Global Aquafaba Market Size (2022 – 2030)

According to the report published by Virtue Market Research, in 2022, the Global Aquafaba Market was valued at USD 3.72 billion and is projected to reach a market size of USD 5.71 billion by 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 5.5%. . The rising health awareness among people and new technological innovations are majorly driving the growth of the industry.

Industry Overview:

Aquafaba is a pulse crop and belongs to the leguminosae family. Aquafaba is grown as seeds of the Cicer arietinum plant. Aquafaba is additionally referred to as garbanzo beans or chana or Egyptian peas and is ordinarily eaten up in Asian and Middle East countries. Aquafaba is viewed as an overseas change incomes crop and for this reason necessary crop. The Aquafaba market identity is fragmented at the dealer degree on the furnish chain. Aquafaba provides nutrients, vitamins, and fiber and additionally expands the folate and manganese content.

Aquafaba manufacturing requires nicely drained soil which is exceptionally applicable for excessive yield. The Aquafaba requires applicable aeration to hold the fantastic on storage and needs to be checked for a duration of the interval to keep away from spoilage. The Aquafaba are handy in types bifurcated on the groundwork of color, style, and seed size.

The most often used ones are mild-colored Aquafaba known as Kabuli and small-sized darkish colored known as desi type. The Kabuli kind of Aquafaba is predicted to attain excessive market share due to growing demand. The world Aquafaba market is anticipated to develop at a single-digit CAGR at some point in the forecast period. The primary kinds of Aquafaba are Kabuli Aquafaba and Desi Aquafaba. Kabuli Aquafaba is dietary powerhouses stuffed with fiber, protein, and nutrients. The specific types encompass dried, sparkling or green, frozen, preserved/ canned, flour, and is allotted thru supermarkets/ hypermarkets, departmental stores, grocery stores, e-commerce platforms, and others. Aquafaba is used by way of a number of verticals such as meals and beverages, healthcare and nutrition, eating places and meals carrier providers, and others.

COVID-19 impact on the Aquafaba Market

there has been a high-quality effect on the market increase in the course of and put up COVID-19 era. The growing consumption of Aquafaba as a snacking object is especially riding the chickpea market growth, though elements such as uncertainty in rainfall affecting crop manufacturing can also obstruct the market growth. the outbreak of COVID-19 originated in China and later unfold into APAC. The pandemic resulted in more than one death in China and different nations, which compelled governments of a variety of international locations in the vicinity to impose lockdowns to fight the unfolding of the disease. However, online purchasing accelerated in the course of the pandemic, as many humans decide on the comfort of buying and getting matters from the remedy of their homes.

Aquafaba is an alternative to the egg white which is why during covid times there was no supply of eggs and people are generally dependent upon the began alternatives.

MARKET DRIVERS:

The rise in health awareness is driving the growth of the market

The rising fitness attention amongst humans is anticipated to gasoline the boom of the Aquafaba market in the forecast period. Increasing instances of obesity, coronary heart diseases, diabetes, and different persistent illnesses are forcing humans to pick out healthful dietary options. Aquafaba, each canned and dried, have a low glycemic index, which helps to manage blood sugar, reduce cholesterol, and decrease the chance of cancer. Choline is a diet observed in Aquafaba that aids in the manufacturing of key molecules for memory, mood, muscular control, and different talent and apprehensive gadget functions

New innovations in the industry will also drive the market

Growing product improvements are gaining a sizeable reputation in the Aquafaba market. Major businesses working in the Aquafaba zone are centered on growing progressive merchandise to toughen their position. The new native chickpea starch avoids meal waste and offers a long-lasting, healthful ingredient in the course of manufacturing. It consists of excessive amylose to amylopectin ratio, as nicely as an impartial flavor and no scent.

MARKET RESTRAINTS:

Limited numbers of the crop are restraining the growth of the market

Aquafaba requires a regular supply of crops which is why this market has been restrained because there is no flow of crops to create the aquafaba in the industries. The major Aquafaba-producing countries such as India, Pakistan, and Turkey are largely dependent on rainfall and face a low average yield due to acute water shortage, depleting soil moisture, and drought conditions. So the market has been restrained in the market.

