Alfalfa Protein Concentrate Market
Alfalfa Protein Concentrate Market (Product Form: Powder and Liquid; and End Use: Animal Feed, Dietary Supplements, and Pharmaceutical) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Press Release :
Apprehension Over Use of Animal-based Products to Drive Demand for Natural Plant-based Proteins
The last couple of decades has witnessed a significant evolution in consumer behavior, buying patterns, and food & beverage preferences. The demand for natural, organic, and sustainable products coupled with the growing interest in plant-based proteins are some of the leading factors that are expected to increase the demand for niche and novel food products and ingredients, including alfalfa protein concentrate in the upcoming years. In addition, consumer awareness pertaining to the benefits of different ingredients and plant-based products is another factor that is likely to trigger the expansion of the alfalfa protein concentrate market during the forecast period.
The growing evidence of the side-effects caused by animal-based food products is another factor that is likely to improve the sales prospects of alfalfa protein concentrate in the near future. The high nutritional value of alfalfa protein concentrate has played an imperative role in attracting consumers and the trend is projected to gather significant momentum in the upcoming years. At the back of these factors, along with impactful branding and marketing strategies, the global alfalfa protein concentrate market is expected to attain a market value of ~US$ 375 Mn by the end of 2030.
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Growing Consumer Demand for Protein-rich Food Products Propel Market Growth
Over the past few years, owing to rising awareness regarding the benefits of protein-rich food products, consumer demand has increased at a consistent pace. In addition, another trend that is expected to propel the expansion of the market for alfalfa protein concentrate is the growing affinity toward plant-based and natural food products. Alfalfa protein concentrate derived from plants has emerged as one of the most ideal protein alternatives and is increasingly being used across the food & beverages sector, particularly in North America and Europe. Due to high consumer awareness and concentration of top tier companies in the region, North America is expected to dominate the global alfalfa protein concentrate market during the forecast period.
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As consumer demand for protein-rich food products scales new heights, manufacturers involved in the current alfalfa protein concentrate market are focused on launching innovative food products to the market. Apart from the mentioned factors, notable growth of the vegan population across the world is another major factor due to which, the demand for vegan protein alternatives, including alfalfa protein concentrate is on the rise. In response to the surge in demand for healthy and natural food products, companies operating in the current market landscape are increasingly focusing on research & development activities to enhance the quality of products and minimize the quantity of sodium.
Plant-based Green Proteins Emerge as Ideal Protein Alternative for Underutilized Proteins
The demand for alfalfa protein concentrate from the animal feed industry is on the rise due to which, the alfalfa protein concentrate market is projected to grow at a steady pace during the forecast period. Due to the logistics and supply-side challenges put forward by long-distance transportation of soybean by the animal feed industry in Europe, locally sourced plant proteins are largely underutilized. In recent times, protein extracted from green biomass such as clover, alfalfa, grass, etc., has emerged as an ideal protein source and is increasingly being used over soybean. In addition, the production of green proteins has a lower impact on the environment due to which, the adoption of the same is on the rise, particularly within the animal feed sector in Europe. Animal feed companies are increasingly using alfalfa protein concentrates, owing to the desired amino acid composition and high digestibility and thereby emerging as an ideal protein source for monogastric animals, including chicken.
Sales Expected to Dip Worldwide, Animals Feed Classified as ‘Essential Goods’ in Europe
The advent of the novel COVID-19 pandemic is expected to negatively impact the sales of alfalfa protein concentrate particularly in 2020 and the first half of 2021. Trade restrictions, rising commodity prices, stringent lockdowns, and trade barriers are some of the factors that are likely to disrupt the supply chain within the alfalfa protein concentrate market. Market players are expected to tap into the opportunities across Europe wherein animal feeds are classified as ‘essential goods’. Sales via conventional channels are likely to take a hit due to which, brands are expected to focus on listing their products on e-commerce platforms, including Amazon and Alibaba.
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The global alfalfa protein concentrate market is expected to grow at a healthy CAGR of ~7% during the forecast period. The market growth can be primarily attributed to a host of factors, including high demand for protein-rich food products, growing consumer awareness pertaining to the benefits of alfalfa protein concentrate, and the surge in demand from the animal feed sector. Amidst the ongoing COVID-19 pandemic, market players are expected to focus on business contingency strategies to minimize the impact of the pandemic. In addition, players in the alfalfa protein concentrate market are projected to focus on rebranding their products and promote the same on digital platforms to gain an advantage.
