The industry size of the pulse ingredient in Korea is estimated to be USD 574.74 million in 2023. The industry is estimated to surpass USD 1,202.02 million by 2033. The demand for pulse ingredient in Korea is projected to inflate at a 7.7% CAGR through 2033, driven by the rise in consumer awareness of health and wellness.
Pulse Ingredient Industry in Korea: Size, Analysis, and Insights
| Attributes | Details |
|---|---|
| Industry Value of Pulse Ingredient in Korea in 2023 | USD 574.74 million |
| Projected Industry Value of Pulse Ingredient in Korea by 2033 | USD 1,202.02 million |
| Value-based CAGR of the Industry for 2023 to 2033 | 7.7% |
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Pulse ingredients are frequently found in a wide range of foods, including soups, sauces, bread goods, dinners, snacks, and sweets. They are also available in different forms like flour, protein, and fiber. The industry is growing because of the increasing demand for plant-based and gluten-free products and the increasing acceptance of protein-rich foodstuffs.
South Korea could be one of the leading contributors to revenue generation for pulse ingredient manufacturers. This can be attributed to an aging population that consumes a variety of pulse ingredient-enriched protein-rich products. The pulse ingredient industry is further expanding in line with the increasing demand for natural ingredients and clean-labeled food products. Consumers are shifting their diets toward more and more natural and organic products.
The growing inclination of the consumer toward protein-rich food, such as pulse component protein, fuels growth in the Korean pulse ingredient market. Due to the health benefits related to high protein content, there is a growing demand from consumers for pea protein, pea flour, and pea starch.
Moreover, the increased number of aged people who consume various protein-rich products, including pulse ingredients in Korea is expected to be a key income driver for makers of pulse ingredients. The industry in Korea is also influenced by the need for medical supplies.
Slowly but surely, nutritional value, sustainability, and versatility of the food product have started gaining precedence as significant factors in the food and beverage industry. Hence, positioning pulse ingredients as a growing sector in the broader food and beverage sector.
Principal Consultant
The pulse ingredients industry report in Korea is divided into two sections: product type and pulses type. As far as the product type is concerned, the flour segment rules the roost. On the other hand, depending on pulse type, peas are the holding the green flag by dominating the industry.
The flour segment is expected to capture an industry share of 52.3% in 2023. This is attributed to the fact that pulse flour contains a huge amount of proteins, iron, and fibers, hence it is highly demanded. Various recipes are created with pulse flour, such as cookies, pasta, and puddings.
Demand for pulse flours is expected to rise due to the surging demand from consumers for vegan and plant-based protein sources. Pulses in flour form are versatile and therefore can be used in multiple plant-based dishes.
| Attributes | Details |
|---|---|
| Product Type | Flour |
| Industry Share in 2023 | 52.3% |
The peas segment is estimated to capture a share of 51.1% in 2023 alone on account of their extended applications in several food products in the country. An increasing application of pea protein in well-being supplements and healthy food products adds to the growth of this segment in the country.
| Attributes | Details |
|---|---|
| Pulses Type | Peas |
| Industry Share in 2023 | 51.1% |
A growing trend towards vegetarian and vegan diets is expected to fuel the growth of the pulse ingredient market during the forecast period. Rising demand for gluten-free and clean-label food products is expected to give opportunities to players in the market to leverage untapped potential.
Consequently, on the back of such developments, many of the key players in this industry are found to be investing in different strategic expansion modes to maintain their growth momentum over the forecast period. Product innovation, acquisitions, collaborations, and expansions are likely to continue as favored routes for the industry participants to gain an upper hand.
Recent Developments in the Pulse Ingredient Industry in Korea
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Adroit Food Ingredient Co., Ltd.
Adroit Food Ingredient Co., Ltd. is a rapidly expanding company specializing in manufacturing high-quality pulse ingredients. Adroit has established itself as a key player in the food industry through a commitment to excellence. The company enjoys providing innovative and nutritious pulse-based solutions to meet customers' demands.
Ajinomoto Co., Inc.
The pulse ingredient production industry at Ajinomoto is based on its patented fermentation process. The company employs this method to develop a range of pulse components, including L-glutamate, the key component of umami. Pulses from Ajinomoto are used in a wide range of food products, including soups, sauces, snacks, and ready-to-eat meals.
| Attribute | Details |
|---|---|
| Estimated Industry Size in 2023 | USD 574.74 million |
| Projected Industry Size by 2033 | USD 1,202.02million |
| Anticipated CAGR between 2023 to 2033 | 7.7% CAGR |
| Historical Analysis of Demand for Pulse Ingredient Industry in Korea | 2018 to 2022 |
| Demand Forecast for Pulse Ingredient Industry in Korea | 2023 to 2033 |
| Report Coverage | Industry Size, Industry Trends, Key Insights for Pulse Ingredient Industry in Korea, Insights on Global Players and Leading Industry Strategy in Korea, Ecosystem Analysis of Local and Regional. |
| Key Companies Profiled | Adroit Food Ingredient Co., Ltd.; Ajinomoto Co., Inc.; Archer Daniels Midland Company (ADM); Cargill Incorporated; Ingredia; Ingredion Inc.; Kerry Group plc; Korea Grain & Feed Trading Corporation (KGF); Sensus Natural Ingredient Ltd.; SunOpta Inc.; Symrise AG; Tate & Lyle plc |
In 2023, the size of the pulse ingredient in Korea is estimated to be USD 574.74 million.
Increased use of pulse ingredient in the food industry and healthy meals in the country is one of the key trends in Korea.
The demand for pulse Ingredient in Korea is expected to progress at a healthy CAGR of 7.7% from 2023 to 2033.
By 2033, the size of the pulse ingredient Industry in Korea is forecasted to reach USD 1,202.02 million.
Nippon Starch (Nihon Denpun Co., Ltd.), Kyowa Hakko Bio Co., Ltd., Mitsubishi Chemical Corporation, Matsutani Chemical Industry Co., Ltd., Sun Chemical Corporation, Hayashibara Co., Ltd.are some of the prominent players in the pulse ingredient Industry in Korea.
1. Executive Summary 2. Market Overview 3. Market Background 4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033 5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Form 5.1. Hard 5.2. Soft 6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Type 6.1. Spreadable 6.2. All-Purpose 6.3. Butter Blend 7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. Bakery 7.2. Confectionery 7.3. Sauces 7.4. Dairy and Ice-Cream 7.5. Spreads & Toppings 7.6. Others (Ready to Eat Meals, Baby Food, and Snacks) 8. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. South Gyeongsang 8.2. North Jeolla 8.3. South Jeolla 8.4. Jeju 8.5. Rest of Korea 9. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 10. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 11. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 12. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 13. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 14. Market Structure Analysis 15. Competition Analysis 15.1. FOODWELL CORPORATION 15.2. Archer Daniels Midland Company 15.3. AGT Food and Ingredients 15.4. Anchor Ingredients 15.5. SunOpta 15.6. Axiom Foods 15.7. Batory Foods 15.8. ROQUETTE 15.9. Dakota Dry Bean Inc. 15.10. Cosurcra 16. Assumptions & Acronyms Used 17. Research Methodology
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Pulse Ingredient Industry Analysis in Korea
