Delray Beach, FL, Nov. 15, 2024 (GLOBE NEWSWIRE) -- According to a report by MarketsandMarkets™, the global protein ingredients market size is expected to expand from $61.0 billion in 2023 to $85.6 billion by 2028, registering a Compound Annual Growth Rate (CAGR) of 7.0%. This growth is primarily attributed to rising health awareness, a surge in fitness-focused lifestyles, and increased consumer interest in protein-rich diets and plant-based options.
The latest findings by the International Food Information Council underscore this trend, revealing that 71% of consumers aimed to consume more protein in 2024, a marked increase from 59% in 2022. High-protein diets have gained traction to support muscle growth and recovery, aligning with the expanding fitness and sports nutrition sectors. Additionally, as consumers prioritize health-conscious choices, demand for fortified foods and protein supplements has grown, propelling the protein ingredients market forward.
Opportunity: Rising Demand for Plant-Based Proteins
The global shift toward plant-based diets presents a substantial opportunity within the protein ingredients market. As environmental concerns, animal welfare considerations, and health consciousness drive more consumers toward vegan lifestyles, plant-based proteins have surged in popularity. According to a 2022 report by the Good Food Institute, sales of vegan foods, including dairy and meat substitutes, grew by 54% between 2018 and 2021, highlighting the potential for further innovation and expansion in the plant-based protein sector.
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Europe Leads the Protein Ingredients Market
European protein ingredients industry is projected to lead the market, estimated at $21.4 billion in 2023. With its strong economies, high disposable incomes, and consumer awareness, Europe is a fertile ground for growth in this sector. While meat consumption remains prevalent, the region is seeing increased demand for alternative protein sources, driven by trends in veganism and interest in sustainable proteins, such as plant and insect proteins.
Key Growth Segments: Plant-Based and Pharmaceutical Applications
The plant-based protein segment is expected to be the fastest-growing source category, fueled by consumer demand for sustainable, health-focused alternatives. The Good Food Institute’s data shows a 29% increase in sales of plant-based protein powders and liquids in the U.S. from 2018 to 2021, reflecting the shift toward environmentally friendly and ethical dietary choices.
In the application segment, pharmaceuticals are anticipated to see the fastest growth. The increasing focus on personalized medicine and advanced therapeutic treatments has bolstered the demand for high-quality protein ingredients in drug formulations and biopharmaceuticals. Proteins like peptides and amino acids play critical roles in chronic illness treatments, muscle recovery, and overall health. As the market for specialized and pure protein ingredients grows, pharmaceuticals are expected to outperform traditional food, feed, and cosmetic applications.
Protein Ingredients Industry Insights and Market Assistance
In response to the expanding market dynamics, MarketsandMarkets™ offers strategic insights for companies to capitalize on the protein ingredients market growth:
- Discover Known and Unknown Adjacencies: Identify factors impacting market growth and find new revenue streams.
- Top Customer Analysis: Understand key customer segments and factors influencing brand loyalty.
- Competitive Advantage: Protect your market share and gain a competitive edge.
- Partner Scorecard: Identify and evaluate potential target partners.
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What’s New in Protein Ingredients? Insights into Recent Market Developments
- In April 2024, Arla Foods amba (Denmark) announced an agreement to acquire Volac’s (UK) Whey Nutrition business, including Volac Whey Nutrition Holdings Limited and its subsidiaries. The deal, pending regulatory approval, was set to close later this year. The acquisition aimed to establish the Felinfach site as a global production hub, enhancing Arla Foods Ingredients' offerings in sports nutrition, health, and food sectors.
- In September 2023, Cargill, Incorporated (US) announced the opening of its first European Protein Innovation Hub at its Saint-Cyr en Val facility in France, part of a USD 54.1 million investment. The new hub, which included a test kitchen and pilot plant, aimed to support customers in co-creating and testing protein-rich products. This expansion increased the site's output capacity by 10% and enhanced its sustainability efforts.
- In May 2023, Arla Foods amba (Denmark) launched Lacprodan Alpha-50, a new alpha-lactalbumin-rich ingredient for low-protein infant formulas. This product meets the rising demand for reduced protein content due to obesity concerns and regulatory changes. With 90% of its protein as alpha-lactalbumin, Lacprodan Alpha-50 allows manufacturers to match human milk protein levels with smaller doses.
Top Protein Ingredients Companies Leading the Way
- DuPont (US)
- ADM (US)
- Cargill, Incorporated (US)
- Kerry Group plc (Ireland)
- Arla Foods amba (Denmark)
- BRF Global (Brazil)
- The Scoular Company (US)
- Roquette Freres (France)
- AMCO Proteins (US)
- A&B Ingredients (US)
- Puris (US)
- Cosucra (Belgium)
