Portland, OR, March 22, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global animal protein market was accounted for $44.08 billion in 2019, and is anticipated to garner $58.50 billion by 2027, registering a CAGR of 5.4% from 2021 to 2027.
Surge in application of animal protein in the food & beverages industry and increase in demand for proteins as nutritional & functional ingredients have boosted the growth of the global animal protein market. However, stringent rules about animal-origin food additives and increased demand for plant-based proteins hamper the market growth. On the contrary, advent of protein supplements in untapped markets would open new opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 outbreak and followed by lockdown has significantly affected the customer purchase of personal care products and cosmetics.
- Moreover, the closure of offices, party events, and restaurants resulted in the decreased sale of cosmetics and personal care products. This hampered the demand for animal protein.
During the lockdown, the prices of raw materials have increased and the supply chain is disrupted. The global animal protein market is segmented on the basis of product type, form, application, and region. Based on product type, the gelatin segment is expected to showcase the highest CAGR of 7.9% from 2021 to 2027. However, the egg protein segment held the largest share in 2019, contributing to nearly three-fifths of the market.
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On the basis of application, the food & beverage segment dominated the market in 2019, accounting for nearly half of the market. However, the pharmaceuticals & nutraceuticals segment is estimated to register the highest CAGR of 7.1% during the forecast period.
The global animal protein market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is projected to portray the highest CAGR of 7.0% during the forecast period. However, the market across Europe held the largest share in 2019, contributing to nearly one-third of the market.
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The global animal protein market report includes an in-depth analysis of the prime market players such as Archer Daniels Midland Company, Arla Foods Inc., Cargill, Incorporated, Darling Ingredients Inc., Kerry group plc., The Kewpie Group, Nitta Gelatin Inc., PeterLabs Holdings, Shenzhen Taier, Trobas Gelatine B.V.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.