For several years, consumers have become increasingly health-conscious in their approach to living. There has been a greater focus on exercise and meditation, and they have also shifted their dietary preferences. As a result, many individuals are moving away from meats and processed foods, choosing natural and organic options instead. And at the same time, the number of vegans, vegetarians, and gluten-free consumers is also rising. Naturally, this has had notable effects on the plant-based food market, and forecasts for the pulse products market look quite favorable as a result.
Pulses Versus Plant-Based Food Markets
Before detailing recent events and future predictions of the pulse products market, it’s important to know what pulses are. In essence, pulses are dried seeds of legumes, such as dried beans, chickpeas, lentils and dried peas. Given their raw and natural nature, these foodstuffs are often lumped together with beans and rice as well as fruits and vegetables. This is why many refer to these goods as part of the larger plant-based food market. Regardless of which perspective one chooses to take, both markets have seen notable increases as of late. And both are expected to continue a growth rate of just under 5 percent per year moving forward. The pulse products market alone is expected to reach $27 billion by 2032.
Drivers of Industry Growth
Certainly, changes in consumer dietary behaviors are key drivers for both the pulse products market and the plant-based food market. Health risks associated with processed foods and non-organic food production have fueled these trends. At the same time, however, many consumers have embraced alternative options such as vegan, vegetarian, and gluten-free diets. Greater awareness of the potentially negative effects of gluten and a desire for vitamin-rich foods have contributed. But these are not the only drivers of growth. Other global concerns are also relevant to the growth of the pulse products market and the plant-based food market.
One of the notable drivers is the rising demand for protein supplements and alternative meat products. Pulses and certain plants like beans and legumes are excellent sources of protein. As such, these are used for protein powders, shakes and energy bars to boost protein intake. At the same time, the plant-based meat market, including plant-based seafoods, is also on the rise. Therefore, pulses and specific plants are needed to support these industries. Finally, concerns over climate change related to cattle and poultry food production are encouraging a shift to pulses and plant-based foods. As the population expands, this appears to be a necessary shift that favors these markets.
Challenges That Could Limit Growth
While consumer demand is driving growth of the pulse products market, there are barriers to this growth as well. Most notably, the pandemic disrupted supply chains, which hindered supply to consumers and drove up prices. Fuel costs have also risen, which negatively affects supply chain logistics of the plant-based foods market. Likewise, as North America is the major producer of pulses in the world, its policies and trade changes introduced barriers to growth on a global scale. While these barriers are gradually being mitigated, they still impose some obstacles to growth from a logistics perspective.
At the current time, the U.S. remains a developing market for pulse products and plant-based foods. However, consumer changes are shifting quickly, and it is expected that increased demand will continue. Given this, it will be essential for logistics professionals to control costs and optimize efficiencies. In doing so, they can help prevent unnecessary increases in the cost of these goods and support ongoing growth. In this regard, third-party logistics (3PL) providers like Fratogo can help. But no matter which approach is pursued, continued growth of these markets looks very favorable in the near term.
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