Alfalfa Protein Concentrate Market: Overview
- The global alfalfa protein concentrate market was valued at ~ US$ 193 Mn in 2020, finds Transparency Market Research (TMR) in a recent study. According to the report, the market is anticipated to reach ~US$ 375 Mn by 2030, at a CAGR of ~7%.
- The shift in the trend in favor of the use of natural products has created a huge demand for plant-based proteins. The growing awareness regarding healthcare among consumers has been a major factor increasing the use of plant-based products over the animal-based products, which can have side effects such as trigger allergies in consumers. Alfalfa protein concentrate is derived from plants with high nutritional value, it is easy to consume and safe from allergy. Rising awareness about these factors will enable growth in the market in the coming years.
Alfalfa Protein Concentrate: Market Frontrunners
- Liquid alfalfa protein concentrate is witnessing high-volume demand in response to the increasing application in dietary supplements industry
- Presently, North America holds the largest share (over 40%) of the global alfalfa protein concentrate market. The high demand for natural products is a deeply fixed market trend. Awareness regarding health benefits of alfalfa protein concentrate is boosting the growth of the market in this region.
- Asia Pacific will exhibit the highest CAGR in the alfalfa protein concentrate market during the forecast period. The rising per capita income in emerging economies, rising health conscious population, along with rising dietary supplement industry expected to create substantial growth opportunities for the alfalfa protein concentrate market in the near future. Whereas rising pandemic disease in the mentioned region block the market growth for coming two to three years.
- In terms of end use, dietary supplements industry accounted for the largest share of about 48% in 2020. Due to multiple health benefits of alfalfa protein concentrate to consumers.
- With growing e-Commerce trend in the food market such as Amazon, Walmart, and Target taking keen interest on online delivery to consumers, whereas alfalfa protein concentrate is majorly preferred to buy through specialty stores
- Recent outbreak of coronavirus had significant impact on food, pharmaceutical, pet food, and dietary supplements manufacturers. This includes blocking of distribution networks and sourcing strategies. Therefore, alfalfa protein concentrate market also is also likely to be effected in term of transportation, raw material sourcing, unavailability of labor, and other restrictions caused due to lockdown enforced across several nations. This can have a negative impact on market growth over the few coming years.
Alfalfa Protein Concentrate Market: Trends
- Increasing Demand for Fortified Foods
- Protein fortification enhances protein ingredients of everyday foods, giving the products a ‘high-protein’ label. Consumer inclination for such foods is a result of various factors such as the rising incidence of lifestyle-related diseases and weight management. High protein foods aid in maintaining the consumer health. Snacks and bakery products containing high-protein ingredients, which are gaining popularity among consumers.
- In 2017, L-RD (Luzerne-Research & Development) has developed an alfalfa protein concentrate, Luzixeen, based on 100% French alfalfa. The company has received the European Commission’s authorization to market Luzixeen as a novel food ingredient for dietary supplements.
- Continuous Innovation of Healthy Foods and Beverages to Boost Growth
- An increasing number of consumers around the world are interested in healthier and nutritious food offerings. Consumers are withdrawing from the consumption of certain foods that are typically high in fat, sugar, and sodium. Consumers are accepting a basic mind-set, concentrating on simple ingredients, and less processed foods. Reacting to the continued demand for healthy products by buyers, several manufacturing companies continue to be pre-emptive in deploying innovations in R&D and technology. Reducing the amount of salt, sugar, and sodium is an objective being followed by many food companies.
Growing Health & Wellness Trend
- Consumers are attracted towards a healthy living, which has led to the higher consumption of food and beverages with potential health benefits. Currently, consumers have become more conscious about their daily diet, due to which, they are looking at a holistic approach to health and wellness that includes almost every aspect of healthy life.
- Additionally, consumers are more inclined towards fitness activities that enhance their well-being. For instance, an increasing number of consumers are indulging in exercises, eating natural and free-from foods, and opting for organic diet. Thus, the market for free-from foods is rapidly picking up pace globally, owing to an increase in the health and wellness awareness among the population, along with the growing number of highly affluent consumers, who are interested in consuming healthy food.
Alfalfa Protein Concentrate Market: Strategies
- Key players operating in the global plant-based food market are regularly offering consumers more innovative products regarding ingredients and flavors. This helps to meet the consumer demand for healthier food without compromising on the flavor, texture, taste, and nutritional qualities of the product. Alfalfa protein concentrate is one of the ingredients introduced with various health benefits.
