The global lentil protein market size is expected to reach US$ 142 Mn by the end of 2030, growing at 5.4% CAGR. Lentil protein market players are benefitting from broader gains in plant-based protein industry and veganism boom. FMI’s research report opines lentil protein marketplace to witness a foray of new players during the course of the forecast period.
Consumers are trying to follow a healthier lifestyle, and are inclined towards vegan, vegetarian, or flexitarian diets. Surveys conducted to study the evolving consumer behaviour have underscored one or more of the three key reasons for consumers going vegan, vegetarian, or flexitarian.
These reasons include personal health, animal welfare, and environmental concerns. There has been a 600% rise in individuals recognizing themselves as vegan in the U.S., which indicates veganism is rising rapidly in the country. An increasing number of consumers are opting for a vegetarian or vegan diet to follow healthy lifestyles.
Consumers are becoming more conscious about their food habits, which is compelling food producers to include plant-based ingredients to appeal to health-conscious consumer across the world. Targeting vegetarian or vegan consumers has become a popular trend, which is resulting in increased production of plant-based lentil protein.
Protein fortification helps in improving the nutritive profile of everyday food products giving them high-protein label. Consumer preference for protein-rich products is rising because of the increasing incidence of lifestyle-related diseases and weight management. This will augur well for the market, creating scope for its expansion.
Bakery and snack products containing vegetable protein is gaining popularity across the globe. Therefore, some of the key players in these sectors are increasing the use of lentil protein to increase the nutritional properties of bakery and snack products.
FMI’s report provides an exhaustive overview of the lentil protein market. It covers prevailing trends, growth drivers, opportunities, and potential restraints. The effect of numerous strategies adopted by the key players is studied as well in detail in the report.
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It includes in-depth insights into the lentil protein market. Some of these are:
- The estimated value of the lentil protein market was at US$ 84.2 Mn in 2020. The rising awareness regarding health and wellness and animal well-being is Enabling growth in the market
- The sale of ready to cook food products is rising as millennials find it is easy and convenient to cook. The use of lentil protein is rising in ready to eat products to offer better quality and nutritive profile to consumers
- The North America market is expected to dominate the lentil protein market and anticipated to grow with CAGR ~7% in the forecast period
- Due to the COVID-19 pandemic, the consumption of animal-based products is decreasing and plant-based products are rising which will enable growth in the lentil protein market
“Rising awareness regarding health and wellness has impelled consumer to opt for gluten-free, non-GMO, organic and natural food products. This has in turn improved scope for application of lentil protein across food companies,” said a lead analyst at FMI.
Increasing Consumer Interest in Gluten-Free Food Products Driving the Lentil Protein Market
Lentil is gaining more traction, particularly because lentil-derived ingredients are considered good alternatives for grain-based flour and are often used in gluten-free products.
Avoiding gluttonous food is one of the most well-known dietary trends in the U.S. More than 100 million people in the U.S. consume gluten-free products, most of these individuals do not even have celiac disease.
As a result of increasing awareness regarding the benefits of gluten-free food, consumers are likely to showcase higher demand for products containing plant-based ingredient. This will bode well for the lentil protein market.
Who is Winning?
Some of the key players operating in the lentil protein market are Archer Daniels Midland Company, Cargill Inc., Parabel USA Inc., AGT Food and Ingredients, Biorefinery Solutions, Ingredion Inc., BI Nutraceuticals, Inc., Vestkorn Milling AS, Henry Broch Foods, AMCO Proteins, GEMEF Industries, and other players.
Key players are focusing on expanding product offerings and production capacity of plant-based protein ingredients by a joint venture, acquisition, and mergers.
- In March 2020, ADM expanded its production of non-GMO soy protein concentrate in the Netherlands. The aim behind the production expansion was to strengthen the production capacity of plant-based ingredients
- In January 2018, Cargill entered into a joint venture with PURIS. The Cargill invested US$ 25 Mn to add substantial capacity at the Turtle Lake, Wis. production facility. The aim behind the joint venture was to expand the geographical presence and product portfolio of protein ingredients.
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Get Valuable Insights into Lentil Protein Market
Future Market Insights, in its new report, presents an unbiased analysis of the global lentil protein market, covering historical demand data and forecast figures for the period between 2020 and 2030. The study divulges compelling insights into growth witnessed in the market. Based on product type the market can be segmented into protein isolates, protein concentrates, flour and other product types. In terms of nature, the market can be segmented into organic and conventional. Based on end use the market can be segmented into food processing, animal feed, nutraceuticals, infant formula and sports nutrition. In terms of processing type, the market can be segmented into dry processing and wet processing. Regionally, the market covers North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA.