Potato protein is projected to grow with a CAGR of 4.1% throughout the forecast period 2019-2025.
Posted: Mar 06, 2020
The virtue of potato due to the presence of various micronutrients is creating a demand influx in the potato protein market which is leveraged by the big giants and emerging players alike in order to increase their prominence in the market and increase their profitability. Potato comprises of a high-level protein among various roots and tubers. As a consequence, it acts as a good source of dietary energy. These days, sweet potato nutrition is also gaining prominence in millenials. Additionally, potato is preferred compared to cereals due to its quality protein. Potatoes, sweet potatoes, boiled potatoes, brussels, sprouts, broccoli, spinach, asparagus, and artichokes are some of the protein-rich vegetable sources. The growing interest of vegans and vegetarians on protein sources is increasing the number of new vegan products which is escalating the scope for manufacturers to increase their potato protein market share. At present, vegans and vegetarians prefer protein-rich products in order to maintain muscle strength and for weight loss. This factor is attributable to the acceptance of more potato protein, particularly by celebrities and athletes. Wide range applications of potato protein in the feed industry, majorly in cattle and swine feed to provide high nutritional value is also positively impacting the potato protein market. Furthermore, the global potato protein market size stood at $78.2 million in 2018 and is projected to grow with a CAGR of 4.1% throughout the forecast period 2019-2025.
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Increasing consumption of potato protein in the food and beverage (FNB) industry predominantly in the bakery and processed food is resulting in the increment of the potato protein market size. Therefore, the application of potato protein in the food and beverage industry is set to grow at the fastest CAGR of 3.9% through to 2025. The rising demand for vegetable protein which has the same functional properties as of animal protein is helping the companies to stand ahead of the curve in terms of potato protein market share. The companies are thriving predominantly because of the adoption of an effective process of extraction which supports to extract the high-quality vegetable protein from the starch potato in order to fulfill the increasing demand for vegetable proteins. Wide-scope application of potato protein in the FNB industry is due to its superior foaming, emulsifying, and gelling properties. In addition to this, it has a high biological value compared to other vegetable proteins and also more sustainable to animal protein. Applications of potato protein isolate in shakes, smoothies, pre- and post-workout foods, snacks, and meat replacements are increasing the potato protein market size. This protein isolate is acting as an ideal plant-based alternative especially in case of sports nutrition and weight management, by assisting in breakfast foods, beverages, and supplement formulations. Specialized nutrition for elder people, sports nutrition, special diets, and meat replacements are some of the novel protein applications in the food industry. These applications are also contributing to the expansion of the potato protein market size.
Europe Potato Protein Market:
Belgium, Spain, and the Netherlands accounted for a share of 25% in the total fresh of chilled potatoes imports. 2% annual growth was recorded in the worldwide fresh potatoes import value during 2017-2018. Europeans’ focus on starch potato protein is evident with the visit of a large committee from the European Parliament to Avebe's advanced vegetable protein plant at Gasselternijveen. This visit is also replicating the prominence given by the European Parliament and the provincial authority for climate-friendly and innovative food production. The Europe vision is supporting the transition to vegetable proteins, which in return, is increasing the demand for vegetable protein in Europe. In 2017, the European starch industry manufactured 5.2 million tons of protein products. Potato protein, wheat proteins which include vital wheat gluten & its derivatives, corn gluten meal and feed, and pea protein are considered as the primarily produced products of this industry. As a result, the Europe region dominated with 30% potato protein market share in the global revenues as of 2018.
High production of potatoes coupled with the increasing number of potato protein manufacturers to satisfy the growing demand for functional proteins, meat, and gluten-free foods in this region are contributing to an increment in the Europe potato protein market revenue. One of the European commission’s Food 2030 initiative aims for a climate-smart and sustainable food system. It recommends the substitution of animal proteins with plant-based proteins to reduce the environmental impact of food consumption. Hence, this target also enables the share of Europe in the global potato protein market in the near future as well.
Trends – Potato Protein Marketplace:
Plant-based diets: Potato protein plays a vital role in the plant protein sector. The shift in consumer demand from animal protein to plant protein is driving the growth of plant-based diets. This is because of the presence of saturated fat and artery-clogging cholesterol in the animal products coupled with the risk of cancer associated with the consumption of animal protein has been increasing the adoption of plant protein. Oxford Martin School research study presents that switch to plant-based diets, worldwide, save nearly 8 million lives by 2050. Additionally, it results in the reduction of greenhouse gas emissions and boosts up the health-related savings. Consumers interest in the intake of plant protein especially potato protein to eliminate the protein deficiencies among vegetarians and vegans. This is propelling the potato protein market.
Vegan Population: Consumers search for the vegan trend is nearly 3 times more when compared to vegetarians and gluten-free searches. Rising demand for a vegan diet is fuelling the potato protein market revenue. Vegan society analysis states that the demand for meat-free food has amplified by 987% in the U.K., as of 2017 and vegan is stimulating as the biggest food trend in 2018. It has led to the growth in vegan product launches which is approximately one in six (16%) of all food products launches in the U.K. in 2018. Potatoes play a crucial role in vegan & vegetarian diets due to the presence of high-value protein, nutrients & minerals, and its low allergenicity. Consumption of potato protein helps to maintain a balanced vegan diet, and it assists to fulfill the huge protein deficiency in the same which is augmenting the potato protein market demand.
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