Newark, Feb. 28, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 6.6 billion in 2023 functional protein market will reach USD 11.5 billion by 2033. As consumers become more conscious of the value of leading an active life and eating a balanced diet, they are looking for functional foods and beverages that offer even more health advantages. Collagen, whey protein, and plant-based proteins are examples of functional proteins that are thought to be important for enhancing general health and well-being.
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Key Insight of the Functional Protein Market
North America is anticipated to expand at the fastest CAGR of 13.9% over the projection period.
North America is expected to grow at the fastest CAGR of 13.9% over the forecast period. Numerous significant competitors in the functional protein market, including creative startups and large organizations, are based in North America. These businesses promote innovation and increase market competitiveness. To suit consumer demands, North American companies are always innovating in their product formulas. This involves creating drinks, snacks, and other functional meals that are enhanced with protein.
In the functional protein market, the plant-based segment is anticipated to expand at the highest CAGR of 12.6% over the projection period.
The plant-based segment is anticipated to expand at the highest CAGR of 12.6% over the projection period. As the demand for sustainable, health-promoting, plant-derived protein sources has increased, the market for functional plant-based proteins has grown significantly and seen innovation. This market niche serves customers who are looking for plant-based substitutes for their dietary and functional demands and who are vegetarian, vegan, or flexitarian. The market for plant-based functional proteins is expanding as people become more conscious of the advantages plant-based diets have for their health and the moral issues surrounding animal suffering.
In the functional protein market, the Functional Food and Beverages segment is anticipated to expand at the highest CAGR of 12.2% over the projection period.
The Functional Food and Beverages segment is anticipated to expand at the highest CAGR of 12.2% over the projection period. Functional proteins find application in functional food and beverage applications such as baked goods, bars, drinks, culinary applications, frozen desserts, baby food, meats, sauces, pet food, snacks, bakery, breakfast cereals, substitutes for milk, bars with protein, general protein fortification, meat, seafood, without meat alternatives, drinks, savory food, hamburgers & meat-based items, loosely chopped meat, blended and restructured products, ice cream, and seasoning &savory applications. Because they have so many applications, foods containing functional ingredients are frequently used in the food and beverage industry to enhance the texture, flavor, and taste of products.
In the functional protein market, the online segment is anticipated to expand at the highest CAGR of 14.2% over the projection period.
The online segment is anticipated to expand at the highest CAGR of 14.2% over the projection period. Customers may easily browse, compare, and buy a range of functional protein-based goods from the ease of their homes with the use of online platforms. Additionally, customers who desire a consistent supply of functional protein goods can find convenience in subscription services, which may also provide discounts or customization choices.
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Market Dynamics
Driver
Increased demand for protein-rich products, especially those with practical advantages for muscle recovery and performance development, is a result of the global rise in fitness and wellness culture. Continuous innovation in the creation of functional protein goods, such as drinks, snacks, and supplements, also draws customers searching for a range of exciting and practical choices.
Opportunity
Sustained development in plant-based protein sources, including soy protein and pea protein, presents prospects for satisfying the growing consumer demand for plant-based and vegetarian goods. The investigation of innovative forms and uses for functional proteins, like desserts, snacks, and ready-to-drink drinks, offers chances for product variety and customer interaction. Technological developments in processing, including sophisticated techniques for extraction and purification, have prospects to enhance the caliber and performance of protein constituents.
Some of the major players operating in the functional protein market are:
• Archer Daniels Midland Company (ADM)
• Cargill, Incorporated
• DuPont Nutrition & Biosciences
• Kerry Group plc
• Ingredion Incorporated
• Fonterra Co-operative Group Limited
• Glanbia plc
• Arla Foods Ingredients Group P/S
• Roquette Fréres
• Tate & Lyle PLC
• Royal DSM N.V.
• Givaudan SA
• Novozymes A/S
• Corbion NM.
• Sigma-Aldrich Corporation (now part of Merck KGaA)
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Key Segments cover in the market:
By Source
• Animal
• Plant
By Application
• Functional Food and Beverages
• Dietary Supplements
• Animal Nutrition
• Sports Nutrition
By Building structure
• Online
• Offline
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About the report:
The market is analyzed based on value (USD Trillion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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