According to a new report published by Allied Market Research, titled, “Global Sunflower Protein Market by Nature and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,”
The global sunflower protein market was valued at $70.4 million in 2020, and is expected to reach $156.3 million by 2030 at a CAGR of 8.8%.
Sunflower protein is extracted from the meal produced while extracting the oil from the seeds of the sunflower. The demand for sunflower protein has gained traction, owing to widespread promotion and advertisements regarding the importance of consuming plant based protein and the disadvantages of having protein deficiency.
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 sunflower protein market demand 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 sunflower protein market growth.
Recently, a new food product has been launched by sunflower family USA, which is Organic Sunflower Haché that contains textured protein of sunflower made from organic sunflower seeds. It is a plant-based alternative of animal meat made from only one ingredient. In addition, many food products such as meat loaf, burgers, meat balls, tacos, and lasagna can now be prepared possibly by using plant-based or vegan ingredient, which is launched in the market as organic sunflower haché. It provides 10g plant protein and 4g dietary fiber per serving. Therefore, owing to the growth of veganism which is an ongoing sunflower protein market trend, many people now prefer food that are vegan and contain all the essential nutrients, which are expected to lead to the growth of vegan meat alternative in future.
The rapid spread of the coronavirus has disrupted the supply chain of the sunflower protein market, owing to which the companies faced a minor downfall in the initial phase of the COVID-19 pandemic, as the production without the labor force was not that easy, and the transportation faced minor challenges, however, soon they managed to maintain the availability of their products in different supply channels of the market.
The sunflower protein market is segmented into type, application, and region. On the basis of type, the market is bifurcated into natural and synthetic. On the basis of application, the market is categorized into supplements, cosmetic, and animal feeds. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, India, Japan, ASEAN, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa, and rest of LAMEA).
Key Findings of the Study
- By nature, the sunflower protein market size of conventional segment remained the dominant segment in the year 2020, and is expected to gain market share in the coming years.
- By application, food sector is anticipated to grow with a moderate CAGR during the sunflower protein market forecast period.
- By region, North America led in terms of the global sunflower protein market share in 2020, and is expected to retain its dominance during the forecast period.
The players operating in the global sunflower protein market have adopted various developmental strategies to increase their market share, gain profitability, and remain competitive in the market. The key players operating in the sunflower protein market include- ETChem, Cambridge Commodities ltd., KramerbräuSaaten und Öle GmbH, Austrade Inc., Tradin Organic Agriculture B.V., Sunbloom Proteins GmbH, Elite, Ingredients, LLC, Organicway Inc., Clearspring Ltd, and Bio Technologies LLC.