Redding, California, Nov. 10, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled “Protein Ingredients Market by Type (Animal Protein, Plant Protein Ingredients, Insect Protein, Microbial Protein), Form (Dry, Liquid), Application (Food and Beverages, Animal Feed, Nutritional Supplements, Pharmaceuticals, Cosmetics) -Global Forecast to 2027”, published by Meticulous Research®, the protein ingredients market is expected to grow at a CAGR of 7.8% to reach $73.09 billion by 2027.
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With the increasing world population and welfare, the demand for protein ingredients as a food-nutritional component has risen sharply. Consumers have become more aware of protein benefits in supporting an active lifestyle. Proteins can help reduce the risk for diabetes and cardiovascular disease and be imperative to feeling healthy and energetic by maintaining a healthy lifestyle. It is a vital nutrient required for building, maintaining, and repairing tissues, cells, and organs throughout the body; keeping the immune system functioning properly; and maintaining heart health. It also plays a vital role in enhancing the nutritional content and functionality of foods. The most important functional properties of a protein are its water solubility, water & fat binding capacity, gel-forming & rheological behaviors, texture, and emulsifying & foaming ability. This is leading to a significant increase in protein ingredients production and consumption worldwide.
The Impact of COVID-19 on the Protein Ingredients Market
The COVID-19 pandemic caused a widespread economic downturn as several countries imposed strict lockdowns to contain the infection. This affected diverse industries; manufacturing is one of the severely impacted sectors. There was a significant impact on supply chains globally. As the pandemic conveyed the connection between health and protein consumption, many companies in the space of protein ingredients started changing their strategies. For instance, companies like Beyond Meat Inc., Impossible Foods Inc., and Tofukry Co. ramped up their production, discounting their plant-based alternative products.
The COVID-19 pandemic did not deter the protein ingredients market. The protein category is practically synonymous with health, nutrition, and fitness and hence remained among the top-selling ingredients in 2020 despite closed gyms and indoor recreation for several months. The growth in the demand for food products containing protein ingredients to remain healthy during the pandemic has supported the growth of the protein ingredients market. Thus, the COVID-19 pandemic has positively impacted the protein ingredients market.
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Emerging Economies, including Southeast Asia, Latin America, and the Middle East & Africa to Drive the Growth of the Market
Emerging economies, particularly in Asia-Pacific, Latin America, and the Middle East & Africa, are expected to offer immense growth opportunities for players operating in the protein ingredients market. Countries like China, India, South Africa, Argentina, and Brazil are expected to be the fastest-growing markets for protein ingredients, mainly driven by the growing popularity of plant, insect, and algae-based alternatives; increased demand for sports nutrition products; and a huge base of vegetarian population majorly in Southeast Asia.
These regions are witnessing tremendous growth for protein ingredients due to increasing urbanization, health awareness, disposable income, increasing per capita income, and rising consumption expenditure. Thus, increasing nutritional products consumption from these economies makes them a land of opportunities for protein ingredients manufacturers.
To exploit the opportunities present in these emerging markets (Southeast Asia, Latin America, and the Middle East & Africa), leading protein ingredients manufacturers are implementing investment and expansion plans. Some key expansions to be listed are:
- In August 2020, DuPont Nutrition & Health (U.S.) opened its innovation center in Kanagawa Prefecture, Japan. This innovation center will offer solutions and innovations for Japan- and Korean-based customers primarily in the bakery, beverage, and dairy industries.
- In December 2019, AgriProtein, a South Africa-based insect protein manufacturer, opened an R&D center and global project management office (PMO) in Singapore.
- In June 2019, Kerry Group (Ireland) opened its new €20 million production facility in Tumkur, India. This production facility serves Kerry Taste & Nutrition’s global and regional customers in the South West Asia region
Such several expansions from leading players show the potential for the protein ingredients market in these regions.
To provide efficient analysis, Meticulous Research® has segmented this market on the basis type (animal (dairy protein (milk protein and whey protein), casein & caseinates, egg protein, gelatin, and others), plant (soy protein, wheat protein, pea protein, rice protein, potato protein, canola protein, corn protein, and other), insect, microbial (algae, fungi, and others)), form (dry and liquid), application (food and beverages, animal feed, nutrition and health supplements, pharmaceuticals, personal care and cosmetics, and others), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa).
