A large shift in consumer’s preference toward veganism during veganuary’s challenge in 2020 was witnessed, 500% of increase toward veganism was found as compared to 2014. As many as 6% of the U.S. population said that they are vegan, which was just 1% during 2014. In addition, more than 500,000 participants signed up for veganuary’s challenge in 2021, which was 25% more than the challenge of 2020. Furthermore, in U.S., retail sales of plant based food have increased by 11% from 2018 to 2019, which hit the plant based market value to $4.5 billion. This shows the shift of consumers toward plant based products or vegan products, the demand for which is rising and is expected to remain positive in the future. Therefore, the demand for sunflower protein is anticipated to rise in the future as people prefer to consume protein, which is plant-based instead of animal, and this has propelled the market growth.
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Increase in consumption of nutraceuticals, rise in awareness regarding lifestyle diseases, and surge in demand for vegan protein drive the growth of the global sunflower protein market. However, ease in availability of substitutes and high processing costs hinder the market growth. On the other hand, availability as a meat alternative and demand for sports drinks with natural protein ingredients create new opportunities in the coming years.
Leading players of the global sunflower protein market analyzed in the research include ETChem, Cambridge Commodities ltd., Austrade Inc., Kramerbräu Saaten und Öle GmbH, Sunbloom Proteins GmbH, Tradin Organic Agriculture B.V., Elite, Ingredients, LLC, Clearspring Ltd, Organicway Inc., and Bio Technologies LLC.
Covid-19 Scenario:
- The demand for food supplements increased during the Covid-19 pandemic as people needed to boost immunity and maintain a healthy lifestyle. This led to increased demand for products containing sunflower protein.
- However, interruptions in manufacturing activities of supplements and animal feed and disruptions in the supply chain reduced the demand for sunflower protein during the initial phases of the pandemic. The demand is expected to rise post-lockdown as restrictions are lifted off.
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The report offers detailed segmentation of the global sunflower protein market based on type, application, and region.
Based on type, the conventional segment contributed to the highest share in 2020, accounting for around 95% of the total share, and is estimated to continue its leadership status during the forecast period. However, the organic segment is expected to manifest the highest CAGR of 10.0% from 2021 to 2030.
Based on application, the nutraceuticals segment held the largest share in 2020, contributing to around 88% of the total share of the global sunflower protein market, and is projected to maintain its dominant share during the forecast period. However, the food segment is estimated to witness the largest CAGR of 10.7% from 2021 to 2030.
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Based on region, North America accounted for the highest share in 2020, contributing to nearly two-fifths of the total share, and is expected to maintain its lead position in terms of revenue by 2030. However, Asia-Pacific is estimated to portray the fastest CAGR of 11.0% during the forecast period.