Steered by the rising demand for minimally processed food, containing non-GMO and natural ingredients, the lupin protein market is likely to witness strong growth rates through 2030, according to a new report by Future Market Insights (FMI).
In the food and beverage industry, meat substitutes, bakery products, and confectionery are the major segments witnessing high demand, followed by snacks & cereals products.
However, pulse protein is gradually stealing the spotlight away from the aforementioned segments as a result of the rising demand for natural, organic, and plant-based ingredients with significant health benefits.
Pulse protein is forecast to witness robust demand, especially among the increasing number of vegan and vegetarian consumers seeking for plant-based food and beverages.
The U.S., the U.K., Spain, Germany, Italy, France, and countries in Asia Pacific such as India and China currently represent the lucrative markets for lupin owing to the increasing demand for organic and plant-based protein ingredients.
FMI in its report studies various factors helping the lupin protein market gain impetus across these countries.
The FMI study delves deep into the prevailing dynamics to offer interesting insights into the lupin protein market. Some of these are:
- With growing awareness for benefits of plant-based products among consumers, the demand for alternatives protein has increased. This is encouraging manufacturers to develop innovative plant-based products with lupin protein as a key ingredient. According to FMI, the global lupin protein market is estimated to be valued US$ 84 Mn in the year 2020
- Among the end-use segments, food processing accounts for the leading market share and boasts a value of US$ 59 Mn. It is projected to expand at a CAGR of 4.7% over the forecast period
- Europe accounts for the largest share in the global market owing to the awareness among consumers regarding the benefits of lupin and its products. There are large number of manufacturers located in Europe, more concentrated in EU-4, Germany, and others. Their presence is expected to boost the market in the region
- Lupin protein products are recently introduced in North America. However, to realize impressive growth prospects in the region, market players are required to invest increasingly in marketing their products and promoting various health benefits of lupin protein
“Plant proteins are finding increasing application as a nutritional ingredient since they are obtained from nature and are additive-free. As a result, application of plant-based protein is increasing for food & beverage and nutritional purposes, as it is pure, natural, non-GMO, enriched with amino acids, and can be easily mixed with beverages and food products,” said a lead analyst at FMI
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Increasing Focus on Preventive Healthcare Anticipated to Fuel Demand for Lupin Protein
Sedentary lifestyles is often linked with the rising prevalence of lifestyle-related issues and diseases. To combat these issues, consumers are turning towards preventive healthcare and switching to healthy food with potential health benefits. Lupin is growing in popularity as a superfood and is used as key ingredient in dietary supplements, sports nutrition, nutraceuticals, and food products.
The growing popularity of lupin protein in various end-use applications is attributed to the health benefits associated with its consumption. Lupin is devoid of starch, which is very unusual for species of edible bean. It also contains moderate amount of carotenoids beta carotene, lutein, zeaxanthin, and tocopherols (vitamin E), which make it a “superfood” for today’s generation.
Lupin protein is a natural food, which has higher calcium and phosphate content than cereals. The increasing awareness regarding health and wellness among consumers has resulted in the increasing adoption of lupin protein as key ingredient across the food and beverages sector.
Who is winning?
The lupin protein market is currently at a nascent stage and the dearth of awareness is acting as a major restraint to growth. Companies operating in the market are currently focusing on product launches and spreading awareness about various health benefits to gain competitive advantage.
Companies such as Aminola, Coorow Seeds, and Lupine Protein Isolate (LPI) are focusing on various technological innovations to preserve nutritive profile of their ingredient and expand their customer reach.
Of these, Coorow Seeds is Hazard Analysis and Critical Control Point (HACCP) accredited, which ensures that under no circumstance the company will render food unsafe. Consumers are likelier to prefer food from companies with similar certifications.
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Get Valuable Insights into Lupin Protein Market
Future Market Insights, in its new report, presents an unbiased analysis of the global lupin protein market, covering historical demand data and forecast figures for the period between 2022 and 2032. The study divulges compelling insights into growth witnessed in the market. Based on nature the market can be segmented into conventional and organic. In terms of product type, the market is segmented into protein isolates, protein concentrates, flour, and other product types. Based on end use the market can be segmented into food processing, animal feed, nutraceuticals, sports nutrition, and infant nutrition. Based on process type the market is segmented into wet processing and dry processing. Regionally, the market covers North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA.