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.
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.
Cowpeas Market: Overview
- The global cowpeas market’s value is estimated to cross US$ 6.3 Bn in 2020, finds Transparency Market Research (TMR) in a recent study. According to the report, the market is expected to surpass US$ 10.5 Bn by 2030, at a CAGR of 5.3%.
- Cowpea crop has been gaining traction among the pulse and legume segment as it is the most efficient crop with high storage capacity and its increasing demand as a coffee substitute
- Farmers of cowpeas are focusing on combinations of cowpeas seed and the remaining cowpeas from the crop for replanting. Moreover, leading players engaged in the production of cowpeas are emphasizing on continuous collaboration activities to expand their geographical presence and product portfolio as well as to increase production capacity.
- Demand for cowpeas is rising from the food & beverages industry, as it enhances the nutritional profile, taste, and texture of food products. Awareness about healthy lifestyle and nutritional food is increasing among consumers due to which, consumers are preferring high-quality, natural, and organic products. Moreover, consumers are curious about the quality of ingredients used in food products, and prefer healthy, nutritious, tasty, innovative food products.
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