The wheat protein market is estimated to grow at a CAGR of 6.28%, to reach a market size of US$1,836.480 million by 2024, from US$1,274.150 million in 2018. The wheat protein market is expected to witness a significant market growth driven by increased demand for meat-free diets and growing demand for plant-based protein. Due to growing health concerns, consumers are decreasing their consumption of meat to reduce fat intake. Wheat protein is a good alternative for vegans and lactose-intolerant consumers. The increasing demand for bakery products is also expected to drive the market growth. But the growing number of gluten-intolerant consumers is expected to be a restraint for market growth. By product, wheat gluten is expected to have a considerable market share due to its widespread usage in bakery products and its role as a meat alternative for vegans. By application, pet food is expected to have a notable growth rate due to increasing expenditure on pet food products. By geography, Europe is estimated to have a significant market share due to the presence of mature wheat protein industry and major market players. The market growth rate is also expected to be high in the region owing to the growing vegan population, new product launches and an increase in R&D investment.
Growing demand for meat-free diet due to growing health concern
Wheat protein is a good source of protein for vegans and lactose-intolerant consumers
Increase in demand for bakery products
The increasing number of gluten-intolerant consumers
In February 2019, ADM completed the acquisition of Neovia in its strategic plan to become a global leader in nutrition.
As per January 2018 update, Cargill has considered switching from corn to wheat at one of its German plants. The switch estimated to be completed by 2020 would manufacture wheat-based protein, starches, and bioethanol.
To meet food manufacturers’ and consumers’ demand for added protein and simple, trusted ingredients, Manildra Group developed three clean label wheat protein isolates in July 2018