Cowpeas Market to benefit from Rising Vegetarianism, Market projected to rise at 5.3% CAGR from 2020 to 2030: TMR
- Increasing demand for plant-based proteins that help prevent several diseases is creating an uptick in demand for cowpeas. This is arousing the interest of food service companies to invest in premium food ingredients.
- Demand for Sustainable crop in sub humid climates fosters growth.
ALBANY, N.Y., March 3, 2021 /PRNewswire/ -- Cowpeas are increasingly finding way in the diet of individuals as the consumer demand for plant-based protein is on the rise. Besides this, rising number of vegans and growing awareness of benefits of health benefits of legumes is making room for the demand for cowpeas. Traditionally, cowpeas have been consumed in the tropical, arid, and semi-arid regions of Asia Pacific, Latin America, Europe, and Africa. Besides nutritional value, production stability and high tolerance to environmental disturbances makes it a suitable crop for these geographical locations.
R&D by food companies to introduce easy-to-consume form of cowpeas to serve the increasing affinity toward plant-based protein is creating opportunities in the cowpeas market. Some governments in the world are also offering subsidies for R&D of cowpeas for higher crop yield. Collectively, these pursuits are creating a surge in demand for cowpeas.
Analysts at Transparency Market Research predict the cowpeas market to rise at a healthy 5.3% CAGR over the 2020 – 2030 forecast period. Expanding at this rate, the cowpeas market is predicted to surpass a valuation of US$10.5 bn by 2030.
Key Findings of the Market Report
Interest of Food Companies to serve rising demand for Plant-based foods
The food service industry holds substantial share in the cowpeas market vis-à-vis volume. Firstly, food manufacturing companies are willing to pay premium prices for high-quality plant-based foods. This is because the discerning urban consumers strive to make healthy food choices and strive to incorporate a variety of legumes in their diet for complete nutrition. To serve this demand, food manufacturers are introducing cowpeas foods in the form of bakery and snack goods.
Demand for Sustainable Crop attracts famers for the production of cowpeas
The demand for sustainable crops in sub-humid tropical regions and arid regions is another key factor expanding the growth horizon of cowpeas market. To facilitate the production of legumes including cowpeas, several governments in developing countries are offering subsidies to farmers. With such backing, cowpeas has emerged as a profitable crops for farmers in these geographical locations, and is anticipated to proliferate in the coming years. According to data of the Food and Agriculture Organization of the United Nations, the production of cowpeas is witnessing a year-on-year growth in several regions across the world.
Furthermore, several governments are facilitating R&D to explore the stability and adaptability of various genotypes of cowpeas in various environmental conditions. Keen players in the cowpeas market are also facilitating such initiatives by means of increasing their focus to modify production systems. This includes improving plant spacing, density, and other parameters to enhance crop productivity of cowpeas in major cowpeas producing regions.
Rising vegetarianism and veganism to boost growth in cowpeas market. Increasing incidence of cardiovascular diseases, obesity, and diabetes is leading to increasing switch to plant-based diets for their health benefits. Cowpeas high nutritional value and are rich in santioxidants, polyunsaturated fatty acids, polyphenols, and dietary fibers.
Inclusion of cowpeas in food security programs in several regions of the world is another prominent factor boosting the cowpeas market. To cater to this, farmers engaged in cowpeas crop are focusing on expanding crop yield, and are also focused on minimizing wastage of cowpeas seeds that can be used for replanting.
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