Understanding Impact of COVID-19 on Pulse Protein Market
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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