Protein Ingredients Market Size to Grow at a CAGR of 7.8% During the Forecast Period 2021-2026
Protein Ingredients Market size was valued at $ 35.69 Billion by 2020, and is anticipated to grow at a CAGR of 7.8% during the forecast period 2021-2026. The Protein Ingredients Market growth rate is attributed to the growing consumer demand for plant-based protein alternatives with growing consumer interest in foods that promote health and well-being are anticipated to bring new opportunities. Owing to the essential amino acid that has therapeutic effects, protein components are suitable for nutraceutical applications. In addition, in an effort to increase sustainable, reliable production of high-quality protein that should fuel product demand, industry players are rapidly investing in research & development which is likely to increase the demand over the forecast period (2021-2026).
Protein Ingredients Market Segment Analysis - By Product Type
On the basis of product type, plant protein segment held the highest segmental revenue share in 2020. This can be attributed to the fact that relatively inexpensive price than the animal-derived variants. As they are considered to be healthier and more nutritious than their animal-based counterparts, customers are gradually embracing plant protein ingredients. Moreover, new markets are anticipated to drive the demand for plant proteins over the forecast period 2021-2026. On the contrary, animal/dairy proteins segment is anticipated to witness significant growth along the forecast period 2021-2026 as the demand for animal protein ingredients is poised to witness significant growth owing to clear empirical evidence about the health benefits provided by them over the next few years.
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Protein Ingredients Market Segment Analysis - By Application
On the basis of application, food and beverages segment accounted for the largest segmental revenue of the Protein Ingredients market in 2020 owing to the fact that various animal protein ingredients are used for the production of protein brownies, super food bites, diet truffles and grazers, such as whey protein concentrate. The use of whey protein helps improve the dietary fibre, the consistency of the dough, the volume of the finished product, the ability to maintain moisture, and the texture of the said bakery products. However, the animal feed is poised to hold the highest growth rate with a CAGR of 7.89% over the forecast period 2021-2026. This is owing to the fact that rising meat consumption, mainly in Asia-Pacific, Central and South America and Eastern Europe, is the driving force in the application of plant and animal protein ingredients to animal feed.
Protein Ingredients Market Segment Analysis - By Geography
North America is the major region dominating the Protein Ingredients market with a market share of 42.16% in the year 2020 on account of increasing consumption of energy bars, cold cereals, and snacks. The launch of new products by companies such as Cargill and Mead Johnson focuses on customer requirements for low saturated fat and cholesterol-free drinks, thereby rising demand. Favorable regulation in the United States is poised to favor regional developments along with new product growth. However, Asia Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to growing exports and domestic demand for plant and animal protein ingredients. China is one of the largest producers of animal and plant protein owing to the easy availability of raw materials. In addition, growth in healthcare and food and beverage industries is poised to propel the demand in developing economies, such as China, India, Indonesia, Malaysia, and South Korea over the next few years.
Protein Ingredients Market Drivers
Rising demand for plant protein products
The Protein Ingredients market is poised to receive upswing owing to rising consumer awareness related environmental sustainability and activities related to protection of animal welfare. In addition, the economic value of plant-based diets, in terms of improvements in health, is estimated to be equal to or greater than their environmental benefits which are further poised to boost product demand over the forecast years.
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Protein Ingredients Market Challenges
Stringent government regulations on protein ingredients
Despite the driving factors, stringent government regulations related to labeling and inclusion in application industries is projected to hamper protein ingredients market trends. Plant-based product definitions and labeling regulations are inconsistent across markets and often hinder the visibility and placement of these products in application industries thereby restraining the market growth. In addition, regulatory procedures for measuring protein quality vary across the globe which is further poised to impose barriers on manufacturers incorporating protein ingredient in food & beverage industry globally.
Protein Ingredients Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Protein Ingredients Market. In 2019, Protein Ingredients Market share is fragmented by the top ten players present in the market. Protein Ingredients Market top 10 companies are Archer Daniels Midland (ADM), Cargill, CHS, Roquette, DuPont, Solae, Darling Ingredients, Ingredion, Kerry, Bunge and others.
Acquisitions/Product Launches
In March 2019, Dupont unveiled its plant protein nuggets through its SUPRO and TURPRO product ranges.
In July 2018, Archer Daniels Midland (ADM) completed the acquisition of Neovia. Neovia had 72 production facilities of animal nutrition solutions across 25 countries in that year.
Key Takeaways
North America dominated the Protein Ingredients Market with a share of 42.16% in the year 2020.
The factors such as rising demand from food products such as milk sausages, spicy sauces, yogurt, spreads, bakery products, cold cuts, and margarine are amongst the major factor projected to impel growth of Protein Ingredients Market.
Increased demand for protein features, recognition of balanced diets and nutritious foods, new technical advances in the protein ingredients industry, increased demand for superior personal care and healthcare products and increased consumption of animal by-products are the key factors owing the growth in the segment during forecast period 2021-2026.
Related Reports :
A. Plant Protein Ingredients Market
https://www.industryarc.com/Report/7491/plant-protein-ingredient-market.html
B. Soy & Dairy Protein Ingredients Market
https://www.industryarc.com/Research/Soy-Dairy-Protein-Ingredients-Market-Research-504973
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