Plant-based proteins can be isolated or concentrated to be added to different food and feed products. Dietary shift to more plant-based foods can be considered to be a key lever to reduce environmental impacts and achieve sustainable development goals. Plant-based foods have lower environmental impact as compared to animal-based foods. There are signs of development of plant-based protein in a majority of developed nations, representing new growth opportunities for key players in the food industry, as well as for farmers.
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With consumers on the “health comes first” spree, the food and beverage sector is into the immunity-centric mode. Along these lines, ingredients boasting of immunity claims like probiotics, moringa, turmeric, and elderberries are expected to rule the food and beverages market between 2021 and 2031. The other factor to be ponder about would be tech-enabled transparency i.e. rising interest of the consumers in the origin of foods they are ordering. Inclination towards plant-based products is another trend catching up.
On these grounds, elevated flavors that are being perceived as “healthy” are in demand. They could be fruits and berries, moringa, butterfly-pea flower. Additionally, with Gene-editing making its way into the vertical, customized vegetables and fruits could be obtained. Persistence Market, with its line of expertise in the form of analysts and consultants, has its market study/studies tabled regarding the facets of food & beverage industry along with the probable calls to action on the part of key stakeholders.
As such, high nutritional profile and functionality offered by potato protein is expected to drive the growth of the potato protein market at an expected value CAGR of close to 7% through 2030.
Key Takeaways from Potato Protein Market Study
- The food processing sector is expected to exhibit a high value CAGR of approximately 7% during the forecast period, and hold more than 65% of the global value share. Bakery and confectionery is expected to dominate the food processing industry, owing to the high functionality of potato protein.
- Demand for potato protein is expected to increase faster from the developing markets of South Asia, including India, Thailand, Indonesia, and others, with an expected value CAGR of around 10% through 2030.
- Europe leads the global potato protein market, followed by North America.
- Sales of potato protein isolates are expected to be approximately 1.5X times as that of potato protein concentrate in terms of volume. Potato protein isolates are also expected to witness exponential rise in demand, owing to their high protein content.
- The outbreak of COVID-19 has had a negative impact on the plant-based protein industry. However, with increased demand for health-beneficial ingredients with better nutritional profile, losses incurred by the potato protein industry are expected to be recovered in the near term.
- The Market in India is projected to expand at an impressive CAGR of nearly 11%, while that in China is set for 10% through 2030.
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Competitive Landscape
Key players engaged in the production of potato protein are focusing on the identification of new venues to take advantage of the booming plant-based protein market.
- In 2018, Avebe U.A. set up a new innovation center at the Zernike Campus in Groningen. This new innovation center was dedicated to the development of its potato starch and potato protein offerings.
- In 2020, AGRANA Beteiligungs-AG invested US$ 3.8 Mn for the expansion of its research and development facilities. The company invested US$ 2.8 Mn for the opening of its new development center in Mitry-Mory, France. It invested US$ 1 Mn for the expansion of its research center ARIC in Tulln.
Key players are also focusing on expansion of their product portfolios that are in line with consumer trends
- In 2020, AGRANA Beteiligungs-AG expanded its organic offerings in Switzerland and Liechtenstein. With this, the company aimed to cater to increasing customer demand for organic products. It also helped the company strengthen its position in these regions.
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