Vegetarianism has become increasingly common in recent years around the world. This development is likely to have an effect on demand for plant-based products including plant-based proteins, such as hexane-free protein, finds Future Market Insights (FMI) in a new study.
Due to the growing vegan movement, plant protein has become a substitute for other proteins such as animal proteins, egg protein, and others. As people consciously follow more humane and sustainable lifestyles, the number of vegans around the world has risen significantly. The demand for natural and vegan products has increased as a result of this trend. This also had a positive impact on the hexane free protein market, enabling it to reach a valuation of US$ 102.9 Mn by 2021.
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Driven by increasing focus on health and wellness, the demand in the energy and sports nutrition industry is expected to rise. It is in fact predicted to remain the dominant end user, accounting for over half of the sales in the global market.
North America Continues Favoring Expansion
Domestic botanical food producers in the U.S. and Canada face less stringent regulatory requirements. Although the FDA has described the term “botanicals,” and it does not control their production in the United States. Manufacturers have also opened domestic outlets for the selling of botanicals and botanical foods in Canada. These developments are considered crucial for growth of hexane-free protein market in North America.
Key Takeaways from the Hexane-free Protein Market Study:
- Rising focus on health and wellness will drive growth in the global hexane-free protein market at 9.6% CAGR
- The consumers in the U.S. are exhibiting high focus on health and wellness. This has sealed America’s dominance. The U.S. is expected to account for over 80% of sales in North America
- The expansion of the food and beverages sector will enable the U.K. market register a little below 10% y-o-y growth in 2021
- While Germany is forecast to dominate hexane-free protein sales in Europe, the Spain market will register a higher rate of growth
- China will account for over half of sales registered in East Asia, as consumers increasingly look for plant-based protein alternatives
Plant-based Products Gaining Popularity
People nowadays are more likely to consume vegan goods. According to the SPINS survey, plant-based food retail sales in the United States increased by 11.4 percent to $5 billion last year. People are avoiding using animal products as a result of growing concerns about personal health and animal welfare. Companies must mark their products according to strict criteria and organic standards.
Organic food products, for example, must be labeled if they are 100 % approved or contain only organic ingredients. Consumers seeking goods with various health and nutritional benefits will be satisfied by the availability of this information. Furthermore, the growing number of private label brands and high marketing and advertising expenditures for organic goods invoke a sense of legitimacy to purchase the product, as customers are increasingly willing to pay more for premium or natural products with high nutritional content.
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Who is winning?
Some of the leading companies offering Hexane-free Protein are Axiom Foods, Inc., Nutiva Inc., Now Health Group Inc., ABF Ingredients, Ingredion Inc., Cargill Inc., New Protein Global Inc., Milk Specialties Global, Merit Functional Foods, and others
To meet a large customer base, hexane-free protein manufacturers are focusing on selling goods through various online retailers. Food and beverage goods must meet the quality expectations of consumers and comply with regulations since they are often perishable.
Hexane-free protein Market by Category
- Dairy-based Beverages
- Functional Beverages
- Cosmetics & Personal Care
- Breakfast Cereal & Cereal Bars
- Energy & Sports Nutrition
- Bakery Products
- Dairy Products
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)
Key Questions Answered in the Report
- Which is the most lucrative market for hexane-free protein?
Europe is the largest market for hexane-free protein, accounting for 50.6% of the total global hexane-free protein market.
- In which form is hexane-free protein preferred more?
Powder form of hexane-free protein accounted for US$ 102.9 Mn market value in 2021 and expected to grow at a CAGR of 9.6% during 2021-2031. It is also expected to remain the more preferred form of hexane-free protein through the course of the forecast period.
- Which are some of the leading companies offering hexane-free protein market?
Some of the leading companies offering hexane-free protein are Axiom Foods, Inc., Nutiva, Inc., ABF Ingredients, Cargill Inc, Ingredion Incorporated, Austrade, Inc., Now Health Group Inc., New Protein Global Inc., Merit Functional Foods, and others.
- Who is the leading end user of hexane-free protein?
The energy & sports nutrition account for maximum sales of the hexane-free protein. It is expected to remain the key end user through the coming years.