Pune, India., June 17, 2021 (GLOBE NEWSWIRE) -- Functional Proteins Market: Key Insights
According to our new research study on “Functional Proteins Market to 2027 – Global Analysis and Forecast – by Type, Source, Form, and Application,” the Functional Proteins Market Size was valued was valued at US$ 10,297.91 million in 2019 and is projected to reach US$ 17,767.48 million by 2027; it is expected to grow at a CAGR of 7.2% from 2020 to 2027.
Functional Proteins Market: Competition Landscape and Key Developments
AMCO Proteins; APC INC; FrieslandCampina; Abbott Nutrition; Archer Daniels Midland Company; Arla Foods Ingredients Group; Cargill, Incorporated; Glanbia plc; DSM; Real Dairy Australia Pty Ltd.; Fonterra Co-operative Group Limited; and Kerry and Saputo Ingredients are among the key companies in the functional proteins market. The market leaders are continuously focusing on strategies such as product developments and mergers and acquisitions to expand their footprint worldwide and fulfill the growing demand of the market.
In November 2019, DSM acquired AVA, a Boston (US) based personalized nutrition platform that provides nutrition and coaching recommendations across a wide range of health and wellness segments. This acquisition has helped DSM to strengthen its position in personalized nutrition.
In January 2019, ADM completed its EUR 1.544 billion acquisition of Neovia, a pet nutrition company. This acquisition has helped the company to increase their geographic reach and continue to expand their portfolio of animal nutrition business.
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In 2019, APAC accounted for the largest share of the global functional proteins market. APAC comprises several developing economies such as India, China, and South Korea, . These emerging countries are witnessing a surge in the middle-class population and growth in urbanization, which offer ample opportunities for the key market players in the functional proteins market. Sophisticated and well-established food industries in these Asian countries create a huge consumer base for the companies operating in the functional proteins sector. Growing health care awareness and rising consumer interest toward nutritional and healthy diets in recent times have fueled the growth of functional proteins market in APAC. The rising prevalence of cardiovascular diseases and high blood pressure among individuals in the region is also considered as one of the leading factors in the market expansion. The APAC market is dominated by the presence of several functional proteins manufacturers including ADM, Cargill, Arla Food, and Real Dairy Australia Pty Ltd. These players are continuously investing heavily in research and development activities to offer high-quality products, which further propels the market growth.
Functional proteins are a complex mixture of biologically active proteins, which supports and maintains normal immune function. Proteins perform various crucial functions in the body and are required for structure, function, and regulation of the body’s tissues and organs. The awareness among the consumers regarding the benefits offered by functional proteins is contributing significantly to the market growth. A large number of consumers are becoming familiar with the benefits of functional proteins. Nowadays, the populace worldwide is inclined toward a healthy lifestyle and spending considerably on nutritional products. Functional proteins help in lowering the blood pressure, which is major cause of heart attracts, strokes, and chronic kidney diseases. According to the Centers for Disease Control and Prevention, nearly half of adults in the US are estimated to have hypertension and are taking medication for hypertension. Such instances are assisting in the market growth. Furthermore, the obesity rates are escalating across the globe. Obesity leads to various health issues such as heart disease, type 2 diabetes, stroke, and certain types of cancer. For instance, according to the Centers for Disease Control and Prevention, the prevalence of obesity in the US was 42.4% in 2017–2018. To overcome such issues, the populace is exploring new methods to stay fit and opt for healthy lifestyles. Moreover, the rising prevalence of cardiovascular disease among individuals is also considered one of the driving factors for the market. According to the Centers for Disease Control and Prevention, heart disease is the leading cause of death in the US for men and women. It is also stated that one person dies every 36 seconds in the US from a cardiovascular disease. Such instances are estimated to increase the demand for foods enriched with functional proteins.
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Moreover, the increasing disposable income of the consumers in emerging economies of regions such as Asia Pacific, Middle East & Africa, and South America, contributes to the market growth. Consumers in these regions are increasingly spending on healthy foods due to the rising disposable income and improving lifestyles. In addition to this, key players in the market are developing various strategies to increase the awareness regarding the health benefits associated with functional protein enriched diets, which has widely and positively influenced the sales of functional proteins in the developing regions.
Functional Proteins Market: Segmental Overview
Based on source, the global functional protein market is segmented into plant and animal. In 2019, the animal segment led the functional proteins market. Animal proteins such as meat, eggs, and dairy protein, are complete proteins, meaning they offer all of the essential amino acids that the body needs. Animal products always provide the highest-quality protein sources. In case of functional animal proteins, three major types are found in the market – hydrolysates, concentrates, and isolates. Among food & beverages and animal feed industries, animal functional protein plays a crucial role. Protein supplement powder from animal source is further gaining popularity among health-conscious consumers globally.
In terms of form, the global functional proteins market is segmented into dry and liquid. The dry segment led the functional proteins market with higher market share in 2019. Dry protein concentrate is highly employed in nutritional supplements. Protein is an essential macronutrient that helps to build muscle, repair tissue, and make enzymes & hormones. Protein powder can also aid weight loss and help consumers tone their muscles. Dried whey, reduced-lactose and reduced-minerals whey and whey protein concentrates are used as an ingredient in many food applications such as confectionery, snack foods, bakery products, yogurts, dips, desserts, meat products, ice cream, soups, pasta products, sauces, beverages, and processed cheese products.
Based on application, the functional proteins market is segmented into functional foods, functional beverages, dietary supplements, animal nutrition, and others. The dietary supplements segment led the functional proteins market with highest market share in 2019. Dietary supplements are substances that are utilized to add nutrients to the diet or to lower the risk of health problems such as osteoporosis or arthritis. Dietary supplements come in the form of pills, capsules, gel tabs, powders, extracts, or liquids. Functional protein, whether it may be a plant protein or an animal protein, goes into dietary supplements in the form of concentrates, hydrolysates, and isolates. Protein supplements intend to offer additional nutritional value to the diet. They enhance physical fitness as well as performance by improving metabolism. Increasing awareness regarding diseases caused by protein deficiencies and rising need for on-the-go meal replacers are leading the consumers to include protein supplements in their busy lifestyles.
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Impact of COVID-19 Pandemic on Functional Proteins Market
As of May 2021, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are among the worst-affected countries by the COVID-19 pandemic. The COVID-19 pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Food & beverages is one of the major industries suffering serious disruptions such as supply chain breaks and factory shutdowns due to this outbreak. For instance, the US is the significant manufacturer and consumer of functional protein products. However, the lockdown of various plants and factories in the country has affected the global supply chains, thereby hampering manufacturing, delivery schedules, and protein-based products sales in the country. Various companies have already announced possible delays in product deliveries and projected slump in their future sales. Global travel bans imposed by countries in Europe and Asia are affecting the business collaborations and partnership opportunities. These factors are hampering the food & beverages industry performance, thereby restraining the growth of various markets related to this industry, including the functional proteins market.
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