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.
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
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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.
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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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