Pulse
Protein Market: Introduction
Pulses
are the sub-group of the legume family and have been consumed for
thousands of years. Pulses have high content of protein,
carbohydrates, vitamins, and minerals and have a low content of fat
and are also a have lower prices than most of the protein
alternatives which makes them highly important in developing and
underdeveloped countries, as they play an important role in
consummating the requirement of nutrition of exponentially increasing
population. Furthermore, there is an increasing trend among people in
using alternative protein sources which are of lower cost and more
healthier when compared conventional protein source i.e. animal and
dairy. Pulses meet all these requirements as they have high protein
and nutritional content, abundance availability and relatively low
production cost than its alternatives which has resulted in an
increased traction of pulse protein in the market globally.
Furthermore, on the backdrop of a continuous increase in demand for
the ingredient from food & beverages industry, existing
ingredient producers included pulse protein in their product
portfolio and stimulated the global pulse protein market. Moreover,
to cater the business opportunities in plant based protein market due
to the growing appetite for protein around the world has influenced
even the meat processor giants such as Tyson Foods Inc which a U.S.
based company to invest into U.S. based Beyond Meat, Inc which
produces plant-protein based food products.
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Pulse
Protein Market Segmentation
Global
Pulse Protein market can be segmented on the basis source, end use
application, distribution channel, and region. On the basis of
source, pulse protein market is segmented into beans, peas, lentils,
and others. On the basis of end use application pulse protein market
is segmented into bakery, energy bars/supplements, snacks, breakfast
cereals, noodles/pasta, dairy products, and others. On the basis of
the distribution channel, Pulse Protein market is segmented into
direct and indirect sales. Indirect sales can be sub-segmented into
modern trade, specialty stores, online retail, and convenience
stores. Under indirect sales segment, online retail sub-segment is
anticipated to increase with highest CAGR owing to increasing
preference among millennials to shop from e-commerce coupled with
increasing penetration high-speed internet globally
Pulse
Protein Market: Regional Outlook
On
the basis of geography, the Pulse Protein market is segmented into
North America, Latin America, Europe, Asia-Pacific, and MEA.
Globally, among all regions, Europe is expected to be the largest
market for the Pulse Protein, followed by North America over the
forecast period owing to the relatively high consumption products
rich in protein content as there is increasing trend of product
launches marked high protein labels. However, Asia Pacific is
anticipated to witness rapid growth over the forecast period owing to
the lower prices of Pulse Protein based products than its
alternatives protein sources, rising population and growing consumer
preferences for the food products rich in nutritional content in
countries such as China and India.
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Pulse
Protein Market: Dynamics
There
is an increasing demand for protein rich food products globally,
which has translated into rising number of mainstream product
launches marked with high protein label. Furthermore, there is an
increase in demand for plant based protein as it is healthier and
affordable which is anticipated to drive the growth of global pulse
protein market over the forecast period. Moreover, growing demand for
clean label food products in developed market is expected to boost
the growth of pulse protein market as pulse protein is free from
allergens such as gluten, chemical additive, and are sourced
sustainably. However, lower penetration of pulse protein market in
developing economies and lower consumer awareness are the factors
expected to restrain the growth of pulse protein market over the
forecast period.
Pulse
Protein Market Key Player:
Some
of the major players operating in Pulse Protein market includes
Ingredion Incorporated, Kerry Inc, Axiom Foods, Inc, Cargill,
Incorporated, Bob’s Red Mill Natural Foods, NOW Health Group, Inc.,
Farbest Brands, MORRE-TEC Industries, Inc., and other regional
players.
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