Market Trends of collagen Industry
Healthy snacking preference to support market growth
- Consumers across the world are increasingly adopting a snacking lifestyle and becoming more health-conscious. They also prefer nutritious alternatives to traditional snacks. In June 2021, in the United Kingdom, approximately 25% of Gen Zs (16–24 years old) preferred "low in calories" snacks, 18% of millennials (25–34 years old) prioritized healthy snacks high in protein, and 36% of individuals over 55 looked for "low" or "no sugar" in their snacks. Thus, established industry operators have developed various low-fat and low-calorie options.
- In 2020, the onset of COVID-19 and consequent lockdowns resulted in the snack market's unprecedented growth of 14.51%, compared to 3.12% growth in the previous year. Due to scarcity or limited stock, consumers began looking into new brands and snack options while panic buying increased. Due to limited restaurants being open, people continued to eat at home. This factor allowed producers to create unique flavors based on their customers' preferred restaurant menus, boosting the country's snack market. Whisps Snack, for instance, debuted its tangy ranch cheese crisps and nacho cheese crisps in 2020. Two new Popchips product lines were introduced by Velocity Snack Brands in 2020.
- As users frequently discover food trends, inspiration, and connections on their feeds, social media is becoming a more important source of discovery, which is benefitting the snacking market. More than half of the consumers worldwide, including even greater majorities of Gen Zs (70%) and millennials (71%), believe that social media has encouraged them to explore a new snack in the past year.
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Meat production contributes majorly as raw material for collagen manufacturers
- Pea protein is experiencing rapid growth because of its nutritional properties, boosting the country's sales of protein-fortified and vegan foods. The shift in preference of the consumers is a major driver for pea protein sales in Spain. About 6% of Spanish consumers follow a plant-based diet, whereas 30% identify as flexitarians. About 47% of Spanish customers are likely to buy plant-based meat regularly if it has the same flavor and texture as animal-based meat.
- There is an increased scope for meat alternatives. About 25% of Spaniards tried vegetable meat alternatives in 2020, and 43% want to reduce their consumption of red meat. The Spanish lifestyle has changed dramatically in recent years. In 2017, 5.1 million consumers turned flexitarian, vegetarian, or vegan, in line with growing health concerns, despite being a traditionally meat-eating nation. Thus, the demand for pea protein is growing as consumers switch to plant-based diets.
- The demand in the food and beverages segment is highly driven by the meat/meat alternatives sub-segment, which held a share of 65.8% by volume in 2022 and is anticipated to register a CAGR of 10.26% during the forecast period. Pea protein is a preferred protein source by meat substitute manufacturers due to its nutritional value, texture, and fat-binding properties. Companies are investing heavily in the country to set up facilities for producing pea protein ingredients to capitalize on future demand. For instance, in February 2021, Dacsa Group launched the Pésol Pea project, the first wet-textured protein plant in Spain. Pea protein is at the center of the project, as the company plans to produce a clean-label, vegan, and non-GMO protein solution.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Asia-pacific held major market share
- Healthy trends in beverages impacting market growth
- Hike in the demand for single-serve packets may augment production
- Dairy alternative to witness significant growth
- Meat protein alternatives are revolutionizing the meat segment
- Rising health awareness and growing demand from millennials
- Natural ingredients highly driving the segmental sales
- Strong hold of the retail sector is supporting market growth
- Growing preference for convenient breakfast options
- Rising at-home consumption and demand for healthy confectionery products
- Growing nutritional concerns for aging populations
- Ready-to-cook and frozen foods witnessed a surge in sales
- Growing demand for compound feed
- Animal protein consumption growth fuels opportunities for key players in the ingredients sector
