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Legumes are one of the most versatile and commonly eaten foods throughout the world, and numerous varieties are grown all across world owing to their nutritional composition. These economical foods have the potential to improve the diet quality and health of those who consume legumes regularly. The increasing demand for healthy and convenient or ready-to-cook food within developed as well as developing regions due to busy lifestyle and increasing household income are expected to drive the global market in upcoming years.
Canning of legumes is one of the easiest and cheapest methods to preserve the legumes for extended period. Moreover, it is one of the ideal methods for preserving seasonal legumes throughout the year and it also preserves the various nutritional properties of legumes such as vitamins, fiber, minerals and others. The prominent players operating the market are embarking on the digitalization and research and development of new product to expand their product offerings in the global market.
The increasing awareness regarding the health benefits of legume consumption, rising vegetarian population, intensifying demand for plant-based protein are likely to drive the global market. The increasing consumer shift from meat to vegan protein sources such as beans and peas is predicted to positively impact the product growth. The increasing consumer inclination towards organic and healthy food and intensifying demand for clean-label products are predicted to serves as an opportunity to the market players. The consumers are ready to pay premium prices for high quality food, which is projected to encourage the companies to produce clean-label products which usually have high profit margin. For instance, in January 2016, Green Valley announced the launch of 5 variants in its organic beans range. The product is packed in self-stable pouches and cans.
The fluctuation in pricing and production of legumes mainly because of seasonal variation can impact the final price of the canned legumes which is expected to hamper the product growth.
The prominent players operating in the global canned legumes market are The Kraft Heinz Company, ConAgra Brands, NAPOLINA, Co-op Food, KYKNOS, Faribault Foods, Inc., Del Monte Food, Inc, Teasdale Latin Foods, C&F Foods Inc., KYKNOS, and Others.
Beans are expected to hold considerable share in the global market. The increasing popularity of beans among fitness enthusiast due to their high protein content is expected to positively impact the product sales. Moreover, canned beans have gain tremendous traction among millennials since they do not require cooking and peeling like the raw beans. In addition, canned chickpeas are expected grow at significant pace in the upcoming years due to their shorter cooking time and escalating utilization in processed food industry.
Hyper/supermarkets are anticipated to hold considerable share in the global market and majorly responsible for the sales growth of canned legumes. The high consumer dependency on such stores for the purchase of grocery products is anticipated positively impacts the product sales from these stores. Moreover, online retail segment is predicted to witness significant growth in the upcoming years. The cash-on-delivery, various discounts, and several product options offered by online retail segment are predicted to positively leverage the product sales.
Europe is anticipated to hold a significant share in the global canned legumes market. The increasing demand for plant-based protein, rising vegetarian population, and escalating fitness and wellness trend within the region are likely to drive the regional market. North America is expected to witness substantial growth in the global market during the forecast period. The favorable initiatives taken by government to increase the portion of legumes in regular diet are predicted to boost the demand for canned legumes within the region. For instance, the United Nations General Assembly professed 2016 as the International Year of Pulses. This initiative has encouraged Americans to consume legumes in regular diet, as a result the demand for canned legumes is expected to increase within the region.
The abundant availability of raw material within Asia Pacific due to increasing production of legumes within the region is expected to drive the regional market. For instance, Myanmar is one of the largest producer and distributor of beans in the world. Furthermore, legumes are widely consumed in various Asian countries due to their nutrition benefits and abundant availability but increasing consumer preference towards ready-to-cook food due to busy lifestyle is expected to positively impact the product sales.
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