A recent study published by Transparency Market Research on the cowpeas market includes global industry analysis and opportunity assessment for 2020-2030. Revenue generated from the global cowpeas market is estimated to be over US$ 6.3 Bn in 2020, which is likely to rise at a CAGR of 5.3%, to cross US$ 10.5 Bn by 2030.
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Veganism and Vegetarianism Lifestyle to Boost Botanicals Trend
Increasing incidences of obesity, diabetes, and heart diseases have led to awareness among consumers who are now purchasing healthy food with reduced amount of sugar, salt, fats, and calories. Ethical and religious reasons have supported the class of vegans with scientific studies presenting related observations. These studies suggest that excessive consumption of meat, especially red meat can increase chances of cardiovascular diseases. This, in turn, has encouraged the adoption of vegetarianism and veganism habits. Furthermore, health-conscious consumers are seeking botanical ingredients that have additional health benefits over synthetic ingredients. As the demand for plant-derived products such as cowpeas increases, botanical food products are likely to gain traction in the market.
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Organic and Natural Products Becoming New Normal in Cowpeas Market
Consumers may face allergies or side effects from consumption of products containing artificial ingredients, and thus, prefer all natural and organic cowpea products without any artificial preservatives and colors. As consumers continue to avoid artificial products and choose organic and natural options, manufacturers of bakery, confectionery, and other food products in the cowpea segment have started developing more products that meet organic and natural requirements.
Rise in Number of Artisan Bakeries Creating Opportunities for Key Brands
Artisan bakery products are handcrafted and manufactured according to traditional methods by using high quality natural ingredients, such as cowpeas. Color, texture, and flavors of cowpea products are adjusted according to consumer preferences and demands. Rising demand for bakery & confectionary products and changing lifestyles & consumer buying behavior are the key factors that are driving artisan bakeries. The growing demand for healthy food products with high quality natural ingredients is also a key reason behind the growing number of artisan bakeries across the world. The demand for artisan bakery products is found to be increasing, especially from consumers. This trend of artisan bakery products is fueling the growth of the cowpeas market.
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