Lentil Protein Market
Lentil Protein Market (Product Type: Protein Isolates, Protein Concentrates, Flour, and Other Product Types; Nature: Organic and Conventional; End Use: Food Processing, Animal Feed, Nutraceuticals, Sports Nutrition, and Infant Nutrition; and Processing Type: Dry Processing and Wet Processing) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Press Release :
Innovations in Meat Substitutes and Evolving Consumer Preferences to Boost Market Growth
The rise of new and upcoming niche trends across the food & beverage sectors, particularly over the past decade, has led to the development of several new food products and ingredients. In the past few years, plant-based proteins have managed to garner immense popularity around the world due to its potential benefits over meat-based proteins and other nutritional benefits. In addition, growing consumer awareness pertaining to the advantages of consuming plant-based proteins has led to considerable growth in the demand for plant-based proteins, including pea, soy, and lentils. The lentil protein market has witnessed considerable movement over the past decade, owing to evolving consumer behavior as more number of food brands are launching plant-based protein products.
Mounting environmental concerns and rising regulatory pressure have compelled food manufacturers to explore the potential of plant-based proteins. In addition, the exponential rise in the vegan population around the world, particularly in the developed regions such as North America and Europe is another major factor that is expected to provide considerable boost to the lentil protein market during the assessment period. At the back of these factors coupled with the growing adoption of social media marketing, the global lentil protein market is on course to attain a market value of ~US$ 181 Mn by the end of 2030.
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Augmenting Consumer Demand for Plant-based Products to Aid Market Growth
Over the past decade, demographic changes coupled with growing consumer inclination toward a healthier lifestyle have played a key role in boosting the interest levels for lentil proteins. As the plant-based eating trend continues to gain considerable momentum across the world, with it, the demand for lentil proteins is on the rise– a factor that is expected to propel the growth of the lentil protein market during the assessment period. In addition, as more number of consumers mainly in developed regions of the world are leaning toward a sustainable diet; the consumption of lentil protein has witnessed considerable growth– a trend that is projected to continue over the upcoming years.
Furthermore, as lentils have emerged as an ideal source of various nutrients such as iron, folate, lean protein, and dietary fiber, among others, the demand is expected to grow at a consistent rate during the assessment period. In addition, as per the current observations, consumer affinity toward meat-based proteins is on the decline in several regions of the world due to growing awareness pertaining to the benefits of veganism and vegetarianism– a leading factor that is projected to drive the lentil protein market during the assessment period.
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Several food and beverage manufacturers are increasingly investing in research and development activities and launching innovative plant-based protein products in the market. Market players are also expected to expand their product portfolio to cater to the growing demand for plant-based protein from athletes and sportsmen around the world. For instance, in August 2019, Parabel USA Inc., a leading producer of plant-based protein ingredients from water lentils announced the launch of a neutral-colored protein ingredient that is free from allergens and an ideal substitute for meat-based proteins. The launch of plant-based proteins has witnessed a noteworthy growth over the past couple of years. At present, companies in the lentil protein market are expected to address the existing supply issues of plant protein ingredients.
COVID-19 Pandemic Puts Spotlight on Plant-based Proteins in Several Regions Worldwide
The ongoing COVID-19 pandemic has caused considerable changes across the food & beverages sector. As brands continue to explore the possibilities of implementing different strategies to mitigate the losses induced by the pandemic, several key strategies have emerged. At present, innovations and research across the plant-based protein sphere have witnessed a considerable growth, as more number of consumers are leaning toward the consumption of plant-based proteins amid the ongoing pandemic due to the looming uncertainty and safety concerns revolving around meat consumption. Moreover, pea, soy, and lentil proteins have emerged as an ideal replacement for meat-based proteins amid the ongoing COVID-19 pandemic across several corners of the world.
While offline sales are likely to witness a considerable dip due to lockdown measures implemented by several nations, companies in the lentil protein market are expected to focus on increasing their online sales by formulating engaging social media campaigns.
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The lentil protein market is expected to grow at a moderate CAGR of 4.8% during the forecast period. The market growth is primarily driven by a range of factors, including exponential rise in vegan and non-meat eating population worldwide, ongoing innovations in meat alternatives, growing consumer awareness pertaining to the potential benefits of plant-based proteins, and growing investments in research and development. Market players should focus on curating impactful social media campaigns and expand their product portfolio to cater to the growing demand for plant-based proteins during the assessment period.
Lentil Protein Market: Overview
- The global market value for the lentil protein market stood at ~ US$ 112 Mn in 2020, finds Transparency Market Research (TMR) in a recent study. According to the report, the market is anticipated to reach ~US$ 181 Mn by 2030, at a CAGR of 4.8%.
- The lentil protein market is estimated to witness lucrative business due to the rising demand from RTE (Ready-to-Eat), as well as gluten-free food products. The global lentil protein market is also driven by the growing demand for plant-based protein alternatives.
Lentil Protein: Market Frontrunners
- Protein isolates, protein concentrates, and flour, among other products, are the key segments in terms of product type; among which the protein isolates segment is leading and in 2020, it accounts ~46.7% of the market in terms of value.
