According to United States Department of Agriculture (USDA), the share of food-insecure people globally is expected to fall in 76 low-and middle income countries during 2019-2029 period. The share is expected to fall from nearly 19.3% to 9.2% in 2019. Moreover, the number of food-insecure people in the aggregate global economy will fall by 45% during the same period. This global trend is likely to drive tremendous growth for various food products, and most notably for dehydrated green beans market.
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Rising demand for healthy foods is a major opportunity in the global dehydrated green beans market. According to TMR experts, the market reached a valuation of 3.5 bn in 2019. The growth of the market is rising at unprecedented speeds according to the U.S Dry Pea and Lentil council, thanks to rising demand for pule-focussed food products like hummus. The products resulted in sales of less than $10 million in the 90s, and industry estimates predict that the food products grossed $700-800 million in 2019.
The rise of food products like hummus and rising demand for lentils, show a growing trend towards gluten-free and healthier snacking. This is expected to be a major advantage for players in the dehydrated green beans market, as pulse crops are naturally gluten-free. Moreover, the growing demand in key markets in like the US is driven by USDA’s dietary guidelines, which recommended higher consumption lentils, dry peas, and beans in 2010. The guideline further added that the pulses are high in fibres, and protein, and can be classified as either vegetable or protein food group.
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Rising Demand for Glutten-free Products and Low Prices to Drive Growth
The demand for hydration will likely remain robust as dehydration results in longer storage capacity, which is a key consumer need. Growing trend towards refrigerated ready-to-cook meals, and high prepration yield factor, and low retail prices for canned and frozen food variety are expected to drive tremendous demand for dehydrated green beans. For example, according to the USDA, the retail price for frozen and canned green bean stood at US$1.70 and $0.82 with yields of 90.3% and 65% respectively. Moreover, while the frozen segment will naturally provide more opportunities, the canned segment has 35% of its weight in liquid, which will create new opportunities for growth for players who seek dehydration equipment, and services.
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