Food And Beverage
According to data from the Global Pulse Confederation, global supplies of chickpeas, the main ingredient, could dip as much as 20% this year.
Weather and war have hurt supplies of the protein-packed bean, driving up food prices and creating headaches for food manufacturers.
Chickpeas are made into flour, hummus, soup, stews, and curries. While they are rising in popularity in the United States, they have long been key to people's diets in India and the Middle East—places already struggling to cover the rising costs of food imports.
Government data shows that farmers in the United States—the No.4 chickpea exporter globally—planted fewer chickpeas this year as poor weather bogged down spring planting and prioritized more lucrative commodity crops like corn and wheat.
Meanwhile, top buyers from the Mediterranean and South Asia are trying to scoop up dwindling US stocks as supplies shrink worldwide and as the war between Russia and Ukraine—both producers of chickpeas—exacerbates disruptions to global supply chains.
Navneet Singh Chhabra, director of Shree Sheela International, a global chickpea trader and brokerage firm, said Ukraine could not seed its total chickpea crop due to the ongoing war, removing 50,000 tons usually bound for Europe.