- Alfalfa protein concentrate’ manufactures are investing in the expansion of their supply chain to increase their global footprint. Whereas online sales and e-Commerce have added a lot of grip to the market, and have helped it flourish in a new way with a better sales medium around the worldwide.
Target Region for Market
- In terms of value, countries in North America are likely to represent the largest share in the market by 2020 end and are expected to remain strong in the coming years as well. Whereas, Asia Pacific expected to show the high growth over the forecast period compare to other regions. Latin America and Europe is also holding lucrative share in alfalfa protein concentrate market.
Impact of COVID-19
- COVID-19 is announced as a global pandemic. According to trade organizations in the nutritional products industry, it has significant impact on the global supply chain for functional foods and dietary supplements industry. It is found that lockdown enforced to contain the spread of the virus is impacting farming, manufacturing, testing, packaging, shipping, and sales of raw material and finished goods. Manufacturers are taking measures to proactively manage the effects of COVID-19 on their supply chain, with the help of central as well as state government to supply the essential nutritional products to consumers.
Alfalfa Protein Concentrate: Market Players
- The global alfalfa protein concentrate market is consolidated in nature where a few competitors hold the majority of the shares. Some of the key players in the alfalfa protein concentrate market include
- Desialis SAS
- Bioriginal Food & Science Corporation
- Hindustan Animal Feeds
- Conduzioni Aziende Agricole Forte
- Alfalfas Sat Ansó
- Swanson Vitamins
- Xi'an Tianrui Biotech Co., Ltd.
- 3W Biotanical Extract
- Changsha Active Ingredients Group.
- Acetar Bio-Tech
- unan Nutramax Inc.
- Xi ‘An Tianyi.
- JIAHERB Inc.,.
Alfalfa Protein Concentrate Market - Scope of the Report
Transparency Market Research (TMR) has recently published a market study on the alfalfa protein concentrate market. It provides a detailed assessment of key market dynamics, including the drivers, trends, opportunities & restraints, and detailed information about the alfalfa protein concentrate market structure. The market study presents exclusive information about how the alfalfa protein concentrate market will grow during the forecast period of 2020-2030.
Key indicators of market growth, which include year-on-year (Y-o-Y) growth of the market, value chain, supply chain analysis, and compounded annual growth rate (CAGR) are elaborated in the study in a comprehensive manner. This information is intended to help readers understand the quantitative growth prospects of the alfalfa protein concentrate market during the forecast period.
The study is intended to offer a holistic market overview to stakeholders in the alfalfa protein concentrate, including manufacturers, suppliers, distributors, and investors, and to help them develop winning growth strategies. Stakeholders in the alfalfa protein concentrate market, which include investors, industry experts, researchers, and journalists, and business researchers, can leverage the information and data presented in TMR’s study.
The study also includes statistics and facts related to the macro as well as microeconomic factors that are impacting expansion of the market. It also offers actionable insights into the future trends in the alfalfa protein concentrate market. Furthermore, small businesses and new entrants in the alfalfa protein concentrate market can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Questions Answered in TMR’s Alfalfa Protein Concentrate Market Report
- Which region will continue to remain the most profitable regional for alfalfa protein concentrate market players?
- Which factors will induce a change in the demand for alfalfa protein concentrate during the assessment period?
- How will the changing trends impact the alfalfa protein concentrate market?
- How can market players capitalize on the low-hanging opportunities in the alfalfa protein concentrate market in developed regions?
- Which companies are leading the alfalfa protein concentrate market?
- What are the winning strategies of stakeholders in the alfalfa protein concentrate market to catapult their position in the forefront?
Alfalfa Protein Concentrate Market: Research Methodology
In TMR’s study, a unique research methodology is used to conduct extensive research on the growth of the alfalfa protein concentrate market and identify future growth parameters. This research methodology is a combination of primary and secondary research, to help analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts for compiling the alfalfa protein concentrate market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Information acquired from primary resources and secondary resources is compiled in a comprehensive manner. This also acts as a validation from companies in the alfalfa protein concentrate market, which makes TMR’s projections more accurate and reliable.
Alfalfa Protein Concentrate Market: Segmentation
TMR’s study on the alfalfa protein concentrate market offers information divided into important segments — product form, end use, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.