Chickpeas Market Update, 19.05.2023
The world chickpeas market is currently showing a steady trend as Canadian farmers begin planting the 2023 crop. The market is experiencing limited buying and selling, resulting in a rangebound situation. The market is expected to remain stable until there is more clarity on chickpea production in Russia and Turkey, both of which are significant growers. Turkey generally produces good quality chickpeas, while Russia's quality can be variable.
India, another major player in the chickpeas market, has reported good yields but not the best quality in its recently harvested crop.
Buyers are awaiting information on Turkey's acreage and potential quality as it produced an estimated 580,000 tonnes of chickpeas in 2022. In the United States, farmers intend to plant slightly fewer chickpea acres compared to the previous year. Canadian chickpea production is forecasted to increase by 11% to 260,200 acres, but it remains below the five-year average. The majority of chickpeas in Canada are grown in Saskatchewan.
The average price for chickpeas is projected to be slightly lower for the 2023-24 season compared to the previous year. However, the current prices for old-crop chickpeas (Kabuli, large caliber) range from a higher value. The export prices for Canada's chickpeas have seen fluctuations in recent years, with the price per kilogram declining in 2019.
The market growth is driven by increased utilization of chickpeas in various cuisines, especially in the Middle Eastern, Mediterranean, and North Indian regions. Chickpeas are used in dips, curries, and snacks, and the demand for chickpea products like flour is also rising. The Asia Pacific region is a prominent market for chickpeas due to high demand from developing countries and a large vegan and vegetarian population.
The market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Rising consumer awareness of the health benefits associated with chickpeas, such as stabilizing blood sugar levels and aiding digestion, is contributing to market growth. The availability of chickpea-based products in supermarkets, hypermarkets, and online stores, along with the demand for organic and plant-based protein diets, is expected to drive market growth.