Sunflower Protein Market to See Competition Rise | USD 156.3 Million by 2030
sunflower protein market
Global sunflower protein market generated $70.4 million in 2020, and is expected to reach $156.3 million by 2030, witnessing a CAGR of 8.8% from 2021 to 2030.
WILMINGTON, DELAWARE, UNITED STATES, April 26, 2024 /EINPresswire.com/ -- Rise in innovation in the product line where sunflower protein remains the key ingredient and increase in influence of advertisements are some of the major factors, which drive the growth of the sunflower protein market.
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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.
David Correa
Allied Market Research
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