Lentil Market - Size, Industry Share, Growth Trends and Forecasts (2023 - 2031)

Lentil Market Dynamics - (DRO) :

Key Drivers :

Growing demand for convenience food is propelling the growth of the market

Lentil is considered as one of the popular convenience foods. The demand for convenience food has witnessed an upward surge, owing to the increasing number of working women across the globe. In addition, the busy and tight schedule of the working population is also influencing the growth of the lentil market. Lentils take less time to cook and do not have to be soaked before cooking, owing to their smaller size. The versatile and affordable characteristics of lentils make them a conveniently accessible form of high-quality protein.

Furthermore, the long shelf-life of this legume contributes to increasing consumer preference for lentils as a convenience food. The packaged lentil lasts for a longer duration compared to its counterpart. For instance, according to the data published by the Lentils Organization in 2023, packaged lentils last for up to 1 year and cooked lentils need to be used within 3 months, if frozen. Thus, the ability of this legume to offer an excellent option for convenience food is accelerating the demand of lentils and subsequently driving the market growth.

Shift in preference for healthy and nutritious food products accelerating the market growth

Lentils are considered as a prominent source of protein. Additionally, these legumes are a rich source of plant fiber, potassium, zinc, iron, and vitamin B. Lentils are predominantly used by health-conscious consumers in their day-to-day diet routine. As the preference of consumers is changing towards more healthier and nutritious food options, lentil is becoming increasingly popular staple food across the world. This versatile legume lowers the risk of heart disease by controlling cholesterol and blood pressure levels. Hence it is heavily consumed in comparison to other legumes such as beans, chickpeas, and peas.

Furthermore, the increasing prevalence of favorable government policies for healthy and nutritious food is driving the vigorous growth of the market across the globe. For instance, according to the report published by the World Health Organization (WHO) in January 2021, the WHO urges various governments across the world to promote healthy food in public settings such as schools, childcare centres, nursing homes and hospitals, to avoid 8 million deaths caused by unhealthy diets. Thus, this significantly increases the demand for lentils and augments the growth of lentil in the market across the globe.

Key Restraints :

Increasing prevalence of disruption in supply chain between trading countries is restricting the growth of the market

Lentil is a major trading product, which contributes to the phenomenal economic growth of the participating countries in the trade. The increasing instances of conflicts between countries with respect to politics, environment, policies, and security subsequently lead to obstacles in supply chain activities. Thus, resulting in restriction of trading activities and impacting the smooth supply of items beyond the national borders.

Moreover, the increased incidences of diplomatic tensions between countries lead to an indefinite scope for economic slowdown by affecting the business trade. For instance, according to the article published by the Council on Foreign Relations, an organization, on September 2023, India and Canada postponed their trade negotiations, after diplomatic tension arose over the killing of a Sikh separatist. As a result, the trade of lentils to India has slowed down, owing to Canada being one of the largest producers of lentils in the world. Thus, the aforementioned factors are affecting trading activities and restricting the growth of the lentil market across the globe.

Future Opportunities :

Rising demand for plant-based protein is expected to offer lucrative growth over the forecast period

Lentil is considered a reliable source of protein, and it is an excellent substitute for animal fat. Traditionally, meat is predominantly consumed as a source of protein. However, the growing shift in preference for plant-based protein alternatives is accelerating the demand for lentil in the market. The expanding applications of lentil to develop healthy and nutritious alternatives in the snack and flour industry is expected to drive market growth over the forecast period.

Furthermore, the high nutrition profile of lentil makes it a primary choice for plant-based protein alternatives to replace animal-based protein. For instance, according to the article published by Lentils Organization in 2023, the nutrition profile offered by ½ cup of lentil includes 12 grams of protein and 8 grams of fiber, which makes it an ideal substitute for animal based protein. In addition, most population limiting the consumption of meat is expected to drive the growth of plant based protein industry, further enhancing the scope for new product development opportunities in the lentil market.

Top Key Players & Market Share Insights:

The lentil market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-