New York, NY, June 26, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Protein Ingredients Market by Source (Animal and Plant) by Application (Pharmaceuticals, Cosmetics, Animal feed, Infant Formulation, and Food & Beverages) by Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024’’. According to the report, global protein ingredients market was valued at around USD 27.4 billion in 2017 and is expected to reach approximately USD 44.6 billion in 2024, growing at a CAGR of slightly above 7.0% between 2018 and 2024.
Soy protein isolate (SPI) and Soy protein concentrate (SPC) are highly digestible plant-based protein sources. Its high level of amino acid makes it suitable to be used as a food ingredient for people in need of high protein. This high protein need can be due to chronic diseases. SPI and SPC are fat and carbohydrate free with its properties influencing flavor and taste that improves food texture. They are fortified with a wide variety of minerals and vitamins and are used as functional ingredients in various soy fortified food aid products. These are commercially sold as food ingredients in products such as cereals, bread, baked goods, protein biscuits and bars, sauces, soups, nutritional beverages, meat products, and nutritional supplements.
Browse through 37 Tables & 21 Figures spread over 160 Pages and in-depth TOC on "Global Protein Ingredients Market Size 2017: Industry Share, Trends, and Forecast, 2024”.
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The government initiatives to boost the agriculture sector are increasing investments in agri-businesses that will primarily drive animal feed protein ingredients industry. Demand for processed meat is at its peak owing to shifting dietary preference towards protein-rich food will influence the product consumption. Animal feed protein ingredients enhance the protein content of meat along with improving its quality. It ensures feed efficiency, production performance, and high growth in livestock, poultry, and fish. Reducing traditional and cultural barriers coupled with trending fast food chains is boosting meat consumption, stimulating the industry growth.
Rising economic standards and increased affordability have grown infant’s food products consumption worldwide. The global baby food industry was above USD 50 billion in 2016 and will surpass USD 75 billion by 2024. Certain food safety associations have specified minimum protein intake for breastfeeding and pregnant women, children, adults, and infants. For instance, daily protein intake for adult men must be between 67 to 114 grams and 59 to 102 grams for women. Increasing number of working women has propelled the demand for the readymade baby food products, thus driving baby food industry.
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North America will account for a substantial share in the global protein ingredients market till 2024. Increasing consumption of snacks, cold cereals, and energy bars will contribute to the regional share. New product launch by Mead Johnson and Cargill focusing on the consumers need for cholesterol free and saturated fat beverages augmented the product demand. Consumer inclination towards health benefiting soy products along with FDA approval for use of these products will result in increasing adoption of the protein ingredients in cosmetics, food, and infant formulations.
The Asia Pacific protein ingredients market is projected to witness the highest growth between 2018 and 2024 in terms of revenue. Growing cosmetic and healthcare industry in South Korea, India, China, and Japan along with less manufacturing cost of the products as compared to European countries will drive the regional market in the next eight years. Changing climatic conditions along with rising geriatric population in India, Australia, and China and the increasing skin-related problems will fuel personal care and cosmetics industry. Moreover, infant formulation producers are shifting the manufacturing base from developed regions to Asia Pacific countries, especially in Australia and Japan, to avail the benefits of abundant raw material availability and low manufacturing cost. This would boost the overall industry growth during the forecast timeframe.
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Further, rising dietary supplements consumption in China, South Korea, Japan, and India would offer a promising protein ingredients market growth to the region during the forecast period. Large and easy availability of plant-based raw material owing to agrarian economies in the region coupled with the dominance of vegan population will drive the regional market for plant-based protein ingredients. Additionally, growing demand for animal-derived products due to decreasing tradition and cultural barriers in India, Japan, and China will fuel the demand for the animal-based protein ingredients market.
Latin America cosmetics market accounted for USD 48 billion in 2015 and will surpass USD 68 billion by 2020, registering a CAGR of 7.5%. The region accounted for nearly 12.5% of global cosmetics market in 2014. It is anticipated to be the second largest cosmetics market globally after the Asia Pacific. It is expected that Colombia and Brazil will lead the growth of the regional market. Numerous luxury brands are establishing their base in the region with exclusive stores.
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Global protein ingredients market is consolidated in nature with high competition among the existing players. Prominent manufacturers in the industry include Mead Johnson, Bunge, DuPont, Cargill, and ADM. Other noticeable producers are Bio Wanze, Crop Energies, Roquette, Kewpie Egg Corp., Nutra Science, Burcon, Rousselot, Scoular, Tessenderlo, and Fonterra.
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The report segments global protein ingredients market as follows:
Protein Ingredients Market: Source Segment Analysis
- Animal-based
- Plant-based
Protein Ingredients Market: Application Segment Analysis
- Pharmaceuticals
- Cosmetics
- Animal feed
- Infant formulation
- Food & beverages
Protein Ingredients Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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