Over the recent years, the global lentil market has been growing at a moderate rate. Some of the factors which are giving impetus to the market include changing lifestyles, growing health awareness amongst consumers, affordable price, longer shelf-life, ease in cooking, etc.
Part of the legume family, lentil refers to an edible pulse which is a seed of the Lens culinaris plant. Some of the lentil variants include black, yellow, red, brown and yellow. It has a high nutritional content with 35% of protein, equivalent to other non-vegetarian food products such as meat and fish. Moreover, lentil is a good source of iron, fibre, folate, thiamine, potassium, phosphorus, manganese, vitamins, carbohydrates and other essential amino acids like lysine and isoleucine. Some of the health benefits associated with lentil include reducing the risk of heart disease, maintaining diabetes, preventing cancer, improving digestion and boosting metabolism. A new research report titled “Lentil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” by IMARC Group estimates that the global lentil market reached a volume of 6 Million Tons in 2017. The report further anticipates the market to cross a volume of 7.4 Million Tons by 2023, at a projected CAGR of 4% over the forecast period.
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Global Lentil Market Drivers/Constraints:
- One of the significant factors influencing the market demand for lentil is the rising health awareness amongst consumers. Owing to this, the consumers have shifted towards wholesome food products like lentil.
- Lentil is a protein-rich food product which is available at an affordable price point and it is used in the food and beverage industry for diverse applications. In addition to this, the food retail sector is undergoing a vast expansion, thereby influencing the growth of the lentil market.
- A rise in disposable incomes, particularly in the developing regions has further propelled the consumption of lentil globally. Apart from this, the longer shelf-life coupled with ease of cooking has made lentil a popular food item amongst the working women.
- However, there are various factors which act as a hindrance to the growth of the market. For instance, lentil contains phytic acid which is present in all edible plant seeds. It hampers he body’s ability for processing, and absorbing iron, calcium and zinc.
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On a geographical front, Canada enjoys a leading position in the global lentil market, accounting for the largest market share. Canda is followed by India, Australia, Turkey and Nepal. Based on export and import trends, the report finds that Canada exhibits a clear dominance in the total global export volumes. On the other hand, India represents the biggest importer, accounting for majority of the total import volume.
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