Newark, NJ, Aug. 10, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global whey protein market is expected to grow from USD 9.85 billion in 2020 to USD 18.05 billion by 2028, at a CAGR of 7.87% during the forecast period 2021-2028
Certain factors are boosting the growth of the global whey protein market. Some of them include the growing health awareness among consumers, rising prevalence of lifestyle diseases, support for weight reduction in people with HIV, and increases protein intake. However, the whey protein market is fueled by the increasing usage of protein plans among newborn children. Further, the decline in infant mortality rate across the globe in the past decade is increasingly supporting health awareness for infants. However, with the continued rise in the geriatric population globally, the requirement for whey protein is significant due to deficiency in protein reported with them. In addition to this, whey protein is available in numerous flavors and is accompanied by multiple nutritional advantages for the geriatric population's healthcare and immune system. The ordinary awareness of fitness and health benefits amongst the consumers and a surge in the people along with the rise in disposable income in recent years has opened the doors for new opportunities in the fitness segment that can be witnessed through an expanding number of fitness centers and health clubs organized to cater to individuals' health necessities.
Whey protein is a mixture of globular proteins obtained from whey and is a watery part of milk that becomes segregated from the curds while making cheese. This protein input provides some advantages such as it helps in muscle recovery, helps lose unnecessary body fat, gets muscle, and provides overall wellbeing. Whey protein is a high-priced source of protein compared to egg, soy, and other proteins available in milk. It is also utilized to return weight loss in people affected by HIV & prevent allergic conditions among infants. Whey protein is converting a substitute for milk in numerous food products such as nutritional beverages, weight-management supplements, and infant nutritional food.
The global whey protein market is expected to witness significant growth due to the increasing trend of the adoption of whey protein amongst people and the growing popularity of whey protein consumption, typically for weight loss, mass gain, strength gain and weight loss different countries globally. Also, the increasing incidences of chronic diseases owing to changing lifestyles, especially amongst the millennial population, anticipate a boost to the market in the upcoming years. Further, an upsurge in demand for sports nutritional supplements and growing health awareness are projected to fuel the market throughout the forecast period. The factors restraining the market growth are the low-income levels of the people in developing economies due to their incapability to provide whey protein eating formulations into their daily diet. However, the increase in the number of individuals across the globe opting for vegan food in recent years and simultaneously shifting their diet towards plant-based proteins such as grass-based, soy-based and many more is expected to impact the growth of the market negatively. Rising awareness about the availability of healthy products in the market will provide opportunities for this market growth.
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Key players operating in the whey protein market include LACTALIS Ingredients, Wheyco GmbH, Davisco Foods International, Inc, Milkaut SA, Maple Island Inc, Hilmar Cheese Company, Inc, Saputo Inc, Fonterra Co-operative Group Ltd, Glanbia plc, Leprino Foods Company, Carbery Group, Milk Specialties, Olam International, Alpavit, and Arla Foods. To gain a significant market share in the global whey protein market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. LACTALIS Ingredients and Carbery Group are vital manufacturers operating in the whey protein market.
- In November 2019, Arla Foods launched a 100% whey protein isolate, Lacprodan ISO. Water. Such isolate can be utilized in ready-to-drink protein beverages. It is lactose-free, fat-free, and sugar-free, as well as non-GMO, reliable, and halal.
- In February 2020, Ascent, a subsidiary of Leprino Foods, launched Recovery Water, a destructive water-based drink. That beverage combines high-quality protein with electrolytes to aid athletes optimally recover post-workout. That beverage has been created utilizing Ascent's proprietary native whey protein formulation process, and it mixes both function and form to deliver hydration and muscle recovery.
- In Jun 2020, Arla Foods began a new whey protein ingredient, Lacprodan Hydro, for healthy aging, clinically proven to check age-related muscle mass decline. Lacprodan Hydro rebuild 100% hydrolyzed whey protein provides essential amino acids & high accessibility branched-chain amino acids such as leucine necessary for muscle synthesis in seniors.
- In October 2020, Carbery launched a new hydrolyzed whey protein, Optipep 4Power. It is explicitly expressed for high-intensity duration training.
The food & beverages segment dominated the market and held the largest market share of 30.15% in 2020.
Based on application, the global whey protein market is segmented into animal feed, food & beverages, personal care, and nutritional supplements. The food & beverages segment dominated the market and held the largest market share of 30.15% in 2020. This growth is attributed to the growing awareness of the nutritional benefits among the people. Demand for healthy food products is growing owing to increasing health-conscious consumers such as infants and toddlers, adults and seniors, and middle-class fitness enthusiasts.
The whey protein concentrates segment dominated the market and held the largest market share of 38.12% in 2020.
Based on type, the global whey protein market is segmented into whey protein hydrolysates, whey protein isolates, and whey protein concentrates. The whey protein concentrates segment dominated the market and held the largest market share of 38.12% in 2020.
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Regional Segment Analysis of the Whey Protein Market
- North America (U.S, Canada, Mexico)
- Europe (Germany, France, U.K, Italy, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- Latin America (Brazil)
- The Middle East and Africa (South Africa, Saudi Arabia and the Rest of MEA)
Based on geography, the whey protein market has been classified into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. North America region holds the largest market share of 27.19% in the year 2020. This growth is attributed to the significant disposable income, the increasing use of food supplements with decreased calorie levels and great nutritional content, and risen obesity levels in this region. They are further growing whey protein distribution and production in the U.S. to meet the demand for these products. On the other hand, the Asia-Pacific region is witnessing significant growth due to the increased intake of food supplements, increased awareness regarding protein supplements, change in lifestyle, and the high scope of sports nutrition and personal care. The rapid urbanization and rising population levels in developing economies like Indonesia, India, Malaysia, and China are anticipated to trigger the growth rate in the forecast period.
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About the report:
The global whey protein market is analyzed based on value (USD Billion). 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 segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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