AQUAFABA MARKET REPORT COVERAGE:

This research report on the global Aquafaba Market has been segmented and sub-segmented based on Product Type, Nature, and region.

Aquafaba Market- Product Type:

•  
• Protein Isolates
• Flour
• Other products

Based on the product type, chickpea protein isolates and chickpea protein concentrates are projected to account for almost 90% of the usual market value. These two sorts are exceedingly desired amongst end-users on the again of their mixing capability, which eases the amalgamation with meal merchandise at some point in the instruction process. On the different hand, chickpea protein flour is gaining traction in the coaching of bakery, confectionery, and snack merchandise as demand surges for gluten-free, organic, and vegan meal products.

Aquafaba Market - By Nature:

• Organic
• conventional

By nature, traditional chickpea protein is anticipated to continue to be the most sought out kind, owing to early penetration, decrease cost and effortless availability. Backed through these benefits, the phase accounted for almost 95% of the market share in 2019 and will continue to be the main segment. On the different hand, the natural phase - though it holds a tiny share - will develop in cost at a greater tempo than its counterpart ascribed to greater dietary value

Aquafaba Market- By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East
• Africa

Geographically, The world Aquafaba market is divided into seven regions, specifically North America, Latin America, and the Asia Pacific except Japan (APEJ), Western Europe, Eastern Europe, Japan, and the Middle East and Africa (MEA). APEJ holds an essential share in the world Aquafaba market. India money owed principal share in the manufacturing of Aquafaba. Other essential international locations are Australia, Pakistan, Myanmar, China, Shri Lanka, and Indonesia. Followed by means of APEJ is MEA, international locations such as Jordan, Ethiopia, Lebanon, and UAE are the necessary international locations contributing closer to the Aquafaba market in MEA.

In North America, the Aquafaba market is dominated by the U.S. (California) and Canada. The European Aquafaba market is anticipated to develop at an average CAGR over the forecast length whereby contribution by means of EU5 nations dominates. Japan and Latin America and MEA are predicted to develop at a common CAGR for the duration of the forecast period.

Aquafaba Market Share by Company

1. Abbott BLACKSTONE Co. Inc.
2. AdasCan Grain Corp.
3. AGROCROPS
4. AGT Food and Ingredients
5. ATC Group India
6. Australian Grain Export Pty Ltd.
7. Bean Growers Australia Ltd
8. BroadGrain Commodities Inc.
9. Cono Trading International AG
10. Fazlani Exports Pvt. Ltd.
11. JOVA Graneros SA de CV
12. Mast Qalander Group of Companies
13. Natures Pulses Co.
14. Olam International Ltd.
15. Popular Pulse Products Pvt. Ltd.
16. Raviraj Group
17. Shimla Hills Offerings Pvt. Ltd.
18. Shri Mahavir Group
19. VEERRAL AGRO TECH
20. Woods Holding Group Pty. Ltd.

and others are playing a pivotal role in the market.

For example, InnovoPro, an Israel-based player announced that the organization secured US$ 15 Mn in funding from Jerusalem Venture Partners and with the participation of CPT Capital to boost the production of chickpea protein.

ChickP, an Israeli food tech start-up introduced a next-generation native starch for food and beverage applications made from Aquafaba using proprietary technology.

Launching incredible merchandise that goes well with the unique necessities of end-use industries has been recognized as the fundamental increase method adopted by way of gamers running in the chickpea protein market. Along comparable lines, producers are now imparting custom-made protein ingredients, based totally on their wishes and application. Moreover, market gamers are spending on lookup and improving things to do to manufacture the most suitable nice chickpea protein and are increasing to growing areas to faucet on the unexplored potential.

NOTABLE HAPPENINGS IN THE GLOBAL AQUAFABA  MARKET IN THE RECENT PAST:

• Acquisition- In June 2021, Ardent Mills, a US-based flour-milling and ingredient company acquired the assets of Hinrichs Trading Company (HTC) for an undisclosed amount.