the drought that occurred in the country. In the 2020/21 season. the area of legumes exceeded 600,000 hectares. The volumes that have been harvested so far are lower than last seasons, however world market prices have increased so that the foreign exchange income will be the same as last year. Furthermore, there was a significant increase in the destination channels where Argentina regularly exports which helps farmers significantly. The availability of chickpeas will be below previous years, which were 150,000 exportable tons per year and will fall below 70,000 tons this season.
Bangladesh is considered an important chickpea nation, is in the process of restocking its food reserves, which were damaged because of severe flooding this year.
Indian markets remain strong, and improved demand from millers is evident as the un-lockdown phase has started. With regular programs to benefit farmers to get better rates for their produce, trade interest has improved significantly in recent months and is expected to favor further rise in prices in near term.
Canada is estimating 240,000 tonnes of Canadian chickpea production this year, however some researches indicate closer to 175,000 tonnes. Huge 2019-20 carryout volumes in Canada and the United States will lead to continued stagnation and it could take at least another year to finally use up those burdensome stocks. There are expectations for a rebound in Canadian exports in 2020-21 to about 150,000 tonnes, up from slightly more than 100,000 tonnes. Read more on our chickpeas, or send a quote request here.