ALBANY, N.Y., March 24, 2021 /PRNewswire/ -- Over the last decade, the emergence of new and evolving niche trends in the food and beverage industry has resulted in the development of a number of new food product lines and ingredients. Plant-based proteins have gained enormous popularity in recent years due to their potential benefits over meat-based proteins, thanks to their various health benefits. Besides that, rising consumer awareness about the positive effects of eating plant-based proteins, such as lentils, soy, and pea has resulted in a significant increase in demand for these food items. Because of changing consumer behavior and a growing number of food companies launching plant-based protein products, the global lentil protein market has seen significant growth over the last decade.
Producers of food items have been forced to explore the effectiveness of plant-based proteins as a result of increasing environmental issues and government regulations. Besides that, there has been a dramatic increase in the vegan population across the globe, particularly in urban areas of developed countries like Europe and North America. This is another important factor that is anticipated to augment the demand for lentil protein significantly over the period of assessment. The expansion of the global lentil protein market is likely to be driven by these factors, as well as the increasing utilization of social media marketing.
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During the forecast period, the global lentil protein market is predicted to expand at a 4.8% CAGR over the analysis timeline, from 2020 to 2030. The market's growth can be attributed to increased understanding of the health benefits of alternative sources of protein.
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Key Findings of Market Report
- Growing Concern for Animal Health and Sustainability to Shape Future Course of the Market
Plant-based protein is capturing market rapidly and this trend is anticipated to continue over the period of forecast, from 2020 to 2030. Despite growing concerns about sustainability and health of animals, conventional meat is still very much in high demand. This is attributed to a number of factors, including an increase in the middle class population and lack of affordable alternatives to meat. However, alternative proteins, also known as meat substitutes, are anticipated to grow in popularity in this booming industry. For meat substitute products, various research and development activities are being carried out. As noticed in the meat industry, strategies introduced by start-ups, such as Impossible Foods Inc. and Beyond Meat have been important to transition in the meat industry. As a result of these issues, meat behemoths like Tyson Foods and food and beverage mega-corporations like Nestlé have entered into the market of alternative protein. Growing popularity of these products are likely to augur well for the global lentil protein market over the analysis timeframe, from 2020 to 2030.
- Increasing Awareness about the Benefits of Lentil Protein to Accentuate Demand
Consumer understanding of lentil protein is continuing to grow amongst health-conscious consumers, particularly those who have sports nutrition products on a regular basis. Lentil protein has earned rapid popularity in the market as a superior and safe alternative to traditional proteins. In addition to that, a growing number of customers are adopting a more leisurely lifestyle and concentrating on improving their fitness. Consumers in the Japan, Germany, Brazil, the UK, and the US and have favourable impression of lentil protein's health benefits. Increasing awareness is likely to foster growth of the global lentil protein market in the near future. As a result, manufacturing companies of lentil protein, which is at the forefront of the plant protein field in the nutrition business, have prospects to produce new products.
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Lentil Protein Market: Growth Drivers
- The global lentil protein market is predicted to be profitable, thanks to the growing demand for gluten-free and Ready-to-Eat (RTE) food items. The rising demand for plant-based protein substitutes is anticipated to boost the global lentil protein market.
- Health-conscious consumers, particularly those who take sports nutrition items on a regular basis are becoming more aware of lentil protein, which is likely to support development of the global lentil protein market over the tenure of analysis, from 2020 to 2030.
Global Lentil Protein Market: Key Competitors
- AGT Food and Ingredients
- Archer Daniels Midland Company
- Parabel USA Inc.
- Vestkorn Milling AS
- BI Nutraceuticals, Inc.
- Biorefinery Solutions bv (BRS)
Global Lentil Protein Market: Segmentation
- Protein Isolates
- Protein Concentrates
- Food Processing
- Animal Feed
- Sports Nutrition
- Infant Nutrition
- Dry Processing
- Wet Processing
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