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Lupin Market Size is expected to grow at a decent pace between 2024 to 2032, driven by R&D investments aimed at enhancing crop yield, improving quality, and refining processing capabilities. This heightened focus on innovation and diversification is driving the development of new lupin-based products to meet the evolving preferences of consumers and the demands of various industries.
There is a wider inclination for plant-based protein sources. For instance, a survey by the Good Food Institute in 2023, over 70% of consumers perceive plant-based protein as healthy. Lupin, with its high protein content and sustainable cultivation practices, is gaining traction as a versatile ingredient in various food products, including plant-based meats, dairy alternatives, and snacks. Additionally, there is increasing innovation in lupin-based product development, with manufacturers introducing new formulations and flavors to cater to evolving consumer preferences. A rise in R&D activities focused on enhancing the nutritional profile and functional properties of lupin ingredients, will further shape the industry outlook in the coming years.
Flour form segment is set to gain traction by 2032, as lupin is gaining prominence as a gluten-free alternative in the food industry. Its excellent nutritional profile, including high protein and fiber content, makes it suitable for use in a wide range of bakery and culinary applications. The increasing prevalence of gluten intolerance and celiac disease among consumers has led to a surge in demand for lupin flour-based products, driving the market growth.
The lupin from the poultry & livestock application segment share is epected to grow rapidly through 2032, as lupin-based feed ingredients have nutritional benefits and provide cost-effectiveness. Lupin meal, a by-product of lupin seed processing, is rich in protein and essential amino acids, making it an ideal ingredient for animal feed formulations. Farmers and livestock producers are incorporating lupin meal into feed formulations to enhance the growth, health, and productivity of poultry and livestock.
Asia Pacific lupin market will grow substantially from 2024 to 2032, driven by factors such as favorable climatic conditions for cultivation, increasing adoption of plant-based diets, and growing awareness about the nutritional benefits of lupin. The versatility of the product in various applications such as food, animal feed, and pharmaceuticals is expanding its potential, attracting investments across diverse industries. Moreover, government initiatives promoting sustainable agriculture and the expansion of lupin cultivation are further fueling industry growth in the region.
Prominent participants in the lupin industry are:
Many of these companies are focusing on mergers and acquisitions to capture higher market share in a relatively short time.