The protein ingredients market is evaluated at US$49.814 billion for the year 2019 growing at a CAGR of 5.89% reaching the market size of US$64.584 billion by the year 2025.
The market for protein ingredients is projected to propel at a significant rate which is primarily attributed to the fact that the growing awareness among the millennials about healthy diet and nutritious diet has led to an increased consumption of functional foods and beverages. Also, increased consumption of dietary supplements due to health benefits associated with it is also 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 a promising growth of the cosmetics industry is one of 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 course of the next five years. The market is also expected to witness a significant growth on account of the growing consumption of plant-based protein products, thus, a 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 on the basis of 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 with an aim to mitigate the risk of infection. This further is further expected to increase the consumption of dietary supplements and nutritional food products. Thus, projected to boost the market growth in the short run.
Plant-based protein ingredients market to show promising growth
By source, the protein ingredients market has been classified into plant and animal. The plant-based segment is anticipated to propel at a noteworthy CAGR until the end of the forecast period. The growing vegan population coupled with changing perception 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 than animal-based ingredients is also a key factor supporting the growth of this segment during the coming five years. However, the animal-based 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 to 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 in the market until the end of the forecast period. The growing awareness among the consumers coupled with the growing prevalence of chronic diseases such as obesity, diabetes, and others have further led to an inclination of consumer’s propensity to spend on nutritious and healthy food products. The booming consumption of functional food and beverages further plays a significant role in shaping up the market 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 an increased consumption of dietary supplements. This further positively impacts the market growth of protein ingredients for their applications in these supplements.
Asia Pacific to witness lucrative growth opportunities
Geographically, the distribution of the global market has been done into North America, South America, Europe, Middle East and Africa, and Asia Pacific. The North American region is expected to hold a significant share in the market which on account of the presence of a greater proportion of the health-savvy population in the 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 propel 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 towards 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 form of increased investments in R&D for the launch of new products with an aim to expand their market share and meet the growing end-use requirements. For instance, recently in September 2020, ADM announced the launch of textured pea- and wheat-protein ingredients for meat alternatives. Similarly, in July 2020, DuPont announced the launch of a new plant-based ingredients portfolio for the co-creation of dairy and meat alternatives.
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 its competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and 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.
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