The Animal protein market is projected to grow at a CAGR of 1.52% to reach US$413.843 billion in 2024 from US$377.991 billion in 2018. The global animal protein market is projected to witness a healthy CAGR during the forecast period. The increased consumer consciousness towards health and growing awareness about the role of protein-rich foods in muscle building and weight management are the major forces driving the animal protein market. Moreover, the rising middle-class population, changing dietary patterns and increased per capita spending on health supplements have also contributed towards the growth of the market. However, the dependence of the animal protein market on the price fluctuations of source ingredients and end users market dynamics act as a major challenge.
On the basis of application, the global animal protein market is segmented as Dietary Supplements, Food & Beverages, Pharmaceuticals, Cosmetics, and Personal Care and Animal Feeds. The use of animal proteins in dietary supplements and food and beverage market is growing rapidly to meet global nutritional deficiencies. Animal proteins also have a significant contribution to the healthcare sector for production of insulin, gelatin, and other purposes.
By source, the global animal protein market is segmented as milk proteins, egg proteins, and gelatin. Dairy Proteins and egg proteins enjoy widespread usage among consumers owing to their higher acceptability. They are most commonly used in dietary supplements and food and beverage market. Gelatin is a very popular substance in baking and confectionary apart from its extensive usage in pharmaceuticals.
On the basis of geography, the global animal protein market is segmented as North America, Europe, Middle East and Africa, Asia-Pacific and South America. North America is expected to grow at a significant rate during the forecast period due to increased consumer awareness and spending. Europe is likely to see a surge in animal protein market owing to an increase in demand for beef and pork. Increasing number of gyms and fitness centers due to rising consciousness among people in Asia-pacific region will accelerate the growth of the market in this region.
The global animal protein market is highly competitive owing to the presence of several multinational and local players. Market growth, development of innovative solutions, increased consumer demand, favorable government policies are some of the key factors attracting new players in the market and thereby enhancing competitive rivalry. The competitive landscape details products, strategies, and investments being done by key companies to boost their market share.
Some of the major players discussed in this report are Cargill Inc., Arla Foods, Maple Leaf Foods, Bovogen Biologicals Pty Ltd, and Cooke Inc. among others.
The global animal protein market has been segmented by application, source, and geography.
Food & Beverages
Cosmetics and Personal Care
Milk Protein Isolates (MPI)
Whey Protein Concentrates (WPC)
Whey Protein Isolates (WPI)
Middle East and Africa