Chicago, Aug. 06, 2024 (GLOBE NEWSWIRE) -- The global protein ingredients market is estimated to be valued at USD 61.0 billion in 2023. It is projected to reach USD 85.6 billion by 2028, recording a CAGR of 7.0% during the forecast period. Some macroeconomic and microeconomic elements that have been prevalent in some important countries have had an impact on the global protein ingredients market. In terms of value sales, this would be strong enough to significantly influence the market during the predicted period. The rise in consumer awareness, health consciousness, demand for protein alternatives and high-end personal care products, changing lifestyles, and consumption patterns to drive the demand in the protein ingredients market.
Key Players in the Market
- 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)
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Drivers and Opportunities
Drivers: Increase in demand for proteins as nutritional and functional ingredients post COVID-19
As per a research article published in October 2022, titled – ‘Impact of COVID-19 pandemic on consumer behavioral intention,’ there was a significant link found between the consumption of nutritious meals and consumer purchasing habits. It also stated that consumers are more focused on their health, security, and safety post-pandemic. Increasing awareness among people to strengthen their immune system to prevent themselves from being infected easily compels them to maintain a healthy lifestyle and proper diet. Thus, COVID-19 is expected to boost the demand for protein ingredients at a much higher rate in the global market.
Opportunities: Growing potential of dairy and plant proteins
There is a huge potential for the growing protein ingredients market soon, especially dairy and plant proteins. Dairy protein suppliers can continue to benefit from the trend toward more functional products and the increased consumer interest in the nutritional value of products. The growth of plant-sourced protein ingredients is being supported by growing vegan trends because of sustainability and animal cruelty concerns. It is also being aided by the Islamic nations across the globe (they avoid animal proteins, especially gelatin, prepared from pork), while other countries such as India and Nepal avoid animal proteins prepared from beef, owing to the issues relating to cultural and religious aspects. Thus, the skyrocketing potential in dynamic dairy and plant protein industries is proving to be a big opportunity for players in the market.
Plant-based protein source in the protein ingredients market is projected to grow a significant CAGR of 6.8% during the forecast period
The growth of plant-based protein market is being contributed by the rise in demand for alternative protein sources worldwide. The rise is a result of growing vegan trends across the globe. Moreover, plant-based proteins are a cheaper source of protein with similar protein content and thus find high popularity in developing regions. Consumer interest in plant-based protein sources is also a result of their health concerns regarding consumption of high animal-based meat that contributes to the ever-rising prevalence of chronic diseases. Many cosmetics brands manufacture animal-cruelty free products these days, which are gaining huge popularity in the market. Their growing production is also adding up to the growth of plant-based proteins.
The food & beverage segment by application dominated the protein ingredients market with an estimated value of USD 6.9 billion
Growing health consciousness and obesity has compelled consumers to increasingly focus on healthy diets with low-fat and high-nutritional value food, leading to a rise in the consumption of protein ingredients. As a result, the demand for functional and healthy food is on the rise. Besides their nutritional properties, proteins are widely used for their functional properties, which include texturing, emulsifying, solubility, stabilizing, and binding.
These functional properties enable manufacturers to lower their raw material costs, as they act as substitutes for some food additives and are used to impart specific properties. As a result, protein ingredients are witnessing a high level of consumption and demand from segments such as bakery, dairy, processed foods, infant formula, beverages, and other food products. Further, to cater to the growing trend toward natural, organic products, protein ingredient manufacturers are engaged in the production of clean-label protein ingredients.
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Europe is estimated to dominate the protein ingredients market with a value of USD 21.4 billion
Europe is a strong market in the protein ingredients industry which is estimated to be the largest market in terms of value in 2023. The region enjoys macroeconomic benefits such as developed economies, high disposable incomes, and consumer awareness. Apart from them market specific developments such as government initiatives and investments are contributing to the growth of the industry. Europeans have a predominantly meat-based diet. However, veganism trends, and high demand for alternative protein sources in the form of plants and insects is also driving the market in the region.
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