DUBAI, UAE / ACCESSWIRE / August 18, 2020 / According to a new market study by Future Market Insights (FMI), the lupin protein market is forecasted to expand at a CAGR of 5.4% between 2020 and 2030.
In the recent past, consumers across the world have become highly conscious of their health and are keeping a strict check on their food intake. As a result, there has been a remarkable uptick in the consumption of vegan, vegetarian, and flexitarian diet. This expected to act as a major growth driver to the lupin protein market.
Lupin protein is a minimally processed food with non-genetically modified organism (non-GMO) and natural ingredients. Owing to its organic nature, lupin protein is finding remarkable adoption in the food and beverage industry in the production of numerous products.
It has been noted that the number of vegans in the U.S. proliferated by 600% in the past three years, thereby compelling manufacturers to expand their portfolio with plant-based ingredients. Likewise, rising concerns regarding animal welfare and environmental safety are furthering demand for lupin proteins.
"The growing demand for gluten-free food products coupled with rising awareness pertaining to benefits of gluten-free food is propelling demand for lupin proteins. On this premise, market players are emphasizing the presence of plant-based ingredients in their products during marketing, and are designing their promotional strategies around the consumer preference", opines an FMI analyst
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Lupin Protein Market - Key Takeaways
- Surging demand for gluten-free food products is expected to act as a major growth attribute to the lupin protein market.
- Food processing segment is forecasted to progress at a CAGR of 4.7% and surpass a valuation of US$ 59 Mn by 2030.
- Europe is projected to account for the majority of share in the global market value backed by high consumer awareness regarding the benefits of lupin.
- Conventional lupin protein will remain the most sought-out type while organic lupin protein is expected to gain prominence among consumers.
Lupin Protein Market - Key Trends
- The ever-growing number of people seeking gluten-free food products has been identified as a key factor for market growth.
- Rising awareness regarding the adverse effects of animal protein backed by the emergence of social media is positively impacting consumer perception.
- Market players are focusing on catering ingredients for a special use in diverse food applications
Lupin Protein Market - Regional Analysis
- Europe is forecasted to remain the leading regional market for lupin proteins backed by a strong presence of manufacturers coupled with high health consciousness among consumers in the region.
- North America will account for a prominent share in overall market value, as over 100 Mn people in the U.S seek gluten-free food products.
Lupin Protein Market - Competitive Landscape
Some of the key players operating in the lupin protein market include, but not limited to, Aminola BV, A. Constantino & C. S.p.A, Prolupin Gmbh, FRANK Food Products, Lupi Ingredients, Coorow Seeds, and Barentz B.V. Market players are closely monitoring the evolving consumer requirements and are focusing on innovations to enhance the nutritive profile of their ingredient to achieve the same.
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Lupin Protein Market - Taxonomy
- Protein isolates
- Protein concentrates
- Other product types.
- Food processing
- Animal feed
- Sports nutrition
- Infant nutrition.
- Wet processing
- Dry processing
- Rest of Latin America
- Rest of Europe
- Sri Lanka
- South Korea
- New Zealand
Middle East & Africa
- South Africa
- Rest of MEA
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Get Valuable Insights into the Lupin Protein Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global lupin protein market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the lupin protein market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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SOURCE: Future Market Insights
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