The protein ingredients market is evaluated at US$51.428 billion for the year 2020, growing at a CAGR of 4.51% reaching a market size of US$70.035 billion by the year 2027.
The market for protein ingredients is projected to grow at a significant rate, which is primarily attributed to the fact that the growing awareness among the millennials about a healthy and nutritious diet has led to increased consumption of functional foods and beverages. Also, increased consumption of dietary supplements due to health benefits associated with it is projected to positively drive the demand for protein ingredients over the next five years. Moreover, the wide applications of protein ingredients and the manufacturing of superior personal care and cosmetic products coupled with the promising growth of the cosmetics industry are the additional factors for the positive growth of the protein ingredients market over the next five years.
The growing participation by food companies in the R&D investments for the launch of new and enhanced foods with high protein content further expands the business growth opportunities for the market players over the next five years. The market is also expected to witness significant growth on account of the growing consumption of plant-based protein products. Hence, growth in the vegan population globally will further supplement the demand for plant-based protein ingredients until the end of the forecast period. The protein ingredients market has been segmented based on source, application, and geography.
The outbreak of the novel coronavirus disease is expected to amplify the market growth at a significant rate, especially during the short run of eight to ten months. This is attributed to the fact that there has been an increased awareness among consumers across both developed and developing economies to boost their immunity to mitigate the risk of infection. This is further expected to increase the consumption of dietary supplements and nutritional food products. Thus, boosting the market growth in the short run.
The plant-based protein ingredients market is showing promising growth.
By source, the protein ingredients market has been classified into plant and animal. The plant-based segment is anticipated to grow at a noteworthy CAGR until the end of the forecast period. The growing vegan population, coupled with changing perceptions regarding the safety of animals, are some of the key factors supplementing the growth of this segment. Moreover, the ability of plant-based proteins to offer similar nutritious values to animal-based ingredients is also a key factor supporting the growth of this segment during the coming five years. However, the animal protein ingredients market is anticipated to hold a healthy share in the market throughout the forecast period owing to wide applications and high consumption due to higher protein content than plant-based alternatives.
Food and beverages will hold a significant market share.
By application, the classification of the market has been done as food and beverages, dietary supplements, infant formulations, and others. The food and beverages segment is projected to hold a significant share of the market until the end of the forecast period. The growing awareness among consumers coupled with the growing prevalence of chronic diseases such as obesity, diabetes, and others has further led to an inclination of consumers’ propensity to spend on nutritious and healthy food products. The booming consumption of functional foods and beverages will further play a significant role in shaping upmarket growth in the near future. The growth of this segment is also bolstered by the growing market for RTD protein beverages. The growing millennial population in both developed and developing economies, coupled with the increased focus on a healthy diet, has further led to increased consumption of dietary supplements. This further positively impacts the market growth of protein ingredients for their applications in these supplements.
The Asia-Pacific region is witnessing lucrative growth opportunities. Geographically, the distribution of the global market has been done in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The North American region is expected to hold a significant share in the market which is on account of the presence of a greater proportion of the health-savvy population in countries like the United States and Canada. Moreover, the presence of key players in the market in the region further supplements the share during the next five years. However, on the other hand, the protein ingredients market in the Asia Pacific region is expected to grow at a notable compound annual growth rate during the coming five years. The key factors bolstering the growth in the region include the growing focus of the people on healthy diets, coupled with the growing middle-class population and the increasing purchasing power of the people.
Participation by market players
The market players are actively participating in the form of increased investments in R&D for the launch of new products to expand their market share and meet the growing end-use requirements.
Covid-19 had a significant impact on the protein ingredients market. The global pandemic increased health awareness, facilitating the change in the dietary habits of many citizens across the world. The consumption of healthy food and immune boosters increased drastically. Similarly, the demand for protein ingredients and supplements increased. However, the lack of staffing due to the rise in infected cases and lockdown coupled with travel restrictions created a gap in demand and supply chain.
Prominent/major key market players in the protein ingredients market include Cargill, ADM, and Kerry Group, among others. The players in the protein ingredients market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies. The report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the protein ingredients market.
|Market size value in 2020||US$51.428 billion|
|Market size value in 2027||US$70.035 billion|
|Growth Rate||CAGR of 4.51% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Source, Application, Form, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Cargill, Incorporated, DuPont de Nemours, Inc., ADM, Bunge Limited, Kerry Group pls, Roquette Frères, CHS Inc., Rousselot, The Scoular Company, Burcon, FrieslandCampina Ingredients, Kewpie Corporation|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the protein ingredients market size by 2027?
A1. The protein ingredients market is expected to reach a total market size of US$70.035 billion by 2027.
Q2. What is the size of the global protein ingredients market?
A2. Protein Ingredients Market is evaluated at US$51.428 billion for the year 2020.
Q3. What are the growth prospects for the protein ingredients market?
A3. The global protein ingredients market is expected to grow at a CAGR of 4.51% during the forecast period.
Q4. Which region holds the largest market share in the protein ingredients market?
A4. The North American region is expected to hold a significant share in the protein ingredients market owing to the presence of a greater proportion of the health-savvy population in the countries like the United States and Canada.
Q5. What factors are anticipated to drive the protein ingredients market growth?
A5. The protein ingredients market is projected to propel at a significant rate which is primarily attributed to the fact that the growing awareness among the millennials about a healthy diet and nutritious diet has led to increased consumption of functional foods and beverages.
DuPont de Nemours, Inc.
Kerry Group plc
The Scoular Company
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