The global functional 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 functional 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 functional animal protein market on the price fluctuations of distribution channel ingredients and end users market dynamics act as a major challenge.
On the basis of application, the global functional animal protein market is segmented as Dietary Supplements, Food & Beverages, Pharmaceuticals, Cosmetics, and Personal Care and Animal Feeds. The use of functional animal proteins in dietary supplements and food and beverage market is growing rapidly to meet global nutritional deficiencies. Functional animal proteins also have a significant contribution to the healthcare sector for production of insulin, gelatine, and other purposes.
By Distribution channel
By distribution channel, the global functional animal protein market is segmented as online and offline. Offline segment is expected to hold significant share in the market owing to high visibility of convenience store and super market as key selling channels in developing economies like China, India and Brazil. Besides, online channel is anticipated to grow at the substantial rate on account of growing popularity of e-commerce around the globe.
On the basis of geography, the global functional 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 functional animal protein market owing to an increase in demand for beef and pork. Increasing number of gyms and fitness centres due to rising consciousness among people in Asia-pacific region will accelerate the growth of the market in this region.
The global functional 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, favourable 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.