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.
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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.
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