Alfalfa Protein Concentrate Market

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.,.