Based on type, the protein ingredients market is mainly segmented into animal, plant, insect, and microbial protein ingredients. The animal protein ingredients segment accounted for the largest share of the overall protein ingredients market in 2020. However, the insect protein ingredients segment is expected to grow at the fastest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the growing demand for environment-friendly protein-rich food, rising investment in edible insect farming, and altering attitudes towards insects as food.
Based on form, the protein ingredients market is segmented into dry and liquid forms. The dry protein ingredients segment accounted for the largest share of the overall protein ingredients market in 2020. This segment's major share is mainly attributed to their higher demand with ease in handling & transport, cost-effectiveness, ability to avoid costly formulation mistakes, and competence to maintain the ingredient's stability. This segment is also expected to grow at the fastest CAGR during the forecast period.
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Based on application, the protein ingredients market is mainly segmented into food & beverage, animal feed, nutrition & health supplements, pharmaceuticals, personal care & cosmetics, and others. The food & beverage segment accounted for the largest share of the overall protein ingredients market in 2020. The large share of this segment is mainly attributed to increasing consumer preference for novel foods and ingredients, growing awareness and demand for protein-rich food products, versatile functionality, compatibility with vegetarian and vegan lifestyles, and rising clean label trend. However, the nutrition and health supplements segment is expected to witness rapid growth during the forecast period.
Geographically, Europe accounted for the largest share of the global protein ingredients market in 2020. This can be attributed to the changing food consumption pattern in favor of functional food, a well-established food & beverage industry, rising concerns over animal-based products & protein, increasing vegan population, growing preference to functional as well as nutritional ingredients, increasing demand for healthy & nutritional products, and growing health & wellness trend.
However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The rapid growth of this region is mainly due to the rising population and health consciousness, growing demand for sustainable food protein sources, advancement in food processing technologies, changing economies, and growing interest in protein-rich vegetarian foods and diets.
The key players operating in the global protein ingredients market are Cargill, Incorporated (U.S.), Archer Daniels Midland Company (U.S.), E.I. Dupont De Nemours and Company (U.S.), Kerry Group (Ireland), Roquette Freres (France), Arla Foods amba (Denmark), Fonterra Co-Operative Group Limited (New Zealand), Royal FrieslandCampina N.V. (Netherlands), AMCO Proteins (U.S.), Axiom Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), Glanbia plc (Ireland), GELITA AG (Germany), CHS Inc. (U.S.), Kewpie Corporation (Japan), Omega Protein Corporation (U.S.), Hilmar Ingredients (U.S.), AgriProtein (South Africa), Crespel & Deiters GmbH & co. kg (Germany), Ÿnsect (France), Farbest Brands (U.S.), Enterra Feed Corporation (Canada), Sotexpro (France), Protix (Netherlands), Now Foods (U.S.), Entomo Farms (Canada), Cosucra Groupe Warcoing SA (Belgium), DIC Corporation (Japan), Taiwan Chlorella Manufacturing Company (Taiwan), Tianjin Norland Biotech Co., Ltd. (China), Cyanotech Corporation (U.S.), MycoTechnology Inc. (U.S.), and 3Fbio Ltd. (U.K.). Top three companies operating in this market include Cargill, Incorporated (U.S.), Archer Daniels Midland Company (U.S.), and E.I. Dupont De Nemours and Company (U.S.) among others.
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Report Scope:
Protein Ingredients Market, by Type
- Animal Protein Ingredients
- Dairy Protein
- Milk Protein
- Whey Protein
- Casein & Caseinates
- Egg Protein
- Gelatin
- Other Animal Protein
- Dairy Protein
- Plant Protein Ingredients
- Soy Proteins
- Wheat Proteins
- Pea Proteins
- Rice Proteins
- Potato Proteins
- Canola Proteins
- Corn Proteins
- Other Plant Proteins
- Insect Protein Ingredients
- Microbial Protein Ingredients
- Algae
- Fungi
- Others
Protein Ingredients Market, by Form
- Dry
- Liquid
Protein Ingredients Market, by Application
- Food & Beverage
- Animal Feed
- Nutrition and Health Supplements
- Pharmaceuticals
- Personal Care & Cosmetics
- Others
Protein Ingredients Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- RoE
- Asia-Pacific (APAC)
- China
- India
- Japan
- Australia
- RoAPAC
- Latin America
- Middle East & Africa
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About Meticulous Research®
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