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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Analysts’ Viewpoint
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 - 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.