Global Lupin Market - 2022-2029

Global Lupin Market - 2022-2029

Market Overview

Lupin is a genus of flowering plants and comes from legume family. Lupins are widely cultivated both as food source and as ornamental plants. Lupins are rich in nutrients and contain good number of phytoestrogens and lower the volumes of trypsin. They are known for inducing nitrogen in soil and the soil fertile naturally. The by-products contain high dietary fibres and the seeds of lupin plants are abundant in amino acids, gluten-free, and full of antioxidants.

In addition, the increasing number of vegans is the major factor accelerating the growth of the lupin market in the forecast period. Furthermore, familiarity with the dairy alternatives, available to quench the dietary need is catering good revenues in the business pockets which are propelling the market growth rate as well. Thus, owing to these benefits, lupin in various forms and applications are highly preferred by the consumers globally.

The global lupin market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of YY% during the forecast period (2022-2029).

Market Dynamics: Growing consumer demand for vegan food is driving the growth of the global lupin market

Consumer demand for natural, organic and plant-based food products, has witnessed exponential growth in recent years. Due to increased consumer preferences for healthy and nutritious food products, along with this, the increased preference for plant-based healthy and tasty food alternatives. Research studies show that the global lupin market is anticipated to witness significant growth in the coming years.

Furthermore, changing consumer dietary preferences and inclination towards nutritious food products such as lupin flakes, seeds, flour and others is helping the lupin market to grow in the coming years. Lupin and its concentrates are not only used food & beverages industry but also in cosmetic, personal care, dietary supplements and others.

For instance,

• In April 2021, according to bloomberg, golden West Food Group Inc. is exploring strategic options including a sale that could value the food processor and distributor at more than $1 billion.

Consumers are more aware about their health & wellness, fitness, diet and weight now-a-days, especially after covid-19 pandemic. Consumers wants to maintain their health and stay fit to avoid any kinds of diseases, thus, are preferring the plant based and healthy diet and lupin-based products are most preferred by the consumers. Thus, the high nutritional value, and variety of applications related to lupin products is fueling the market growth in coming years.

Thus, the increased awareness about the health benefits and nutritional value of lupin ultimately has increased the demand for lupin as well as products made with lupin such as bakery, confectionary, vegan sausages and others, which has led to increased number of product launches, mergers & acquisitions and other collaborations between the companies to fulfill consumer demands.

However, the side effects associated with lupin such as gas, bloating, stomachache, weakness, nausea and others is expected to restraint the market growth.

Market Segmentation: Protein concentrates segment accounted for the highest share in global lupin market

In 2021, the protein concentrates segment had the highest revenue share of more than YY percent. protein concentrates have been the most preferred choice of consumers due to the growing demand for organic and chemical free quality food products globally, coupled with a rise in demand for healthy & nutritious products along with good taste.

In 2021, the food segment had the highest revenue share of more than YY percent. The food segment includes restaurants, cafes, hotels, and others. The key manufacturing companies focus on establishing the online product availability. Various companies also offer products on their own websites and through various channels. In addition, various companies are introducing lupin-based products in various food applications such as bakery confectionary, savory and others to attract the consumers which act as a driver for the market.

Geographical Penetration: North America is the dominating region during the forecast period

In 2021, North America has the highest revenue share of almost YY percent. The region has well-developed food service sectors such as bakery, confectionary and others, where the demand for healthier and nutritious food is consistently increasing. Consumers in U.S. prefer to consume nutrition-rich food, primarily natural products with no additives & chemicals. The region has fragmented into food, dietary supplements, personal care & cosmetics. In addition, lupin seeds, flour and others are used primarily as a healthier alternative in households as well.

For instance,

• In June 2021, WOA Wide Open Agriculture company developed lupin protein that could replace soy across plant-based sector.

Competitive Landscape:

The global lupin market is competitive and comprises players such as Barentz International, Golden West Foods, Coorow Seeds, Inveja SAS – Lup’Ingredients, Just Organik, All About Bread, Lopino Foods, Wide Open Agriculture, Eagle Foods Australia and Lupin Foods Australia among others. The lupin market competitiveness is estimated to increase over the forecast period as the key players focus on various strategies such as agreements and product innovation for various applications. Moreover, rising research and development activities of product innovation for vegan people and consumers' preference for natural forms of products are also expected to propel market growth.

For instance,

• In February 2022, UK plant-based manufacturers; Better Nature has launched alt meat products made with fermented lupin.

• In February 2022, plant-based nutrition company; Mikuna launched lupin-derived protein powder which is already outselling pea & soy protein.

COVID-19 Impact: Negative impact on the global lupin market

The COVID-19 pandemic has adversely affected the economies of various countries due to lockdowns, business close, and travel bans. Food and beverages are among the major industries suffered from intense disruptions such as restrictions on the supply chain and the shutdown of warehouse plants.

In addition, the shutdown of the companies, factories production facilities in various countries have disrupted the whole supply chains. It has negatively impacted manufacturing activities, delivery schedules, and various goods sales. Multiple companies have already announced possible delays in product deliveries and a decline in future sales of their products.

Furthermore, the import-export restrictions imposed by governments in North America, Asia, and Europe are hindering geographical expansion, business collaboration and partnership opportunities. Thus, these factors are hindering the growth of the lupin market in the food and beverage industry.

However, there has been shift towards the healthy, nutritious and food products which can benefit consumers during & after covid-19 pandemic which has increased the demand for lupin and lupin-based food products globally.

The global lupin market report would provide an access to approximately 61 market data tables, 40 figures and 170 pages