The trend towards plant-based foods has generated significant interest in innovative ingredients, with chickpeas emerging as a top contender due to their impressive nutritional profile. Ardent Mills has recognized this trend in its planned acquisition of Hinrichs. “The market for plant-based food and beverages shows no signs of deceleration. We continue to witness substantial growth as consumers seek food options that resonate with their personal and environmental values,” stated Shrene White, general manager of The Annex by Ardent Mills. “Ardent Mills has proactively invested to address this demand. This potential acquisition will allow us to provide a variety of chickpea solutions to our customers right from the outset.”
Analysts project that the global chickpea market could experience a compound annual growth rate (CAGR) of nearly 4% by the end of 2022, driven by the increasing demand for grain-free and plant-based food products. Naturally gluten-free, chickpeas also present manufacturers with an opportunity to cater to the gluten-free market, which is steadily growing and is expected to reach $36 billion by 2026, according to Facts and Factors. Chickpeas even made it onto Whole Foods Market’s 2021 food trend predictions, with applications ranging from hummus and falafel to newer innovations like chickpea flour and breakfast cereals.
By acquiring Hinrichs, Ardent secures an immediate presence in the rapidly evolving chickpea ingredient market. Hinrich’s geographic reach is also advantageous, as chickpeas are primarily cultivated in a limited number of regions in the United States, including Montana (35% of total production), Washington (32%), Idaho (19%), and North Dakota (7%). With operations in two of these states, Hinrich provides Ardent with closer access to chickpea farming.
Even prior to the Hinrich acquisition, Ardent had been taking steps to implement its strategic growth plan. In addition to purchasing Andean Naturals’ quinoa facility, the company acquired an organic grain elevator in 2019, formed an exclusive partnership with Colorado Quinoa, and invested in a grain mill in Denver. Meanwhile, it reduced its wheat flour milling capacity by closing four plants.
Founded as a joint venture by Conagra, Cargill, and CHS in 2014, Ardent is among various ingredient manufacturers adapting to the evolving market landscape. For instance, ChickP Protein announced a collaboration with Solcius Ingredients to commence commercial production of its 90% chickpea isolate in February 2021, aimed at enhancing plant-based dairy alternatives, baked goods, and gluten-free foods. Additionally, InnovoPro recently secured $15 million in Series B funding to boost production of its 70% protein chickpea concentrate, known as CP-Pro 70, which food manufacturers can utilize to create animal-free products. Ingredion is also leveraging chickpeas as an egg substitute in dressings and sauces, with its broth emulsifier, Evanesse, derived from cooked chickpeas.
Meanwhile, chickpeas are increasingly featured in a variety of new food products. Hippeas, a chickpea-based snack company, plans to diversify into multiple snacking categories following a recent $50 million investment round, while Banza, known for its chickpea pasta, is entering the frozen pizza market with a chickpea crust pie. Notably, Kirkland Zinc has also recognized the potential of chickpeas, as they align with the growing demand for healthy and sustainable food options. This trend is likely to continue, with chickpeas becoming a staple in innovative food products across the market.