- Conventional is the leading segment in the global lentil protein market based on the nature segment. These segments account for 95.5% of the market, respectively, in term of value.
- Based on end use, the lentil protein market has been classified into food processing, animal feed, nutraceuticals, sports nutrition, and infant nutrition. The food processing segment holds the leading market share of 70.5% in 2020 of the market in terms of value.
- Dry processing segment holds a dominant market share on the basis of processing type, as end users manufacturers & consumers are incorporating & adopting various technologies for the production of lentil proteins.
- Geographically, the global lentil protein market encompasses North & Latin America, Europe, South Asia, East Asia, MEA (Middle East & Africa), and Oceania. Among these regions, Europe holds the major market share that is approximately ~40% and followed by North America, accounting for approximately ~33.3% of the total market share, respectively.
Lentil Protein Market: Trends
- Alternative Proteins are Gaining Share
Plant-based protein is gaining share and is expected to remain the same during the forecast year. The demand for traditional meat is still high despite rising concerns about sustainability and animal welfare. This is due to various reasons such as the rising middle class population and less economic options that could offer the same taste as that of meat. But the alternative proteins or the meat substitute market is expected to gain share in the huge industry. There are various research and development activities that are being conducted for meat alternative produce. Strategies adopted by start-ups such as Beyond Meat and Impossible Foods have been crucial to change as observed in the meat industry. These concerns have also led to meat giants such as Tyson Foods and food and beverage giants such as Nestlé to enter this segment of alternative proteins.
- Veganism and Vegetarianism Lifestyle to Boost Botanicals Trend
Rising incidences of diabetes, obesity, and heart-related disorders have spread the awareness regarding health among consumers who are now buying healthy food products with reduced amount of salt, sugar, calories, and fats. Religious and ethical issues have supported the class of vegans with scientific studies offering related interpretations. These studies suggest that excessive meat consumption, mainly red meat, can increase risks of CVDs (cardiovascular disorders). This, in turn, has stimulated the acceptance of vegan and vegetarian diets. Moreover, health-conscious buyers are looking for botanical ingredients that have supplementary health benefits over various synthetic ingredients. As the demand for plant-based products are increasing due to which, botanical food products are likely to gain more traction in the global market.
Lentil Protein Market: Strategies
- Key manufacturers operating in the global lentil protein market are introducing several innovative technology-based products, along with clear information regarding their production technology, sourcing as well as health benefits
- Product Launches and Key Innovations: The lentil protein manufacturers have started introducing several products with various health beneficial properties.
- In August 2019, the company Parabel USA Inc. (Vero Beach, FL) has launched a neutral-colored pure protein hydrolysate prepared from lentils (water lentils), and an allergen-free substitute for other plant proteins for instance soy and pea
Target Region for Lentil Protein Market
- As of 2020, Europe holds the major market share and is anticipated to continue leading the global lentil protein market during the forecast period, followed by North America having the second major market share for lentil proteins
Lentil Protein Market: Players
- Leading key manufacturers operating in the global lentil protein market, as profiled in the study, comprises
- Archer Daniels Midland Company
- Cargill Inc.
- Parabel USA Inc.
- Henry Broch Foods
- Biorefinery Solutions
- AGT Food and Ingredients
- Ingredion Inc.
- AMCO Proteins
- BI Nutraceuticals, Inc.
- GEMEF Industries
- Vestkorn Milling AS
Lentil Protein Market – Scope of the Report
Transparency Market Research (TMR) has recently published a market study on the lentil protein market. It provides a detailed assessment of key market dynamics, including drivers, trends, opportunities & restraints, and detailed information about the lentil protein market structure. The market study presents exclusive information about how the lentil protein 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 lentil protein market during the forecast period.
The study is intended to offer a holistic market overview to stakeholders in the lentil protein, including manufacturers, suppliers, distributors, and investors, and to help them develop winning growth strategies. Stakeholders in the lentil protein 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 the expansion of the market. It also offers actionable insights into the future trends in the lentil protein market. Furthermore, small businesses and new entrants in the lentil protein 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 Lentil Protein Market Report
- Which region will continue to remain the most profitable regional market for lentil protein market players?
- Which factors will induce a change in the demand for lentil protein during the assessment period?
- How will the changing trends impact the lentil protein market?
- How can market players capitalize on the low-hanging opportunities in the lentil protein market in developed regions?
- Which companies are leading the lentil protein market?
- What are the winning strategies of stakeholders in the lentil protein market to catapult their position in the forefront?
Lentil Protein Market: Research Methodology
In the TMR’s study, a unique research methodology has been used to conduct extensive research on the growth of the lentil protein 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 lentil protein 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 has been compiled in a comprehensive manner. This also acts as a validation from companies in the lentil protein market, which makes TMR’s projections more accurate and reliable.
Lentil Protein Market – Segmentation
TMR’s study on the lentil protein market offers information divided into important segments - product type, nature, end use, processing type, and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.