The latest report by IMARC Group titled, “Pigeon Pea Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global pigeon pea market is has grown at a CAGR of around 6% during 2010-2017, reaching a volume of 5.6 Million Tons in 2017. Pigeon pea is a perennial legume which belongs to the family Fabaceae. It is a major source of protein for a large section of the global population, particularly in South Asian regions. It has also become a common food grain and is consumed on a wide scale in various other regions such as Latin America and Africa. According to the report, the market is further expected to reach a volume of around 7.8 Million Tons by 2023, growing at a CAGR of around 5.7% during 2018-2023.
Pigeon pea is used in a number of dishes and its application in the food industry vary according to the cultural tastes and preferences. In the Asian region, pigeon pea is used as an important ingredient to make tempeh or tofu, as pulses and in sambhar. In the African and Central American countries, pigeon pea is added in sauces to accompany rice, cassava and yam; and as flour dried peas, respectively. In other regions, it is used with sayor, spicy soups, roasted snacks, etc. These versatile uses of pigeon pea represent one of the major factor for the growth of the market. Apart from this, as a result of growing health conscious among the consumers, the market has witnessed a surge in its demand as pigeon pea offers several health benefits. Some of them include maintaining blood pressure, preventing anaemia, treating inflammation, boosting energy, building immunity, strengthening cardiovascular system and digestive system. The other factors which have been proactive in maintaining a stable growth of this market include population growth, increasing incomes and improving standards of living.
The report has segmented the global pigeon pea market on a regional basis. Some of the region covered in the report include India, Tanzania, Myanmar, Kenya and Malawi. Amongst these, India represents the largest producer of pigeon pea accounting for almost 70% of the total global production. Furthermore, the report has also analysed the top exporting and importing countries in this market. Currently, Myanmar represents the biggest exporter of pigeon pea accounting for around 90% of the total global export volumes. Myanmar is followed by Tanzania, Sudan, Kenya, France, Ecuador, Sri Lanka, Peru, India and Malawi.
The report also provides a comprehensive analysis for setting up a pigeon pea processing plant. The study covers all the requisite aspects of the pigeon pea industry and provides an in-depth analysis of the market, industry performance, processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. It also offers SWOT, Value Chain and Porter’s Five Forces analysis and regional segmentation followed by an analysis of the competitive landscape. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who are planning to foray into the pigeon pea industry in any manner.
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