Lentil Protein Market to Fuel Plant-Based Protein Trend with a CAGR of 7.6% by 2030
According to a new report published by MarkWide Research, titled, “Lentil Protein Market,” the global market for lentil protein is expected to experience significant growth. Lentil protein, derived from lentils, is gaining popularity as a plant-based protein source due to its nutritional benefits and sustainability.
The report reveals that the global lentil protein market is projected to witness a robust CAGR of 7.6% over the forecast period from 2023 to 2030. This growth is driven by the increasing demand for plant-based protein alternatives, dietary preferences for vegetarian and vegan diets, and the nutritional value of lentil protein.
Key Findings from the Report:
- Plant-Based Nutrition: Lentil protein is recognized for its high protein content, making it a valuable source of plant-based nutrition.
- Vegetarian and Vegan Diets: The rise in vegetarian and vegan diets fuels the demand for plant-based protein sources like lentil protein.
- Functional Food: Lentil protein is used in various functional food products, including protein bars, shakes, and meat substitutes.
- Sustainability: The cultivation of lentils is considered environmentally friendly, contributing to the sustainability trend.
- Research and Development: Ongoing research focuses on improving the taste and texture of lentil protein products.
Market Forecast:
The report indicates that the global lentil protein market is currently valued at $215 million in 2023 and is projected to reach $390 million by 2030, with a CAGR of 7.6% during the forecast period. North America and Europe are expected to be key regions for market growth, driven by the increasing adoption of plant-based diets.
Company Profiles:
Key players in the global lentil protein market include Archer Daniels Midland Company, AGT Food and Ingredients, and Batory Foods. These companies specialize in producing and supplying lentil protein for various food and beverage applications.
Conclusion:
The global lentil protein market is set for substantial growth, driven by the shift towards plant-based diets and the recognition of lentil protein as a valuable source of nutrition. With a projected CAGR of 7.6% by 2030, this market offers opportunities for manufacturers to meet the growing demand for plant-based protein alternatives.